Sanara Medtech Inc. · NASDAQ:SMTI
Sanara Medtech — Q3 2026 Earnings Presentation
76 slides from Sanara Medtech's earnings presentation, Oct 28, 2026
Slide 1: MIMEDX Announces Third Quarter 2026 Operating & Financial Results
MIMEDX Announces Third Quarter 2026 Operating & Financial Results Reports Continued Double-Digit Year-Over-Year Volume Growth for Surgical Franchise Delivers Wound Care Center Volume Growth Both Sequentially and Year-Over-Year Obtained Favorable Federal Court Ruling in AXIOFILL® Regulatory Classific
Slide 2: Third Quarter 2026 Results Discussion
Third Quarter 2026 Results Discussion Net Sales MIMEDX reported net sales for the three months ended September 30, 2026 of $62 million, compared to $114 million for the three months ended September 30, 2025, a decrease of 45%. During the quarter, Surgical product sales increased 9% compared to the p
Slide 3: Net Income, Cash and Financial Outlook
Net Income Net loss for the three months ended September 30, 2026 was $9 million compared to net income of $17 million for the three months ended September 30, 2025. Cash and Cash Equivalents As of September 30, 2026, the Company had $121 million of cash and cash equivalents compared to $166 million
Slide 4: AXIOFILL Ruling, Patent License Agreement, Conference Call
product rather than a medical device. The Court remanded both matters to FDA for further consideration consistent with its order. Patent License Agreement The Company also announced today that it has entered into a license agreement with a wound care competitor that resolves allegations of infringem
Slide 5: Forward-looking statements
Antitrust Improvements Act following the FTC’s Second Request, financing under the Hayfin commitment, anticipated ticking fees under the Hayfin commitment letter, potential termination fees payable to Sanara, and integration activities and expected synergies. Additional forward-looking statements ma
Slide 6: About MIMEDX and Contact
MIMEDX is a pioneer and leader focused on helping humans heal. With more than a decade and a half of helping clinicians manage chronic and other hard-to-heal wounds, MIMEDX is dedicated to providing a leading portfolio of products for applications in the wound care, burn, and surgical sectors of hea
Slide 7: Condensed Consolidated Balance Sheets
MiMedx Group, Inc. Condensed Consolidated Balance Sheets (in thousands) Unaudited September 30, 2026 December 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 120,791 $ 166,121 Accounts receivable, net 37,269 75,707 Inventory 22,088 25,340 Other current assets 7,085 10,303 Total current a
Slide 8: Condensed Consolidated Statements of Operations
MiMedx Group, Inc. Condensed Consolidated Statements of Operations (in thousands, except share and per share amounts) Unaudited Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net sales $ 62,283 $ 113,725 $ 185,636 $ 300,535 Cost of sales 12,581 18,719 49,929 53,
Slide 9: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures In addition to our GAAP results, we provide certain non-GAAP measures including Adjusted EBITDA and related margins, Free Cash Flow, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Net Income, and Adjusted Earnings Per Share ("Adjusted EPS"). We believe tha
Slide 10: Non-GAAP adjustment definitions
• Reorganization expense - expenses incurred toward the realignment of our operating strategy. These expenses relate to severance expenses related to certain executive leaders and other employment actions, including the implementation of our cost reduction initiative during the second quarter of 202
Slide 11: Adjusted EBITDA reconciliation
Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net (loss) income $ (8,683) $ 16,748 $ (34,383) $ 33,387 Non-GAAP Adjustments: Strategic legal and regulatory expenses 5,688 2,515 14,117 6,691 Acquisition and other transaction-related costs 3,288 159 3,435 799 Sha
