Sanara Medtech Inc (SMTI) 2025 Q4 法說會逐字稿

Welcome to the Sanara MedTech fourth quarter in full year 2025, earnings conference call. Please note that this conference call is being recorded and a replay will be available on the investor relations page of the company's website shortly. The company issued its earnings release earlier today.

歡迎參加 Sanara MedTech 2025 年第四季及全年業績電話會議。請注意，本次電話會議正在錄音，稍後將在公司網站的投資者關係頁面上提供錄音回放。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 will include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For more information about the risks and uncertainties.

在開始之前，我想提醒大家，今天電話會議上的某些陳述將包含 1995 年《私人證券訴訟改革法案》所界定的前瞻性陳述。有關風險和不確定性的更多資訊。

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 10-K.

涉及前瞻性陳述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，請參閱本公司最新年度報告（10-K 表格）中列出的風險因素。

This call will also include references to certain non-GAAP financial measures. Reconciliations of those 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. Yon. Please go ahead, sir.

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Yon先生。請繼續，先生。

Thanks, operator, and welcome, everyone, to our fourth quarter and full year 2025, earnings call. Let me outline the agenda for today's call. I'll begin by reviewing several key financial accomplishments for the full year 2025. I'll then discuss our fourth quarter net revenue performance as well as our commercial execution across the three key initiatives, our commercial strategy.

謝謝接線員，歡迎各位參加我們2025年第四季及全年財報電話會議。讓我概述一下今天電話會議的議程。首先，我將回顧 2025 年全年的幾項主要財務成就。接下來，我將討論我們第四季的淨收入表現，以及我們在三大關鍵舉措方面的商業執行情況和我們的商業策略。

After this, I'll provide an update on a few other select areas of operational progress in the quarter. Elizabeth will cover our fourth quarter financial results in further detail and review our full year net revenue guidance for 2026, which we reaffirmed in our earnings release today.

接下來，我將就本季其他幾個特定營運領域的進展作最新匯報。伊麗莎白將更詳細地介紹我們第四季度的財務業績，並回顧我們對 2026 年全年淨收入的預期，我們在今天的收益報告中重申了這一預期。

I'll then conclude our remarks with some thoughts on our positioning as we enter 2026, our strategic priorities for the year and our outlook before we open the call for questions.

最後，我將就我們進入 2026 年的定位、今年的策略重點和展望發表一些看法，之後我們將開放提問環節。

With that said, let's get started. Looking back at our financial performance for the full year 2025, I'd like to highlight several key accomplishments to demonstrate the significant progress we've made as an organization.

那麼，讓我們開始吧。回顧我們 2025 年全年的財務業績，我想重點介紹幾項關鍵成就，以證明我們作為一個組織所取得的重大進步。

First, we exceeded $100 million of net revenue for the first time in our company's history. Specifically, we generated $103.1 million of net revenue for the full year 2025, representing growth of 19% year-over-year. Importantly, we accomplished this impressive performance while maintaining the size of our field sales team with 40 representatives at the end of 2025.

首先，我們公司淨收入首次突破 1 億美元大關。具體而言，我們預計 2025 年全年淨收入將達到 1.031 億美元，年增 19%。重要的是，我們在 2025 年底將現場銷售團隊規模維持在 40 名代表，同時取得了這一令人矚目的成就。

Our field sales head count at the end of 2025, was essentially unchanged compared to the end of 2024, 2023 and 2022. Our performance demonstrates the strength of our hybrid commercial model, which includes both field sales reps and a growing network of independent distributor partners, together, they raise awareness of our products and educate prospective surgeon customers on their benefits and clinical applications.

到 2025 年底，我們的現場銷售人員數量與 2024 年底、2023 年底和 2022 年底相比基本保持不變。我們的業績證明了我們混合商業模式的優勢，該模式包括現場銷售代表和不斷壯大的獨立分銷合作夥伴網絡，他們共同提高了人們對我們產品的認識，並向潛在的外科醫生客戶普及了產品的優勢和臨床應用。

Second, we drove significant improvements in our profitability profile on a year-over-year basis. Specifically, we expanded our gross margins by approximately 200 basis points to 93% for the full year 2025 and demonstrated notable operating leverage.

其次，我們的獲利能力逐年大幅提升。具體而言，我們預計 2025 年全年毛利率將提高約 200 個基點至 93%，並展現出顯著的經營槓桿效應。

We ultimately achieved a $1.5 million or 80% reduction in net loss from continuing operations and a $7.9 million or 86% improvement in adjusted EBITDA, resulting in $17 million for the full year 2025. Third, this performance, coupled with improvements in our working capital management ultimately enabled us to generate $6.8 million of cash provided by operations for the full year 2025. This compares to $24,000 of cash used in operations for the full year 2024.

我們最終實現了持續經營淨虧損減少 150 萬美元或 80%，調整後 EBITDA 改善 790 萬美元或 86%，到 ​​2025 年全年達到 1700 萬美元。第三，這項業績，加上我們營運資金管理的改進，最終使我們能夠在 2025 年全年產生 680 萬美元的營運活動現金流。相比之下，2024 年全年營運中使用的現金為 24,000 美元。

In short, our financial results in 2025, reflect the fundamental strength of our surgical business, and support our recent strategic decision to focus our resources and capabilities on the surgical market. Turning to an overview of our fourth quarter net revenue performance, our team delivered solid commercial execution in the fourth quarter, generating net revenue of $27.5 million, representing growth of 5% year-over-year.

