Sanara Medtech Inc (SMTI) 2025 Q3 法說會逐字稿

Welcome to the Sanara MedTech 3rd quarter of 2025 earnings conference call. (Operator Instructions)

歡迎參加 Sanara MedTech 2025 年第三季財報電話會議。（操作說明）

The company issued its earnings release earlier today.

該公司今天稍早發布了獲利報告。

Before we begin, I would like to remind everyone that certain statements on today's call include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1,995. 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 the company's most recent annual report on Form 10K as supplemented by the risk factors in the company's most recent quarterly reports on Form 10Q.

在開始之前，我想提醒大家，今天電話會議上的某些陳述包含 1995 年《私人證券訴訟改革法案》所界定的前瞻性陳述。了解更多。關於涉及前瞻性陳述的風險和不確定性，以及可能導致實際結果與前瞻性陳述所預測或暗示的結果有重大差異的因素。請參閱公司最新年度報告（10-K 表格）中列出的風險因素，以及公司最新季度報告（10-Q 表格）中補充的風險因素。

This call will also include references to certain non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most comparable measures calculated and presented in accordance with GAAP are available in the earnings release available on the investor relations section of our website.

本次電話會議也將提及某些非GAAP財務指標。這些非GAAP指標與根據GAAP計算和列報的最可比較指標的調節表，可在我們網站投資者關係部分的盈利報告中查閱。

Today's call will include remarks from Seth Yon, President and Chief Executive Officer, and Elizabeth Taylor, Chief Financial Officer. I would now like to turn the call over to Mr. Yann. Please go ahead.

今天的電話會議將包括總裁兼執行長塞思·揚和財務長伊麗莎白·泰勒的演講。現在我想把電話交給揚先生。請繼續。

Thanks operator, and welcome everyone to our third quarter of 2025 earnings call.

謝謝接線員，歡迎大家參加我們2025年第三季財報電話會議。

Let me outline the agenda for today's call. As the recently appointed President and CEO, I'll begin with a brief introduction and provide some opening thoughts on Sanara Medtech. I'll then discuss the announcement we made yesterday regarding Tissue Health Plus.

讓我概述一下今天電話會議的議程。作為新上任的總裁兼首席執行官，我將首先做一個簡短的自我介紹，並就 Sanara Medtech 提出一些初步想法。接下來，我將討論我們昨天發布的關於 Tissue Health Plus 的公告。

Following this discussion, I'll review our net revenue performance, commercial progress, and select operational highlights in the 3rd quarter. Elizabeth will then cover our quarterly financial results in further detail. Following her remarks, I'll share some additional thoughts on our near and long-term strategic priorities before we open the call for questions.

討論結束後，我將回顧我們第三季的淨收入表現、商業進展以及一些營運亮點。接下來，伊麗莎白將更詳細地介紹我們的季度財務表現。在她發言之後，我將就我們近期和長期的策略重點分享一些補充想法，然後再開放提問環節。

With this agenda as our backdrop, I'd like to take a moment to introduce myself and provide some context on my background with the company.

在此背景下，我想花一點時間自我介紹一下，並簡單介紹一下我在公司的工作背景。

I joined Sanara in March of 2018 as one of our first regional sales managers. Over the next seven years, I served in a variety of leadership roles on our commercial team. Including as national sales director, Vice President, and President of commercial, and most recently as our President and Chief Commercial Officer.

我於 2018 年 3 月加入 Sanara，成為我們首批區域銷售經理之一。在接下來的七年裡，我曾在我們商業團隊中擔任過各種領導職務。曾擔任全國銷售總監、副總裁、商務總裁，最近擔任總裁兼商務長。

While developing our commercial strategy and leading our sales organization, I've gained a comprehensive view of our business operations, our customer relationships, and how our products perform in clinical settings.

在製定商業策略和領導銷售組織的過程中，我對我們的業務運作、客戶關係以及我們的產品在臨床環境中的表現有了全面的了解。

I was appointed President and CEO effective September 15th. I appreciate the level of confidence placed in me by the board and look forward to building on the foundation established under Ron Nixon's leadership as we pursue the opportunities ahead of us.

我於9月15日被任命為總裁兼執行長。我感謝董事會對我的信任，並期待在羅恩·尼克森的領導下奠定的基礎上，繼續抓住未來的機會。

There are numerous factors that motivated me to lead Sanara MedTech, but let me start with 3 fundamental aspects of our business that speak to our unique positioning in the surgical market.

促使我領導 Sanara MedTech 的因素有很多，但首先我想談談我們業務的三個基本方面，它們體現了我們在外科手術市場中的獨特定位。

First, our technologies are both differentiated and effective in addressing real clinical needs in the surgical operating room.

首先，我們的技術具有差異化優勢，能夠有效滿足外科手術室的實際臨床需求。

Our portfolio is built around two key products, Accelerate Rx and BIASURGE, which have established their utility and clinical practice, helping to improve patient outcomes while reducing overall cost to the healthcare system. Through my experience leading Sonera's commercial team, I've observed firsthand the benefits of adopting these key products across hundreds of cases, as well as their impact on surgical outcomes.

我們的產品組合圍繞著兩款關鍵產品 Accelerate Rx 和 BIASURGE 構建，這兩款產品已確立了其效用和臨床實踐，有助於改善患者的治療效果，同時降低醫療保健系統的整體成本。憑藉我領導 Sonera 商業團隊的經驗，我親眼目睹了在數百個案例中採用這些關鍵產品所帶來的益處，以及它們對手術結果的影響。

Second, Sanara's go to market strategy and commercial distribution model have demonstrated their effectiveness over the better part of a decade and enabled us to rapidly grow our key products. We've secured over 4,000 healthcare facility approvals, identified surgeons who would benefit from their use, and established a network of regional sales managers and independent distributors to engage, educate, and address the needs of these surgeons.

