Net Revenue Growth of 19% and Net Profitability from Continuing Operations of
First Quarter 2026 Financial Summary(1)
- Net revenue increased 19% to
$27.8 million , compared to$23.4 million in the first quarter of 2025. - Gross profit of
$25.9 million , or 93% of net revenue, compared to gross profit of$21.6 million , or 92% of net revenue, in the first quarter of 2025. - Operating income of
$2.6 million , compared to operating income of$0.8 million in the first quarter of 2025. - Net income from continuing operations of
$0.4 million , or$0.04 per diluted share, compared to net loss from continuing operations of$0.6 million , or$0.07 per diluted share, in the first quarter of 2025. - Adjusted EBITDA(2) of
$4.3 million , compared to$2.7 million in the first quarter of 2025. - Cash of
$13.6 million and$46.2 million of long-term debt atMarch 31, 2026 , compared to$16.6 million of cash and$46.0 million of long-term debt atDecember 31, 2025 .
(1) As a result of the Company’s strategic realignment, the operations of Tissue Health Plus (“THP”), which were previously reported as the THP segment, have been classified as discontinued operations in Sanara’s financial statements for the three months ended
(2) Adjusted EBITDA is a non-GAAP financial measure. See the discussion and the reconciliation at the end of this release for additional information.
Management Comments
“During the end of 2025 and continuing into 2026, we began strengthening our sales team in an effort to support enhanced net revenue growth and our heightened focus on the surgical setting, expanding the sales team to reach a total of 43 reps,”
“Looking ahead, we believe we are well positioned with our strengthened sales team and refined, pure play focus on the surgical operating setting to drive enhanced results. From a capital allocation perspective, this means tightening our scope and strategically investing in R&D to grow our pipeline and introduce new products to the market. With our visibility today, we remain confident in our full-year guidance of 13% to 17% net revenue growth,”
First Quarter of 2026 Revenue
The following table summarizes revenue streams from product sales for the three months ended
| Three Months Ended | ||||||||
| 2026 | 2025 | |||||||
| Soft tissue repair products | $ | 24,942,945 | $ | 20,532,440 | ||||
| Bone fusion products | 2,855,589 | 2,901,656 | ||||||
| Total Net Revenue | $ | 27,798,534 | $ | 23,434,096 | ||||
First Quarter of 2026 Financial Results(1)
Net revenue for the first quarter of 2026 was
Gross profit for the first quarter of 2026 was
Operating expenses for the first quarter of 2026 were
Operating income for the first quarter of 2026 was
Other expense for the first quarter of 2026 was
Net income from continuing operations for the first quarter of 2026 was
Adjusted EBITDA(2) for the first quarter of 2026 was
Net cash used in operating activities in the first quarter of 2026 was
As of
(1) As a result of the Company’s strategic realignment, the operations of THP, which were previously reported as the THP segment, have been classified as discontinued operations in Sanara’s financial statements for the three months ended
(2) Adjusted EBITDA is a non-GAAP financial measure. See the discussion and the reconciliation at the end of this release for additional information.
Second Quarter and Full Year 2026 Financial Guidance
For the second quarter of 2026, Sanara expects net revenue to range from
The Company is reaffirming financial guidance for the full year ending
Sanara continues to expect full year 2026 net revenue to range from
Conference Call
The Company will host a conference call on
A live webcast of Sanara’s conference call is accessible by clicking here and will be made available under the “Events” section of the Company’s Investor Relations website, https://ir.sanaramedtech.com/. An online replay will be available for approximately one year following the conclusion of the live broadcast.
