Detailed financial statements for Sanara MedTech Inc. (SMTI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Sanara MedTech Inc. is a Fort Worth, Texas-based company established in 2001, dedicated to the development, marketing, and distribution of advanced wound and skin care products. These solutions are provided to a diverse clientele within the United States healthcare sector, including physicians, hospitals, clinics, and post-acute care facilities.
Analysis Summary
Sanara MedTech Inc. reported revenue of $103.1M in the most recent fiscal year, growing at a 5-year CAGR of 45.9%.
Trailing-twelve-month margins: gross margin 91.3%, operating margin 9.4%, net margin -29.2%.
At the current price of $35.10, SMTI has negative trailing earnings (P/E not meaningful) and an ROE of -473.55%. Market capitalisation stands at $323M.
Balance sheet quality for SMTI: current ratio of 1.8, net debt of $31.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.5M | $6.3M | $5.8M | $11.8M | $15.6M | $24.1M | $45.8M | $65.0M | $86.7M | $103.1M |
| Cost of Revenue | $943579 | $806038 | $507418 | $1.2M | $1.6M | $2.3M | $6.4M | $7.9M | $8.1M | $10.2M |
| Gross Profit | $4.6M | $5.5M | $5.3M | $10.6M | $14.0M | $21.8M | $39.5M | $57.1M | $78.5M | $92.9M |
| Research & Development | 0 | 0 | 0 | 0 | $40190 | $558704 | $3.4M | $4.1M | $5.7M | $5.1M |
| Selling, General & Admin | $4.8M | $5.3M | $5.7M | $13.1M | $18.7M | $28.1M | $46.0M | $57.0M | $76.6M | $78.7M |
| Operating Expenses | $4.8M | $5.4M | $5.8M | $13.3M | $19.0M | $29.2M | $52.0M | $61.4M | $85.2M | $83.8M |
| Operating Income | -$272133 | $120444 | -$501860 | -$2.7M | -$5.0M | -$7.4M | -$12.5M | -$4.2M | -$6.7M | $9.1M |
| EBITDA | -$180372 | $538777 | -$417970 | -$2.6M | -$4.1M | -$7.2M | -$11.6M | -$289097 | -$1.9M | $9.0M |
| Interest Expense | $174493 | $126825 | $86587 | $105919 | $11528 | $711 | $284746 | $475783 | $3.1M | $6.8M |
| Pre-tax Income | -$415747 | $331309 | -$600574 | -$2.8M | -$4.4M | -$8.0M | -$13.9M | -$4.4M | -$9.9M | -$393124 |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | -$5.8M | 0 | 0 | 0 |
| Net Income | -$415747 | $331309 | -$600574 | -$2.8M | -$4.4M | -$7.9M | -$7.9M | -$4.3M | -$9.7M | -$37.6M |
| EPS | $-0.38 | $0.17 | $-0.28 | $-1.37 | $-0.76 | $-1.08 | $-1.00 | $-0.52 | $-1.14 | $-4.36 |
| EPS (Diluted) | $-0.38 | $0.09 | $-0.28 | $-1.37 | $-0.76 | $-1.08 | $-1.00 | $-0.52 | $-1.14 | $-4.36 |
| Shares Outstanding (Diluted) | $1.1M | $2.1M | $2.2M | $2.1M | $5.7M | $7.3M | $7.9M | $8.3M | $8.5M | $8.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $26.3M | $27.5M | $27.8M | $28.1M |
| Gross Profit | $23.8M | $25.0M | $25.3M | $26.2M |
| Operating Income | $3.0M | $2.9M | $2.6M | $1.8M |
| EBITDA | $3.3M | $1.4M | $2.8M | $2.0M |
| Net Income | -$30.4M | -$1.6M | $458957 | -$452864 |
| EPS | $-3.52 | $-0.20 | $0.05 | $-0.05 |