其次，Sanara 的市場進入策略和商業分銷模式在過去近十年中證明了其有效性，並使我們能夠快速發展我們的關鍵產品。我們已獲得 4,000 多家醫療機構的批准，確定了將從中受益的外科醫生，並建立了區域銷售經理和獨立分銷商網絡，以接觸、教育和滿足這些外科醫生的需求。

This has enabled us to develop a track record of strong growth in recent years while positioning us to achieve significant operating leverage as well.

這使我們在近年來取得了強勁的成長勢頭，同時也使我們能夠實現顯著的營運槓桿效應。

Third, Sonera has established an impressive team with the expertise necessary to achieve our mission of improving clinical outcomes and reducing healthcare expenditures in the surgical market. I'm proud of the level of talent we've been able to attract in recent years. Though we've made impressive progress, I believe we have opportunities to continue evolving as an organization.

第三，Sonera 已組建了一支實力雄厚的團隊，具備實現我們改善外科手術市場臨床結果和降低醫療保健支出這項使命所需的專業知識。我為我們近年來吸引到的優秀人才感到自豪。雖然我們已經取得了令人矚目的進步，但我相信我們作為一個組織還有繼續發展的機會。

I'm confident in our team's ability to achieve the next stage of sustainable growth and development as we continue to expand our share of the large untapped market opportunity that our products address. Now I'd like to address the announcement we made yesterday regarding Tissue Health Plus and provide some additional context on this important strategic decision.

我對我們的團隊有能力實現下一階段的可持續成長和發展充滿信心，我們將繼續擴大我們在產品所針對的巨大未開發市場機會中所佔的份額。現在我想談談我們昨天發布的關於 Tissue Health Plus 的公告，並就這項重要的策略決策提供一些補充背景資訊。

I'll begin with some background for those less familiar.

我先為不太了解狀況的人介紹一些背景知識。

In parallel with developing and establishing THP, Sanara has been focused over the last 2 years on identifying and engaging with potential strategic and financial partners to invest in and assist in the execution of this business.

在發展和建立 THP 的同時，Sanara 在過去的兩年裡一直專注於尋找和接觸潛在的策略和財務合作夥伴，以投資並協助執行這項業務。

At the beginning of the 3rd quarter, we initiated a formal process of evaluating strategic alternatives for THP, which we announced on our second quarter call in August. We engaged an external strategic advisor to assist in this process as we explored a range of options with the goal of maximizing shareholder value.

第三季初，我們啟動了對 THP 策略選擇進行正式評估的流程，我們在 8 月的第二季電話會議上宣布了這一消息。我們聘請了外部策略顧問來協助我們進行這個過程，探索了一系列方案，目標是最大限度地提高股東價值。

Together with our external strategic advisor, we performed a market check and explored a range of strategic alternatives during the 3rd quarter. This formal process ultimately did not result in finding a partner to assume significant responsibility for this investment or surface a viable option to monetize our THP assets.

第三季度，我們與外部策略顧問進行了市場調查，並探討了一系列策略選擇。這個正式流程最終未能找到願意承擔這項投資重大責任的合作夥伴，也沒有找到將我們的 THP 資產貨幣化的可行方案。

After concluding this process, our management team and board of directors determined that the most appropriate course of action was to cease operations of THP, which we announced via press release yesterday after market closed.

經過這一過程，我們的管理團隊和董事會決定，最​​合適的做法是停止 THP 的運營，我們在昨天市場收盤後透過新聞稿宣布了這一消息。

Let me walk you through the rationale behind this decision.

讓我來解釋一下這個決定的理由。

While our THP team achieved significant progress in developing this platform over recent years, the next stage of preparing THP for commercialization and achieving the scale necessary for THP to be accretive to our adjusted EBITDA would have required considerable investment over a multiple-year period.

雖然我們的 THP 團隊近年來在開發該平台方面取得了重大進展，但要使 THP 實現商業化並達到必要的規模，從而使 THP 能夠增加我們調整後的 EBITDA，還需要在多年內進行大量投資。

Ultimately, this decision allows us to enhance our operational efficiency and focus our resources on our core surgical business.

最終，這項決定使我們能夠提高營運效率，並將資源集中在我們的核心外科手術業務。

We believe this focus will enable to Sanara to capitalize on our greatest opportunities and deliver sustained long-term growth and value creation over time. After reaching this decision, we acted promptly to discontinue THP and have made considerable progress in winding down its operation in recent months. We expect this process to be substantially completed by the end of 2025.

我們相信，這種專注將使 Sanara 能夠抓住最大的機遇，並隨著時間的推移實現持續的長期成長和價值創造。在做出這項決定後，我們立即採取行動停止了 THP 的運營，並在最近幾個月在逐步停止其運營方面取得了相當大的進展。我們預計這一過程將在 2025 年底基本完成。

From an accounting and financial reporting perspective, we have classified the operations of THPs, which were previously reported as the THP segment, as discontinued operations for the 3months and 9 months ended September 30th, 2025 and 2024.

從會計和財務報告的角度來看，我們已將先前作為 THP 分部報告的 THP 業務歸類為截至 2025 年 9 月 30 日和 2024 年 9 月 30 日止的 3 個月和 9 個月的終止經營業務。

Elizabeth will discuss the financial implications of this decision further. However, I want to emphasize that we continue to anticipate total cash investment related to THP will range from 5.5 million to 6.5 million in the second half of 2025.

伊莉莎白將進一步討論這項決定帶來的財務影響。不過，我想強調的是，我們仍然預計 2025 年下半年與 THP 相關的現金投資總額將在 550 萬至 650 萬美元之間。

This is consistent with the expectation we shared on our last earnings call in August. We also continue to anticipate no material cash spend in THP after 2025.

