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| Statement |
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| And then since launched the American Association of the Knee Surgeons called AAHKS, as we call it, really great response |
| The key strategic acquisition of assets related to our collagen business will improve our financial results by eliminating the royalty we pay as we continue to grow Cellerate and HYCOL |
| We think we've achieved that |
| So we're really excited about it |
| In summary, we are very, very proud of our continued record quarters as well as the introduction of another impactful proprietary product for surgery and BIASURGE |
| And if we can continue to do that and we demonstrate that with multiple products, we believe that the brand scenario will actually continue to expand where we get more and more confidence from whoever our customer is that -- they know what they're doing |
| And I think when you're able to broaden the conversation to meet the needs of the surgeon and the patient, I think that's a good thing |
| We say stayed the course on this from the very beginning, improve outcomes and lower costs |
| The surgeons see a great value to, as they say, protect our work |
| The 16% sales growth for bone fusion products for the quarter year-over-year is encouraging, and we will continue to focus on continuing to build out these product lines |
| The third quarter of 2023 was the eighth record revenue quarter for Sanara, and we continue to strengthen our sales infrastructure to support our growth strategy as well as focus on increasing our penetration in the hospitals where we have approvals and minimal revenue |
| Our gross margins increased in Q3 to 89% from 86% in Q2 2023 |
| So we think we have a market position there and of course, an attractive value to the facility |
| So we've seen Cellerate be a tremendous grower because there's so many patients that are benefited from it |
| So it certainly helps with our strength in the hospital in our staying power because they then say, Sanara is an approved vendor |
| As we have discussed before, we see significant opportunity to positively impact the post-acute wound care market where costs are significantly increasing and a shortage of wound care experts paired with an aging population was materially impacting the quality of care and outcomes |
| This transaction has had multiple financial and strategic benefits as you will hear about later |
| We also know that this is a focus on skilled nursing facilities because, as you know, with the passing of legislation for SNF at home and other programs like that, everybody is looking to be able to pick up efficiencies and lower costs and improve outcomes |
| Excellent |
| So I think it's really beneficial |
| This product replaces our ALLOCYTE advance cellular bone matrix product and is processed by a well-established supplier with in-house processing capabilities and affords us greater control of our product supply |
| We will continue to work on executing our strategy to achieve improving growth rates and expect to be aided by ample supply of ALLOCYTE Plus |
| And so therefore, we see a significant market opportunity for this product, as Zach mentioned, and it will be a key core product for us as we move forward, we believe |
| We have great products |
| Our offers benefits that the others don't, such as it's a leave-in rents, also a product that has a low cytotoxicity and it allows for leave-in usage means they don't have to wash it out with saline |
| This represented a 55% increase over the prior year period |
| They've got a lot of capabilities to be able to come in and impact what we do to achieve those 2 goals of the lower cost and improving outcomes |
| Can you give us some color on sort of the -- just the early indications you're getting from the surgeons as you launched it? Ron Nixon Zach would you might Zach Fleming Great indicator that we got 41 approvals before launch, so that was really encouraging to see that these hospitals as well as surgeons felt like there was a need and there was demand and so we were able to get the approval |
| The higher revenues in 2023 were primarily due to increased sales of soft tissue repair products and to lesser extent, bone fusion products as a result of our increased market penetration geographic expansion, additional revenues as a result of the Scendia acquisition and our continuing strategy to expand our independent distribution network in both new and existing U.S |
| In Q3, '23, Sanara generated $16 million in net revenue, representing a 23% increase from the prior year period |
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| A 33rd state missed our trailing 12 months revenue cutoff by less than $2,000 |
| Concern over selling cost over cost of facilities due to surgeons’ significant use of the product negatively impacted growth in four territories |
| ALLOCYTE supply issues negatively impacted our sales in Q3, but we believe we have resolved the supply issue with our new supplier of ALLOCYTE Plus |
| And so they limited usage, and that's where we've seen a little bit of slowdown |
| We had a net loss -- we had a loss before income tax of $1.1 million for the third quarter compared to $3.2 million during the same period in 2022 |
| For the 9 months ended September 30, we had a net loss of $4.2 million to $3.9 million during the same period last year |
| For the quarter ended September 30, we had a net loss of $0.1 million compared to a net loss of $1.5 million during the same period last year |
| Our loss before income taxes narrowed from $3.2 million to $1.1 million year-over-year in Q3 and that also had $1.1 million in Q3 compared to a net loss of $1.5 million for the prior year period |
| However, procurement reduced or limited usage in a few of these instances |
| And of course, all surgeries have some risk of a complication or infection |
| So if you are thinking about the OR, OR is a sterile environment, however, microbes do get introduced inadvertently |
| The lower loss before income tax in 2023 was due to operating expenses increasing at a slower rate than net sales in addition to the benefit recorded as a result of the change in fair value of earnout liabilities |
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