Sanara MedTech (SMTI) Q4 2025 earnings summary

Executive summary

• Achieved record net revenue of $103.1 million for 2025, up 19% year-over-year, surpassing $100 million for the first time.

• Gross margin expanded by 200 basis points to 93% for 2025, with significant operating leverage and improved profitability.

• Transitioned to a pure-play surgical company, completing the wind-down of the THP segment and focusing on three anchor products.

• Expanded distributor network to over 450 partners and increased healthcare facility customers to over 1,450.

• Secured a Vizient Innovative Technology contract for BIASURGE, providing access to 1,800 facilities.

Financial highlights

• Fourth quarter net revenue was $27.5 million, up 5% year-over-year; excluding prior-year hurricane-related sales, growth was 13%.

• Fourth quarter gross profit rose 7% to $25.7 million; gross margin increased to 93%.

• Adjusted EBITDA for 2025 was $17 million, an 86% improvement year-over-year.

• Net loss from continuing operations reduced to $0.4 million for the year, improving from $1.9 million in 2024.

• Cash provided by operations was $6.8 million for 2025, compared to $24,000 used in 2024.

Outlook and guidance

• Reaffirmed 2026 net revenue guidance of $116–$121 million, representing 13–17% growth over 2025.

• First quarter 2026 net revenue expected to be $26.7–$27.2 million, up 14–16% year-over-year.

• Strategic priorities for 2026 include expanding sales coverage, investing in R&D, and preparing for OsStic launch in 2027.