Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Sep 6, 2026
Sanara Medtech Inc. (SMTI)
A forensic read on Sanara Medtech Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Safe
Financial health
3.6
Distress distance
Clean
Earnings quality
4
Forensic signals
-9.3
P / E (ttm)
-632.5%
ROE
$321M
Market cap
0.00%
Dividend yield
19.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Sanara Medtech Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 3.6, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.
What the filings flag
54d DSO
FY2021→FY2022
Receivables vs revenue.Measured to FY2022 — 3 years behind FY2025, the most recent year this filer has reported, because its filings carry no receivables figure after FY2022. What follows is the last reading these filings support on this line, not a read on the business as it files today. Days sales outstanding moved from 43 to 54 days FY2021→FY2022 (receivables +138% vs revenue +90%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. There's no FY2020 figure on file for receivables, so FY2021 has no opening balance to average against — both figures are measured on period-end balances rather than the beginning-plus-ending average, since averaging only the current year would make the move track balance-sheet growth rather than the business.
+2.9%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +9% over the last 3 years to FY2025 (+2.9%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. Note: the share count shows a large one-time jump around FY2017, consistent with a reverse split or bankruptcy reorg rather than gradual buybacks, so the earlier shrinkage doesn't reflect real repurchase discipline. That's ~2.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~8%.
FCF ($6M)
FY2022
Shareholder returns.Returned $220,000 to shareholders (buybacks + dividends) in FY2022, but free cash flow was ($6M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
Key fundamentals
Net Margin-36.4%
Debt / Equity7.74x
Free Cash Flow$2.2M
Latest Revenue$103.1M
Return on Equity-632.5%
Revenue CAGR (3yr)+31.0%
Revenue Growth YoY+19.0%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Sanara Medtech Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 6, 2026. Forensic signals flag probability, not certainty.
Sanara Medtech Inc. (SMTI) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
5% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 5% of revenue and 239% of free cash flow in FY2025 — about $0.60 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 2.9% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.