Tearsheet

Sanara MedTech (SMTI)

Market Price (12/4/2025): $20.87 | Market Cap: $179.8 Mil
Sector: Health Care | Industry: Health Care Equipment

Sanara MedTech (SMTI)

Market Price (12/4/2025): $20.87
Market Cap: $179.8 Mil
Sector: Health Care
Industry: Health Care Equipment

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 34%	Weak multi-year price returns 2Y Excs Rtn is -85%, 3Y Excs Rtn is -114%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -6.3 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -6.4%
1	Megatrend and thematic drivers Megatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Geriatric Care, Diabetes Management, Show more.		Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 67x
2			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.3%

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 34%
1	Megatrend and thematic drivers Megatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Geriatric Care, Diabetes Management, Show more.
2	Weak multi-year price returns 2Y Excs Rtn is -85%, 3Y Excs Rtn is -114%
3	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -6.3 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -6.4%
4	Expensive valuation multiples P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 67x
5	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.3%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$20.87	$33.20	$41.10	$45.50	$29.55
Market Cap CYE ($ Mil)	179.8	283.3	344.5	369.3	222.4
Total Debt ($ Mil)	45.5	32.3	11.8	0.8	0.4
Total Cash ($ Mil)	17.0	15.9	5.1	9.0	18.7
Enterprise Value ($ Mil)	208.2	315.6	356.3	370.1	222.8
Valuation Ratios
P/S TTM	2.5	3.2	5.2	7.8	9.0
P/EBIT TTM	-50.4	-41.5	-85.8	-25.8	-27.1
P/E TTM	-24.4	-29.1	-79.1	-45.3	-27.4
Sector Ratios
P/S TTM (Sector)	3.7	3.5	3.9	4.4	7.1
P/EBIT TTM (Sector)	-1.4	-1.3	-1.3	-1.2	-2.6
P/E TTM (Sector)	-1.6	-1.5	-1.5	-1.3	-2.8

	12/4/25	2024	2023
Share Price CYE	$20.87	$33.20	$41.10
Market Cap CYE ($ Mil)	179.8	283.3	344.5
Total Debt ($ Mil)	45.5	32.3	11.8
Total Cash ($ Mil)	17.0	15.9	5.1
Enterprise Value ($ Mil)	208.2	315.6	356.3
Valuation Ratios
P/S TTM	2.5	3.2	5.2
P/EBIT TTM	-50.4	-41.5	-85.8
P/E TTM	-24.4	-29.1	-79.1
Sector Ratios
P/S TTM (Sector)	3.7	3.5	3.9
P/EBIT TTM (Sector)	-1.4	-1.3	-1.3
P/E TTM (Sector)	-1.6	-1.5	-1.5

	SMTI	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.1
Rev Chg Q	28.1%	7.1%
Rev Chg LTM	34.3%	6.1%
Rev Chg 3Y Avg	50.8%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.0
CFO LTM ($ Bil)	0.0
Net Inc LTM ($ Bil)	-0.0
Op Mgn LTM	-6.4%	18.8%
CFO/Rev LTM	3.8%	20.5%
Net Inc Mgn	-10.2%	13.1%
VALUATION	MODERATE
P/S	2.5	3.2
P/CFO	66.4	15.8
P/FCF	6,829.7	20.5
P/E	-24.4	23.5
STABILITY	VERY GOOD
Debt/Equity	0.19	0.20
Cash/Assets	0.17	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Number of Distributor Partners	over 400	5142025	Link
Number of Facilities Where Products Were Sold (Quarterly)	900+	9302024	Link
Number of Facilities Where Products Were Sold (Trailing Twelve Months)	over 1,200	9302024	Link
Number of Provisional Patent Applications Submitted	11	12312024	Link
Number of Hospitals Where Products Were Contracted or Approved	more than 4,000	9302024	Link

Recent
11/12/2025	Earnings Release	Rev: $26 Mil (A) vs. $27 Mil (E) EPS: 0.09 (A) vs. $-0.24 (E)
Upcoming
3/24/2026	Earnings Release	Rev: - EPS: -

SMTI Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Between August 31, 2025, and early December 2025, Sanara MedTech (SMTI) experienced an approximate stock price decline of 35.1%, from an adjusted price of $33.66 in August 2025 to $21.84 in November 2025. This significant movement can be attributed to several key factors that impacted investor sentiment during this period.

1. Strategic Realignment and Discontinuation of Tissue Health Plus: On November 11 and 12, 2025, Sanara MedTech announced a strategic realignment of its business, which included discontinuing the operations of its Tissue Health Plus segment. This major shift in business strategy likely led to investor concerns regarding future growth prospects or the performance of the discontinued segment.

