Sanara MedTech Inc. (NASDAQ:SMTI) Q4 2023 Earnings Conference Call March 26, 2024 9:00 AM ET

Company Participants

Callon Nichols - Investor Relations
Ron Nixon - Executive Chairman
Zach Fleming - Chief Executive Officer
Mike McNeil - Chief Financial Officer

Conference Call Participants

Ross Osborn - Cantor Fitzgerald
Michael Liu - IFCM
Chris Plahm - Tall Pines Capital

Operator

Greetings. Welcome to the Sanara MedTech Inc. Fourth Quarter and 2023 Full Year Results and Business Update Conference Call. At this time, all participants are in a listen-only mode. 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, Callon Nichols. 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 and year ended December 31, 2023.

We issued our earnings release yesterday afternoon, and I would like to highlight that we have 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 the Form 10-K for the quarter and year ended December 31, 2023 are also available on this page. We will reference this information in our remarks today.

With us today are Ron Nixon, our Executive Chairman; Zach Fleming, our Chief Executive Officer; and Mike McNeil, our Chief Financial Officer.

Please note that 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 the 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.

Also, this conference call, our earnings release and supplemental deck 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

Thank you, Callon, and good morning, everyone.

Fourth quarter of 2023 was another record revenue quarter for Sanara, and 2023 was another revenue record year. Company generated $17.7 million in revenue in Q4, $65 million in revenue for the year. For the three months ended December 31, 2023, the company had a net loss of $300,000. For the year ended December 31, 2023, we had a net loss of $4.4 million. We were breakeven on an adjusted EBITDA basis in Q4 and generated a $300,000 adjusted EBITDA loss for the year. We incurred expenses of $400,000 in the second half of 2023 due to an acquisition opportunity that didn't materialize.