| EPS (Diluted) | $-3.52 | $-0.20 | $0.05 | $-0.05 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $833480 | $463189 | $731849 | $6.6M | $455366 | $18.7M | $9.0M | $5.1M | $15.9M | $16.6M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $794294 | $836500 | $164459 | $1.3M | $2.3M | $3.0M | $7.0M | $8.5M | $13.6M | $12.0M |
| Inventory | $348457 | $711397 | $465314 | $746519 | $1.1M | $2.0M | $3.5M | $4.7M | $2.8M | $3.9M |
| Total Current Assets | $2.0M | $2.0M | $978484 | $8.9M | $4.5M | $24.6M | $20.6M | $19.0M | $33.3M | $33.5M |
| Property, Plant & Equipment | $34939 | $63211 | $52827 | $790204 | $1.1M | $2.0M | $2.2M | $3.3M | $1.9M | $2.5M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | $3.6M | $3.6M | $3.6M | $3.6M |
| Intangible Assets | $140336 | $117291 | $52266 | $1.5M | $3.1M | $4.7M | $31.5M | $44.9M | $41.0M | $18.6M |
| Total Assets | $2.2M | $2.2M | $3.0M | $11.1M | $9.8M | $36.4M | $61.0M | $73.9M | $88.1M | $72.9M |
| Accounts Payable | $238229 | $225462 | $117467 | $406172 | $494840 | $593971 | $1.4M | $2.0M | $1.5M | $2.3M |
| Short-term Debt | $418104 | $1.2M | 0 | 0 | 0 | 0 | 0 | $580357 | 0 | $353229 |
| Total Current Liabilities | $1.4M | $2.1M | $404004 | $2.6M | $3.5M | $6.0M | $12.8M | $13.8M | $15.3M | $18.6M |
| Long-term Debt | $1.2M | 0 | $1.5M | $1.5M | 0 | 0 | 0 | $9.1M | $30.7M | $46.0M |
| Total Liabilities | $2.6M | $2.1M | $1.9M | $4.7M | $4.0M | $6.2M | $19.3M | $29.3M | $49.2M | $67.0M |
| Retained Earnings | -$47.2M | -$46.9M | -$47.5M | -$2.7M | -$7.0M | -$15.2M | -$23.4M | -$28.0M | -$37.8M | -$75.3M |
| Total Equity | -$423071 | $102538 | $1.1M | $6.6M | $6.2M | $30.6M | $41.8M | $44.8M | $39.4M | $5.9M |
| Total Debt | $1.6M | $1.2M | $1.5M | $2.1M | $481384 | $425443 | $819224 | $11.8M | $32.3M | $48.2M |
| Net Debt | $784624 | $736811 | $768151 | -$4.5M | $26018 | -$18.2M | -$8.1M | $6.6M | $16.4M | $31.6M |
| Working Capital | $601654 | -$77964 | $574480 | $6.2M | $942418 | $18.6M | $7.8M | $5.2M | $18.0M | $14.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $14.9M | $16.6M | $13.6M | $15.4M |
| Total Assets | $71.1M | $72.9M | $69.3M | $69.1M |
| Total Liabilities | $64.9M | $67.0M | $62.3M | $61.2M |
| Total Equity | $6.1M | $5.9M | $7.0M | $7.9M |
| Total Debt | $47.4M | $48.2M | $48.4M | $48.5M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$415747 | $331309 | -$600574 | -$2.8M | -$4.4M | -$8.0M | -$8.1M | -$4.4M | -$9.9M | -$27.7M |
| Depreciation & Amortization | $60883 | $80648 | $83891 | $119951 | $291370 | $596975 | $2.4M | $3.7M | $4.9M | $28.6M |
| Stock-based Compensation | $813945 | $60250 | $14867 | 0 | $1.4M | $2.7M | $2.7M | $3.4M | $4.4M | $718713 |
| Change in Working Capital | -$243444 | -$354196 | $706111 | $141097 | -$1.2M | -$1.2M | $517621 | -$3.3M | -$911719 | -$3.8M |
| Operating Cash Flow | $409245 | -$139862 | $277142 | -$2.2M | -$4.0M | -$4.8M | -$5.6M | -$3.2M | -$23784 | $6.8M |
| Capital Expenditure | -$3029 | -$85875 | -$8482 | -$1.7M | -$1.6M | -$750453 | -$747015 | -$265246 | -$229300 | -$4.6M |