2. Q3 2025 Revenue Miss: While Sanara MedTech reported a beat on earnings per share (EPS) for the third quarter of 2025, their reported revenue of $26.33 million fell slightly below analysts' consensus estimate of $26.63 million. Even a minor revenue miss can sometimes lead to a negative market reaction, overshadowing positive EPS results.

3. Negative Market Reaction Post-Earnings: Following the Q3 2025 earnings announcement on November 12, 2025, SMTI shares saw a substantial decline of 24.7% the day after, closing at $21.11. This sharp drop indicates that investors focused on aspects beyond the EPS beat, possibly including the revenue shortfall and the strategic realignment news.

4. Ongoing Underperformance Trend: Leading into the specified period, Sanara MedTech's stock had already shown a downward trend. As of December 2, 2025, the stock had decreased by 43.82% over the last 12 months, and its year-to-date return was -38.77%. This pre-existing negative momentum likely contributed to the continued decline during the August to December 2025 timeframe.

5. Chief Executive Officer Transition: On September 2, 2025, Sanara MedTech announced a transition in its Chief Executive Officer position. Changes in executive leadership can introduce uncertainty for investors, potentially impacting stock performance as the market assesses the implications of new management.

Show less

Stock Movement Drivers

Fundamental Drivers

The -37.1% change in SMTI stock from 9/3/2025 to 12/3/2025 was primarily driven by a -37.1% change in the company's P/S Multiple.

	9032025	12032025	Change
Stock Price ($)	33.51	21.07	-37.12%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	97.24	97.24	0.00%
P/S Multiple	2.97	1.87	-37.12%
Shares Outstanding (Mil)	8.61	8.61	0.00%
Cumulative Contribution			-37.12%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
SMTI	-37.1%
Market (SPY)	6.2%	28.5%
Sector (XLV)	13.3%	3.9%

Fundamental Drivers

The -28.1% change in SMTI stock from 6/4/2025 to 12/3/2025 was primarily driven by a -31.9% change in the company's P/S Multiple.

	6042025	12032025	Change
Stock Price ($)	29.30	21.07	-28.09%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	91.57	97.24	6.19%
P/S Multiple	2.74	1.87	-31.94%
Shares Outstanding (Mil)	8.57	8.61	-0.50%
Cumulative Contribution			-28.09%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
SMTI	-28.1%
Market (SPY)	15.1%	32.1%
Sector (XLV)	16.9%	22.4%

Fundamental Drivers

The -42.1% change in SMTI stock from 12/3/2024 to 12/3/2025 was primarily driven by a -53.0% change in the company's P/S Multiple.

	12032024	12032025	Change
Stock Price ($)	36.36	21.07	-42.05%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	78.06	97.24	24.58%
P/S Multiple	3.97	1.87	-52.96%
Shares Outstanding (Mil)	8.52	8.61	-1.12%
Cumulative Contribution			-42.06%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
SMTI	-42.1%
Market (SPY)	14.3%	41.9%
Sector (XLV)	7.0%	34.3%

Fundamental Drivers

The -42.8% change in SMTI stock from 12/4/2022 to 12/3/2025 was primarily driven by a -76.5% change in the company's P/S Multiple.

	12042022	12032025	Change
Stock Price ($)	36.86	21.07	-42.84%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	37.56	97.24	158.90%
P/S Multiple	7.96	1.87	-76.54%
Shares Outstanding (Mil)	8.11	8.61	-6.24%
Cumulative Contribution			-43.06%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
SMTI	-35.1%
Market (SPY)	53.2%	42.3%
Sector (XLV)	20.8%	33.5%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
SMTI Return	210%	-41%	54%	-10%	-19%	-39%	25%
Peers Return	36%	31%	-16%	2%	14%	4%	81%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
SMTI Win Rate	33%	50%	50%	42%	42%	30%
Peers Win Rate	57%	65%	45%	57%	60%	50%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
SMTI Max Drawdown	-50%	-54%	-38%	-42%	-35%	-43%
Peers Max Drawdown	-26%	-9%	-42%	-24%	-19%	-11%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: EW, MASI, UFPT, ATRC, ABT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	SMTI	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-63.3%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	172.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-60.5%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	153.1%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	215 days	148 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-58.6%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	141.7%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	3508 days	1480 days

Compare to EW, MASI, UFPT, ATRC, ABT

In The Past

Sanara MedTech's stock fell -63.3% during the 2022 Inflation Shock from a high on 1/1/2021. A -63.3% loss requires a 172.5% gain to breakeven.