這與我們8月上次財報電話會議的預期一致。我們也繼續預計，2025 年之後 THP 不會有任何實質的現金支出。

In summary, this strategic realignment of our business is designed to enhance Sanara's ability to capitalize on our strengths, capabilities, and opportunities in the surgical market while facilitating a leaner and more efficient organization. After careful consideration, both the board of directors and management believes it represents an important proactive step forward for the long-term benefit of Sanara MedTech and our stakeholders.

總而言之，此次業務策略調整旨在增強 Sanara 在外科手術市場中利用自身優勢、能力和機會的能力，同時促進組織更加精簡和高效。經過仔細考慮，董事會和管理層都認為，這代表著對 Sanara MedTech 及其利害關係人的長遠利益而言，向前邁出的重要一步。

Now let's review our 3rd quarter net revenue performance.

現在讓我們回顧一下第三季的淨收入表現。

In the third quarter, our surgical team achieved net revenue of 26.3 million, representing growth of 22% year over year. Our net revenue growth was driven almost exclusively by our sales of soft tissue repair products. Soft tissue repair product sales increased 24% year over year to 23.4 million, led by strong sales of our key products Accelerate Rx, Surgical, and BIASURGE.

第三季度，我們的外科團隊實現了 2,630 萬的淨收入，年增 22%。我們的淨收入成長幾乎完全是由軟組織修復產品的銷售所推動的。軟組織修復產品銷售額年增 24%，達到 2,340 萬美元，主要得益於我們主要產品 Accelerate Rx、Surgical 和 BIASURGE 的強勁銷售。

Importantly, we complemented our net revenue performance with year over year improvements in our gross margins and demonstrated significant operating leverage. As a result, we achieved notable year over year improvements in our profitability profile with a $1 million improvement in net income from continuing operations and a $2.3 million improvement in adjusted EBITDA, a net revenue growth of $4.7 million.

重要的是，我們的淨收入表現與毛利率的逐年提高相輔相成，並展現出顯著的營運槓桿效應。因此，我們的獲利能力逐年顯著提高，持續經營淨收入增加了 100 萬美元，調整後 EBITDA 增加了 230 萬美元，淨收入增加了 470 萬美元。

Lastly, we generated 2.2 million of net cash from operating activities in the third quarter. All in all, we were pleased with our 3rd quarter financial performance, the focus and dedication of our team, and the level of demand for our surgical products in the market. With respect to the key drivers of our net revenue growth, our performance in the 3rd quarter reflects on our commercial team's strong execution across the following 3 key initiatives.

最後，我們在第三季透過經營活動產生了220萬淨現金。總而言之，我們對第三季的財務表現、團隊的專注和奉獻精神以及市場上對我們外科產品的需求水準感到滿意。就我們淨收入成長的關鍵驅動因素而言，我們第三季的業績反映了我們商業團隊在以下 3 項關鍵舉措中的出色執行。

1, developing our relationships with independent distributors, 2, selling into new healthcare facilities, and 3, penetrating the existing healthcare facilities we serve. I'll now take a minute to touch on each of these 3 initiatives related to our commercial strategy, beginning with our efforts to develop our independent distributor network.

1、發展與獨立經銷商的關係；2、向新的醫療機構銷售產品；3、滲透到我們服務的現有醫療機構。接下來，我將花一分鐘時間分別談談與我們商業策略相關的這三項舉措，首先是我們在發展獨立經銷商網路方面所做的努力。

Our team has made considerable progress in identifying and partnering with new independent distributors in key geographies across the US. Specifically, during the last 12 months and in September 30th, we expanded our network from more than 300 contracted distributors to more than 400. In tandem, we have increasingly focused on onboarding our recently contracted distributors and training their reps to position them for success in selling our products.

我們的團隊在識別和與美國主要地區的新獨立經銷商建立合作關係方面取得了相當大的進展。具體來說，在過去的 12 個月裡，截至 9 月 30 日，我們的簽約經銷商網路從 300 多家增加到 400 多家。同時，我們越來越重視對新簽約的經銷商進行入職培訓，並培訓他們的銷售代表，以幫助他們成功銷售我們的產品。

Truly partnering with our distributors for shared long-term growth versus simply contracting with them is a core component of our approach that we believe differentiates Sanara. This philosophy will continue to guide our approach as we focus on optimizing our relationships with existing distributors while expanding our networks selectively going forward.

真正與分銷商建立夥伴關係，實現共同的長期發展，而不是僅僅與他們簽訂合同，這是我們方法的核心組成部分，我們認為這使 Sanara 與眾不同。這個理念將繼續指導我們的做法，我們將專注於優化與現有經銷商的關係，同時選擇性地擴展我們的人脈。

Turning to our second commercial initiative, our team continued to leverage our network of distributor partners whose reps possess strong local relationships across the US to begin selling into new healthcare facilities where our products have been contracted or approved. As a result, we significantly expanded our base of healthcare facility customers over the last 12 months.

轉向我們的第二個商業舉措，我們的團隊繼續利用我們的分銷合作夥伴網絡，這些合作夥伴的代表在美國各地擁有強大的本地關係，開始向已經與我們的產品簽訂合約或獲得批准的新醫療機構銷售產品。因此，在過去的 12 個月裡，我們的醫療機構客戶群顯著擴大。

Specifically, our products were sold into more than 1,400 healthcare facilities during the trailing 12 months and in September 30th, compared to more than 1,200 facilities in the prior year period.

具體而言，在過去 12 個月和 9 月 30 日，我們的產品已銷往 1,400 多家醫療機構，而去年同期則銷往 1,200 多家。

As a reminder, our products are approved or contracted for sale in over 4,000 facilities, so we see considerable runway for future expansion on this front.

再次提醒大家，我們的產品已獲准在 4000 多家工廠銷售，或已簽訂銷售合同，因此我們看到這方面未來還有很大的擴張空間。

And in terms of our 3rd commercial initiative across the more than 1,400 healthcare facilities we currently serve, our penetration of these facilities remains very low. This represents one of our most significant opportunities for future growth.