About
Information about Forward-Looking Statements
The statements in this press release that do not constitute historical facts are “forward-looking statements,” within the meaning of and subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. These statements may be identified by terms such as “aims,” “anticipates,” “believes,” contemplates,” “continue,” “could,” “estimates,” “expects,” “forecast,” “guidance,” “intends,” “may,” “plans,” “possible,” “potential,” “predicts,” “preliminary,” “projects,” “seeks,” “should,” “targets,” “will” or “would,” or the negatives of these terms, variations of these terms or other similar expressions. These forward-looking statements include, among others, statements regarding the Company’s expected net revenue, the Company’s ability to achieve enhanced results by focusing on the surgical market, the Company’s business strategy and mission, the development of new products, the timing of commercialization of the Company’s products, and the regulatory approval process. These items involve risks, contingencies and uncertainties such as uncertainties associated with the development and process for obtaining regulatory approval for new products, the extent of product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, uncertainties associated with the development and process for obtaining regulatory approval for new products, the ability to consummate and integrate acquisitions, and other risks, contingencies and uncertainties detailed in the Company’s most recent annual report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission, which could cause the Company’s actual operating results, performance or business plans or prospects to differ materially from those expressed in or implied by these statements.
All forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to revise any of these statements to reflect future circumstances or the occurrence of unanticipated events, except as required by applicable securities laws.
Investor Relations Contact:
IMS Investor Relations
IR@sanaramedtech.com
(203) 972-9200
CONSOLIDATED BALANCE SHEETS
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash | $ | 13,594,459 | $ | 16,578,857 | ||||
| Accounts receivable, net | 13,617,407 | 11,998,075 | ||||||
| Inventory, net | 3,120,795 | 3,948,748 | ||||||
| Prepaid and other assets | 816,788 | 948,620 | ||||||
| Current assets related to discontinued operations | 48,533 | 67,863 | ||||||
| Total current assets | 31,197,982 | 33,542,163 | ||||||
| Long-term assets | ||||||||
| Intangible assets, net | 17,860,273 | 18,640,673 | ||||||
| 3,601,781 | 3,601,781 | |||||||
| Investment in equity securities | 14,164,351 | 14,626,858 | ||||||
| Right of use assets – operating leases | 1,993,850 | 2,075,634 | ||||||
| Property and equipment, net | 458,880 | 456,962 | ||||||
| Total long-term assets | 38,079,135 | 39,401,908 | ||||||
| Total assets | $ | 69,277,117 | $ | 72,944,071 | ||||
| Liabilities and shareholders’ equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 905,396 | $ | 2,338,761 | ||||
| Accounts payable – related parties | 15,847 | - | ||||||
| Accrued bonuses and commissions | 9,082,596 | 11,781,435 | ||||||
| Accrued royalties and expenses | 2,615,798 | 2,684,626 | ||||||
| Earnout liabilities – current | - | 235,001 | ||||||
| Operating lease liabilities – current | 367,945 | 353,229 | ||||||
| Current liabilities related to discontinued operations | 713,260 | 1,233,478 | ||||||
| Total current liabilities | 13,700,842 | 18,626,530 | ||||||
| Long-term liabilities | ||||||||
| Long-term debt | 46,226,422 | 45,970,937 | ||||||
| Operating lease liabilities – long-term | 1,770,756 | 1,868,703 | ||||||
| Other long-term liabilities | 559,602 | 548,125 | ||||||
| Total long-term liabilities | 48,556,780 | 48,387,765 | ||||||
| Total liabilities | 62,257,622 | 67,014,295 | ||||||
| Commitments and contingencies | ||||||||
| Shareholders’ equity | ||||||||
| Common Stock: | 9,166 | 8,948 | ||||||
| Additional paid-in capital | 81,522,244 | 81,232,536 | ||||||