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About Sanara MedTech (SMTI)

Sanara MedTech Inc. develops, markets, and distributes wound and skin care products to physicians, hospitals, clinics, and post-acute care settings in the United States. It offers CellerateRX Surgical Activated Collagen powder and gel that are used in a range of surgical specialties to help promote patient healing; Biako¯s Antimicrobial Skin and Wound Cleanser, a patented product that disrupts extracellular polymeric substances to eradicate mature biofilm microbes; Biako¯s Antimicrobial Wound Gel, an antimicrobial hydrogel wound dressing helps against planktonic microbes, as well as immature and mature biofilms; and Biako¯s Antimicrobial Skin and Wound Irrigation Solution. The company also provides HYCOL Hydrolyzed Collagen Powder and Gel, a medical hydrolysate of Type I bovine collagen for the management of full and partial thickness wounds, including pressure ulcers, venous and arterial leg ulcers, and diabetic foot ulcers. In addition, it develops FORTIFY TRG, a freeze-dried, multi-layer small intestinal submucosa extracellular matrix sheet; FORTIFY FLOWABLE extracellular matrix, an advanced wound care device; and VIM Amnion Matrix, a single layer sheet of amnion tissue. The company was formerly known as WNDM Medical Inc. and changed its name to Sanara MedTech Inc. in May 2019. Sanara MedTech Inc. was incorporated in 2001 and is based in Fort Worth, Texas.

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Here are 1-2 brief analogies for Sanara MedTech (SMTI):

Like Medtronic for advanced wound care and surgical biologics.
Like Smith & Nephew for next-generation wound care solutions.

AI Generated Analysis | Feedback

PuraPly® AM: An antimicrobial wound matrix designed to manage and support healing in a variety of complex wounds.
Surgical Biologics: A portfolio of advanced biological products, such as ALLOSHIELD™ and BIOCORIUM®, used to support tissue repair and regeneration in surgical applications.
Advanced Wound Care Dressings: A diverse range of topical wound care products, including HYDRALUXE™ and SilverSeal®, designed to protect wounds and facilitate healing.
Negative Pressure Wound Therapy (NPWT) Systems: Medical devices that apply controlled negative pressure to wounds to promote faster healing by removing exudate and reducing edema.
Advanced Wound Care Outcomes Tracking and Analysis Platform: A digital platform that provides tools for monitoring, tracking, and analyzing wound care treatment progress and patient outcomes.

AI Generated Analysis | Feedback

Sanara MedTech (SMTI) sells primarily to other companies and institutions, operating on a business-to-business (B2B) model.

According to its most recent annual report (10-K), Sanara MedTech does not have any single customer that accounted for 10% or more of its total revenue. Therefore, no individual major customer companies are disclosed by name with their symbols.

However, Sanara MedTech's primary customers are various healthcare providers and facilities that utilize its surgical, wound, and skin care products. These customer categories include:

Hospitals: Acute care facilities where surgical procedures are performed and complex wounds are managed.
Wound Care Clinics: Specialized outpatient centers focused on the treatment and management of chronic and non-healing wounds.
Physicians' Offices and Long-Term Care Facilities: Including various private practices, ambulatory surgical centers, and extended care settings where their products are used for patient treatment.

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Seth Yon, President and Chief Executive Officer

Seth Yon was appointed President and Chief Executive Officer of Sanara MedTech effective September 15, 2025. He joined Sanara MedTech in March 2018 as Director of Sales, Wound Care, and has held several senior leadership positions, including National Sales Director, Vice President of Commercial, President of Commercial, and President and Chief Commercial Officer. Before joining Sanara, he served as Vice President of Sales and Marketing for Iroquois Industrial Group from 2015 to 2018. Mr. Yon also founded GreenerGrads, which he led from 2011 to 2014, and began his career at Jostens, Inc.

Elizabeth Taylor, Chief Financial Officer

Elizabeth Taylor was appointed Chief Financial Officer of Sanara MedTech effective January 15, 2025. Prior to Sanara, she served as CFO of Imbed Biosciences, a privately held medical device company, from 2023 to 2025, and was a member of its board of directors from 2018 to 2023. Her experience includes roles as Chief Operating Officer of multiple hedge funds and as a member of the investment team at a private equity firm. Ms. Taylor founded Burnett Taylor Consulting, LLC, which provided financial advisory services for family offices and high-net-worth clients. She also held leadership positions at Citadel Investment Group, Tala Investments, LP, and Thomas H. Lee Partners.

