# Sanara MedTech Inc. (SMTI)

> Source: Nexqual · https://nexqual.com/SMTI · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Sanara MedTech Inc. (SMTI), nexqual.com/SMTI" · informational, not investment advice.

**Price:** USD 32.92 (+0.11% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 32.88 · day 32.73–33.1 · 52w 16.05–35.52 · market cap $302M · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $110M, net income -$32.0M (-29.2% margin), free cash flow $4.5M (SEC filings).
- Analysts: Hold (mean 3.00 on a 1–5 scale) (3 analysts), mean target USD 35 (range 35–35).
- Total return with dividends: 1Y +14.1% vs S&P 500 +14.8%; 5Y -5.7% vs S&P 500 +79.1%.
- Next earnings: 2026-11-11 (date not yet confirmed by the company), EPS estimate USD 0.02, revenue estimate $29.5M. All companies reporting that day: https://nexqual.com/earnings/2026-11-11
- Dividend: SMTI paid no cash dividend in the last five years.
- Short interest: 7.02% of float (as of 2026-10-15), 2.2 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $24.1M | $45.8M | $65.0M | $86.7M | $103M | $110M |
| Gross profit | $21.8M | $39.5M | $57.1M | $78.5M | $95.6M | — |
| Operating income | -$7.4M | -$12.5M | -$4.2M | $1.3M | $7.3M | $8.4M |
| Net income | -$7.9M | -$7.9M | -$4.3M | -$9.7M | -$37.6M | -$32.0M |
| EPS (diluted) | -$1.08 | -$1.00 | -$0.52 | -$1.14 | -$4.36 | — |
| Free cash flow | -$5.0M | -$5.7M | -$3.5M | -$230K | $2.2M | $4.5M |
| Gross margin | 90.4% | 86.1% | 87.9% | 90.6% | 92.7% | — |
| Operating margin | -30.6% | -27.3% | -6.5% | 1.5% | 7.1% | 7.7% |
| Net margin | -32.8% | -17.3% | -6.6% | -11.2% | -36.4% | -29.2% |
| Revenue growth | +54.9% | +89.9% | +41.8% | +33.4% | +19.0% | — |
| Cash + short-term investments | $18.7M | $9.0M | $5.1M | $15.9M | $16.6M | — |
| Total debt | — | — | $9.7M | $30.7M | $46.0M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 2.8x · EV/EBITDA 30.6x · EV/Sales 3.0x · P/FCF 67.1x · P/B 38.1x · FCF yield 1.49% · Earnings yield -10.59% · Net debt $31.1M · EV $333M

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 3 analysts; mean target USD 35 (low 35, high 35).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-30 | HC Wainwright & Co. | Downgrade | Buy → Neutral | $36 → $35 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +14.1% | -5.7% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | +14.2% | -1.2% |
| Volatility (annualized) | 58.6% | 49.5% |
| Max drawdown | -44.2% (Oct 2025→Mar 2026) | -65.8% (Apr 2023→Apr 2026) |

## Dividends
SMTI paid no cash dividend in the last five years.

## Short interest
374,810 shares sold short, 7.02% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 310,027 shares (+20.9%). Days to cover: 2.2 (short shares ÷ average daily volume).

## Peers (Medical Instruments & Supplies)
AZTA (Azenta, Inc.) USD 41.27 +1.58% · XRAY (DENTSPLY SIRONA Inc.) USD 9.61 +1.80% · LMAT (LeMaitre Vascular, Inc.) USD 85.27 +2.90% · WRBY (Warby Parker Inc.) USD 24.59 +0.65% · ATRC (AtriCure, Inc.) USD 62.48 +1.73% · PLSE (Pulse Biosciences, Inc) USD 55.48 +3.37%

## More
Full page: https://nexqual.com/SMTI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name SMTI in their own reports (relationship from SMTI's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | InfuSystem Holdings, Inc (INFU) | 10-K 2026-02-27 | "In November 2022, the Company established a partnership, SI Healthcare Technologies, LLC ("SI Healthcare"), with Sanara MedTech Inc. ("Sanara")." |