簡而言之，我們 2025 年的財務表現反映了我們外科業務的基本實力，並支持我們最近將資源和能力集中在外科市場的策略決策。回顧我們第四季的淨收入表現，我們的團隊在第四季度實現了穩健的商業執行，創造了 2,750 萬美元的淨收入，年增 5%。

Our net revenue growth was largely driven by sales (inaudible) tissue products with modest contributions from sales of our bone fusion products as well.

我們的淨收入成長主要由組織產品的銷售所推動，骨融合產品的銷售也做出了一定貢獻。

As a reminder, our net revenue in the fourth quarter of 2024, benefited from approximately $1.8 million of BIASURGE sales due to the industry disruption caused by Hurricane Helene. Excluding the $1.8 million of Bioster sales related to this dynamic, our net revenue in the fourth quarter of 2025, increased 13% year-over-year.

提醒大家，由於颶風海倫造成的產業中斷，BIASURGE 的銷售額成長了約 180 萬美元，使我們在 2024 年第四季的淨收入受益。除去與此相關的 Bioster 銷售額 180 萬美元，我們 2025 年第四季的淨收入年增 13%。

Importantly, our fourth quarter net revenue performance came in at the high end of both the preliminary range that we provided in our press release on January 23, 2026, as well as the expectations we shared on our third quarter's earnings call in November 2025.

重要的是，我們第四季度的淨收入表現達到了我們在 2026 年 1 月 23 日的新聞稿中提供的初步範圍的高端，也達到了我們在 2025 年 11 月第三季財報電話會議上分享的預期。

With these results as our backdrop, I'll now share on our commercial execution. In 2025, our team continued to drive momentum across the three key initiatives of our commercial strategy, which represents important drivers of our growth.

以這些結果為背景，我現在將分享我們的商業執行。2025年，我們的團隊持續推動商業策略的三大關鍵措施取得進展，這些措施是我們成長的重要驅動力。

As a reminder, these three initiatives are, one, strengthening our relationships with independent distributors, two, selling into new health care facilities; and three, expanding the existing health care facilities we serve.

再次提醒大家，這三項措施分別是：一、加強與獨立經銷商的關係；二、向新的醫療保健機構銷售產品；三、擴大我們服務的現有醫療保健機構的範圍。

I'll now share updates on our progress across each of these initiatives, beginning with our relationship development with independent distributors. In 2025, we significantly grew our network of distributor partners specifically, we ended 2025, with over 450 contracted distributors compared to over 350 at the end of 2024.

接下來，我將分享我們在各項舉措中取得的最新進展，首先是與獨立經銷商建立關係的情況。2025 年，我們大幅擴展了經銷合作夥伴網絡，具體來說，到 2025 年底，我們擁有超過 450 家簽約經銷商，而 2024 年底則有超過 350 家。

Given the significant progress we've made in expanding the size of our distributor network, our team has also focused increasingly on to optimize our distributor relationships. We are doing this by onboarding newly contracted distributors training their sales representatives and partnering with them to educate prospective surgeon customers about the clinical benefits of our products.

鑑於我們在擴大經銷商網路規模方面取得了顯著進展，我們的團隊也越來越注重優化與經銷商的關係。我們正在透過招募新簽約的經銷商，培訓他們的銷售代表，並與他們合作，向潛在的外科醫生客戶宣傳我們產品的臨床益處。

Our partnership approach to engaging and working with our distributor remains our core component of our commercial philosophy. We believe it's one of the items that differentiates Sanara in the market and provides important advantages for our organization going forward.

我們與經銷商建立夥伴關係的方式仍然是我們商業理念的核心組成部分。我們認為這是 Sanara 在市場上脫穎而出的優勢之一，並將為我們組織未來的發展提供重要的優勢。

Turning to our second commercial initiative, adding new facility customers. We continue to leverage our network of distributor partners to begin selling into new health care facilities where our products have been contracted or approved.

接下來是我們的第二個商業舉措，即增加新的設施客戶。我們將繼續利用我們的分銷合作夥伴網絡，開始向已簽訂合約或獲得批准使用我們產品的新醫療機構銷售產品。

I'm pleased to report that we achieved our stated target, which we initially provided on our first quarter earnings call in May 2025, of selling into over 1,450 health care facilities by the end of 2025.

我很高興地報告，我們實現了既定目標，即在 2025 年底向超過 1450 家醫療保健機構銷售產品。該目標最初是在 2025 年 5 月的第一季財報電話會議上提出的。

This compares to over 1,300 facilities in 2024, we continue to see significant runway to add new health care facility customers to our base of over the coming years as our products were contracted or approved for sale in over 4,000 facilities at year-end.

與 2024 年的 1300 多家機構相比，我們預計未來幾年將繼續有充足的空間為我們的客戶群增加新的醫療保健機構客戶，因為截至年底，我們的產品已與 4000 多家機構簽訂了銷售合約或獲得了銷售批准。

With respect to the third initiative I mentioned, penetrating our existing facility customers, we continue to drive adoption of our products by adding new surgeon users within the health care facilities we currently serve. In both the fourth quarter and full year 2025, we realized strong year-over-year growth and the size of our surgeon customer base.

關於我提到的第三項舉措，即滲透我們現有的醫療機構客戶，我們將繼續透過在目前服務的醫療機構中增加新的外科醫生用戶來推動我們產品的普及。2025 年第四季和全年，我們的外科醫生客戶群規模均實現了強勁的同比增長。

We continue to add new surgeon users ranging across a variety of specialties including our traditional focus of spine and orthopedics as well as general, plastic and vascular surgery. Despite our progress in 2025, our surgeon penetration within the over 1,450 health care facilities we serve remains relatively low.

