By Roshan Fernandez
Shares of Sanara MedTech declined after the company said it is seeking partners to invest in its wound care program.
The surgical product manufacturer's stock was down 5.7% to $33.10 in Wednesday trading. Shares are down less than 1% this year.
Chief Executive Ron Nixon said the company's Tissue Health Plus team is preparing to launch a pilot program with a wound care provider group later in the second quarter, while pursuing financial partners to invest in the execution of its strategy.
The Fort Worth, Texas-based company reported a wider first-quarter loss of $3.5 million, or 41 cents a share, compared with a loss of $1.8 million, or 21 cents a share, a year earlier.
Revenue rose to $23.4 million from $18.5 million during the year-ago quarter.
Sales for soft-tissue repair products grew 28%, year over year, and sales of bone fusion products were up 18%.
Nixon said the company's surgical segment had a strong quarter. That growth reflected progress in developing the company's network of distributor partners, adding new healthcare facility customers, and increasing penetration of existing facility customers, he said.
Write to Roshan Fernandez at roshan.fernandez@wsj.com
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