SMTI on Nasdaq

Sanara MedTech Inc.

Verified Inductive Bone Matrix is a naturally derived, differentiated allograft matrix with robust handling properties.3 From its latest annual report

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Last updated Oct 19, 2026.

Overview

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  • TickerSMTI on Nasdaq1
  • IndustryOrthopedic, Prosthetic & Surgical Appliances & Supplies1
  • HeadquartersFort Worth, Texas1
  • Incorporated inTX2
  • Business address1200 Summit Ave, Suite 414, Fort Worth, Tx 761022
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation

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Verified Inductive Bone Matrix is a naturally derived, differentiated allograft matrix with robust handling properties.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

92.7%Gross margin4
7.1%Operating margin4
-36.4%Net margin4
19.0%Revenue growth, 20254
-632.5%Return on equity4
7.74×Debt to equity4
$2.2MFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Soft Tissue Repair Products brought in 89% of the revenue Sanara MedTech Inc. broke down this way in fiscal 2025.

  1. Soft Tissue Repair Products$91.3M489%up 20% from 2024
  2. Bone Fusion Products$11.8M411%up 12% from 2024
Products and services by year
Products and services20242025
Soft Tissue Repair Products$76.1M$91.3M
Bone Fusion Products$10.5M$11.8M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue7¢$7.5M
  • Research and development5¢$5.1M
  • Selling, general and admin76¢$78.7M
  • Other costs5¢$5.0M
  • Interest7¢$6.8M

Out of $103.1M in revenue.4 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Capital spending68¢$4.6M
  • Kept or used elsewhere32¢$2.2M

Out of $6.8M of cash from operations.4

Financial statements

Revenue567894$103.1M in 2025+776% since 2019
0$50.0M$100.0M$150.0M2019: $11.8M$11.8M20192020: $15.6M$15.6M2020+32%2021: $24.1M$24.1M2021+55%2022: $45.8M$45.8M2022+90%2023: $65.0M$65.0M2023+42%2024: $86.7M$86.7M2024+33%2025: $103.1M$103.1M2025+19%
Gross profit567894$95.6M in 2025+805% since 2019
0$25.0M$50.0M$75.0M$100.0M2019: $10.6M$10.6M20192020: $14.0M$14.0M2020+32%2021: $21.8M$21.8M2021+56%2022: $39.5M$39.5M2022+81%2023: $57.1M$57.1M2023+45%2024: $78.5M$78.5M2024+37%2025: $95.6M$95.6M2025+22%
Operating income567894$7.3M in 2025
-$15.0M-$10.0M-$5.0M0$5.0M$10.0M2019: -$2.7M-$2.7M20192020: -$5.0M-$5.0M2020+84%2021: -$7.4M-$7.4M2021+47%2022: -$12.5M-$12.5M2022+70%2023: -$4.2M-$4.2M2023−66%2024: $1.3M$1.3M20242025: $7.3M$7.3M2025+480%
Net income567894-$37.6M in 2025+1235% since 2019
-$40.0M-$30.0M-$20.0M-$10.0M02019: -$2.8M-$2.8M20192020: -$4.4M-$4.4M2020+58%2021: -$7.9M-$7.9M2021+78%2022: -$7.9M-$7.9M2022+0%2023: -$4.3M-$4.3M2023−46%2024: -$9.7M-$9.7M2024+125%2025: -$37.6M-$37.6M2025+289%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Net Revenue$103.1M$86.7M
Cost of goods sold$7.5M$8.1M
Gross profit$95.6M$78.5M
Selling, general and administrative$78.7M$71.7M
Research and development$5.1M$2.8M
Depreciation and amortization$2.7M$2.8M
Change in fair value of earnout liabilities-$14.5K
Asset impairment charges$1.8M
Total operating expenses$88.3M$77.3M
Operating income$7.3M$1.3M
Interest expense-$6.8M-$3.1M
Share of losses from equity method investments-$952.5K-$90.0K
Interest income$3.7K$22.0K
Gain on disposal of property and equipment$10.9K
Total other income (expense)-$7.7M-$3.2M
Net loss from continuing operations-$393.1K-$1.9M
Net loss from discontinued operations (including asset impairment charge of $26,472,407 in 2025) (Note 3)-$37.2M-$8.0M
Net loss-$37.6M-$9.9M
Net loss attributable to noncontrolling interest from continuing operations-$5.4K-$3.2K
Net loss attributable to noncontrolling interest from discontinued operations-$244.1K
Less: Total net loss attributable to noncontrolling interest-$5.4K-$247.4K
Net loss attributable to Sanara MedTech shareholders-$37.6M-$9.7M
Continuing operations, basic-$0-$0
Continuing operations, diluted-$0-$0
Discontinued operations, basic-$4-$1
Discontinued operations, diluted-$4-$1
Net loss per share of common stock, basic-$4.36-$1.14
Net loss per share of common stock, diluted-$4.36-$1.14
Weighted average number of common shares outstanding, basic8.6M shares8.5M shares
Weighted average number of common shares outstanding, diluted8.6M shares8.5M shares
Asset impairment charge being for discontinued operations$26.5M