至於我們在目前服務的 1400 多家醫療機構中開展的第三項商業計劃，我們在這些機構中的滲透率仍然很低。這代表著我們未來發展最重要的機會之一。

With this in mind, we are focused on increasing the number of surgeons using our products within the existing healthcare facilities by targeting practitioners both within and outside of our traditional specialties of spine and orthopedics.

考慮到這一點，我們致力於增加現有醫療機構中使用我們產品的外科醫生數量，目標是脊椎和骨科等傳統專科領域內外的從業人員。

Our team continued to deliver impressive progress on this front, significantly expanding the number of surgeon users on a year over year basis in the 3rd quarter.

我們的團隊在這方面繼續取得了令人矚目的進展，第三季外科醫生用戶數量較上年同期大幅成長。

Lastly, we remain pleased with the performance of BIASURGE in the 3rd quarter and the progress made during its 2nd year of commercialization. Our team continues to facilitate its future growth by securing new facility approvals and introducing it to our existing AcceleratorRX customers.

最後，我們對 BIASURGE 在第三季的表現以及其商業化第二年的進展感到滿意。我們的團隊透過獲得新的設施審批並將其介紹給我們現有的 AcceleratorRX 客戶，不斷促進其未來的發展。

Turning to our other operational highlights.

接下來介紹我們其他的營運亮點。

In addition to executing our commercial plan and navigating the path forward regarding THP, we continue to make progress in expanding our portfolio of clinical evidence and advancing our new product initiatives.

除了執行我們的商業計劃和規劃 THP 的未來發展道路外，我們還在擴大臨床證據組合和推進新產品計劃方面不斷取得進展。

With respect to clinical evidence, we are focused on demonstrating the clinical efficacy and cost effectiveness of our key products across a variety of surgical procedures, including some of the most challenging cases.

在臨床證據方面，我們專注於證明我們的主要產品在各種外科手術（包括一些最具挑戰性的病例）中的臨床療效和成本效益。

To this end, we are pleased to see the publication of two studies in peer-reviewed medical journals that are worth highlighting this quarter. Both publications discussed retrospective case series which examined the use of accelerate RX in challenging procedures.

為此，我們很高興看到本季有兩項研究發表在同行評審的醫學期刊上，值得重點介紹。這兩篇出版物都討論了回顧性病例係列，研究了Accelerate RX在複雜手術中的應用。

The first was published in the Journal of Foot and Ankle Surgery, the official publication of the American College of Foot and Ankle Surgeons. It was focused on the use of CellerateRX in treating high-risk patients with multiple comorbidities. These patients underwent complex orthopedic and plastic reconstructive surgery to preserve their limbs.

第一篇文章發表在《足踝外科雜誌》上，該雜誌是美國足踝外科醫師學會的官方出版物。它主要關注 CellerateRX 在治療患有多種合併症的高風險患者中的應用。這些患者接受了複雜的骨科和整形重建手術以保住肢體。

The researchers concluded that CellerateRX demonstrated significant value in assisting these complex procedures, helping to support the healing of soft tissue in extremely compromised patients.

研究人員得出結論，CellerateRX 在輔助這些複雜的手術中展現出顯著價值，有助於支持病情極其嚴重的患者的軟組織癒合。

The second was published in the Annals of Case Reports, an open access multidisciplinary journal. It was focused on the use of CelleateRX in treating surgical wounds following Vulvectomy procedures, which tend to involve high complication rates. Based on the findings, the researcher concluded that CellerateRX may serve as a valuable adjunct in enhancing postoperative wound healing for Vulvectomy patients.

第二篇論文發表在《病例報告年鑑》上，這是一份開放取用的多學科期刊。研究重點在於 CelleateRX 在治療外陰切除術後手術傷口的應用，外陰切除術後手術傷口往往併發症發生率較高。根據研究結果，研究人員得出結論：CellerateRX 可以作為促進外陰切除術後患者傷口癒合的有效輔助。

Our expanding portfolio of clinical evidence continues to demonstrate the value our key products bring to the treatment of some of the most challenging surgical wounds, helping us to educate the medical community and raise awareness of their benefits. With respect to our new product initiatives, I'm pleased to report continued progress under our strategic partnership with Biomimetic Innovations Limited, or BMI.

我們不斷擴大的臨床證據組合持續證明我們的核心產品在治療一些最具挑戰性的外科傷口方面所具有的價值，這有助於我們教育醫學界並提高人們對這些產品益處的認識。關於我們的新產品計劃，我很高興地報告，在我們與 Biomimetic Innovations Limited（簡稱 BMI）的策略合作下，我們取得了持續進展。

By way of background, we have an exclusive US license and distribution agreement with BMI for OsStic, as well as an adjunctive fixation technology.

作為背景，我們與 BMI 簽訂了 OsStic 在美國的獨家授權和分銷協議，以及一項輔助固定技術。

OsStic is an innovative and differentiated product designed to enhance the repair process for periarticular fractures. We're not currently cleared for sale in the US, it's been granted breakthrough device designation by the FDA.

OsStic 是一款創新且與眾不同的產品，旨在增強關節周圍骨折的修復過程。目前該產品尚未獲得美國銷售許可，但已獲得美國食品藥物管理局 (FDA) 的突破性醫療器材認定。

Throughout 2025, BMI has been focused on advancing through a series of key product development, clinical, and regulatory milestones structured in our agreement. After achieving the first of these milestones during the second quarter, they have made significant progress in recent months. As of September 30th, they have completed all of our agreed upon milestones.

2025 年全年，BMI 一直致力於推進我們協議中規定的一系列關鍵產品開發、臨床和監管里程碑。在第二季度實現第一個里程碑之後，他們在最近幾個月取得了顯著進展。截至9月30日，他們已完成我們商定的所有里程碑。

Based on the recent pace of progress, we continue to anticipate US commercial launch in the first quarter of 2027. We look forward to leveraging our sales and distribution team to help address the more than 100,000 periarticular fractures that occur annually in the US. Elizabeth will now review our third quarter financial performance in greater detail.