| Accumulated deficit | (74,502,895 | ) | (75,303,042 | ) | ||||
| Total | 7,028,515 | 5,938,442 | ||||||
| Equity attributable to noncontrolling interest | (9,020 | ) | (8,666 | ) | ||||
| Total shareholders’ equity | 7,019,495 | 5,929,776 | ||||||
| Total liabilities and shareholders’ equity | $ | 69,277,117 | $ | 72,944,071 | ||||
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
| Three Months Ended | ||||||||
| 2026 | 2025 | |||||||
| Net Revenue | $ | 27,798,534 | $ | 23,434,096 | ||||
| Cost of goods sold | 1,923,589 | 1,834,967 | ||||||
| Gross profit | 25,874,945 | 21,599,129 | ||||||
| Operating expenses | ||||||||
| Selling, general and administrative | 21,881,520 | 19,129,208 | ||||||
| Research and development | 759,592 | 950,359 | ||||||
| Depreciation and amortization | 587,252 | 694,032 | ||||||
| Total operating expenses | 23,228,364 | 20,773,599 | ||||||
| Operating income | 2,646,581 | 825,530 | ||||||
| Other income (expense) | ||||||||
| Interest expense | (1,799,345 | ) | (1,317,092 | ) | ||||
| Share of losses from equity method investments | (462,507 | ) | (143,608 | ) | ||||
| Interest income | 12,958 | 3,672 | ||||||
| Gain on disposal of property and equipment | - | 10,932 | ||||||
| Total other income (expense) | (2,248,894 | ) | (1,446,096 | ) | ||||
| Net income (loss) from continuing operations | 397,687 | (620,566 | ) | |||||
| Net income (loss) from discontinued operations | 60,916 | (2,906,817 | ) | |||||
| Net income (loss) | 458,603 | (3,527,383 | ) | |||||
| Less: Net loss attributable to noncontrolling interest from continuing operations | (354 | ) | (206 | ) | ||||
| Net income (loss) attributable to | $ | 458,957 | $ | (3,527,177 | ) | |||
| Net income (loss) per share, basic: | ||||||||
| Continuing operations | $ | 0.04 | $ | (0.07 | ) | |||
| Discontinued operations | 0.01 | (0.34 | ) | |||||
| Net income (loss) per share of common stock, basic | $ | 0.05 | $ | (0.41 | ) | |||
| Net income (loss) per share, diluted: | ||||||||
| Continuing operations | $ | 0.04 | $ | (0.07 | ) | |||
| Discontinued operations | 0.01 | (0.34 | ) | |||||
| Net income (loss) per share of common stock, diluted | $ | 0.05 | $ | (0.41 | ) | |||
| Weighted average number of common shares outstanding, basic | 8,706,678 | 8,570,104 | ||||||
| Weighted average number of common shares outstanding, diluted | 8,985,866 | 8,570,104 | ||||||
The following is a reconciliation of the numerator and denominator of basic and diluted net income (loss) per share for the three months ended
| Three Months Ended | ||||||||
| 2026 | 2025 | |||||||
| Numerator: | ||||||||
| Net income (loss) from continuing operations | $ | 397,687 | $ | (620,566 | ) | |||
| Net income (loss) from discontinued operations | 60,916 | (2,906,817 | ) | |||||
| Less: Net loss attributable to noncontrolling interests from continuing operations | (354 | ) | (206 | ) | ||||
| Net income (loss) attributable to | $ | 458,957 | $ | (3,527,177 | ) | |||
| Denominator: | ||||||||
| Weighted average shares, basic | 8,706,678 | 8,570,104 | ||||||
| Dilutive effect of stock options | 10,218 | - | ||||||
| Dilutive effect of unvested shares | 268,970 | - | ||||||
| Weighted average shares, diluted | 8,985,866 | 8,570,104 | ||||||
The following table summarizes the shares of common stock that were potentially issuable but were excluded from the computation of diluted net loss per share of common stock for the three months ended
| 2025 | ||||
| Stock options | 31,013 | |||
| Unvested restricted stock | 290,493 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
| Three Months Ended | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | 458,603 | $ | (3,527,383 | ) | |||
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 587,252 | 1,124,410 | ||||||
| Gain on disposal of property and equipment | - | (9,674 | ) | |||||
| Credit loss expense | 75,000 | 179,034 | ||||||
| Inventory obsolescence | 62,800 | 199,278 | ||||||
| Share-based compensation | 1,028,335 | 1,304,904 | ||||||
| Noncash lease expense | 81,784 | 274,055 | ||||||