Ron Nixon, Executive Chairman

Ron Nixon serves as the Executive Chairman of Sanara MedTech. He is the Founder and Managing Partner of The Catalyst Group, Inc., a private investment firm established in 1990, and has been involved in over 200 transactions. Mr. Nixon served as CEO of Sanara MedTech from May 2024 until September 2025, and as Executive Chairman since May 2019. He has served on the board of directors for several privately held companies and was a director for LHC Group, Inc. The Catalyst Group was an early investor in LHC Group. He previously served as CEO of Tissue Health Plus LLC.

Jake Waldrop, Chief Operating Officer

Jake Waldrop joined Sanara MedTech as Chief Operating Officer in April 2024. He brings two decades of experience leading cross-functional teams in the technology and medical device industries. Previously, Mr. Waldrop was Chief Financial Officer for Trilliant Surgical. Following Trilliant Surgical's acquisition by Enovis in early 2021, he became Vice President of Finance and Integrations for Enovis' newly formed Foot and Ankle division.

Tyler Palmer, Chief Corporate Development and Strategy Officer

Tyler Palmer was appointed Chief Corporate Development and Strategy Officer in April 2024. He has extensive experience in the healthcare sector, particularly in leading strategic growth and corporate development initiatives. Prior to Sanara, Mr. Palmer served as Senior Vice President of Corporate Development, Strategy, and Product at AQuity Solutions. He has also held various leadership roles in corporate development, marketing, and business unit leadership within the Orthopedic, Surgical, and Wound Care sectors at companies such as Zimmer, BSN medical, and Essity.

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AI Generated Analysis | Feedback

Sanara MedTech (SMTI) operates in several addressable markets within the medical technology sector. The company's Tissue Health Plus (THP) platform targets a non-surgical wound care market estimated to be a $69 billion opportunity in the U.S.. Additionally, Sanara MedTech aims to capture market share within a surgical solutions market, which represents a $10 billion+ opportunity in the United States.

AI Generated Analysis | Feedback

Sanara MedTech (SMTI) is poised for future revenue growth over the next 2-3 years, driven by several key factors:

Continued Growth in Sanara Surgical Segment: The Sanara Surgical segment is consistently highlighted as the primary engine for net revenue growth. This includes strong sales of its existing soft tissue repair products, such as CellerateRX Surgical and BIASURGE, and contributions from its bone fusion product portfolio. The company emphasizes effective execution by its commercial team and a significant "greenfield opportunity" within this segment.
Expansion of Customer Base and Product Adoption: A significant driver for future revenue is the increasing number of healthcare facilities utilizing SMTI's products and the expansion of its distributor network. In the second quarter of 2025, the number of distributors increased by 33% year-over-year to 400, and the number of healthcare facilities using SMTI's products grew by 27% year-over-year to 1,400. This indicates sustained revenue growth as product adoption continues to rise within its customer base.
Commercialization of the Tissue Health Plus (THP) Segment: While currently in an investment and pilot phase, with management exploring strategic alternatives and capping further investments, the eventual commercialization of the Tissue Health Plus (THP) segment and its value-based wound care strategy is anticipated to become a future revenue driver. The company is actively investing in and preparing for the launch of a pilot program for this segment.
Launch of New Products and Product Portfolio Expansion: Sanara MedTech's strategic initiatives include expanding its product portfolio. This is evidenced by a strategic license agreement with Rochal to develop antimicrobial products, which diversifies its offerings. The company also received an FDA Breakthrough Device Designation for a new product in Q4 2024, highlighting its commitment to developing innovative solutions.
Strategic Alliances and Acquisitions: Strategic partnerships and acquisitions are expected to contribute to revenue growth. Notable examples include the formation of a strategic alliance with BioMimetic Innovations, mentioned in the Q4 2024 earnings report, and the acquisition of CarePICS, THP's technology partner, in Q2 2025, which aims to strengthen the company's offerings.

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Share Issuance

In February 2021, Sanara MedTech closed a public offering of 1,265,000 shares of common stock at $25.00 per share, generating gross proceeds of $31.6 million.
The number of shares outstanding increased by 1.87% in one year, reaching 8.90 million shares.

Outbound Investments

On January 21, 2025, Sanara announced an exclusive license and distribution agreement with, and a minority investment in, Biomimetic Innovations Ltd (BMI), securing exclusive U.S. marketing, sales, and distribution rights for BMI's OsStic® product.
In August 2023, Sanara acquired the underlying intellectual property and manufacturing/sales rights for CellerateRX Surgical and HYCOL products from Applied Nutritionals.
During 2022, the company made two acquisitions: Precision Healing Inc. in April (for a diagnostic imager and lateral flow assay) and Scendia Biologics, LLC in July (to expand surgical offerings with regenerative and orthobiologic technologies).