根據目前的進展速度，我們仍然預計該產品將於 2027 年第一季在美國進行商業發布。我們期待利用我們的銷售和分銷團隊來幫助解決美國每年發生的超過 10 萬例關節周圍骨折問題。伊麗莎白接下來將更詳細地審查我們第三季的財務表現。

Thanks, Seth. I will begin by reiterating that the operations of THP, which were previously reported as the THP segment, have been classified as discontinued operations for the 3 and 9 months ended September 30, 2025 and 2024. As such, unless otherwise noted, all commentary that follows relates to our surgical business on a continuing operations basis.

謝謝你，塞思。首先，我要重申，THP 的營運（之前曾作為 THP 分部進行報告）已從截至 2025 年 9 月 30 日和 2024 年 9 月 30 日的 3 個月和 9 個月期間歸類為終止經營業務。因此，除非另有說明，以下所有評論均與我們持續經營的外科業務有關。

In our 8k filed with the SEC today, we have included tables detailing the historical results of our operations on a quarterly basis by business for our surgical and THP businesses in 2025, 2024, and 2023. These materials are also available on the events section of our investor website next to the webcast link for today's earnings call.

在今天提交給美國證券交易委員會的 8-K 文件中，我們列出了表格，詳細列出了我們外科手術和 THP 業務在 2025 年、2024 年和 2023 年按季度劃分的歷史運營業績。這些資料也可在我們投資人網站的活動版中找到，就在今天財報電話會議的網路直播連結旁。

Given that Seth covered our net revenue results for the quarter, I'll begin with gross profit. All percentage changes referenced throughout my remarks compare to prior year period unless otherwise specified.

鑑於 Seth 已經介紹了我們本季的淨收入業績，我將從毛利開始。除非另有說明，我發言中提及的所有百分比變化均與去年同期相比。

Third quarter gross profit increased 4.8 million or 24% to 24.5 million. Gross margin increased approximately 200 basis points to 93% of net revenue, driven primarily by increased sales of soft tissue repair products.

第三季毛利增加480萬，成長24%，達2450萬。毛利率成長約 200 個基點，達到淨收入的 93%，主要得益於軟組織修復產品銷售額的成長。

Third quarter operating expenses increased 2.6 million or 14% to 21.5 million. The change in operating expenses was driven by a 2.5 million or 14% increase in selling, general, and administrative expenses and to a lesser extent, a $200,000 or 31% increase in research and development expenses.

第三季營運支出增加260萬，成長14%，達2150萬。營運費用的變化主要由銷售、一般及行政費用增加 250 萬美元（增幅 14%）以及研發費用增加 20 萬美元（增幅 31%）所致，但後者的影響較小。

The 2.5 million increase in SG&A was driven primarily by a 1.4 million increase in compensation and contract services and an 800,000 increase in direct sales and marketing expenses. Operating income for the third quarter increased 2.2 million or 278% to 2.9 million. Other expense for the third quarter was 2.1 million compared to $1 million of expense last year.

銷售、一般及行政費用增加 250 萬英鎊，主要原因是薪資和合約服務費用增加 140 萬英鎊，以及直接銷售和行銷費用增加 80 萬英鎊。第三季營業收入成長220萬，增幅達278%，達到290萬。第三季其他支出為 210 萬美元，而去年同期支出為 100 萬美元。

The increase in other expense was primarily due to higher interest expense and fees related to our CRG term loan, as well as higher share of losses related to equity method investments.

其他費用增加主要是由於與 CRG 定期貸款相關的利息支出和費用增加，以及權益法投資相關損失份額增加。

Net income from continuing operations for the third quarter was $800,000 or $0.09 cents per diluted share compared to a net loss from continuing operations of 200,000 or $0.02 cents per diluted share last year. Adjusted EBITDA for the third quarter of 2025 increased 2.3 million to 4.9 million.

第三季持續經營業務淨利為 80 萬美元，即每股攤薄收益 0.09 美分，而去年同期持續經營業務淨虧損為 20 萬美元，即每股攤薄虧損 0.02 美分。2025 年第三季調整後 EBITDA 增加 230 萬至 490 萬。

Turning to the balance sheet, as of September 30, 2025, we had 14.9 million of cash, 45.1 million of long-term debt, and 12.25 million of available borrowing capacity, which is accessible through December 31, 2025.

從資產負債表來看，截至 2025 年 9 月 30 日，我們有 1,490 萬美元現金，4,510 萬美元長期債務，以及 1,225 萬美元可用借款額度，該額度可一直使用到 2025 年 12 月 31 日。

This compares to 15.9 million of cash, 30.7 million of long-term debt, and 24.5 million of available borrowing capacity as of December 31st, 2024. Lastly, a few considerations to bear in mind for the remainder of the year.

截至 2024 年 12 月 31 日，該公司擁有 1,590 萬美元現金、3,070 萬美元長期債務和 2,450 萬美元可用借款能力。最後，還有一些事項需要在今年餘下的時間裡牢記。

We remain focused on driving strong net revenue growth for the full year 2025, coupled with improvements in our profitability on a continuing operations basis. With respect to our net revenue over the balance of the year, as a reminder, our net revenue in the fourth quarter of 2024 grew 49% year over year.

我們將繼續專注於推動 2025 年全年淨收入的強勁成長，同時提高持續經營業務的獲利能力。關於本年度剩餘時間的淨收入，需要提醒的是，2024 年第四季的淨收入年增了 49%。

This exceptional performance benefited in part from increased demand for BIASURGE following the disruption caused by Hurricane Helen last fall, which caused industry shortages of IV fluids and saline solutions. As we have shared previously, of the 26.3 million of net revenue generated in the fourth quarter of 2024, we believe approximately 1.8 million was attributable to this unique dynamic.