我們不斷增加新的外科醫生用戶，涵蓋各種專業領域，包括我們傳統的脊椎和骨科，以及一般外科、整形外科和血管外科。儘管我們在 2025 年取得了進展，但我們在所服務的 1450 多家醫療機構中的外科醫生滲透率仍然相對較低。

With that in mind, we believe that the opportunity to go deeper within these existing facilities remains perhaps our largest untapped opportunity for future growth.

考慮到這一點，我們認為，進一步挖掘現有設施的價值，或許仍然是我們未來成長的最大未開發機會。

In summary, our progress across each of the key commercial initiatives leaves us well positioned as we enter 2026 with multiple levers to drive continued growth in the surgical market. In addition to our commercial execution, the broader Sanara team made significant progress during the fourth quarter with respect to multiple areas of our strategy.

總而言之，我們在各項關鍵商業措施中取得的進展，使我們在進入 2026 年之際擁有多種槓桿，可以推動外科手術市場的持續成長。除了商業執行方面，Sanara 團隊在第四季度在策略的多個領域也取得了顯著進展。

I'd like to take a minute to highlight several important operational accomplishments. During the quarter, we continued to wind down the operations of Tissue Health Plus or the THP segment following our decision to cease operations, which we discussed in detail on our third quarter 2025 earnings call.

我想花一點時間重點介紹幾項重要的營運成果。本季度，我們繼續逐步停止 Tissue Health Plus（THP）部門的運營，此前我們已決定停止該部門的運營，我們在 2025 年第三季度收益電話會議上詳細討論了這一決定。

I'm pleased to report that the THP wind-down process was substantially complete at the end of 2025, consistent with our previously stated expectations. From a financial perspective, total cash used related to PHP over the second half of 2025, was $5.3 million, below the $5.5 million to $6.5 million range we shared on our second quarter earnings call in August 2025.

我很高興地報告，THP 的逐步關閉過程已於 2025 年底基本完成，這與我們先前所述的預期一致。從財務角度來看，2025 年下半年與 PHP 相關的現金支出總額為 530 萬美元，低於我們在 2025 年 8 月第二季財報電話會議上公佈的 550 萬美元至 650 萬美元的預期範圍。

As a reminder, the operations of THP, which were previously reported as the THP segment are classified as discontinued operations for the three months and full years ending December 31, 2025, and 2024. And importantly, we continue to anticipate no material cash spend related to THP going forward.

提醒各位，先前作為 THP 分部報告的 THP 業務，在截至 2025 年 12 月 31 日和 2024 年 12 月 31 日的三個月和整個年度內，均被歸類為終止經營業務。更重要的是，我們預計未來不會有與 THP 相關的重大現金支出。

With this in mind, we are entering into 2026 as a leaner pure-play surgical company focused on continuing to bring innovative products to the operating room setting. In the fourth quarter, we also continued to support the future growth of our BIASURGE product by expanding into health care facility approvals.

考慮到這一點，我們將以更精簡的純粹外科手術公司的身份進入 2026 年，專注於繼續為手術室帶來創新產品。第四季度，我們也透過擴大醫療機構審批範圍，繼續支持 BIASURGE 產品的未來成長。

Most notably, we secured an innovative technology contract for Envision. For those unfamiliar, vision is the largest crude purchasing organization in the US with an extensive client base of health care facility customers.

最值得一提的是，我們為 Envision 爭取了一份創新技術合約。對於不熟悉的人來說，Vision 是美國最大的原油採購組織，擁有龐大的醫療保健機構客戶群。

Through Envision's innovative technology program, Vizient works with consoles led by hospital experts from its client base. These consoles are tasked with evaluating products and assessing their potential to bring innovation to health care delivery.

透過 Envision 的創新技術方案，Vizient 與來自其客戶群的醫院專家領導的控制台合作。這些控制台的任務是評估產品並評估其為醫療保健服務帶來創新的潛力。

Following evaluation, our BIASURGE product was awarded innovation technology contract as it was deemed to offer unique qualities and a potential benefit over other products available in the market today. As a reminder, BIASURGE's a no ramp irrigation solution that enables surgeons to cleanse the embed more efficiently than with saline alone.

經過評估，我們的 BIASURGE 產品獲得了創新技術合同，因為它被認為具有獨特的品質，並且比目前市場上其他產品具有潛在的優勢。提醒一下，BIASURGE 是一種無斜坡沖洗液，與單獨使用生理食鹽水相比，它能讓外科醫生更有效地清潔植入物。

It also provides broad-spectrum antimicrobial effectiveness helping to reduce the risk of surgical site infections. Beginning January 1, 2026, BIASURGE's now available to Vision's network of health care facility customers. We believe this contract provides approximately 1,800 health care facilities with access to BIASURGE at contracted pricing and prenegotiated terms. All in all, it represents a significant opportunity to further expand BIASURGE customer base in 2026, in the coming years.

它還具有廣譜抗菌功效，有助於降低手術部位感染的風險。從 2026 年 1 月 1 日起，BIASURGE 將向 Vision 的醫療保健機構客戶網路開放。我們相信，這份合約將使大約 1800 家醫療機構能夠以合約價格和預先協商的條款獲得 BIASURGE 服務。總而言之，這代表著在未來幾年裡，BIASURGE 將在 2026 年迎來進一步擴大客戶群的重要機會。

In addition to these efforts, we continue to support our surgical product portfolio by expanding and enhancing our body of clinical evidence. Our products were featured in multiple peer-reviewed studies published during the fourth quarter. I'll take a moment to highlight two of them. A comparative peer reviewed in vitro study featuring BIASURGE was published in the Journal of Arthroplasty, It evaluated the effectiveness of nine commercially available irrigation solutions, including BIASURGE.