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Leadership

Who has led Sanara MedTech Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. J. Michael Carmena2018
  2. Zachary B. Fleming2022–2024
  3. Ronald T. Nixon2024–2025
  4. Suresh Muppalla V.2025
  5. Seth D. Yon2025–now

President

  1. Deborah Jenkins Hutchinson2010–2017
  2. Shawn M. Bowman2020–2022
  3. Zachary B. Fleming2020–2021
  4. Christopher A. Morrison2021–2022
  5. Rebecca E. McMahon2021–2023

Chief financial officer

  1. Darren Stine2014
  2. J. Michael Carmena2018
  3. Elizabeth B. Taylor2025–now

Chief operating officer

  1. Jacob A. Waldrop2024–now
2010201520202025
Board members and other officers (23)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Chief Financial OfficerMichael D. McNeil named Jun 2, 2022 to Aug 11, 202347

Former names

  • WOUND MANAGEMENT TECHNOLOGIES, INC.Aug 12, 2008 to Apr 3, 20192
  • MB SOFTWARE CORPOct 28, 1996 to Jun 10, 20082
  • INAV TRAVEL CORPORATIONJul 22, 1996 to May 3, 19962

Timeline

  1. Sep 16, 2025New chief executive Seth D. Yon becomes CEO13
  2. Apr 15, 2025New chief executive Suresh Muppalla V. becomes CEO12
  3. Jun 14, 2024New chief executive Ronald T. Nixon becomes CEO14
  4. Jan 4, 2022New chief executive Zachary B. Fleming becomes CEO15
  5. Feb 26, 2018New chief executive J. Michael Carmena becomes CEO16

Filings

261 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 71 major events, 126 insider forms, 4 large holders, 3 private raises, 37 other. The latest 20:

  1. Oct 1, 20268-K CURRENT REPORT EDGAR
  2. Sep 16, 20264 EDGAR
  3. Sep 4, 2026DEFM14A PROXY STATEMENT EDGAR
  4. Aug 20, 2026425 EDGAR
  5. Aug 11, 202610-Q EDGAR
  6. Aug 11, 2026425 EDGAR
  7. Aug 11, 20268-K EDGAR
  8. Aug 11, 2026425 EDGAR
  9. Aug 11, 20268-K/A EDGAR
  10. Jul 31, 2026SCHEDULE 13G/A EDGAR
  11. Jul 30, 2026425 EDGAR
  12. Jul 30, 2026425 EDGAR
  13. Jul 30, 2026425 EDGAR
  14. Jul 30, 2026425 EDGAR
  15. Jul 30, 2026425 EDGAR
  16. Jul 30, 2026425 EDGAR
  17. Jul 30, 2026425 EDGAR
  18. Jul 29, 2026425 8-K EDGAR
  19. Jul 29, 20268-K EDGAR
  20. Jun 9, 20268-K EDGAR