BIASURGE 的出色表現部分得益於去年秋季颶風海倫造成的破壞，導致靜脈輸液和生理鹽水行業短缺，從而增加了對 BIASURGE 的需求。正如我們之前分享的那樣，在 2024 年第四季產生的 2,630 萬美元淨收入中，我們認為大約有 180 萬美元歸功於這種獨特的動態。

Excluding this 1.8 million headwind, we expect our revenue in the fourth quarter of 2025 will increase in the high single-digits to low 10s on a year over year basis, compared to strong year over year growth in the fourth quarter of 2024.

排除這 180 萬美元的不利因素，我們預計 2025 年第四季的營收將同比增長接近兩位數至 10 個百分點，而 2024 年第四季則實現了強勁的同比增長。

With respect to anticipated cash utilization, as Seth mentioned, we continue to expect the total cash investment related to THP will range from 5.5 million to 6.5 million in the second half of 2025.

關於預期的現金使用情況，正如 Seth 所提到的，我們仍然預計 2025 年下半年與 THP 相關的現金投資總額將在 550 萬至 650 萬美元之間。

Specifically, our total cash investment in THP was $4 million in the third quarter of 2025, implying approximately 1.5million to $2.5 million of cash investment in the fourth quarter as we continue to wind down THP. We continue to anticipate no material cash spend in THP after 2025.

具體而言，我們在 2025 年第三季對 THP 的總現金投資為 400 萬美元，這意味著隨著我們繼續逐步關閉 THP，第四季度我們將投入約 150 萬至 250 萬美元的現金。我們仍然預期 2025 年之後 THP 不會有任何實質的現金支出。

Lastly, we continue to expect that tariffs will not materially impact our results of operations in 2025.

最後，我們仍然預期關稅不會對我們 2025 年的經營業績產生重大影響。

With that, I will now turn it back to Seth for closing remarks.

接下來，我將把發言權交還給塞思，請他作總結發言。

Thanks, Elizabeth. Stepping back, over the trailing 12 months ended September 30th, 2025, our surgical business has generated nearly 102 million of net revenue. Representing growth of 31% over prior year period. In the third quarter of 2025 alone, we generated higher net revenues than over the entirety of 2021.

謝謝你，伊麗莎白。回顧過去 12 個月（截至 2025 年 9 月 30 日），我們的外科手術業務創造了近 1.02 億的淨收入。與上年同期相比成長了31%。光是 2025 年第三季度，我們的淨收入就超過了 2021 年全年的淨收入。

Our ability to achieve the significant commercial scale in a relatively short time speaks to the strength of our key surgical products, our go to market strategy, and our team. It also represents a validation of our large addressable opportunity we continue to pursue in the surgical market.

我們在相對較短的時間內實現顯著的商業規模，這體現了我們核心外科產品的實力、我們的市場推廣策略以及我們團隊的實力。這也驗證了我們在外科手術市場持續追求的巨大潛在機會。

With clarity on THP, we are moving forward with a leaner organization and renewed commitment to building on the progress made in our surgical business. As we close out 2025, our team is focused on executing our commercial plan, including the three initiatives I outlined earlier, while improving our efficiency and investing prudently and strategically in our surgical business.

隨著對 THP 的明確認識，我們將以更精簡的組織架構和更堅定的決心，繼續推進我們在外科業務方面的進展。2025 年即將結束，我們的團隊正專注於執行我們的商業計劃，包括我之前概述的三項舉措，同時提高效率，並謹慎、有策略地投資於我們的外科手術業務。

Longer-term, we are focused on supporting the future development and evolution of our surgical business by improving our systems and processes, deepening our competitive mode, and enhancing our commercial strategy.

從長遠來看，我們將致力於透過改進系統和流程、深化競爭模式和加強商業策略來支持外科業務的未來發展和演進。

Through these efforts, we will position Sanara to continue driving strong sustainable growth, both in 2025 and over the coming years as we progress to our next phase as an organization.

透過這些努力，我們將使 Sanara 能夠在 2025 年以及未來幾年繼續保持強勁的可持續成長，從而邁向我們作為組織的下一個階段。

I'd like to close by congratulating the entire Sanara Medtech team on the progress made this past quarter, which is a testament to our collective vision, grit, and execution. Thank you as well to our shareholders and customers for their support and to those on today's call for their interest in Sanara Medtech.

最後，我要祝賀 Sanara Medtech 團隊在過去一個季度取得的進展，證明了我們共同的願景、毅力和執行力。同時感謝我們的股東和客戶給予的支持，也感謝今天參加電話會議的各位對 Sanara Medtech 的關注。

With that operator, you may now open the call for questions.

透過該操作員，您現在可以開始提問了。

Ross Osborne, Cantor Fitzgerald.

羅斯·奧斯本，坎托·菲茨杰拉德。

Hi, good morning and congrats on the progress. So starting off, could you spend some more time on some of your initiatives and driving further penetration within existing facilities? How do your conversations go with new physicians? What are people excited about? What do they have more questions about?

您好，早安，祝賀您的進展。首先，您能否花更多時間在一些專案上，並進一步推動現有設施的滲透？你和新醫師之間的溝通如何？大家都在興奮些什麼？他們還有哪些問題？

Hey Ross, good morning, it's Seth. Yes, a couple of things to answer that. So we've done a lot at the street level with the sales force both on our W-2 side plus our distributor side to expand into new specialties, but in addition to that, both our R&D team and our clinical team as well have worked really hard on both scientific, clinical, and even economic evidence that supports, the value that our products provide.

