Sanara MedTech (NASDAQ:SMTI) Releases Earnings Results, Beats Expectations By $0.10 EPS

Key Points

• Sanara MedTech reported a quarterly earnings per share of ($0.23), exceeding analyst expectations of ($0.33) by $0.10.
• The company recorded a revenue of $25.83 million, surpassing estimates of $25.15 million.
• Following the earnings release, Sanara MedTech's stock price fell by 6.5%, trading down to $29.84 per share.

Sanara MedTech (NASDAQ:SMTI - Get Free Report) issued its quarterly earnings results on Wednesday. The company reported ($0.23) earnings per share for the quarter, beating the consensus estimate of ($0.33) by $0.10, Zacks reports. The business had revenue of $25.83 million for the quarter, compared to the consensus estimate of $25.15 million. Sanara MedTech had a negative net margin of 10.22% and a negative return on equity of 26.43%.

Sanara MedTech Trading Down 2.3%

NASDAQ:SMTI traded down $0.72 during midday trading on Tuesday, hitting $30.86. 23,831 shares of the company traded hands, compared to its average volume of 45,362. The firm has a market capitalization of $274.65 million, a P/E ratio of -26.60 and a beta of 1.26. The firm's fifty day moving average is $27.72 and its 200-day moving average is $30.38. Sanara MedTech has a 12-month low of $23.53 and a 12-month high of $39.08. The company has a current ratio of 2.26, a quick ratio of 2.03 and a debt-to-equity ratio of 1.25.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Marshall Wace LLP lifted its position in shares of Sanara MedTech by 144.3% in the 2nd quarter. Marshall Wace LLP now owns 71,511 shares of the company's stock worth $2,030,000 after purchasing an additional 42,237 shares during the period. Hsbc Holdings PLC bought a new stake in Sanara MedTech during the 2nd quarter valued at $382,000. Lazard Asset Management LLC boosted its position in Sanara MedTech by 63,100.0% during the 2nd quarter. Lazard Asset Management LLC now owns 3,160 shares of the company's stock valued at $89,000 after acquiring an additional 3,155 shares in the last quarter. Finally, Rhumbline Advisers increased its holdings in shares of Sanara MedTech by 14.9% in the 1st quarter. Rhumbline Advisers now owns 3,714 shares of the company's stock valued at $115,000 after acquiring an additional 483 shares during the period. 8.10% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, HC Wainwright lifted their price objective on shares of Sanara MedTech from $53.00 to $54.00 and gave the company a "buy" rating in a research report on Monday. Two analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $50.00.

Sanara MedTech Company Profile

Sanara MedTech Inc, a medical technology company, develops, markets, and distributes surgical, wound, and skincare products and services to physicians, hospitals, clinics, and post-acute care settings in the United States. The company offers CellerateRX Surgical, a medical hydrolysate of Type I bovine collagen indicated for the management of surgical, traumatic, and partial- and full-thickness wounds, as well as first- and second-degree burns; and HYCOL, a medical hydrolysate of Type I bovine collagen intended for the management of full and partial thickness wounds, including pressure ulcers, venous and arterial leg ulcers, and diabetic foot ulcers.