Slide 12: Adjusted Net Income reconciliation, Q3
A reconciliation of various line items included in our GAAP unaudited condensed consolidated statements of operations to Adjusted Net Income (Loss) for the three months ended September 30, 2026 and 2025 are presented in the tables below (in thousands): Three Months Ended September 30, 2026 Gross Pro
Slide 13: Adjusted Net Income reconciliation, nine months
Nine Months Ended September 30, 2026 Gross Profit Selling, General & Administrative Expense Research and Development Expense Net Income Reported GAAP Measure $ 135,707 $ 171,323 $ 9,712 $ (34,383) Strategic legal and regulatory expenses — (14,117) — 14,117 Acquisition and other transaction- related
Slide 14: Adjusted Earnings Per Share
Adjusted Earnings Per Share Adjusted Earnings Per Share is intended to provide a normalized view of earnings per share by removing items that may be irregular, one-time, or non-recurring from net income. This enables us to identify underlying trends in our business that could otherwise be masked by
Slide 15: Free Cash Flow
Free Cash Flow Free Cash Flow is intended to provide a measure of our ability to generate cash in excess of capital investments. It provides management with a view of cash flows which can be used to finance operational and strategic investments. Free Cash Flow is defined as net cash provided by oper
Slide 16: Net Sales by Product Category by Quarter
Other Information Net Sales by Product Category by Quarter Below is a summary of net sales by product category (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Surgical $ 39,960 $ 36,627 $ 115,631 $ 102,888 Wound 22,323 77,098 70,005 197,647 Net sa
Slide 17: Q3 2026 Financial Results Conference Call
Q3 2026 Financial Results Conference Call October 28, 2026
Slide 18: Disclaimer & Cautionary Statements
Disclaimer & Cautionary Statements This presentation and our earnings call includes forward-looking statements. Forward-looking statements are subject to risks and uncertainties, and the Company cautions investors against placing undue reliance on such statements. Actual results may differ materiall
Slide 19: Disclaimer: No Offer or Solicitation
Disclaimer No Offer or Solicitation This presentation does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any securities or a solicitation of any vote or approval with respect to the Transactions or otherwise, nor shall there be any sale, issuance or transfer
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes non-GAAP financial measures, including Adjusted EBITDA and related margins, Free Cash Flow, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Net Income, Adjusted SG&A, Adjusted R&D and Adjusted Earnings Per Share. These measures are not pr
Slide 21: Opening Remarks
Opening Remarks Joseph H. Capper, Chief Executive Officer | 5 |
Slide 22: Highlights Q3 2026
Highlights Q3 2026 —_— MIMEDX
Slide 23: Sanara Transaction Undergoing Additional FTC Review
Sanara Transaction Undergoing Additional FTC Review | 7 | Committed to the deal We remain fully committed to the Sanara combination. We’ll cooperate fully with the FTC to find a resolution as expeditiously as possible, and our strategic and financial rationale for the deal is unchanged. Ready for Da
Slide 24: Q3:26 Operating & Financial Highlights
Q3:26 Operating & Financial Highlights 1) Adjusted EBITDA is a non-GAAP financial measure. See the Appendix for a reconciliation to the nearest GAAP measure. | 8 | Net Sales $62MM Surgical Net Sales +9% vs. Q3:25 Mid-teens % volume growth Business Highlights Favorable court ruling in FDA litigation;
Slide 25: Strategic Priorities
