Sanara MedTech Inc. (NASDAQ:SMTI) Q3 2023 Results Conference Call November 14, 2023 9:00 AM ET

Company Participants

Callon Nichols - Vice President of Corporate Operations

Ron Nixon - Executive Chairman

Zach Fleming - Chief Executive Officer

Mike McNeil - CFO & Corporate Secretary

Conference Call Participants

Ross Osborn - Cantor Fitzgerald

Ian Cassel - IFCM

Niraj Gupta - GCI Partners

Operator

Greetings, and welcome to the Sanara MedTech Incorporated Third Quarter 2023 Results and Business Update Call. At this time, all participants are in a listen-only mode. And a question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded.

I will now turn the conference over to your host, Mr. Callon Nichols. Sir, you may begin.

Callon Nichols

Thank you, and good morning, everyone. I'd like to welcome you to Sanara MedTech's earnings conference call for the quarter ended September 30, 2023. We issued our earnings release yesterday afternoon, and I would like to highlight that we've posted today's deck on the Investor Relations page of our website. This supplemental deck as well as a copy of the earnings release and Form 10-Q for the quarter ended September 30, 2023, are available on this page. We will reference this information in our remarks today.

We expect today's prepared comments from Ronald Nixon, Executive Chairman; Zach Fleming, Chief Executive Officer; and Mike McNeil, Chief Financial Officer, to last approximately 15 minutes to allow time for Q&A. Certain statements in this conference call in our press release and in our supplemental deck include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

For more information about risks and uncertainties involving forward-looking statements and factors that could cause actual results to differ materially from those projected or implied by forward-looking statements. Please see the risk factors set forth in our most recent annual report on Form 10-K as supplemented by the risk factors in our most recent quarterly report on Form 10-Q.

Also this conference call, our earnings release and [Indiscernible] deck will reference certain non-GAAP measures. In that regard, I direct you to the reconciliation of these measures in the earnings materials that are available on our website.

Now I'd like to turn the call over to Ron.

Ron Nixon

Thanks, Callon, and good morning, everyone. In Q3, '23, Sanara generated $16 million in net revenue, representing a 23% increase from the prior year period. The third quarter of 2023 was the eighth record revenue quarter for Sanara, and we continue to strengthen our sales infrastructure to support our growth strategy as well as focus on increasing our penetration in the hospitals where we have approvals and minimal revenue. I'd like to point out that by the end of the third quarter of 2023, we had generated more revenue than in all of 2022.