Capital Expenditures

Capital expenditures in the last 12 months amounted to approximately $3.57 million.
Sanara plans to invest an estimated $5.5 million to $10 million through mid-2025 to build out its Tissue Health Plus strategy and infrastructure.

Better Bets than Sanara MedTech (SMTI)

	SMTI	Better Performance than SMTI
Metric	Value	INDUSTRY: Health Care Equipment
Rev Chg LTM	34.3%	ZTEK (2519.5%), KMTS (113.4%), FEMY (98.6%), TMDX (41.2%), MASI (38.5%)
Rev Chg 3Y Avg	50.8%	ZTEK (806.3%), TMDX (105.9%), NXGL (88.2%), LUCY (58.7%)
Op Mgn LTM	-6.4%	ISRG (29.3%), SYK (19.6%), MDT (19.4%), BSX (19.2%), ABT (17.6%)
CFO/Rev LTM	3.8%	ISRG (30.8%), BSX (23.9%), MDT (20.9%), ABT (20.8%), SYK (19.8%)
FCF/Rev LTM	0.0%	ISRG (23.6%), BSX (18.7%), SYK (16.7%), ABT (15.8%), MDT (15.5%)
Total Yield	-4.1%	ABT (7.7%), MDT (7.4%), SYK (3.0%), BSX (1.9%), ISRG (1.7%)
P/S	2.5	BAX (1.1), BRKR (1.4), GEHC (1.7), BDX (2.3), ZBH (2.4)
P/Op Inc	-39.0

	SMTI	Better Performance than SMTI
Metric	Value	SECTOR: Health Care
Rev Chg LTM	34.3%	TEM (72.6%), BBIO (62.5%), ALNY (53.2%), NTRA (38.2%), LLY (36.8%)
Rev Chg 3Y Avg	50.8%	ARWR (908.8%), BBIO (727.6%), HIMS (71.0%), TEM (59.8%), ALNY (51.4%)
Op Mgn LTM	-6.4%	LLY (43.0%), MRK (34.9%), JNJ (26.2%), ABBV (24.1%), UNH (6.1%)
CFO/Rev LTM	3.8%	ABBV (35.0%), MRK (26.6%), JNJ (26.3%), LLY (20.5%), UNH (4.8%)
FCF/Rev LTM	0.0%	ABBV (33.0%), MRK (20.3%), JNJ (20.3%), TMO (14.0%), UNH (4.0%)
Total Yield	-4.1%	MRK (13.0%), JNJ (8.4%), UNH (8.1%), ABBV (3.4%), LLY (2.7%)
P/S	2.5	MCK (0.2), UNH (0.7), HCA (1.4), BMY (1.9), PFE (2.3)
P/Op Inc	-39.0

	SMTI	Better Performance than SMTI
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	34.3%	APP (86.4%), NVDA (71.6%), MU (48.9%), APH (47.4%), PLTR (47.2%)
Rev Chg 3Y Avg	50.8%	APO (129.8%), NVDA (92.0%), CRDO (74.4%), NU (70.1%), LVS (51.6%)
Op Mgn LTM	-6.4%	NVDA (58.1%), MSFT (46.3%), GOOGL (32.2%), AAPL (31.9%), AMZN (11.4%)
CFO/Rev LTM	3.8%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	0.0%	NVDA (43.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%), AMZN (2.0%)
Total Yield	-4.1%	GOOGL (4.6%), MSFT (3.4%), AMZN (3.0%), AAPL (3.0%), NVDA (2.3%)
P/S	2.5	WMT (1.1), XOM (1.4), COST (1.5), CVX (1.6), HD (2.2)
P/Op Inc	-39.0

		Best Bets In Health Care Sector
	SMTI
What You Pay
P/E	-24.6
P/EBIT	-50.9
What You Get
Rev Chg Q	28.1%
Rev Chg LTM	34.3%
Rev Chg 3Y Avg	50.8%
FCF/Rev 3Y Avg	-4.7%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Would You Still Hold Sanara MedTech Stock If It Fell Another 30%?	Return

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to SMTI. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	4.1%	4.1%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-9.8%	-9.8%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	6.0%	6.0%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	9.7%	9.7%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.2%	6.2%	-5.1%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	4.1%	4.1%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-9.8%	-9.8%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	6.0%	6.0%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	9.7%	9.7%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	6.2%	6.2%	-5.1%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Sanara MedTech

Peers to compare with:

Financials

	SMTI	EW	MASI	UFPT	ATRC	ABT	Median
Name	Sanara M.	Edwards .	Masimo	UFP Tech.	AtriCure	Abbott L.
Mkt Price	21.07	83.98	138.09	219.66	36.31	125.29	104.64
Mkt Cap	0.2	49.1	7.5	1.7	1.7	218.3	4.6
Rev LTM	97	5,884	2,182	598	518	43,843	1,390
Op Inc LTM	-6	1,619	133	95	-26	7,713	114
FCF LTM	0	800	168	87	16	6,917	128
FCF 3Y Avg	-3	688	93	56	-9	5,965	75
CFO LTM	4	1,017	208	99	43	9,119	154
CFO 3Y Avg	-2	955	147	67	18	8,132	107

Growth & Margins

	SMTI	EW	MASI	UFPT	ATRC	ABT	Median
Name	Sanara M.	Edwards .	Masimo	UFP Tech.	AtriCure	Abbott L.
Rev Chg LTM	34.3%	10.6%	38.5%	29.5%	15.8%	6.4%	22.6%
Rev Chg 3Y Avg	50.8%	4.4%	11.4%	23.4%	18.0%	-0.6%	14.7%
Rev Chg Q	28.1%	14.7%	8.2%	6.5%	15.8%	6.9%	11.4%
QoQ Delta Rev Chg LTM	6.2%	3.5%	1.3%	1.6%	3.7%	1.7%	2.6%
Op Mgn LTM	-6.4%	27.5%	6.1%	16.0%	-5.1%	17.6%	11.0%
Op Mgn 3Y Avg	-11.6%	28.9%	8.9%	15.8%	-6.2%	16.3%	12.4%
QoQ Delta Op Mgn LTM	3.5%	-0.4%	2.0%	-0.6%	1.7%	0.2%	0.9%
CFO/Rev LTM	3.8%	17.3%	9.5%	16.6%	8.3%	20.8%	13.1%
CFO/Rev 3Y Avg	-3.2%	18.7%	8.1%	13.5%	3.6%	19.5%	10.8%
FCF/Rev LTM	0.0%	13.6%	7.7%	14.6%	3.1%	15.8%	10.6%
FCF/Rev 3Y Avg	-4.7%	13.4%	5.3%	11.2%	-2.8%	14.3%	8.2%

Valuation

	SMTI	EW	MASI	UFPT	ATRC	ABT	Median
Name	Sanara M.	Edwards .	Masimo	UFP Tech.	AtriCure	Abbott L.
Mkt Cap	0.2	49.1	7.5	1.7	1.7	218.3	4.6
P/S	2.5	7.7	3.7	2.6	3.3	5.3	3.5
P/EBIT	-50.9	26.6	-46.7	16.5	-76.8	27.0	-15.1
P/E	-24.6	33.3	-14.0	22.9	-58.7	16.7	1.4
P/CFO	67.0	44.7	38.3	15.5	39.2	25.6	38.7
Total Yield	-4.1%	3.0%	-7.1%	4.4%	-1.7%	7.7%	0.6%
Dividend Yield	0.0%	0.0%	0.0%	0.0%	0.0%	1.7%	0.0%
FCF Yield 3Y Avg	-1.0%	1.6%	1.1%	3.5%	-0.4%	3.0%	1.3%
D/E	0.2	0.0	0.1	0.1	0.0	0.1	0.1
Net D/E	0.1	-0.1	0.0	0.1	-0.0	0.0	0.0

