Sanara Medtech posts Q2 loss, misses earnings and revenue estimates
Medical device maker Sanara Medtech reported adjusted earnings per share below expectations, while revenue declined year-over-year amid soft market conditions.
Sanara Medtech Inc. (NASDAQ: SNRA) on Thursday reported adjusted earnings per share of $0.08 for the second quarter, missing the consensus estimate of $0.10 by $0.02.
Revenue for the quarter totaled $12.4 million, falling short of the $13.1 million forecast by analysts polled by Refinitiv. The company attributed the shortfall to weaker demand in its core markets and ongoing supply chain constraints.
Net income for the period amounted to $1.2 million, a decline from $1.5 million in the same quarter last year. Gross margin contracted to 45.2% from 48.7% year-over-year, reflecting higher production costs and pricing pressures.
Sanara Medtech, which develops and markets medical devices for chronic disease management, maintained its full-year guidance but warned that macroeconomic headwinds could weigh on performance in the second half of 2024.
Shares of SNRA were down 3.5% in after-hours trading following the release.
Priya covers listed equities and corporate earnings, reading quarterly results and guidance for what they signal about sector health and forward valuations.
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