## Revenue by business segment (quarter ended 2025-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Sanara Surgical | $25.8M | 99.9% | +28.0% |
| THP | $26,582 | 0.1% | — |
| Total revenue | $25.8M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Soft Tissue Repair Products | $25.2M | 89.7% | +11.4% |
| Bone Fusion Products | $2.9M | 10.3% | -7.9% |
| Total revenue | $28.1M | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.02 | $0.02 | +0.0% | $29.5M | 1 |
| Next quarter (ends 2026-12-31) | $0.18 | $0.18 | +0.0% | $31.2M | 1 |
| Current fiscal year (ends 2026-12-31) | $0.20 | $0.18 | +11.1% | $116.6M | 1 |
| Next fiscal year (ends 2027-12-31) | $0.54 | $0.54 | +0.0% | $133.2M | 1 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.09 | −$0.07 | Beat +$0.16 | — |
| — | Quarter ended Mar 31, 2026 | $0.04 | −$0.22 | Beat +$0.26 | — |
| — | Quarter ended Dec 31, 2025 | −$0.19 | $0.11 | Miss −$0.30 | — |
| — | Quarter ended Sep 30, 2025 | −$3.52 | −$0.21 | Miss −1576.2% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-29 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/714256/000149315226049275/0001493152-26-049275-index.htm |
| 2026-10-28 | 425 | Merger or acquisition communication | https://www.sec.gov/Archives/edgar/data/714256/000137633926000096/0001376339-26-000096-index.htm |
| 2026-10-16 | 425 | Merger or acquisition communication | https://www.sec.gov/Archives/edgar/data/714256/000121390026110056/0001213900-26-110056-index.htm |
| 2026-10-16 | 8-K | Other material event — “As previously announced, Sanara MedTech Inc., a Texas corporation (the "Company" or "Sanara"), entered into an Agreement and Plan of Merger (the "Merger Agreement") with MiMedx Group, Inc., a Florida corporation ("MiMedx"), and Mustang Merger Sub, Inc., a wholly-owned subsidiary of MiMedx ("Merger Subsidiary"), pursuant to which, among other things and subject to the terms and conditions of the Merger Agreement, Merger Subsidiary will be merged with and into the Company (the "Merger"), with the Company surviving…” | https://www.sec.gov/Archives/edgar/data/714256/000121390026110053/0001213900-26-110053-index.htm |
| 2026-10-16 | 425 | Merger or acquisition communication | https://www.sec.gov/Archives/edgar/data/714256/000121390026110047/0001213900-26-110047-index.htm |
| 2026-10-01 | 8-K | Shareholder vote results; Other material event — “Update on Regulatory Approvals As previously disclosed, MiMedx and Sanara filed their respective notification and report forms pursuant to the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act") on August 12, 2026. In order to provide the Federal Trade Commission with additional time for review, on September 11, 2026, MiMedx, in consultation with Sanara, voluntarily withdrew its notification and report form pursuant to 16 C.F.R. 803.12 and refiled its notification and report form on…” | https://www.sec.gov/Archives/edgar/data/714256/000121390026105390/0001213900-26-105390-index.htm |
| 2026-08-20 | 425 | Merger or acquisition communication | https://www.sec.gov/Archives/edgar/data/714256/000149315226039469/0001493152-26-039469-index.htm |
| 2026-08-11 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/714256/000149315226037176/0001493152-26-037176-index.htm |
| 2026-08-11 | 425 | Merger or acquisition communication | https://www.sec.gov/Archives/edgar/data/714256/000137633926000084/0001376339-26-000084-index.htm |
| 2026-08-11 | 425 | Merger or acquisition communication | https://www.sec.gov/Archives/edgar/data/714256/000149315226037133/0001493152-26-037133-index.htm |
| 2026-08-11 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/714256/000149315226037131/0001493152-26-037131-index.htm |
| 2026-08-11 | 425 | Merger or acquisition communication | https://www.sec.gov/Archives/edgar/data/714256/000149315226037123/0001493152-26-037123-index.htm |
| 2026-08-11 | 8-K/A | Entered a material agreement; Regulation FD disclosure — “Agreement and Plan of Merger On July 29, 2026, Sanara MedTech Inc. (the "Company") entered into an Agreement and Plan of Merger (the "Merger Agreement") by and among the Company, MiMedx Group, Inc., a Florida corporation ("Parent") and Mustang Merger Sub, Inc., a Texas corporation and a wholly-owned subsidiary of Parent ("Merger Subsidiary"). Upon the terms and conditions set forth in the Merger Agreement, Merger Subsidiary will be merged with and into the Company (the "Merger"), with the Company surviving the…” | https://www.sec.gov/Archives/edgar/data/714256/000149315226037112/0001493152-26-037112-index.htm |
| 2026-07-31 | Schedule 13G/A | Tall Pines Capital, LLC, Stonebridge Wealth Management, LLC: 0.0% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/714256/000121465926009273/0001214659-26-009273-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.