The 261 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

13 open-market trades by officers, directors and large owners since October 2021: 0 buys and 13 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Nov 8, 2022Fleming Zachary B.Chief Executive OfficerSale417$33.00$13.8KForm 4
Nov 4, 2022Fleming Zachary B.Chief Executive OfficerSale563$33.00$18.6KForm 4
Nov 2, 2022Fleming Zachary B.Chief Executive OfficerSale20$33.02$660Form 4
Sep 22, 2022Bowman Shawn M.Sale1,000$27.89$27.9KForm 4
Jul 6, 2022Fleming Zachary B.Chief Executive OfficerSale1,415$22.53$31.9KForm 4
Jul 5, 2022Fleming Zachary B.Chief Executive OfficerSale265$21.45$5.7KForm 4
Jun 29, 2022Fleming Zachary B.Chief Executive OfficerSale294$21.00$6.2KForm 4
Jun 28, 2022Fleming Zachary B.Chief Executive OfficerSale69$21.00$1.4KForm 4
Jun 24, 2022Fleming Zachary B.Chief Executive OfficerSale457$21.00$9.6KForm 4
Jun 17, 2022Bowman Shawn M.Sale1,000$20.02$20.0KForm 4
Oct 26, 2021Fleming Zachary B.Chief Executive OfficerSale1,000$34.04$34.0KForm 4
Oct 20, 2021Bowman Shawn M.Sale1,000$34.19$34.2KForm 4
Oct 5, 2021Fleming Zachary B.Chief Executive OfficerSale1,000$33.10$33.1KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Aug 1, 2023Raised $3 million in a private offering of equity Form D: 1 investor so far Form D
  2. Jul 1, 2022Raised $16 million in a private offering of equity Form D: 1 investor so far Form D
  3. Apr 4, 2022Raised $14.5 million in a private offering of equity Form D: 46 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 74. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.248,827$5.9M0.0%+20,060
Vanguard Capital Management LLC194,897$4.6M0.0%+43,530
Royal Bank Of Canada130,995$3.1M0.0%−394
Stonebridge Wealth Management, LLC129,452$3.1M2.7%−7,447
Aqr Capital Management LLC112,207$2.6M0.0%+72,269
Geode Capital Management, LLC89,179$2.1M0.0%+3,517
Goldman Sachs Group Inc74,198$1.8M0.0%+52,613
Renaissance Technologies LLC67,400$1.6M0.0%+2,720
State Street Corp63,469$1.5M0.0%+780
Squarepoint Ops LLC53,811$1.3M0.0%−19,796
Jane Street Group, LLC50,806$1.2M0.0%+12,222
Marshall Wace, Llp49,457$1.2M0.0%−26,825
Citadel Advisors LLC36,813$868.4K0.0%+5,700
Northern Trust Corp36,441$859.6K0.0%+3,185
Jacobs Levy Equity Management, Inc31,644$746.5K0.0%New
Walleye Capital LLC30,465$718.7K0.0%New
Los Angeles Capital Management LLC26,830$632.9K0.0%New
Vanguard Fiduciary Trust Co26,027$614.0K0.0%+652
Evernest Financial Advisors, LLC25,700$606.3K0.1%New
Morgan Stanley23,628$557.4K0.0%+3,988
Vanguard Portfolio Management LLC23,417$552.4K0.0%+5,287
Hsbc Holdings PLC23,254$549.7K0.0%+5,971
Baird Financial Group, Inc.21,075$497.2K0.0%No change
Qube Research & Technologies Ltd20,400$481.2K0.0%−6,009
D. E. Shaw & Co., Inc.16,370$386.2K0.0%+47

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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