Strategic Priorities Focus on Product Innovation & Market Opportunities | 9 | 01 Continuing to innovate and diversify our portfolio across product platforms 02 Driving higher growth in surgical markets
Slide 26: Surgical Franchise Continues to Post Solid Growth
Surgical Franchise Continues to Post Solid Growth | 10 | UPDATE Surgical volume growth +Mid-teens % Particulate portfolio momentum continues Strong performance, led by HELIOGEN $40MM Surgical net sales 64% of Q3:26 total net sales Growth despite a softer market: Q3 US surgical volumes stayed soft wi
Slide 27: Favorable Federal Court Ruling in FDA Litigation for AXIOFILL
Favorable Federal Court Ruling in FDA Litigation for AXIOFILL® | 11 | 1 The Court vacated FDA’s determination that AXIOFILL is not a Section 361 HCT/P because it is more than minimally manipulated. 2 The Court vacated FDA’s determination that AXIOFILL should be classified as a biological product rat
Slide 28: Wound Care in 2026: Wound Care Center Growth & Consolidation
Wound Care in 2026: Wound Care Center Growth & Overall Consolidation | 12 | Significant reduction in Medicare spend Market consolidation trending back to products with clinical evidence. Audit and claw back activity on the rise. Patient volume slowly migrating from mobile wound practices Mobile prac
Slide 29: Company's First Two 510(k) Submissions in Review
Company’s First Two 510(k) Submissions in Review | 13 | The 510(k) designation is an important step to unlock new markets, applications, coverage and claims that we expect will grow our presence in the operating room. Antimicrobial Xenograft ECM Particulate
Slide 30: Protecting IP Portfolio In and Out of Court
Protecting IP Portfolio In and Out of Court | 14 | Settlement announced today $25M Paid in five equal annual installments of $5M Settlement and license agreement with a wound care competitor resolves patent infringement allegations involving the MIMEDX IP portfolio Other recent wins in active litiga
Slide 31: Financial Results
Financial Results Doug Rice, Chief Financial Officer | 15 |
Slide 32: Q3:26 Net Sales Summary
Q3:26 Net Sales Summary | 16 | UPDATE Net Sales $62MM Net sales by quarter, $MM Net sales by segment Surgical $40MM Wound $22MM $59MM $64MM $62MM Q1:26 Q2:26 Q3:26 64% of total 36% of total
Slide 33: Q3:26 Surgical Net Sales
Q3:26 Surgical Net Sales | 17 | UPDATE Surgical $40MM Highlights • Mid teens Surgical volume growth in Q3:26 • Strong double-digit growth in AMNIOFIX® and AMNIOEFFECT® • Continued growth in Particulate portfolio, led by HELIOGEN • Ramping contributions from G4Derm® Plus Surgical net sales by quarter
Slide 34: Q3:26 Wound Net Sales
Q3:26 Wound Net Sales | 18 | UPDATE Wound $22MM 36% of net sales Highlights • Continued market disruption from the January 1, 2026 Medicare reimbursement reset • 7% sequential growth and over 20% year-over-year growth in Wound Care Center volumes
Slide 35: Q3:26 P&L Summary
Q3:26 P&L Summary 1) Adj. EBITDA, Adj. Net Income and related margins are non-GAAP financial measures. See the Appendix for a reconciliation to the nearest GAAP measure. | 19 | $17 $23 $35 ($9) ($1) $2 $95 $54 $15 $4 $50 $40 $19 $3 Adj. EBITDA & Margin1GAAP Net Income & Margin R&D 47% 64% 3% 4% 15%
Slide 36: Strong Balance Sheet Despite Market Turbulence
Strong Balance Sheet Despite Market Turbulence | 20 | Net Cash Balance Over $100MM For 6 Consecutive Quarters ($ Millions) $100MM $124MM $148MM $142MM $119MM $121MM Q2:25 Q3:25 Q4:25 Q1:26 Q2:26 Q3:26 Net cash, Q3:26 $121MM +$2MM vs. Q2:26 • Above $100MM for 6 consecutive quarters • Up $21MM since Q
Slide 37: Sanara Debt Financing
Sanara Debt Financing | 21 | Committed financing $300MM First-lien senior secured term loan Six-year term Interest initially at Term SOFR plus 6.25% Tied to closing Commitment is contingent on the acquisition closing Funds cash consideration Together with cash on hand, proceeds fund the cash portion