除了這些努力之外，我們還透過擴大和加強臨床證據體系來繼續支持我們的外科產品組合。我們的產品在第四季發表的多篇同儕審查研究中均有提及。我花點時間重點介紹其中兩個例子。《關節成形術雜誌》發表了一項對 BIASURGE 進行比較的同行評審體外研究，該研究評估了九種市售沖洗液（包括 BIASURGE）的有效性。

Specifically, it assessed their ability to prevent the formation of biofilm on orthopedic implant materials by two common types of bacteria that are notorious for causing severe antibiotic resistant infections and surgical wounds.

具體來說，它評估了它們防止兩種常見細菌在骨科植入材料上形成生物膜的能力，這兩種細菌因引起嚴重的抗生素抗藥性感染和手術傷口而臭名昭著。

The researchers also evaluated the cytotoxicity of each irrigation solution to ensure the patient's safety. In this study, BIASURGE exhibited high antimicrobial efficacy and low cytotoxicity. It is identified as one of the two irrigation solutions that were most effective in preventing biofilm formation among the nine products tested.

研究人員也評估了每種沖洗液的細胞毒性，以確保患者的安全。本研究表明，BIASURGE 具有較高的抗菌功效和較低的細胞毒性。在測試的九種產品中，它是防止生物膜形成的兩種最有效的灌溉解決方案之一。

Our ALLOCYTE plus product was also featured in a long-term clinical study published in the Journal of Spine and neurosurgery. This study evaluated the outcomes of lumbar spinal fusion that used Alcides as a stand-alone graft substitute.

我們的 ALLOCYTE plus 產品也在《脊椎與神經外科雜誌》上發表的一項長期臨床研究中進行了介紹。本研究評估了使用 Alcides 作為獨立植骨替代物的腰椎融合術的結果。

Ten patients were followed for 24 to 36 months, demonstrated successful solid bone healing within 6 months of receiving the operation. No adverse events, including complication, graft failures or revision surgeries were reported during the follow-up period. Importantly, these patients also demonstrated sustained improvements in both neurological and clinical outcomes as well.

對 10 名患者進行了 24 至 36 個月的隨訪，結果顯示，在接受手術後的 6 個月內，骨骼癒合良好。追蹤期間未報告任何不良事件，包括併發症、移植失敗或翻修手術。重要的是，這些患者在神經系統和臨床結果方面也表現出持續的改善。

The study's findings support our position that (inaudible) provides a safe, biological active alternative to using traditional autogenous iliac crest bone grass, which tend to be associated with a complication and donor site morbidity. Our R&D team also remains focused on expanding our IP portfolio to protect and advance our existing products.

這項研究結果支持我們的觀點，即（聽不清楚）提供了一種安全、具有生物活性的替代方案，可以取代傳統的自體髂骨草，後者往往與併發症和供體部位發病率有關。我們的研發團隊也將繼續致力於擴大我們的智慧財產權組合，以保護和推進我們現有的產品。

As a reminder, in 2024, we submitted 11 provisional patent applications covering innovations in proprietary antimicrobial and hydrolyzed collagen technologies, including novel formulations, treatment applications and key component advancements.

提醒一下，2024 年，我們提交了 11 項臨時專利申請，涵蓋專有抗菌和水解膠原蛋白技術的創新，包括新型配方、治療應用和關鍵成分改進。

Over the course of 2025, our team converted these 11 provisional patent applications into nonprovisional filings, a major step forward in the progress towards securing approval, while also submitting the corresponding US and PCT applications for international protection.

在 2025 年期間，我們的團隊將這 11 項臨時專利申請轉換為正式申請，這是在獲得批准方面邁出的重要一步，同時也提交了相應的美國和 PCT 申請以獲得國際保護。

In addition to this progress, we submitted an additional three provisional patent applications that protect specific components and compositional aspects of our Celery Rx Surgical products. We look forward to continuing to expand the breadth of IP protection as well as our future product development efforts related to our surgical products.

除了上述進展外，我們還提交了另外三項臨時專利申請，以保護我們 Celery Rx Surgical 產品的特定組件和組成方面。我們期待繼續擴大智慧財產權保護的範圍，並推動與外科產品相關的未來產品開發工作。

Lastly, we continue to make progress in our efforts to expand our portfolio through our partnership with Biomimetic Innovations, or BMI, with a goal of bringing Astec to the US commercial market. As a reminder, during the first nine months of 2025, BMI achieved all of the key product development, clinical, regulatory and medical education milestones outlined under our agreement.

最後，我們繼續透過與 Biomimetic Innovations（簡稱 BMI）的合作，努力擴大我們的產品組合，目標是將 Astec 推向美國商業市場。提醒一下，在 2025 年的前九個月裡，BMI 實現了我們協議中概述的所有關鍵產品開發、臨床、監管和醫學教育里程碑。

Based on our continued progress in the fourth quarter of 2025 and the initial months of 2026, I'm pleased to report that we remain on track to introduce the ostic Synthetic injectable bone bio adhesive to the US market in the first quarter of 2027.

根據我們在 2025 年第四季和 2026 年初幾個月的持續進展，我很高興地報告，我們仍按計劃在 2027 年第一季將 Ostic 合成注射式骨生物黏合劑引入美國市場。

Given its status as an FDA-designated breakthrough device we believe Optic will be the first synthetic injectable bone bio adhesive available in the US once it receives regulatory approval. In preclinical mechanical testing, Astec demonstrated bonding to bone that was 40 times stronger than traditional calcium phosphate bone cement.

