FORT WORTH, TX, July 05, 2022 (GLOBE NEWSWIRE) — Sanara MedTech 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…