Slide 38: 2026 Outlook
2026 Outlook *2026 Outlook provided as of October 28, 2026. Actual results may differ. | 22 | 2026 Net Sales* $250–260MM Q4:26 Adj. EBITDA* Up Sequentially vs. Q3:26
Slide 39: Closing Remarks, Q&A
Closing Remarks, Q&A ———~ MIMEDX
Slide 40: Thank You
THANK YOU MIMEDX 1775 West Oak Commons Ct. Marietta, GA 30062 888.543.1917 | 770.651.9100 | 24 |
Slide 41: Appendix
Appendix a MIMEDX
Slide 42: Adjusted EBITDA - QTD
Adjusted EBITDA - QTD | 26 | Amounts (in millions) for the three months ended September 30, 2026 2025 Net income - GAAP $ (8.7) $ 16.7 Strategic legal and regulatory expenses 5.7 2.5 Acquisition and other transaction-related costs 3.3 0.2 Stock-based compensation expense 3.2 4.9 Amortization of inta
Slide 43: Adjusted EBITDA - YTD
Adjusted EBITDA - YTD | 27 | Amounts (in millions) for the nine months ended September 30, 2026 2025 Net income - GAAP $ (34.4) $ 33.4 Strategic legal and regulatory expenses 14.1 6.7 Reorganization expenses 3.8 0.8 Acquisition and other transaction-related costs 3.4 0.8 Amortization of intangible a
Slide 44: Adjusted Net Income and Adjusted EPS - QTD
Adjusted Net Income and Adjusted EPS - QTD | 28 | Amounts (in millions) for the three months ended September 30, 2026 2025 Net income - GAAP $ (8.7) $ 16.7 Strategic legal & regulatory expenses 5.7 2.5 Acquisition and other transaction-related costs 3.3 0.2 Amortization of acquired intangible assets
Slide 45: Adjusted Net Income and Adjusted EPS - YTD
Adjusted Net Income and Adjusted EPS - YTD | 29 | Amounts (in millions) for the nine months ended September 30, 2026 2025 Net income - GAAP $ (34.4) $ 33.4 Strategic legal & regulatory expenses 14.1 6.7 Reorganization expenses 3.8 0.8 Acquisition and other transaction-related costs 3.4 0.8 Amortizat
Slide 46: Investor Presentation October 2026
Investor Presentation October 2026
Slide 47: Disclaimer & Cautionary Statements
Disclaimer & Cautionary Statements This presentation and our earnings call includes forward-looking statements. Forward-looking statements are subject to risks and uncertainties, and the Company cautions investors against placing undue reliance on such statements. Actual results may differ materiall
Slide 48: Disclaimer: No Offer or Solicitation
Disclaimer No Offer or Solicitation This presentation does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy any securities or a solicitation of any vote or approval with respect to the Transactions or otherwise, nor shall there be any sale, issuance or transfer
Slide 49: Non-GAAP Financial Measures
Non-GAAP Financial Measures This presentation includes non-GAAP financial measures, including Adjusted EBITDA and related margins, Free Cash Flow, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Net Income, Adjusted SG&A, Adjusted R&D and Adjusted Earnings Per Share. These measures are not pr
Slide 50: MIMEDX – A Pioneer & Leader Delivering Healing Solutions in Healthcare
MIMEDX – A Pioneer & Leader Delivering Healing Solutions in Healthcare | 5 | At MIMEDX, our vision is to be the leading global provider of healing solutions through relentless innovation to restore quality of life. Expanding Surgical footprint as we demonstrate positive clinical and economic outcome
Slide 51: Investment Rationale
Investment Rationale | 6 | Addressing large, growing Surgical markets and continuing a legacy of leadership in Wound Planned Acquisition of Sanara MedTech accelerates Surgical growth Key competitive advantages with innovative products, extensive IP and broad sales reach Strong balance sheet and cash
Slide 52: Proposed Acquisition of Sanara MedTech
Sanara MedTech Proposed Acquisition of | 7 |