鑑於 Optic 已被 FDA 認定為突破性設備，我們相信，一旦獲得監管部門批准，它將成為美國第一個上市的合成可注射骨生物黏合劑。在臨床前機械測試中，Astec 證明其與骨骼的黏合強度是傳統磷酸鈣骨水泥的 40 倍。

We expect Astec to represent a new anchor product for our bone fusion portfolio. and look forward to bringing this innovative technology to support the more than 100,000 periarticular fractures that occur in the US each year. In summary, 2025 was a significant transition year for Sanara MedTech perhaps most notably, Sanara transition to new leadership in both and CFO roles to guide the next phase of our growth and development as an organization.

我們預期 Astec 能成為我們骨融合產品組合中的新型錨定產品，並期待將這項創新技術應用於每年美國發生的超過 10 萬例關節周圍骨折的治療中。總而言之，2025 年對於 Sanara MedTech 來說是一個重要的過渡年，其中最顯著的是 Sanara 在財務長和營運長職位上更換了領導層，以指導我們作為組織發展的下一個階段。

As a company, we navigated the strategic realignment of our business to focus solely on the opportunities in the surgical market going forward and in tandem, our team successfully executed our strategy in the surgical market driving significant commercial, financial and operational progress across all major fronts.

作為一家公司，我們調整了業務策略，專注於未來外科手術市場的機會。同時，我們的團隊成功地在外科手術市場執行了我們的策略，在所有主要方面都取得了顯著的商業、財務和營運進展。

Our progress this past year is a credit to the remarkable team of individuals who work at Sanara MedTech. It also reflects our team's commitment to advancing the treatment of surgical wounds for the benefit of all the constituents in the health care industry, including patients, surgeons and health care systems. With that said, I'll turn it over to Elizabeth to cover our fourth quarter 2025 financial results in greater detail and review our full year net revenue guidance for 2026.

我們過去一年的進步要歸功於 Sanara MedTech 傑出的團隊成員。這也體現了我們團隊致力於推動外科傷口治療，造福醫療保健行業的所有參與者，包括患者、外科醫生和醫療保健系統。接下來，我將把發言權交給伊莉莎白，讓她更詳細地介紹我們 2025 年第四季的財務業績，並回顧我們 2026 年全年淨收入預期。

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 three months and full years ended December 31, 2025, and 2024.

謝謝你，塞思。首先，我要重申，THP 的營運（之前作為 THP 部門報告）已歸類為截至 2025 年 12 月 31 日和 2024 年 12 月 31 日止的三個月和全年的終止經營業務。

As such, unless noted otherwise, all commentary that follows is on a continuing operations basis. In our earnings press release issued today, we have included tables detailing our historical results of operations on a continuing operations basis in 2025, 2024 and 2023. which aligns with our reporting going forward.

因此，除非另有說明，以下所有評論均基於持續經營情況。在今天發布的獲利新聞稿中，我們附上了表格，詳細列出了我們 2025 年、2024 年和 2023 年持續經營的歷史經營業績，這與我們未來的報告方式一致。

Given that Seth covered our net revenue results for the quarter, I'll begin with gross profit. All percentage changes referenced throughout my remarks compared to the prior year period. unless otherwise specified. Fourth quarter gross profit increased $1.6 million or 7% to $25.7 million.

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。第四季毛利成長160萬美元，成長7%，達2570萬美元。

Fourth quarter gross margin increased approximately 175 basis points to 93% of net revenue, driven primarily by sales of soft tissue repair products and lower manufacturing costs related to CellerateRx Surgical.

第四季毛利率成長約 175 個基點，達到淨收入的 93%，主要得益於軟組織修復產品的銷售以及 CellerateRx Surgical 相關的製造成本降低。

Fourth quarter operating expenses increased $2.8 million or 13% to $24.6 million. The change in operating expenses was driven by a noncash impairment charge of $1.8 million in the fourth quarter of 2025, which was related to a write-down of certain IP assets in connection with our strategic shift to focus on products in the surgical market and a $1.2 million increase in research and development expenses which was primarily due to product enhancement initiatives associated with our soft tissue repair products.

第四季營運支出增加 280 萬美元，成長 13%，達到 2,460 萬美元。營運費用的變化主要受以下因素影響：2025 年第四季非現金減損支出 180 萬美元，這與我們策略轉向專注於外科手術市場產品而對某些智慧財產權資產進行減損有關；以及研發費用增加 120 萬美元，這主要是由於與我們的軟組織修復產品相關的產品改進計劃。

Operating income for the fourth quarter was $1.1 million compared to $2.3 million last year. Excluding the aforementioned $1.8 million noncash impairment charge in the fourth quarter of 2025, our operating income increased $0.6 million or 28% to $2.9 million.

第四季營業收入為 110 萬美元，而去年同期為 230 萬美元。除去上述 2025 年第四季 180 萬美元的非現金減損支出，我們的營業收入增加了 60 萬美元，增幅為 28%，達到 290 萬美元。

Other expense for the fourth quarter was $2.2 million compared to $1.3 million last year. 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 from equity method investments.

第四季其他支出為 220 萬美元，而去年同期為 130 萬美元。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，以及權益法投資損失份額增加。

Net loss from continuing operations for the fourth quarter was $1.1 million or $0.13 per diluted share compared to net income from continuing operations of $0.9 million or $0.10 per diluted share last year. Adjusted EBITDA for the fourth quarter of 2025 was $4.7 million, compared to $4.1 million last year.

第四季持續經營業務淨虧損為 110 萬美元，即每股攤薄虧損 0.13 美元，而去年同期持續經營業務淨利為 90 萬美元，即每股攤薄利潤 0.10 美元。2025 年第四季調整後 EBITDA 為 470 萬美元，去年同期為 410 萬美元。

Turning to the balance sheet. As of December 31, 2025, we had $16.6 million of cash and $46 million of long-term debt. This compares to $15.9 million of cash and $30.7 million of long-term debt as of December 31, 2024.

