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what it is
Sanara sells wound and surgical care products that help hospitals and doctors heal tissue faster and lower treatment costs.
how it gets paid
Last year Sanara Medtech made $87M in revenue. advanced wound biologics was the main engine at $26M, or 30% of sales.
what just happened
Sanara posted $76M in quarterly revenue, but the louder number was EPS at -$4.04.
At a glance
B balance sheet — gets the job done, barely
40/100 earnings predictability — expect surprises
-$1.14 fy2024 eps est
$2B fy2026 rev est
7.7% operating margin
xvary composite: 40/100 — below average
What they do
Sanara sells wound and surgical care products that help hospitals and doctors heal tissue faster and lower treatment costs.
Sanara wins by selling into messy, expensive wound care where a small clinical improvement can save a hospital real money. Its gross margin was 92.5% in the latest SEC-reported quarter, which means gross margin → money left after product costs → you have room to fund sales growth without charging more. If your product helps healing and still leaves that much room, buyers listen.
How they make money
$87M
annual revenue
advanced wound biologics
$26M
surgical soft tissue repair
$22M
bone fusion products
$17M
skincare and wound solutions
$12M
tissue health plus services
$10M
The products that matter
wound care adjunct
CellerateRX
core wound-care platform
it sits inside the ~71% wound-care bucket, so adoption here matters more than any single product headline. management has cited clinical and cost benefits. the market now wants the less glamorous part: repeat demand that holds up quarter after quarter.
~71% mix exposure
surgical infection control
BIASURGE Advanced Surgical Solution
hospital channel expansion
Surgical Solutions is about 29% of the mix today. the Vizient agreement matters because hospital access is the hard part. it opens a door. it does not create revenue by itself. you need to see product pull-through after the paperwork.
Vizient access
portfolio mix shift
Surgical Solutions segment
~29% of mix today
this is less about one SKU and more about what the business needs next. if Surgical Solutions starts taking a larger share of revenue, you get a cleaner argument that Sanara is becoming more than a one-category seller.
mix expansion bet
Key numbers
92.5%
gross margin
Gross margin → money left after product costs → so what: Sanara has premium pricing power if demand holds.
$87M
ttm revenue
That is the current size of the business investors are paying about $174M to own.
$47M
long debt
That debt load matters because losses, not profits, are still funding the story.
7.7%
operating margin
Operating margin → profit after running the business → so what: Sanara still loses money before interest and taxes.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 15 / 100
- long-term debt $47M (21% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for SMTI right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Sanara posted $76M in quarterly revenue, but the louder number was EPS at -$4.04.
Sales jumped 187% vs. prior year, and gross margin stayed elite at 92.5%. The quiet part out loud: huge revenue growth means less if losses still dominate the quarter.
$76M
revenue
-$4.04
eps
92.5%
gross margin
the number that mattered
The 92.5% gross margin matters most because it says the products are economically attractive even while earnings remain ugly.
source: company earnings report, 2026
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What could go wrong
sanara is not dealing with abstract risk here. the live issue is whether a business with 93% gross margin can turn that product quality into durable profit before investors give up on the wait.
med
growth is still good. the market wanted faster.
2026 guidance of $116M–$121M implies 13–17% growth, down from the 19% expectation tied to 2025. That is healthy in absolute terms. It is less forgiving when the stock was bought for acceleration.
The gap between the low and high end of guidance is $5M. In a company with a $174M market cap, that swing is not rounding error.
med
the business still leans on one main category
Wound Care is about 71% of revenue and Surgical Solutions about 29%. That means diversification is still more goal than reality. If the core category cools before the smaller one scales, the whole story feels smaller very quickly.
You do not need a collapse to hurt the stock. You just need the second segment to stay second for longer than investors hoped.
med
distribution gives reach, not control
More than 400 distributors can move product, but they do not make Sanara irreplaceable. That model is useful. It is also vulnerable if ordering patterns shift or competitors win attention inside the same channels.
Because the company does not own the full customer relationship end to end, changes in channel enthusiasm can show up before you see them cleanly in the thesis.
med
93% gross margin looks elite until the income statement shows a loss
Gross margin tells you the products are priced well relative to direct cost. A -$1.14 EPS estimate tells you the rest of the machine still eats those dollars. That tension is the whole stock.
If losses stay stubborn while revenue keeps growing, a stock at less than 2x EV/Sales can stay cheap for a very long time. Cheap does not rescue you by itself.
This is a high-margin business with a low-trust multiple. If revenue lands near the top of guidance and losses narrow, the rerating case is real. If growth slips toward the low end and the loss story barely changes, the discount is doing its job.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
Q4 and full-year 2025 earnings on march 24, 2026
This is the next real checkpoint. You want confirmation that the 19% 2025 growth target was actually hit and that the 93% gross margin story held into year-end.
trend
whether 2026 tracks closer to $121M than $116M
The guided range is only $5M wide, but that spread matters for a company this size. High-end execution says the slowdown is manageable. Low-end execution says the credibility rebuild is still unfinished.
metric
gross margin staying above 90%
A 93% gross margin is the cleanest fact on the page. If that starts slipping while operating costs stay heavy, you lose the strongest proof that the products themselves deserve premium pricing.
mix shift
hospital follow-through on BIASURGE and a bigger Surgical Solutions share
The Vizient agreement opened a door. It did not book a sale. Watch whether Surgical Solutions starts taking more than its current ~29% share of the mix. That is how this business stops looking one-dimensional.
Analyst rankings
earnings predictability
40 / 100
Low predictability means the quarterly numbers can move around more than you would like. In human-speak: expect surprises, and do not build your whole thesis on one print.
beta
1.3
Beta measures how much the stock tends to move versus the market. At 1.3, SMTI has usually moved about 30% more than the index. Not chaos. Not calm either.
source: institutional data
Institutional activity
institutional ownership data for SMTI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$21
current price
n/a
target midpoint · n/a from current
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