SanaraMedTech Inc. Based in Fort Worth, Texas, Sanara MedTech Inc. (“Sanara,” the “Company,” “we,” “our” or “us”) (NASDAQ: SMTI), a provider of products and technologies for surgical and chronic wound care dedicated to improving patient outcomes, announced today that it closed the acquisition of Scendia Biologics, LLC (“Scendia”) on July 1, 2022. Prior to this acquisition, Scendia was a sub-distributor of Sanara’s and joint venture partner.
Zach Fleming, Sanara’s CEO, stated, “At Sanara, we are constantly looking to find new products and technologies that can help us to achieve our goal of improving patient outcomes and lowering overall costs. This acquisition furthers our goal by adding a significant portfolio of advanced biologic products that are complementary to our current surgical product offering. In addition, we believe the acquisition will expand our ability to partner with additional health systems to deliver a more comprehensive suite of surgical products. We also believe that the physicians who currently use our existing surgical products could benefit from the Scendia product portfolio as they strive to improve patient outcomes and decrease post-acute complications.”
Transaction Details
- $7.4 million base purchase price paid at closing ($1.4 million in cash and $6.0 million in common stock)
- Two potential future earnout payments payable on an annual basis in either cash or common stock at Sanara’s election based on sales growth in year one and year two after closing
- Scendia’s unaudited full-year 2021 revenue was $8.3 million and its unaudited trailing-twelve-month revenue was $11.0 million (as of May 31, 2022). This acquisition is expected to be accretive to Sanara’s EPS in Q3 of 2022
Ryan Phillips, Scendia’s President, and founder stated, “We have had a successful partnership with Sanara for years; both companies share a goal of improving patient outcomes and lowering costs. Working together, we expect to offer a wider suite of products to more physicians and patients, helping to ensure the right solution is available when needed. I look forward to being part of the Sanara team and working together to continue to grow our business in the years to come.”
Source: Biospace
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