Returns

	SMTI	EW	MASI	UFPT	ATRC	ABT	Median
Name	Sanara M.	Edwards .	Masimo	UFP Tech.	AtriCure	Abbott L.
1M Rtn	-27.3%	1.1%	-4.7%	10.4%	6.7%	1.2%	1.1%
3M Rtn	-37.1%	3.4%	1.0%	7.9%	4.4%	-4.8%	2.2%
6M Rtn	-28.1%	7.9%	-15.3%	-8.5%	4.0%	-4.9%	-6.7%
12M Rtn	-42.1%	19.6%	-20.7%	-26.6%	0.5%	9.8%	-10.1%
3Y Rtn	-42.8%	9.7%	-5.1%	79.7%	-20.3%	22.9%	2.3%
1M Excs Rtn	-27.3%	1.1%	-4.7%	10.4%	6.7%	1.2%	1.2%
3M Excs Rtn	-43.4%	-1.6%	-8.8%	-0.2%	-3.5%	-10.6%	-6.2%
6M Excs Rtn	-42.8%	-6.8%	-30.0%	-23.2%	-10.7%	-19.6%	-21.4%
12M Excs Rtn	-55.6%	4.2%	-33.5%	-45.5%	-13.1%	-6.1%	-23.3%
3Y Excs Rtn	-114.3%	-62.0%	-75.5%	15.5%	-90.0%	-46.8%	-68.8%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	6/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	8/13/2025	3/25/2025	3/25/2024	3/20/2023	3/31/2022	3/30/2021	3/26/2020
Key Financials
Total Revenue	97	87	65	46	24	16	12
EBITDA	0	-2	-0	-12	-7	-4	-3
Operating Income	-6	-9	-8	-12	-7	-5	-3
Net Income	-10	-10	-4	-8	-8	-4	-3
EPS	-1.16	-1.14	-0.52	-1.00	-1.08	-0.76	-0.79
Growth Rates
Total Revenue Growth	34.3%	33.4%	41.8%	89.9%	54.9%	32.5%	101.6%
EBITDA Growth	114.8%	-543.5%	97.5%	-56.4%	-78.6%	-58.7%	-506.8%
Operating Income Growth	24.2%	-12.9%	37.3%	-65.8%	-46.5%	-91.4%	-437.5%
Net Income Growth	-51.4%	-124.6%	45.8%	-0.2%	-81.8%	-54.8%	-368.6%
Margins
EBITDA Margin	0.2%	-2.1%	-0.4%	-25.2%	-30.6%	-26.6%	-22.2%
Operating Income Margin	-6.4%	-10.0%	-11.8%	-26.7%	-30.6%	-32.3%	-22.4%
Net Income Margin	-10.2%	-11.2%	-6.6%	-17.3%	-32.8%	-27.9%	-23.9%
Cash & Debt
Total Cash	17	16	5	9	19	0	7
Total Debt	45	32	12	1	0	0	2
Net Debt / (Cash)	28	16	7	-8	-18	0	-5
Cash Flows
Net Cash from Operations	4	-0	-3	-6	-5	-4	-2
Free Cash from Operations	0	-0	-4	-6	-6	-6	-4
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3
Period End	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Filing Date	8/13/2025	5/14/2025	3/25/2025	11/12/2024	8/12/2024	5/13/2024	3/25/2024	11/13/2023	8/14/2023	5/15/2023	3/20/2023	11/14/2022
Key Financials Quarterly
Total Revenue	26	23	26	22	20	19	18	16	16	16	15	13
Ebitda	1	-1	1	-1	-2	-0	1	0	-1	-0	-3	-2
Operating Income	-0	-2	-2	-2	-3	-2	-2	-2	-2	-2	-3	-3
Net Income	-2	-4	-2	-3	-4	-2	-0	-1	-2	-1	-4	-1
EPS	-0.23	-0.41	-0.18	-0.34	-0.41	-0.21	-0.03	-0.13	-0.22	-0.14	-0.51	-0.18
Key Financials TTM
Total Revenue TTM	97	92	87	78	72	68	65	63	60	54	46	38
Ebitda TTM	0	-3	-2	-2	-1	-0	-0	-5	-7	-9	-12	-12
Operating Income TTM	-6	-9	-9	-8	-8	-8	-8	-8	-10	-11	-12	-13
Net Income TTM	-10	-11	-10	-8	-7	-5	-4	-8	-9	-6	-8	-7
Growth Rates Quarterly
Total Revenue Growth	28.1%	26.4%	48.7%	35.2%	28.0%	19.4%	15.5%	22.8%	62.9%	98.7%	117.8%	124.0%
EBITDA Growth	149.9%	-154.7%	6.9%	-1035.7%	-67.5%	2.6%	133.4%	103.8%	62.7%	85.2%	0.2%	-31.1%
Operating Income Growth	98.9%	-30.2%	-9.2%	-11.9%	-30.2%	4.3%	27.6%	49.1%	33.0%	39.9%	11.7%	-68.4%
Net Income Growth	42.5%	-99.9%	-548.7%	-169.5%	-91.7%	-49.8%	94.2%	27.9%	-337.5%	62.4%	-15.7%	27.2%
Margins Quarterly
EBITDA Margin	3.4%	-4.6%	4.6%	-3.9%	-8.8%	-2.3%	6.3%	0.6%	-6.7%	-2.8%	-21.9%	-18.5%
Operating Income Margin	-0.1%	-8.9%	-9.1%	-8.2%	-14.4%	-8.6%	-12.3%	-9.9%	-14.1%	-10.8%	-19.7%	-23.9%
Net Income Margin	-7.8%	-15.1%	-5.8%	-13.2%	-17.4%	-9.5%	-1.3%	-6.6%	-11.6%	-7.6%	-26.8%	-11.3%
Cash & Debt
Total Cash	17	21	16	16	6	3	5	6	6	7	9	10
Total Debt	45	45	32	32	16	12	12	12	2	2	1	1
Net Debt / (Cash)	28	24	16	16	10	9	7	6	-4	-5	-8	-9
Cash Flows Quarterly
FCF from Operations	3	-2	1	2	-1	-2	-1	1	-2	-2	-1	-2
Cash Flows TTM
FCF from Operations TTM	4	-0	-0	-2	-3	-3	-3	-3	-6	-5	-6	-7
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-0.1%	-8.2%	-10.2%	-7.8%	-13.6%	-7.8%	-11.0%	-8.2%	-13.9%	-10.9%	-21.1%	-10.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-5.8%	-9.0%	-9.2%	-9.2%	-9.7%	-9.3%	-9.6%	-10.9%	-15.7%	-18.1%	-21.4%	-22.9%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Sanara Surgical	65
Tissue Health Plus (THP)	0
Bone fusion products		4
Royalty revenue		0	0	0	0
Soft tissue repair products		42
Product sales revenue			24	15	12
Total	65	46	24	16	12

