Net Revenue

+64% (Q4 2024: $26,305,365 vs Q3 2023: $16,024,948)

Substantial revenue growth is driven by an expansion in the sales of core products—particularly soft tissue repair products—further boosted by continued geographic expansion and a broader independent distribution network. Previous periods (Q3 2023) already saw improvements driven by increased sales and market penetration, setting the stage for the even larger growth observed in Q4 2024. " "

Gross Profit

+68% (Q4 2024: $24,056,183 vs Q3 2023: $14,273,599)

Gross profit increased significantly as a result of higher revenue from increased sales and improved gross margins from eliminating royalties on key products. In prior periods, acquisitions (such as those that contributed to improvements in Q3 2023) helped drive the margins higher, and these benefits have compounded in Q4 2024. " "

Operating Loss

58% reduction (Q4 2024: -$374,884 vs Q3 2023: -$906,655)

Operating loss improvements were largely due to revenue growth outpacing increases in operating expenses. Although SG&A and other expenses grew—driven by infrastructure and marketing investments—the efficiency gains from the boosted net revenue that started in prior periods carried forward into Q4 2024. " "

Net Loss

+55% increase (Q4 2024: -$1,700,601 vs Q3 2023: -$1,094,949)

Net loss expanded largely as a result of higher other expenses, notably increased interest expense tied to financing (e.g., a new term loan) and changes in expense categories that reversed the benefits seen in previous periods. While prior quarters showed narrowing net loss due to operating improvements, these additional costs in Q4 2024 offset operational gains. " "

Depreciation & Amortization

+61% (Q4 2024: $1,608,443 vs Q3 2023: $997,674)

Depreciation and amortization expense rose primarily due to accelerated amortization of intangible assets acquired from Applied Nutritionals in August 2023. This increase reflects the impact of prior acquisitions whose cost allocations continue to affect the current period’s expenses. " "

Sanara Surgical Segment

FY 2025

no prior guidance

Continued focus on improving profitability and driving growth " "

no prior guidance

Tissue Health Plus Investment

FY 2025

no prior guidance

Planned investment between $7.5M to $10M in H1 2025 " "

no prior guidance

Financial Strategy

FY 2025

no prior guidance

Pursuing financial partners to support strategic growth initiatives " "

no prior guidance

Tissue Health Plus Commercialization

Q1 focused on a comprehensive, value‐based wound care strategy with plans to secure strategic and financial partnerships. " " Q2 detailed additional investment and a launch timeline in the second half of 2025 with evolving partnerships. " " Q3 emphasized early pilot programs, recruitment of operational personnel, and scaling the clinical and tech platforms. " " "

Q4 highlighted the launch of a pilot program in Q2 2025, further investment in the tech and clinical model, active recruitment of sales/BD teams, and discussions with financial partners to support execution. " "

Consistent emphasis with a sharper focus on execution milestones and validated commercialization approaches.

Revenue Growth and Profitability

Q1 through Q3 consistently reported revenue increases with challenges in net losses offset by initial positive adjusted EBITDA in the Surgical segment; improvements and market penetration were noted. " " "

Q4 reported strong full‐year revenue growth of 33% and significant quarter-on-quarter gains, with enhanced profitability in the Surgical segment (EBITDA improvements). " " "

A positive shift with increasing revenues and narrowing profit gaps from earlier periods.

Product Innovation

Q1 did not mention new product launches. Q2 introduced BIASURGE with a soft launch and positive feedback. " Q3 expanded on this with details on ChemoMouthpiece investment and formal scaling of BIASURGE. " " "

Q4 emphasized strategic new initiatives including ChemoMouthpiece partnerships, increased BIASURGE sales influenced by external demand factors, and the introduction of OsStic with breakthrough designation. " " "

Emergence and strengthening of the innovation pipeline with broader product portfolio development.

Market Expansion

Q1 described growing facility coverage and new GPO contracts to enter additional specialties. " " Q2 focused on geographic diversification with increased hospital and ASC coverage. " " Q3 highlighted wider national reach with products in over 1,200 hospitals and a growing distributor network. "

Q4 reported further expansion by increasing distributor partners (from 250 to over 350) and facilities (from 1,000 to over 1,300), reinforcing U.S. market penetration. "

Continuous scaling of market reach with growing distributor networks and facility coverage.

Financial Partnerships & External Funding

Q1 stressed the need for strategic financial partners and mentioned early debt facility discussions. " " " Q2 highlighted a new $55 million CRG debt facility as nondilutive capital. " Q3 described the pursuit of both financial and execution partners, with successful nondilutive funding. " " "

Q4 continued to seek financial partners to help offset THP investment and supported the strategy with healthy cash on hand and borrowing capacity. " "

Stable focus with evolving strategic collaboration to support investment needs.

Leadership Transition

Q1 disclosed a major transition with the resignation of the former CEO and appointment of a new CEO along with additional management hires. " " " " Q2 mentioned separation costs related to the former CEO, indicating ongoing transitions. "

Q4 introduced a new CFO, reinforcing changes in the executive team while maintaining stability. "

Ongoing evolution in leadership with new executive appointments that strengthen the management team.

Operational Recruitment

Q1 detailed strategic hires in anticipation of growth, and Q3 noted positive progress with skilled teams added in the US and India. " "

Q4 reiterated active recruitment efforts for sales and business development in support of THP commercialization, with no explicit challenges noted. "

Consistent, positive operational recruitment reinforcing execution and scalability.

Value-Based Pricing

Q1 set out a comprehensive value-based care approach for THP, integrating payers and providers. " " Q2 reiterated the surgical and post-acute wound care value-based strategy and noted its potential to generate hospital-based savings. " "

Q4 detailed a market-tested value-based pricing model for both provider and payer segments, with third-party actuarial validation for the payer savings model. " "

Consistent focus with refined execution and external validation enhancing its credibility.

Bone Fusion Performance

Q1 indicated a slight decline in bone fusion sales due to timing issues with ALLOCYTE Plus and order anomalies. " " Q2 reported flat sales attributed to regulatory approvals and noted new hires to address challenges. " "

Q4 showed a turnaround with an 8% year-over-year increase in bone fusion sales, indicating recovery and market growth. "

Transition from stagnation and challenges to moderate growth and recovery.