Slide 53: Sanara Meaningfully Accelerates Efforts to Expand Surgical Footprint
Sanara Meaningfully Accelerates Efforts to Expand Surgical Footprint | 8 | 100% Surgical / OR Business Leading Particulate Expanding Product Portfolio Unlocks Sizable Incremental TAMs1 +$4B Transforms Surgical Footprint & Financial Profile Robust R&D Pipeline Key Transaction Highlights 1 – Calculate
Slide 54: About Sanara MedTech
About Sanara MedTech Pure-play surgical solutions business focused on the operating room setting, with innovative technologies, strong IP, a proven and scalable commercial engine and a compelling margin profile. 1 – Historical financial information based on Sanara’s public filings | 9 | PREPARE PROM
Slide 55: Strong Business Alignment Drives Compelling Deal Rationale
CellerateRX® Surgical Leading Collagen Particulate Strong Business Alignment Drives Compelling Deal Rationale | 10 | OsStic Synthetic Injectable Structural Bio-Adhesive BIASURGE® No-Rinse Surgical Irrigation Solution Expands Product Offering with Differentiated, Innovative Technologies Strong Cultur
Slide 56: Transaction Details
Transaction Details | 11 | Consideration Run-Rate Cost Synergies & Combined Financial Profile Approvals • Acquiring Sanara for $35 per share, representing a 46% premium to Sanara’s 30-day volume weighted average share price as of July 28, 2026 • Purchase price comprised of: • $33 per share in cash a
Slide 57: About MIMEDX
About MIMEDX —e__ MIMEDX
Slide 58: Surgical Markets Offer a Large, Expanding Opportunity Outside of Wound Care
Surgical Markets Offer a Large, Expanding Opportunity Outside of Wound Care 1 - Life Science Intelligence, U.S. Surgical Procedure Volumes Database: inpatient and outpatient procedures, 2024. 2 - Calculated using Definitive Healthcare Database, LSI Procedural Data, published orthopedic market resear
Slide 59: Targeting Surgical Applications That Reduce Health & Economic Burdens
Targeting Surgical Applications That Reduce Health & Economic Burdens Compelling Data Supporting Use of MIMEDX Products in Colorectal Anastomosis Procedures 1) Rennie O, Sharma M, Helwa N. Colorectal anastomotic leakage: a narrative review of definitions, grading systems, and consequences of leaks.
Slide 60: Additional Surgical Studies Underway Highlight Product Versatility
Additional Surgical Studies Underway Highlight Product Versatility | 15 | Generating Clinical Data in Numerous Surgical Disciplines Incorporating Use of MIMEDX Products ENROLLMENT / ANALYSIS MANUSCRIPTS / REVIEW PUBLISHED Liver Transplant Interim analysis upcoming AMNIOFIX Breast Reduction Study ana
Slide 61: Addressing a Large and Unmet Need for Wound Healing Solutions
Addressing a Large and Unmet Need for Wound Healing Solutions 1 - Sen CK, et al. Human Wound and Its Burden: Updated 2025 Compendium of Estimates. Adv Wound Care (New Rochelle). 2025; doi: 10.1177/21621918251359554 2 - Tettelbach WH, et al. Cost-effectiveness of dehydrated human amnion/chorion membr
Slide 62: The Most Comprehensive End-To-End Product Ecosystem
The Most Comprehensive End-To-End Product Ecosystem Leading the field with science, clinical efficacy and a customer and patient-centric go-to-market mindset | 17 | The most studied portfolio of placental products with a growing compendium of published scientific, clinical and health outcome data 1
Slide 63: Unmatched Peer-Reviewed Published Evidence
The Most Comprehensive End-To-End Product Ecosystem Unmatched peer-reviewed published evidence supporting our product portfolio | 18 | 1 Clinical evidence 2 Tissue supply 3 Product innovation 4 Customer focus Peer-reviewed research Publications in Nature Scientific Reports and the Journal of Inflamm
Slide 64: National Footprint for Placental Tissue Donation
