Sanara MedTech Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Sanara MedTech Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5.51	6.3	5.84	11.8	15.6	24.1	45.8	65	86.7	103
Cost of revenue	0.94	0.81	0.51	1.21	1.62	2.31	6.36	7.85	8.14	7.52
Gross profit	4.56	5.5	5.33	10.6	14	21.8	39.5	57.1	78.5	95.6
Research and development					0.04	0.56	3.37	4.13	2.83	5.07
Selling, general and administrative						28.1	46	57	71.7	78.7
Selling and marketing									56.3	62
General and administrative	3.95	5.28	5.74	13.1	18.7	28.1			15.4	16.7
Operating expenses	4.84	5.38	5.83	13.3	19	29.2	52	61.4	77.3	88.3
Operating income	-0.27	0.12	-0.5	-2.74	-5.03	-7.38	-12.5	-4.22	1.26	7.3
Interest expense	0.17	0.13	0.09	0.11	0.01	0	0.28	0.48	3.13	6.76
Interest income	0	0	-0.02						0.02	0
Other non-operating income	-0.14	0.21	-0.1	-0.1	0.59	-0.62	-1.42	-0.22	-3.2	-7.7
Pre-tax income						-7.99	-13.9	-4.44	-1.89	-0.39
Income tax	0	0	0	0	0		-5.84		0.05
Income from continuing operations				-2.84	-4.45				-1.94	-0.39
Net income to minority interests				-0.02	-0.09	-0.07	-0.15	-0.14	-0.25	-0.01
Net income	-0.42	0.33	-0.6	-2.81	-4.45	-7.92	-7.94	-4.3	-9.66	-37.6
EBITDA	-0.21	0.2	-0.42	-2.62	-4.74	-6.78	-10.1	-0.54	6.18	11.3
EPS, basic	-0.01	0.00	0.00	-1.32	-0.76	-1.08	-1.00	-0.52	-1.14	-4.36
EPS, diluted	-0.01	0.00	0.00	-1.32	-0.76	-1.08	-1.00	-0.52	-1.14	-4.36
Shares, basic (weighted)	109	111	217	2.13	5.73	7.34	7.91	8.28	8.48	8.62
Shares, diluted (weighted)	109	209	217	2.13	5.73	7.34	7.91	8.28	8.48	8.62

Balance sheet

	FY2016	FY2017	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.83	0.46	0.18	6.61	0.46	18.7	8.96	5.15	15.9	16.6
Receivables					0	2.86	6.81			12
Inventory	0.35	0.71	0.47	0.75	1.15	2.05	3.55	4.72	2.75	3.95
Other current assets	0.02	0.03	0.03	0.16	0.61	0.92	1.1	0.61	1.02	0.95
Total current assets	2	2.04	1.69	8.86	4.48	24.6	20.6	19	33.3	33.5
Property, plant and equipment	0.03	0.06	0.02	0.2	0.68	1.63	1.42	1.26	0.43	0.46
Lease right-of-use assets			0	0.59	0.47	0.41	0.81	2	1.45	2.08
Goodwill							3.6	3.6	3.6	3.6
Intangible assets	0.14	0.12	0	1.47	3.1	4.73	31.5	44.9	23.5	18.6
Long-term investments				0	1.1	5.02	3.08	3.08	6.21	14.6
Total assets	2.17	2.22	1.71	11.1	9.83	36.4	61	73.9	88.1	72.9
Accounts payable	0.24	0.23	0.16	0.34	0.27	0.44	1.39			2.34
Accrued liabilities	0
Short-term debt				0				0.58
Total current liabilities	1.39	2.12	1.12	2.64	3.54	6.02	12.8	13.8	15.3	18.6
Long-term debt								9.11	30.7	46
Lease liabilities			0	0.48	0.36	0.22	0.51	1.74	1.24	1.87
Other non-current liabilities				0	0.09		6	2.72	0.75
Total liabilities	2.59	2.12	1.12	4.72	3.99	6.24	19.3	29.3	49.2	67
Total debt				0				9.69	30.7	46
Paid-in capital	45.8	46	-10.9	-2.08	13.2	45.9	65.2	72.9	77.2	81.2
Retained earnings	-47.2	-46.9	0.14	-2.68	-7.03	-15.2	-23.4	-28	-37.8	-75.3
Treasury stock	-0.01	-0.01	-0.01
Shareholders' equity	-0.42	0.1	0.59	6.39	6.15	30.6	41.8	44.8	39.4	5.94
Minority interests			0	-0.22	-0.31	-0.49	-0.11	-0.24	-0.49	-0.01
Total equity	-0.42	0.1	0.59	6.39	5.84	30.2	41.7	44.6	38.9	5.93
Total liabilities and equity	2.17	2.22	1.71	11.1	9.83	36.4	61	73.9	88.1	72.9
Shares outstanding	110	113	0	3.57	6.3	7.68	8.3	8.54	8.75	8.95