| Acquisitions | 0 | 0 | 0 | $508973 | 0 | 0 | -$2.5M | -$9.9M | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$46146 | -$32494 | -$223109 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | $406216 | -$225737 | $268660 | -$3.9M | -$5.7M | -$5.6M | -$6.3M | -$3.5M | -$253084 | $2.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $2.2M | $3.9M | -$2.5M | $2.0M |
| Capital Expenditure | -$1.1M | -$82161 | -$43772 | -$5280 |
| Free Cash Flow | $1.1M | $3.9M | -$2.5M | $2.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | -$2.0M | $1.0M | $1.5M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +14.5% | -7.4% | +101.6% | +32.5% | +54.9% | +89.9% | +41.8% | +33.4% | +19.0% | |
| Net Income Growth (YoY) | +179.7% | -281.3% | -368.6% | -54.8% | -81.8% | -0.2% | +45.8% | -124.6% | -288.7% | |
| EPS Growth (YoY) | +144.7% | -264.7% | -389.3% | +44.5% | -42.1% | +7.4% | +48.0% | -119.2% | -282.5% | |
| Shares Change (YoY) | +90.2% | +4.1% | -1.8% | +168.9% | +28.0% | +7.7% | +4.7% | +2.5% | +1.6% | |
| FCF Growth (YoY) | -155.6% | +219.0% | -1541.5% | -46.6% | +2.0% | -13.2% | +44.3% | +92.8% | +953.9% | |
| Gross Margin | 82.9% | 87.2% | 91.3% | 89.7% | 89.6% | 90.4% | 86.1% | 87.9% | 90.6% | 90.1% |
| Operating Margin | -4.9% | 1.9% | -8.6% | -23.3% | -32.3% | -30.6% | -27.3% | -6.5% | -7.7% | 8.9% |
| EBITDA Margin | -3.3% | 8.5% | -7.2% | -22.2% | -26.6% | -29.9% | -25.2% | -0.4% | -2.1% | 8.8% |
| Net Margin | -7.5% | 5.3% | -10.3% | -23.9% | -27.9% | -32.8% | -17.3% | -6.6% | -11.2% | -36.4% |
| FCF Margin | 7.4% | -3.6% | 4.6% | -32.9% | -36.4% | -23.0% | -13.7% | -5.4% | -0.3% | 2.1% |
| Effective Tax Rate | -0.0% | 0.0% | -0.0% | -0.0% | -0.0% | -0.0% | 41.9% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.37 | $-0.11 | $0.12 | $-1.82 | $-0.99 | $-0.76 | $-0.80 | $-0.42 | $-0.03 | $0.25 |
| Dividends Per Share | $0.04 | $0.02 | $0.10 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $1.1M | $1.1M | $2.2M | $2.1M | $5.7M | $7.3M | $7.9M | $8.3M | $8.5M | $8.6M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -473.55% |
| Return on Invested Capital | 18.02% |
| Return on Assets | -46.30% |
| Gross Margin | 91.33% |
| Operating Margin | 9.36% |
| Net Margin | -29.15% |
Financial Health
| Debt / Equity | 6.11 |
| Current Ratio | 2.58 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -10.53 | 35.29 | -10.71 | -11.75 | -65.66 | -27.36 | -45.50 | -79.04 | -29.12 | -5.36 |
| P/B | -10.27 | 65.17 | 5.86 | 5.19 | 46.52 | 7.08 | 8.60 | 7.59 | 7.15 | 33.96 |
| P/S | 0.79 | 1.06 | 1.12 | 2.92 | 18.36 | 8.99 | 7.85 | 5.24 | 3.25 | 1.95 |
| Gross Margin | 82.9% | 87.2% | 91.3% | 89.7% | 89.6% | 90.4% | 86.1% | 87.9% | 90.6% | 90.1% |
| Operating Margin | -4.9% | 1.9% | -8.6% | -23.3% | -32.3% | -30.6% | -27.3% | -6.5% | -7.7% | 8.9% |
| Net Margin | -7.5% | 5.3% | -10.3% | -23.9% | -27.9% | -32.8% | -17.3% | -6.6% | -11.2% | -36.4% |
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Explore sector: Healthcare · Medical - Instruments & Supplies
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