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    Sanara Medtech Inc (SMTI)

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    Sanara MedTech Inc. (SMTI) is a medical technology company focused on developing and commercializing transformative technologies aimed at improving clinical outcomes and reducing healthcare expenditures in the surgical, chronic wound, and skincare markets. The company provides innovative and comprehensive solutions across the continuum of care in the United States. SMTI sells a range of products including surgical solutions, wound care products, and diagnostic devices.

    1. Sanara Surgical - Markets and sells soft tissue repair and bone fusion products, including CellerateRX Surgical, BIASURGE Advanced Surgical Solution, BiFORM, and ALLOCYTE Plus. This segment currently generates all of SMTI's net revenue.

    2. Tissue Health Plus (THP) - Focuses on value-based wound care services, with a commercial launch expected in mid-2025. This segment has not yet contributed to the company's revenue.

    3. CellerateRX Surgical Activated Collagen - Includes powder and gel forms used for human wound care, designed to promote surgical wound healing and reduce surgical site infections.

    4. HYCOL Hydrolyzed Collagen - Used for wound care applications, acquired in August 2023.

    5. BIASURGE Advanced Surgical Solution - A no-rinse surgical solution used for wound irrigation, containing an antimicrobial preservative effective against a broad spectrum of microorganisms.

    6. ALLOCYTE Plus Advanced Cellular Bone Matrix - A human cell and tissue-based product used in regenerative and orthobiologic applications.

    7. Precision Healing Diagnostic Imager - Assesses wound and skin conditions by quantifying biochemical markers to improve diagnosis and treatment protocols.

    NamePositionStart DateShort Bio
    Zachary B. FlemingChief Executive OfficerJanuary 1, 2022Zachary B. Fleming, age 49, has been with SMTI since November 2017. He previously held roles as Vice President of Sales, Vice President of Surgical, and Co-Chief Operating Officer. He has over 14 years of experience in the medical industry.
    Michael D. McNeilChief Financial OfficerApril 2018Michael D. McNeil, age 59, joined SMTI in April 2018. He previously worked as Controller for Smith and Nephew's U.S. Advanced Wound Management Division and held finance roles at Healthpoint Biotherapeutics and other companies.
    Jacob A. WaldropChief Operating OfficerApril 15, 2024Jacob A. Waldrop, age 42, will assume the role of COO on April 15, 2024. He has 20 years of experience in finance and management, previously serving as VP of Finance and Integrations at Enovis and CFO at Trilliant Surgical.
    Ron NixonChief Executive OfficerMay 12, 2024Ronald T. Nixon, a director of SMTI since March 2019, will become CEO on May 12, 2024, succeeding Zachary B. Fleming. He is the Founder of The Catalyst Group, Inc., and has served as Executive Chairman of SMTI since May 2019.
    Tyler PalmerChief Corporate Development and Strategy OfficerApril 1, 2024Tyler Palmer will join SMTI as Chief Corporate Development and Strategy Officer on April 1, 2024. He has extensive experience in healthcare, previously serving as SVP of Corporate Development at AQuity Solutions.
    1. Despite 12 consecutive quarters of record revenue and positive adjusted EBITDA  , the net loss increased from $1.1 million in Q3 2023 to $2.9 million in Q3 2024. Can you explain the key drivers behind the increasing net losses, and what steps are you taking to reach profitability? 

    2. SG&A expenses rose significantly from $13.9 million in Q3 2023 to $19 million in Q3 2024  , largely due to investments in THP. Given that THP is not expected to launch until mid-2025  , how are you managing cost controls to prevent further erosion of net income? 

    3. Interest expense increased from $200,000 in Q3 2023 to $900,000 in Q3 2024, primarily related to your term loan with CRG. With continued investments and higher debt levels, do you anticipate the need for additional financing, and what might be the implications for shareholder dilution? 

    4. Given that your share price has fluctuated between lows of $28–$30 and highs of $45–$50 over the past two years, with current levels around $30  , what specific strategies is management employing to enhance shareholder value and address investor concerns about stock performance? 

    5. Regarding the $5 million investment in ChemoMouthpiece for a 6.6% ownership stake and plans to commercialize the product in 2025  , can you provide more details on the expected revenue contributions and how this aligns with your overall strategy in wound and skin care?