The Most Comprehensive End-To-End Product Ecosystem National footprint with labor and delivery centers to obtain placental tissue | 19 | 1 Clinical evidence 2 Tissue supply 3 Product innovation 4 Customer focus National network of birthing center partners Expectant Mothers Introduced to Donation Pro
Slide 65: Robust IP Portfolio Driving Innovation
The Most Comprehensive End-To-End Product Ecosystem Leveraging robust IP portfolio, knowhow and expertise to drive continued innovations for Wound & Surgical markets | 20 | 1 Clinical evidence 2 Tissue supply 3 Product innovation 4 Customer focus New product innovations leading to untapped opportuni
Slide 66: MIMEDX Connect Practice Management Portal
The Most Comprehensive End-To-End Product Ecosystem MIMEDX Connect offers a full suite of practice management tools in a single online portal | 21 | 1 Clinical evidence 2 Tissue supply 3 Product innovation 4 Customer focus A key partner to healthcare professionals with industry leading support servi
Slide 67: Strategic Priorities
Strategic Priorities Focus on Product Innovation & Market Opportunities | 22 | 01 Continuing to innovate and diversify our portfolio across product platforms 02 Driving higher growth in surgical markets
Slide 68: Q3:26 Operating & Financial Highlights
Q3:26 Operating & Financial Highlights 1) Adjusted EBITDA is a non-GAAP financial measure. See the Appendix for a reconciliation to the nearest GAAP measure. | 23 | Net Sales $62MM Surgical Net Sales +9% vs. Q3:25 Mid-teens % volume growth Business Highlights Favorable court ruling in FDA litigation
Slide 69: Experienced, Skillful Leadership Team Executing Strategy
Experienced, Skillful Leadership Team Executing Strategy Prior Roles Include: Management Team with Track Record of Success in MedTech Joe Capper Chief Executive Officer Doug Rice Chief Financial Officer Butch Hulse Chief Administrative Officer & General Counsel Kim Moller Chief Commercial Officer Jo
Slide 70: Investment Rationale
Investment Rationale | 25 | Addressing large & expanding Surgical markets and continuing a legacy of leadership in Wound Planned Acquisition of Sanara MedTech accelerates Surgical growth Key competitive advantages with innovative products, extensive IP and broad sales reach Strong balance sheet and
Slide 71: Thank You
THANK YOU MIMEDX 1775 West Oak Commons Ct. Marietta, GA 30062 888.543.1917 | 770.651.9100 | 26 |
Slide 72: Appendix
Appendix mS MIMEDX
Slide 73: Adjusted EBITDA - QTD
Adjusted EBITDA - QTD | 28 | Amounts (in millions) for the three months ended September 30, 2026 2025 Net income - GAAP $ (8.7) $ 16.7 Strategic legal and regulatory expenses 5.7 2.5 Acquisition and other transaction-related costs 3.3 0.2 Stock-based compensation expense 3.2 4.9 Amortization of inta
Slide 74: Adjusted EBITDA - YTD
Adjusted EBITDA - YTD | 29 | Amounts (in millions) for the nine months ended September 30, 2026 2025 Net income - GAAP $ (34.4) $ 33.4 Strategic legal and regulatory expenses 14.1 6.7 Reorganization expenses 3.8 0.8 Acquisition and other transaction-related costs 3.4 0.8 Amortization of intangible a
Slide 75: Adjusted Net Income and Adjusted EPS - QTD
Adjusted Net Income and Adjusted EPS - QTD | 30 | Amounts (in millions) for the three months ended September 30, 2026 2025 Net income - GAAP $ (8.7) $ 16.7 Strategic legal & regulatory expenses 5.7 2.5 Acquisition and other transaction-related costs 3.3 0.2 Amortization of acquired intangible assets
Slide 76: Adjusted Net Income and Adjusted EPS - YTD
Adjusted Net Income and Adjusted EPS - YTD | 31 | Amounts (in millions) for the nine months ended September 30, 2026 2025 Net income - GAAP $ (34.4) $ 33.4 Strategic legal & regulatory expenses 14.1 6.7 Reorganization expenses 3.8 0.8 Acquisition and other transaction-related costs 3.4 0.8 Amortizat