Net Income by Segment

$ Mil	2024	2023	2022	2021	2020
Sanara Surgical	0
Tissue Health Plus (THP)	-5
Total	-4

Price Behavior

Price Behavior

Market Price	$21.07
Market Cap ($ Bil)	0.2
First Trading Date	02/23/2007
Distance from 52W High	-44.7%
	50 Days	200 Days
DMA Price	$27.12	$29.76
DMA Trend	down	down
Distance from DMA	-22.3%	-29.2%
	3M	1YR
Volatility	71.8%	58.9%
Downside Capture	189.91	158.85
Upside Capture	-78.15	84.12
Correlation (SPY)	26.8%	41.8%

SMTI Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.31	1.35	1.49	1.87	1.24	1.32
Up Beta	6.95	4.86	4.52	4.30	1.40	1.46
Down Beta	8.19	3.04	2.09	1.84	0.99	1.03
Up Capture	-317%	-155%	-88%	31%	75%	128%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	10	18	27	55	108	343
Down Capture	32%	86%	145%	163%	128%	109%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	24	36	70	138	401

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of SMTI With Other Asset Classes (Last 1Y)
	SMTI	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-42.4%	6.9%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	58.5%	17.2%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	-0.71	0.23	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		34.2%	41.8%	5.9%	18.2%	37.0%	28.0%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of SMTI With Other Asset Classes (Last 5Y)
	SMTI	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-8.6%	9.0%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	60.2%	14.4%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.10	0.44	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		24.6%	33.7%	8.5%	9.5%	27.8%	13.8%

Based On 10-Year Data

		Comparison of SMTI With Other Asset Classes (Last 10Y)
	SMTI	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	115.8%	9.9%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	2,481.9%	16.7%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.44	0.49	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		0.6%	1.6%	0.6%	0.6%	2.6%	2.6%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	222,932
Short Interest: % Change Since 10312025	13.2%
Average Daily Volume	86,796
Days-to-Cover Short Interest	2.57
Basic Shares Quantity	8,612,986
Short % of Basic Shares	2.6%

Returns Analyses

	Title
0	Would You Still Hold Sanara MedTech Stock If It Fell Another 30%?

SEC Filings

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Report Date	Filing Date	Filing
6302025	8132025	10-Q 6/30/2025
3312025	5142025	10-Q 3/31/2025
12312024	3252025	10-K 12/31/2024
9302024	11122024	10-Q 9/30/2024
6302024	8122024	10-Q 6/30/2024
3312024	5132024	10-Q 3/31/2024
12312023	3252024	10-K 12/31/2023
9302023	11132023	10-Q 9/30/2023
6302023	8142023	10-Q 6/30/2023
3312023	5152023	10-Q 3/31/2023
12312022	3202023	10-K 12/31/2022
9302022	11142022	10-Q 9/30/2022
6302022	8152022	10-Q 6/30/2022
3312022	5162022	10-Q 3/31/2022
12312021	3312022	10-K 12/31/2021
9302021	11122021	10-Q 9/30/2021

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

Health Care Equipment Resources

MedTech Dive

MassDevice

Fierce Medical Devices

Medical Device and Diagnostic Industry

MD+DI

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2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Sanara MedTech (SMTI)

Market Price (12/4/2025): $20.87 | Market Cap: $179.8 MilSector: Health Care | Industry: Health Care Equipment

Sanara MedTech (SMTI)

Market Price (12/4/2025): $20.87Market Cap: $179.8 MilSector: Health CareIndustry: Health Care Equipment

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Market Price (12/4/2025): $20.87 | Market Cap: $179.8 Mil
Sector: Health Care | Industry: Health Care Equipment

Market Price (12/4/2025): $20.87
Market Cap: $179.8 Mil
Sector: Health Care
Industry: Health Care Equipment