Key Highlights

  • Third-quarter 2026 net Revenue was USD 28.4 million, against USD 26.3 million.
  • Operating income was USD 0.7 million; net loss was USD 1.4 million.
  • Shareholders approved the MiMedx Merger on September 30, 2026.
  • The FTC issued a Second Request on the merger on October 15, 2026.

Sanara MedTech (NASDAQ:SMTI) reported third-quarter 2026 net revenue of USD 28.4 million, against an estimate of USD 29.30 million, in its Quarterly Report on Form 10-Q. Net loss was USD 1.4 million, or USD 0.16 per share, which compares with a net loss of USD 30.4 million, or USD 3.52 per basic share, in the prior-year quarter. The company markets soft tissue repair and bone fusion products for use in the operating room and other sterile environments.

Quarterly Results

Net revenue from continuing operations was USD 28.4 million for the three months ended September 30, 2026, against USD 26.3 million a year earlier. For the nine months, net revenue was USD 84.4 million, against USD 75.6 million. Gross Profit was USD 26.3 million, against USD 24.5 million, and nine-month gross profit was USD 78.4 million, against USD 69.9 million.

Total operating expenses were USD 25.6 million, against USD 21.5 million. Selling, general and administrative expenses were USD 24.3 million, against USD 19.9 million, including general and administrative expenses of USD 7.9 million, against USD 4.4 million, and sales and Marketing expenses of USD 16.3 million, against USD 15.5 million. Research and Development expenses were USD 0.7 million, against USD 1.0 million.

Operating income was USD 0.7 million, against USD 2.9 million. Interest expense was USD 1.8 million, and the share of losses from Equity method investments was USD 0.4 million. Net loss from continuing operations was USD 1.3 million, against Net Income of USD 0.8 million a year earlier, or USD 0.15 per share against USD 0.10 per basic share.

The filing reports the Tissue Health Plus Business as discontinued operations. Net loss from discontinued operations was USD 124 thousand, against USD 31.2 million in the prior-year quarter, which included an asset Impairment charge of USD 26.5 million. Total net loss was USD 1.4 million, against USD 30.4 million. For the nine months, net loss was USD 1.4 million, against USD 36.0 million.

MiMedx Merger

On July 29, 2026, the company entered into an Agreement and Plan of Merger with MiMedx Group, Inc. and its merger subsidiary. Each share of Sanara common stock is to be converted into the right to receive USD 33.00 in cash and 0.4735 shares of MiMedx common stock, which are to be listed on the Nasdaq Stock Market. After closing, the company becomes a wholly owned Subsidiary of MiMedx, its stock is Delisted from The Nasdaq Capital Market and it is deregistered under the Securities Exchange Act of 1934.

The registration statement on Form S-4 was declared effective by the SEC on September 4, 2026, and shareholders adopted and approved the merger agreement at a virtual special meeting on September 30, 2026. On October 15, 2026, both companies received a Second Request from the Federal Trade Commission, which extends the Waiting Period under the Hart-Scott-Rodino Act until 30 days after both companies have substantially complied. The company states it has been working cooperatively with the FTC.

Closing is subject to customary conditions including required regulatory approvals. The merger agreement sets an end date of July 29, 2027, which either party may extend to January 29, 2028 in specified circumstances. The company would pay MiMedx a termination fee of USD 9,660,336 if it terminates the agreement to accept a superior proposal, and MiMedx would pay the company USD 22,540,785 if it terminates because MiMedx fails to complete the merger when required.

Balance Sheet

At September 30, 2026, cash and cash equivalents were USD 16.8 million, against USD 16.6 million at December 31, 2025. Accounts receivable, net, were USD 13.9 million, against USD 12.0 million, and inventory, net, was USD 3.3 million, against USD 3.9 million. Total Assets were USD 72.2 million. The company reports a convertible Loan receivable of USD 1.8 million and an Investment in equity securities of USD 13.4 million.

The filing states the company had no customers that accounted for 10% or more of net revenue for the nine months ended September 30, 2026 or 2025.