Cash flow statement

	FY2016	FY2017	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-0.42	0.33	-0.6	-2.81	-4.45	-7.99	-8.09	-4.44	-9.91	-37.6
Depreciation and amortization	0.06	0.08	0.08	0.12	0.29	0.6	2.37	3.68	4.92	3.95
Stock-based compensation				0	1.4	2.67	2.7	3.44	4.44	5.15
Deferred income tax							-5.84
Change in receivables	0.5	0.06	-0.61	-0.32	-0.96	-0.7	-2.25	-1.82	-4.51	-0.11
Change in inventory	0.09	0.42	-0.26		-0.72	-1.15	-0.52	-1.55	1.44	-1.78
Change in payables	0.02	0.03	-0.17	-0.07	-0.07	0.17	-0.3	0.53	-0.42	0.81
Cash from operations	0.41	-0.14	0.28	-2.17	-4.03	-4.81	-5.55	-3.25	-0.02	6.79
Capital expenditures	-0	-0.04	-0.01	-0.18	-0.54	-0.17	-0.15	-0.27	-0.21	-4.63
Acquisitions							-2.52	-9.94
Cash from investing	-0	-0.09	-0.01	-1.2	-2.74	-5.28	-3.51	-10.2	-6.61	-15
Debt issued					0.58
Share buybacks				-0	0
Cash from financing	0.24	-0.14	0	9.8	0.62	28.3	-0.63	9.64	17.4	8.89
Net change in cash				6.44	-6.16	18.2	-9.69	-3.81	10.7	0.7
Free cash flow	0.41	-0.18	0.27	-2.35	-4.58	-4.99	-5.7	-3.51	-0.23	2.16
Interest paid	0.05	0.01	0	0.04	0	0	0	0.28	1.58	3.35
Income taxes paid	0	0	0	0	0				0.04	0.05

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $35.06 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	93.0%	Gross profit / revenue.
Operating margin	7.7%	Operating income / revenue.
EBITDA margin	9.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	-29.2%	Net income / revenue.
FCF margin	4.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.2%	Cash from operations / revenue.
Return on equity (ROE)	-403.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-46.3%	Net income / average total assets.
Return on invested capital (ROIC)	17.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	4.5%	Research and development expense / revenue.
SG&A / revenue	76.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	4.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	2.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	19.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	31.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	45.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	21.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	34.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	46.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	480.3%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	82.0%	EBITDA vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-84.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-47.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-0.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-17.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	49.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	8.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.58x	Current assets / current liabilities.
Quick ratio	2.24x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.23x	(Cash + short-term investments) / current liabilities.
Debt / equity	5.85x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	67.2%	Total debt / total assets.
Liabilities / assets	88.5%	Total liabilities / total assets.
Net debt	$31.1M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.85x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.16x	Operating income / interest expense.
Working capital	$19.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	30.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$12.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.59x	Revenue / average total assets.
Fixed asset turnover	257x	Revenue / average property, plant and equipment.
Inventory turnover	2.21x	Cost of revenue / average inventory.
Days inventory	165 days	365 x average inventory / cost of revenue.
Receivables turnover	8.73x	Revenue / average receivables.
Days sales outstanding	42 days	365 x average receivables / revenue.
Days payables	67 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	140 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	20.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$3.70	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$12.68	Revenue / diluted weighted shares.
FCF per share	$0.52	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.66	Cash from operations / diluted weighted shares.
Book value per share	$0.86	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$1.41	Tangible book value / shares outstanding.
Cash per share	$1.68	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$322.1M	Share price x shares outstanding.
Enterprise value	$353.2M	Market cap + total debt - cash - short-term investments.
P/S	2.93x	Market cap / revenue.
P/B	40.6x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	71.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	56.6x	Market cap / cash from operations, when positive.
EV/Sales	3.22x	Enterprise value / revenue.
EV/EBIT	42.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	32.4x	Enterprise value / EBITDA, when both are positive.
EV/FCF	78.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	1.4%	Free cash flow / market cap.
Earnings yield	-9.9%	Net income / market cap (the inverse of P/E).

What was Sanara MedTech Inc.'s revenue in fiscal 2025?

Sanara MedTech Inc. reported revenue of $103.1M for fiscal 2025, 19% higher than the year before.

Was Sanara MedTech Inc. profitable in fiscal 2025?

No. It reported a net loss of $37.6M.

How much free cash flow did Sanara MedTech Inc. generate in fiscal 2025?

Cash from operations of $6.8M minus capital expenditures of $4.6M left free cash flow of $2.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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