接下來看一下資產負債表。截至 2025 年 12 月 31 日，我們有 1,660 萬美元現金和 4,600 萬美元長期債務。截至 2024 年 12 月 31 日，該公司現金餘額為 1,590 萬美元，長期債務為 3,070 萬美元。

For the full year 2025, we were pleased to generate $6.8 million of cash provided by operating activities compared to $24,000 of cash used in operating activities in the full year 2024. The increase in cash from operating activities was driven in part by the reduction in net loss from continuing operations and improvements in working capital efficiency compared to the prior year. Importantly, we estimate that $6.8 million of cash generated from operating activities in the full year 2025, was inclusive of approximately $9 million of cash used in operating activities related to THP.

2025 年全年，我們很高興透過經營活動產生了 680 萬美元的現金，而 2024 年全年經營活動使用的現金為 2.4 萬美元。與上年度相比，經營活動現金流量的增加部分是由於持續經營淨虧損減少以及營運資本效率提高所致。重要的是，我們估計 2025 年全年經營活動產生的 680 萬美元現金，其中包括與 THP 相關的經營活動中使用的約 900 萬美元現金。

As Seth mentioned, we continue to anticipate no material cash spend related to THP going forward. Turning to our net revenue guidance for the full year 2026, which we introduced via press release in January and reaffirmed in our earnings release today.

正如Seth所提到的，我們仍然預期未來不會有與THP相關的重大現金支出。接下來談談我們對 2026 年全年淨收入的預期，我們在 1 月份透過新聞稿發布了該預期，並在今天的盈利報告中再次確認。

We continue to expect full year 2026, net revenue to range from $116 million to $121 million. representing growth of approximately 13% to 17% compared to net revenue of $103.1 million for the full year 2025. Lastly, we would like to share a few additional considerations for modeling purposes.

我們繼續預期 2026 年全年淨收入將在 1.16 億美元至 1.21 億美元之間，與 2025 年全年淨收入 1.031 億美元相比，成長約 13% 至 17%。最後，我們想就建模目的分享一些額外的考慮因素。

With respect to operating expenses, as Seth will discuss further in connection with our enhanced focus as an organization on the surgical market, we are investing in our field sales team and R&D initiatives to lay the foundation for strong, sustainable growth in 2026, and the coming years.

關於營運費用，正如 Seth 將進一步討論的，鑑於我們作為一家企業更加專注於外科手術市場，我們正在投資於我們的現場銷售團隊和研發計劃，為 2026 年及未來幾年的強勁、可持續增長奠定基礎。

With $16.6 million of cash on December 31, 2025, combined with our expected cash flows from operations, we are comfortable with our balance sheet liquidity in 2026. From a modeling perspective, as a reminder, we typically pay employee commissions and annual bonuses in the first quarter of our fiscal year, requiring a higher outlay of cash.

截至 2025 年 12 月 31 日，公司擁有 1,660 萬美元現金，加上我們預期的營運現金流，我們對 2026 年的資產負債表流動性感到滿意。從建模的角度來看，需要提醒的是，我們通常在財政年度的第一季支付員工佣金和年度獎金，這需要更高的現金支出。

Lastly, given the proximity to the end of the first quarter and for avoidance of doubt, we would like to provide additional transparency regarding our expectations for the first quarter net revenue results. Specifically, we expect net revenue of approximately $26.7 million to $27.2 million for the first quarter of 2026, representing growth of approximately 14% to 16% year-over-year. With that, I will now turn it back to Seth for closing remarks.

最後，鑑於第一季即將結束，為了避免任何疑問，我們希望就我們對第一季淨收入業績的預期提供更多透明度。具體而言，我們預計 2026 年第一季淨收入約為 2,670 萬美元至 2,720 萬美元，年增約 14% 至 16%。接下來，我將把發言權交還給塞思，請他作總結發言。

Thanks, Elizabeth. Sanara MedTech is providing full year net revenue guidance in 2026, for the first time in our company's history. The decision to introduce net revenue guidance was made as a part of our commitment to provide increased transparency regarding our anticipated future performance.

謝謝你，伊麗莎白。Sanara MedTech 公司首次發布了 2026 年全年淨收入預期。推出淨收入指引的決定是我們致力於提高未來績效預期透明度的一部分。

It reflects the significant scale we have achieved as a company in recent years as well as the evolution and development of our organization across multiple fronts as Elizabeth mentioned, we are reaffirming our full year net revenue guidance today, which reflects growth of 13% to 17% in 2026.

正如伊麗莎白所提到的，這反映了我們公司近年來取得的巨大規模，以及我們組織在多個方面的演變和發展。今天，我們重申全年淨收入預期，預計到 2026 年將成長 13% 至 17%。

We look forward to delivering growth within this range and providing updates on our progress throughout the year. Before opening the call for questions, I'd like to share some closing thoughts on our positioning and strategic priorities as we enter 2026.

我們期待在這一範圍內實現成長，並將在全年持續更新我們的進展。在正式開始提問之前，我想就我們進入 2026 年的定位和策略重點分享一些總結性的想法。

In short, we like how we're positioned heading into this year. We are entering 2026, as a focused pure-play surgical company dedicated exclusively to the operating room setting with three anchor products, two currently in the market, CellerateRx Surgical and BIASURGE and one in our pipeline, Astec.

