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On Wednesday, H.C. Wainwright analyst Yi Chen increased the price target for Sanara MedTech (NASDAQ:SMTI) to $51.00 from the previous target of $50.00, while maintaining a Buy rating on the company’s shares. The adjustment follows Sanara MedTech’s announcement of its fourth quarter and full-year financial results for 2024. The stock has experienced a notable decline of approximately 10% over the past week, according to InvestingPro data.
Sanara MedTech reported a net revenue of $26.3 million for the fourth quarter, which is a 49% year-over-year growth. The net loss for the quarter was $1.5 million, or $0.18 per share, which was slightly better than H.C. Wainwright’s estimated loss of $1.7 million. The full-year results for 2024 showed a net revenue of $86.7 million, marking a 33% increase compared to the previous year. The annual net loss was reported at $9.7 million, or $1.14 per share. InvestingPro analysis reveals the company maintains impressive gross profit margins of over 90% and operates with a moderate level of debt. Subscribers can access 6 additional ProTips and comprehensive financial metrics.
The company’s management attributed the revenue growth mainly to the performance of the soft tissue products in the Sanara Surgical segment. Products like CellerateRX Surgical Activated Collagen and BIASURGE experienced increased demand, contributing to the segment’s success. Looking ahead, management has indicated a continued focus on improving profitability within the Sanara Surgical segment for the year 2025.
Chen’s revised 12-month price objective of $51 is based on projected revenues for the upcoming year. Despite the absence of specific guidance from the company’s management for 2025, the analyst expressed confidence in the Sanara Surgical segment’s potential to sustain top-line growth. The reiteration of the Buy rating and the updated price target reflect this optimism.
In other recent news, Sanara MedTech reported a strong financial performance for the fourth quarter, with revenues reaching $26.3 million, marking a significant 49% year-over-year increase. This growth was primarily driven by robust sales in their soft tissue repair products, which saw a 56% increase, amounting to $23.5 million. For the full year 2024, Sanara MedTech’s net revenue totaled $86.7 million, reflecting a 33% increase compared to the previous year. The company also reported an adjusted EBITDA of $2.7 million, indicating improved operational efficiency.
Cantor Fitzgerald maintained its Overweight rating on Sanara MedTech, with a price target of $46, praising the company’s impressive fourth-quarter results. The firm highlighted the company’s ability to navigate supply chain challenges effectively, contributing to its robust performance. Additionally, Sanara MedTech announced a strategic alliance with BioMimetic Innovations, which includes an exclusive license and distribution agreement for innovative products in the U.S. market. The company also received FDA Breakthrough Device Designation for a new product, further enhancing its market position.
Looking ahead, Sanara MedTech plans to invest significantly in its Tissue Health Plus (THP) initiative, with a projected investment of $7.5 to $10 million in the first half of 2025. The company aims to launch its THP pilot in the second quarter of 2025, targeting wound care provider groups. These developments reflect Sanara MedTech’s ongoing efforts to strengthen its market presence and expand its product offerings.
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