嘿，羅斯，早安，我是塞思。是的，有幾點可以回答這個問題。因此，我們在銷售團隊層級做了很多工作，包括我們的正式員工和經銷商，以擴展新的專業領域。除此之外，我們的研發團隊和臨床團隊也付出了巨大的努力，收集科學、臨床甚至經濟證據，以支持我們產品的價值。

So it's really a combination of all those things to continue to expand into new users and also into new facilities at the same time. So you know we've talked a lot about this in the past. We've grown considerably in the number of facilities, but we know we've got a lot of room to grow there as well. And same is true with our distributor network and surgeon base as well. So you know we've liked the formula that we have, we'll continue to take that and replicate that where we can and then get creative as we go into 2026 and beyond.

因此，要持續拓展新用戶，同時也要拓展新設施，實際上是所有這些因素的綜合作用。你知道，我們過去已經多次討論過這個問題。我們的設施數量已經大幅成長，但我們也知道這方面還有很大的發展空間。我們的分銷網絡和外科醫生群體也同樣如此。所以你知道，我們很喜歡我們現有的模式，我們會繼續沿用並盡可能地複製這種模式，然後在2026年及以後發揮創意。

Okay, great. And then when thinking about operating profitability, are there areas outside of THP where we should expect cash savings, or should we begin to expect leverage on sales and marketing going forward?

好的，太好了。那麼，在考慮營運獲利能力時，除了 THP 之外，我們是否應該預期在哪些領域節省現金，或者我們是否應該開始預期未來在銷售和行銷方面獲得槓桿作用？

Hey Ross, how are you?

嘿，羅斯，你好嗎？

I'm good

我很好

I think, we've kept our head count and sales flat, with 40 reps and 400 distributors, and it's evidence that the model's working, and you're seeing the operating leverage on the EBITDA line. We're focused on sustainable and profitable growth and, the balance of which we're going to invest in our product portfolio and growing the top-line going forward. And like all med tech companies we need to invest in our current product portfolio and from an IP perspective invest there as well. So we see leverage in our sales channel and we'll continue to invest and no longer be spending some of our cash flow in the in the THP segment.

我認為，我們保持了員工人數和銷售額的穩定，擁有 40 名銷售代表和 400 名分銷商，這證明該模式是有效的，而且您可以在 EBITDA 指標上看到營運槓桿效應。我們專注於永續和獲利成長，並將把剩餘資金投資於我們的產品組合，並在未來提高營收。和其他所有醫療科技公司一樣，我們需要投資於我們現有的產品組合，從智慧財產權的角度來看，我們也需要在這方面進行投資。因此，我們看到了銷售管道的優勢，我們將繼續投資，不再將部分現金流投入 THP 領域。

Okay perfect thanks for taking our questions.

好的，非常感謝你們回答我們的問題。

Daniel Journey, Unrivaled Investing.

Daniel Journey，無與倫比的投資。

Great, thanks so much for taking my call.

太好了，非常感謝您接聽我的電話。

A little disappointed with the THP result, but, thanks for coming to that conclusion, trying to rationally manage your capital. So based on, your outlook for the next quarter, you mentioned that, excluding one-time benefits from last year, growth is going to be, high single-digits, low 10s. Is that the right sort of expectation for this business going forward?

對THP的結果有點失望，但是，感謝你得出這個結論，並嘗試理性地管理你的資金。根據您對下一季的展望，您提到，如果不計入去年的一次性收益，成長率將達到個位數高位，約10%。這是該企業未來發展的合理預期嗎？

Are you still, because it is a significant sort of deceleration from where you've been. And so I'm curious on how you think about the cadence that you're expecting, your internal threshold that you're expecting, and the same thing along with the margins where, I noticed your EBITDA margin was effectively flat, sequentially, and so I'm curious, do you have any sort of benchmark or target. So that way investors can understand, okay, this is a 10% grower, is this a 20% grower, and what's the sort of, operating margin that you should, we should be thinking about long-term ballpark. Thank you so much.

你還在嗎？因為這與你之前的狀態相比，是一種顯著的減速。因此，我很好奇您是如何看待您預期的節奏、您預期的內部閾值以及利潤率的，我注意到您的 EBITDA 利潤率實際上環比持平，所以我很好奇，您是否有任何基准或目標。這樣投資人就能明白，好的，這是一個成長 10% 的公司，還是一個成長 20% 的公司，以及我們應該考慮的長期營運利潤率大概是多少。太感謝了。

Daniel, thanks for the question. We'll kind of divide and conquer on this if you don't mind, so I'll take part of the question. I'll let Elizabeth do the same, as far as Q4 performance and looking at that, as Elizabeth had mentioned, we grew 49% in Q4 of 2024. If you take out that adjusted 1.8 million, it's still about 38%.

丹尼爾，謝謝你的提問。如果你不介意的話，我們來分工解決這個問題，所以我先回答一部分問題。我也讓伊莉莎白來談談第四季的業績，正如伊莉莎白所提到的，我們在 2024 年第四季成長了 49%。如果扣除調整後的 180 萬，仍約為 38%。

Which obviously was just a very significant growth quarter for us and even inside that 38%, when you think about the 1.8 million that we grew as a result of the saline shortage that was solely on just new accounts so we had other growth as well coming from BIASURGE in existing accounts as well that's not captured in that 1.8 million. So we know we had a really significant number.

顯然，這對我們來說是一個非常重要的成長季度，即使在這 38% 的成長中，考慮到由於生理食鹽水短缺而成長的 180 萬美元僅僅是新帳戶，我們還有來自現有帳戶的 BIASURGE 帶來的其他成長，這些成長並沒有包含在這 180 萬美元中。所以我們知道我們得到了一個非常大的數字。

We still believe in a very strong quarter this coming quarter as well and again. I don't think that the expectation going into the 4th quarter should be concerning to anybody. We still feel very confident in our ability to perform at a high level going into the new year, given the opportunities that we have and the number of facilities that we have approved, the distributor partnerships that we have currently in place, and those where we'll expand. And again, there's great opportunity to continue to reach more surgeons, so we remain very confident as we go into the new year and how we'll perform. I'll let Elizabeth answer the EBITDA question as well.