總之，我們對今年的情況感到滿意。我們即將進入 2026 年，作為一家專注於手術室環境的純粹外科手術公司，我們擁有三款核心產品，其中兩款目前已上市，分別是 CellerateRx Surgical 和 BIASURGE，另一款正在研發中，即 Astec。

Our anchor products possess differentiated capabilities that enable them to satisfy clear clinical needs in the treatment of surgical wounds. They are not subject to reimbursement risk, and they collectively address a multibillion-dollar annual opportunity in the surgical market.

我們的錨定產品具有差異化的功能，能夠滿足外科傷口治療中明確的臨床需求。它們不受報銷風險的影響，而且它們共同滿足了外科手術市場每年數十億美元的市場需求。

To effectively capitalize on this opportunity, we've developed an effective time-tested commercial team model and strategy that has enabled us to achieve significant commercial scale and momentum and based on our historically strong margin profile and balance sheet condition as of December 31, 2025, we believe we have the resources necessary to achieve our primary strategic and financial objectives this year through focused execution and disciplined capital allocation.

為了有效掌握這項機遇，我們制定了一套行之有效的、經過時間考驗的商業團隊模式和策略，使我們能夠實現顯著的商業規模和發展勢頭。基於我們歷來強勁的利潤率和截至 2025 年 12 月 31 日的資產負債表狀況，我們相信，透過專注執行和嚴謹的資本配置，我們擁有實現今年主要策略和財務目標所需的資源。

In terms of our strategic priorities for 2026, we are focused on the following three items first, continuing to penetrate the surgical wound market by executing our commercial strategy with our existing products. Specifically, we remain focused on driving further progress in developing our distributor network, expanding our facility customer base and adding new surgeon users within the facilities we currently serve.

就我們 2026 年的策略重點而言，我們首先關注以下三項內容：繼續透過執行我們現有產品的商業策略來滲透外科傷口市場。具體而言，我們將繼續致力於進一步發展我們的經銷商網絡，擴大我們的醫療機構客戶群，並在我們目前服務的醫療機構中增加新的外科醫生用戶。

These three initiatives have been the foundation of our commercial success in recent years, and we see substantial runway for continued growth across each of them as we move through 2026, and beyond.

近年來，這三項舉措一直是我們商業成功的基石，我們看到，隨著我們邁入 2026 年及以後，這三項舉措都將有巨大的持續增長空間。

second, pursuing targeted investments in our business to support our growth in 2026, and future years. Stepping back, given Sanara's broader scope of focus in prior years, the company historically pursued investments in opportunities outside of our core business in the surgical market.

第二，我們將對業務進行有針對性的投資，以支持我們在 2026 年及以後的發展。回顧以往，鑑於 Sanara 近年來更廣泛的關注範圍，該公司歷來都在外科手術市場的核心業務之外尋求投資機會。

Going forward, we are committed to pursuing a focused approach as a pure-play surgical company. With that commitment, we are intent on supporting our surgical product portfolio and commercial distribution network with investments that will protect and enhance our position in the surgical market. and proved to be truly impactful over time.

展望未來，我們將繼續致力於成為一家專注於外科手術領域的公司，採取專注的策略。秉持這項承諾，我們致力於透過投資來支持我們的外科產品組合和商業分銷網絡，從而保護和提升我們在外科市場的地位。事實證明，這些投資隨著時間的推移確實產生了顯著的影響。

Specifically, we are investing in our surgical field sales team and R&D initiatives to lay the foundation for strong sustainable growth. With respect to our field sales team, as I mentioned earlier, the size of our team has remained essentially consistent for multiple years with roughly 40 sales representatives.

具體而言，我們正在投資外科領域銷售團隊和研發項目，為強勁的永續成長奠定基礎。關於我們的現場銷售團隊，正如我之前提到的，我們的團隊規模多年來基本保持不變，大約有 40 名銷售代表。

During the first quarter of 2026, we are making targeted investments to expand our sales rep coverage in key territories across the US we are currently focused on on-boarding and training, and we expect these new reps to become increasingly productive as they develop over the balance of 2026.

2026 年第一季度，我們將進行有針對性的投資，以擴大我們在美國主要地區的銷售代表覆蓋範圍。我們目前專注於新員工的入職和培訓，我們預計這些新銷售代表將在 2026 年剩餘的時間裡持續成長，並變得越來越有效率。

With respect to our R&D initiatives, we will continue our efforts to expand the portfolio of clinical evidence supporting our anchor products will bolstering our IP protection. In addition, we are investing in several longer-term product development initiatives with a focus on pursuing enhancements to strengthening our existing surgical portfolio and address the evolving needs of our customers.

就我們的研發措施而言，我們將繼續努力擴大支持我們核心產品的臨床證據組合，從而加強我們的智慧財產權保護。此外，我們正在投資多項長期產品開發計劃，重點是尋求改進以加強我們現有的外科手術產品組合，並滿足客戶不斷變化的需求。

These investments are designed to deepen our competitive moat and ensure that we maintain our position as a leader in bringing innovative surgical products to the market. Lastly, we are focused on bringing Astec to market through our strategic partnership with BMI and preparing for US commercialization in the first quarter of 2027.

這些投資旨在加深我們的競爭優勢，並確保我們保持作為創新外科產品市場領導者的地位。最後，我們正專注於透過與 BMI 的策略合作將 Astec 推向市場，並為 2027 年第一季在美國的商業化做好準備。

We believe Astec represents a significant opportunity to expand our presence in the bone fusion market and provide surgeons with a truly differentiated solution for periarticular fracture repair. In conclusion, we are committed to focused execution and targeted capital allocation across these three strategic priorities in 2026.

