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7.84x Total Debt / Equity (High leverage)

Low-moderate; minimal long-term debt (~$5M credit facility), so 200bps rate rise adds ~$100K annual interest cost, immaterial to operations

Low intensity; China and India supply >60% of global API inputs, creating concentration risk.

Single-source wound-care consumables from Asian manufacturers; FDA-regulated biologics suppliers concentrated in US with limited alternatives

Effectively null; Sanara MedTech derives ~99% of revenue domestically, negligible sovereign currency devaluation exposure

Nearly entirely US-based revenue; no material international market exposure, currency devaluation risk is effectively zero

Low intensity; commodities: Active Pharmaceutical Ingredients, Rare Earth Elements, Natural Gas (energy), Plastics/Resins, Ethanol, Packaging Materials; geopolitical: China and India supply >60% of global API inputs, creating concentration risk.

Moderate-high; CellerateRX wound care product line and biologics sourced from limited suppliers; single-product dependency exceeds 30% of revenue

Cloud disruption risk is low-moderate; core operations rely on field sales reps and clinical delivery, not heavy cloud-native infrastructure

Secondary SaaS/digital platform (Tissue Analytics) has moderate cloud dependency; 30-day termination would disrupt wound imaging analytics but not core product sales

Low-moderate API coupling risk; Tissue Analytics platform integrates with EHR systems (Epic, Cerner), creating meaningful but not insurmountable switching friction

Near-zero Howey Test risk; revenue model is product sales and SaaS licensing, not investment contracts or profit-sharing arrangements

Very High

Moderate HIPAA exposure as primary risk; CCPA applicable to California patient data; GDPR immaterial given no EU operations; PHI handling requires ongoing compliance investment

Low antitrust risk; company holds <5% wound care market share, competes against large players (Smith+Nephew, Mölnlycke), no dominant position

Very High burden; regimes: FDA, CMS, HHS, HIPAA, EMA, OIG; Drug pricing legislation and approval delays directly compress revenue visibility.

Approximately 30-40% recurring (SaaS platform, contracted facility agreements); 60-70% transactional product sales to hospitals and wound care clinics

Dual vector: consumable wound care product sales per procedure plus per-seat or per-facility SaaS licensing for Tissue Analytics digital wound management

Value-based pricing tied to clinical outcomes; vulnerable to hospital GPO negotiation pressure and formulary exclusion; limited ability to pass through cost inflation

3/10; hospital procurement committees and GPO contracts heavily constrain pricing; reimbursement rates set by CMS further cap effective price increases

92.7% Gross Margin (Premium (>60%))

Low free-rider risk; wound care products require purchase; SaaS platform churn risk moderate as smaller facilities may deprioritize analytics spend during budget cuts

Largely headcount-linear; field clinical sales rep model requires proportional headcount growth with geographic expansion; limited operational leverage short-term

High marginal cost of growth; each new territory requires clinical sales rep hire (~$150-200K fully loaded); gross margins ~60% but EBITDA leverage limited by salesforce scaling

Not applicable; Sanara operates direct sales model, no franchise network

At 10x scale, CAC would pressure unit economics; current hospital-level CAC estimated $50-100K with 18-24 month payback; GPO partnerships could improve but compress margins

Weak network effects; Tissue Analytics gains marginal value from broader wound data sets but not a true marketplace or platform with strong cross-side effects

-0.5% Return on Assets (Negative equity)

Tier 2 moderate resilience; chronic wound care is medically necessary but hospitals may defer elective wound product upgrades; CMS reimbursement provides partial floor

Acute care hospitals and wound care centers; top 10 hospital system customers likely represent 30-40% of revenue, creating meaningful concentration risk

Long-term care and skilled nursing facilities; fragmented segment reduces concentration risk but increases sales complexity and per-account revenue is lower

["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "19-0000 Life, Physical, and Social Science Occupations", "21-0000 Community and Social Service Occupations", "23-0000 Legal Occupations", "29-0000 Healthcare Practitioners and Technical Occupations", "31-0000 Healthcare Support Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "51-0000 Production Occupations"]

0.32 (HIL — ~32% of characteristic roles agent-automatable)

4.5% CapEx / Revenue (Low-CapEx Asset-Light)

0000714256

SMTI