我們仍然相信下個季度會非常強勁，而且會再次如此。我認為大家不必對第四季的預期感到擔憂。鑑於我們擁有的機會、已批准的設施數量、目前已建立的分銷商合作夥伴關係以及我們將要拓展的業務，我們仍然對在新的一年裡保持高水平的業績充滿信心。而且，我們仍然有很大的機會接觸到更多的外科醫生，所以我們對新的一年以及我們的表現充滿信心。關於 EBITDA 的問題，就讓伊莉莎白來回答吧。

Great, thank you. If you look at our trailing 12 month EBITDA, last year was 6.6 million, and this year is 16.4 million. So it with the revenue growth of 31%, so you're seeing operating leverage in that, and it's a testament to Seth having built out a really strong sales force and he's been able to increase sales with a flat head count for the last two years.

太好了，謝謝。如果看看我們過去 12 個月的 EBITDA，去年是 660 萬，今年是 1640 萬。因此，營收成長了 31%，這反映了營運槓桿效應，也證明了 Seth 建立了一支非常強大的銷售團隊，並且在過去兩年裡，在人員數量保持不變的情況下，他能夠提高銷售額。

Will the business require additional head count? Yes, at some point, but the point is that you're seeing the, we sort of built and then are growing from what we built so we bee, we feel strongly about our performance and feel good about it.

公司是否需要增加人手？是的，在某種程度上是這樣，但重點是，你會看到我們已經建立起來，並且正在從我們所建立的東西中發展壯大，所以我們對自己的表現充滿信心，並為此感到高興。

Got it. So is there a sense that there is a lot of room still to expand margins though?

知道了。那麼，人們是否認為利潤率還有很大的提升空間呢？

Yes, I believe we feel good about where the business is going and what we've shown in the past. We don't get forward-looking guidance, so.

是的，我對公司的發展方向以及我們過去所取得的成就感到樂觀。因此，我們得不到前瞻性的指導。

Okay. Thank you.

好的。謝謝。

Thanks Daniel.

謝謝你，丹尼爾。

And before we take any additional audio questions in our queue, we have a question coming from the webcast. The question is, it is my understanding a strategic partner was always expected to be required to bring to the market. Is this correct? With this in mind, why was a strategic partner not considered as an integral part before the costs were incurred?

在我們處理隊列中的其他音訊提問之前，我們先來看看來自網路直播的一個問題。問題是，據我了解，一直以來都期望需要一個策略夥伴來將產品推向市場。這樣對嗎？有鑑於此，為何在產生成本之前沒有將策略夥伴視為不可或缺的一部分？

Sure, looking back, over the last 18 to 24 months or so, I think it was the beginning of March if I remember correctly of 2024 that THP really started to pursue, some form of strategic partner and thought that we could do that along the way. Again, the team had done a nice job of developing that software and our hopes with that coupled with, some of the beta sites that we're also in would start to encourage that activity. And again, unfortunately that didn't happen and that put us in a position going into the 3rd quarter and certainly into the end of the year that we needed to make that decision.

當然，回想過去18到24個月左右的時間，如果我沒記錯的話，應該是2024年3月初，THP真正開始尋求某種形式的戰略合作夥伴，並認為我們可以在這個過程中做到這一點。再次強調，團隊在開發這款軟體方面做得很好，我們希望，再加上我們參與的一些測試網站，能夠開始鼓勵這種活動。然而，不幸的是，這種情況並沒有發生，這使得我們在進入第三季以及年底時不得不做出這個決定。

We did that with confidence both at the board level on the managerial group as well going into the future we knew that those resources needed to be put back into the surgical space and that was a decision that we made back into September as we went forward.

我們當時很有信心，無論是在董事會層面還是管理團隊層面，我們都認為應該將這些資源重新投入外科領域，這是我們在九月做出的決定。

Yi Chen, HC Wainwright.

易晨，HC Wainwright。

Good morning. Thank you for taking my question. Now that the THP is going to be discontinued, could you comment on the trend of, total operate operating expenses? Should we project to see a meaningful decrease in operating expenses?

早安.感謝您回答我的問題。既然THP即將停產，您能否就總營運費用的趨勢發表一下看法？我們是否可以預期營運費用會大幅下降？

Yes, thanks for the question. We don't give forward-looking guidance, but I would remind everyone that we have put a supplemental disclosure on our website that examines the surgical business as a standalone business historically, and I think you'll using that information can see good trends in that business and be able to model it from there.

是的，謝謝你的提問。我們不提供前瞻性指引，但我提醒大家，我們在網站上發布了一份補充披露文件，對外科手術業務的歷史表現進行了分析，我認為你們可以利用這些信息看到該業務的良好趨勢，並以此為基礎進行建模。

All right. Thank you.

好的。謝謝。

Thank you. There appear to be no further questions in queue. I would now like to turn it back to Seth Jan for his closing remarks.

謝謝。目前似乎沒有其他問題需要提問。現在我謹將發言權交還給賽思·簡，請他作總結發言。

Just like to say again congratulations to the entire Sanara Medtech team and all our distributors as well for an excellent quarter, really a testament again to the vision and the grit, and ultimately delivering on our go to market plan. In addition, again, just thank you to all of our shareholders and our customers that see value in us as a company and our technologies as well, and for those joining maybe the call for the very first time as well.

再次恭喜 Sanara Medtech 全體團隊以及所有經銷商，感謝他們本季度取得的優異成績，這再次證明了我們的遠見卓識和堅韌不拔的精神，並最終實現了我們的市場推廣計劃。此外，再次感謝所有股東和客戶，感謝你們認可我們公司及其技術的價值；也感謝那些可能第一次參加電話會議的朋友們。

Thank you for your time and have a great day.

感謝您抽出時間，祝您有美好的一天。

Thank you everyone. This does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.

謝謝大家。今天的電話會議到此結束。現在您可以斷開電話線了，祝您有美好的一天。感謝您的參與。