我們相信 Astec 代表著一個重要的機遇，可以擴大我們在骨融合市場的份額，並為外科醫生提供真正差異化的關節周圍骨折修復解決方案。總之，我們致力於在 2026 年圍繞這三大戰略重點開展重點執行和有針對性的資本配置。

We believe our successful execution on these items will position us for strong sustainable growth this year as well as cash generation and profitability in the years to come. I'd like to close by thanking the entire Sanara Medtech team for their exceptional work in 2025.

我們相信，成功執行這些項目將使我們今年實現強勁的可持續成長，並在未來幾年實現現金流和盈利。最後，我要感謝 Sanara Medtech 團隊在 2025 年的出色工作。

I'd also like to thank our shareholders and customers for their continued support and to those on today's call for their interest in Sanara MedTech. With that, operator, you may now open the call for questions.

我還要感謝我們的股東和客戶一直以來的支持，以及今天參加電話會議的各位對 Sanara MedTech 的關注。操作員，現在可以開始接受提問了。

(Operator Instructions).

（操作說明）

Yi Chen, H.C. Wainwright.

易晨，H.C. Wainwright。

Hi, this is Eduardo on for Joe. Congrats on the progress in the year and a question on BIASURGE following the Vision contract effective January 1, how much of your growth in 2026, do you think is attributable to this new volume of GPO versus organic growth in existing accounts? And do you anticipate any other of these deals to materialize in 2026?

您好，我是Eduardo，代Joe發言。恭喜您在過去一年的進展。關於BIASURGE，在Vision合約於1月1日生效後，我有一個問題：您認為2026年的成長中，有多少是來自新增的GPO業務量，又有多少是來自現有客戶的自然成長？您預計這些交易中還有其他會在 2026 年實現嗎？

Good morning. This is Seth. So I'll answer that question. First of all, the Vizient contract was a really significant thing for us to accomplish and to get on to that contract to our knowledge, we're the only watch to have done that. It will still take a little bit of time to go out and educate at the facility level and so we haven't given guidance specific to a product in the past, just talking more about soft tissue repair, which BIASURGE would fall to.

早安.這是賽斯。那我就來回答這個問題。首先，與 Vizient 簽訂合約對我們來說是一件非常重要的事情，據我們所知，我們是唯一獲得該合約的手錶製造商。仍然需要一些時間才能到各個機構進行教育，因此我們過去沒有針對特定產品提供指導，只是更多地談論軟組織修復，而 BIASURGE 就屬於這一範疇。

So our team is working daily inside those 1,800 accounts to continue to get access into those accounts and bring that technology to life. It was a major step forward for us as we think back to a soft launch in that product just a couple of years ago. you're doing that at a pretty slow pace, right?

因此，我們的團隊每天都在努力進入這 1800 個帳戶，以便繼續獲得這些帳戶的存取權限，並將這項技術付諸實踐。回想幾年前該產品的試發行階段，這對我們來說是一個巨大的進步。你們的進展速度確實比較慢，對吧？

You have to do that one facility at a time and now to have on-contract 1800-plus facilities, we think that gives us great runway to perform in 2026, but truly well beyond that as well.

你必須一個一個地來做，現在我們已經簽訂了 1800 多個設施的合同，我們認為這為我們在 2026 年取得優異成績提供了充足的空間，而且實際上，這也能讓我們在未來很長一段時間內取得更好的成績。

Got it. And then if I could ask on CellerateRx growth. So with this new study cost effectiveness, do you see any opportunity for what do you think the impact on growth and maybe reimbursement in terms of cost effectiveness? And do you expect any other studies for Cellerate to come out during this next year that could also bolster?

知道了。然後，如果可以的話，我想問關於 CellerateRx 成長的問題。那麼，透過這項新的成本效益研究，您認為它對成長以及成本效益的報銷有何影響？您預計明年還會有其他關於 Cellerate 的研究結果公佈，進一步加強其有效性嗎？

Yeah, well, first of all, we believe strongly in clinical evidence. So specific to our anchor products accelerate by a surge and then soon to be optic as well once that commercializes so we'll continue to put energy against that from all those different fronts, both scientifically, clinically and then economically.

是的，首先，我們非常相信臨床證據。因此，我們的核心產品將迎來爆發性成長，一旦商業化，光學領域也將很快迎來成長，所以我們將繼續從科學、臨床和經濟等各個方面投入精力來應對這一挑戰。

We feel really confident in that economic study that came out. We think that facilities will see great value in that as well to showcase a product that again is a supply cost inside the DRG.

我們對那份已發布的經濟研究報告非常有信心。我們認為，對於醫療機構而言，展示該產品（這又是 DRG 內部的供應成本）也具有很大的價值。

So I think it's really important to understand for everybody on this call. We don't have reimbursement risk with that product. and won't into the future. That again is a supply cost.

所以我認為，對於參加這次電話會議的每個人來說，理解這一點都非常重要。該產品不存在報銷風險，將來也不會有。那也是供應成本。

So I think it only strengthens our relationships inside the hospital with the clinical evidence that we have specific to Cellerate and now the economic evidence to come alongside of that is really significant.

所以我認為，我們擁有針對 Cellerate 的臨床證據，這只會加強我們與醫院內部的關係，而現在隨之而來的經濟證據也意義重大。

So we think it has an impact for our numbers going forward as a result of all of that research that's been done.

因此，我們認為，由於已經進行的所有這些研究，這將對我們未來的數據產生影響。

Got it. Thanks so much for taking the question. I'm glad to get on the air. Thank you.

知道了。非常感謝您回答這個問題。很高興能上節目。謝謝。

Thank you.

謝謝。

(Operator Instructions).

（操作說明）

We are currently seeing no remaining questions at this time. That does conclude our conference for today. Thank you for your participation.

目前我們沒有其他問題了。今天的會議就到此結束。感謝您的參與。