| Share of losses from equity method investments | 462,507 | 143,608 | ||||||
| Back-end fee | 181,944 | 176,079 | ||||||
| Paid-in-kind interest | - | 411,324 | ||||||
| Accretion of finance liabilities | 27,113 | 43,630 | ||||||
| Amortization and write-off of debt issuance costs | 73,541 | 59,280 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable, net | (1,709,332 | ) | 368,284 | |||||
| Accounts receivable – related parties | - | (2,254 | ) | |||||
| Inventory, net | 765,153 | (605,628 | ) | |||||
| Prepaid and other assets | 166,162 | 32,759 | ||||||
| Accounts payable | (1,433,365 | ) | 595,836 | |||||
| Accounts payable – related parties | 15,847 | 10,892 | ||||||
| Accrued royalties and expenses | (105,442 | ) | 67,224 | |||||
| Accrued bonuses and commissions | (3,120,078 | ) | (2,566,461 | ) | ||||
| Operating lease liabilities | (83,231 | ) | (278,081 | ) | ||||
| Net cash used in operating activities | (2,465,407 | ) | (1,998,884 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment | (43,772 | ) | (1,722,649 | ) | ||||
| Proceeds from disposal of property and equipment | - | 60,000 | ||||||
| Investment in equity securities | - | (3,517,206 | ) | |||||
| Net cash used in investing activities | (43,772 | ) | (5,179,855 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Loan proceeds, net of debt issuance costs of zero in 2026 and | - | 12,066,250 | ||||||
| Net settlement of equity-based awards | (397,219 | ) | - | |||||
| Cash payment of finance and earnout liabilities | (78,000 | ) | (78,000 | ) | ||||
| Net cash provided by (used in) financing activities | (475,219 | ) | 11,988,250 | |||||
| Net increase (decrease) in cash | (2,984,398 | ) | 4,809,511 | |||||
| Cash, beginning of period | 16,578,857 | 15,878,295 | ||||||
| Cash, end of period | $ | 13,594,459 | $ | 20,687,806 | ||||
| Cash paid during the period for: | ||||||||
| Interest | $ | 1,516,747 | $ | 626,779 | ||||
| Taxes | 143 | 52,984 | ||||||
| Supplemental noncash investing and financing activities: | ||||||||
| Non-monetary exchange to acquire intangible assets | $ | - | $ | 2,084,278 | ||||
| Conversion of note receivable into equity method investment | - | 1,101,478 | ||||||
NON-GAAP FINANCIAL MEASURES (UNAUDITED)
To supplement the Company’s financial information presented in accordance with generally accepted accounting principles in
The Company believes Adjusted EBITDA is useful to investors because it facilitates comparisons of the Company’s core business operations across periods on a consistent basis. Accordingly, the Company adjusts certain items when calculating Adjusted EBITDA because the Company believes that such items are not related to the Company’s core business operations.
The Company’s non-GAAP financial measures are not in accordance with, nor an alternative for, measures conforming to GAAP and may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. The Company continues to provide all information required by GAAP, but it believes that evaluating its ongoing operating results may not be as useful if an investor or other user is limited to reviewing only GAAP financial measures. The Company does not, nor does it suggest that investors should, consider these non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Material limitations associated with the use of such measures include that they do not reflect all costs included in operating expenses and may not be comparable with similarly named financial measures of other companies. Furthermore, these non-GAAP financial measures are based on subjective determinations of management regarding the nature and classification of events and circumstances. The Company presents these non-GAAP financial measures to provide investors with information to evaluate the Company’s operating results in a manner similar to how management evaluates business performance. To compensate for any limitations in such non-GAAP financial measures, management believes that it is useful in understanding and analyzing the results of the business to review both GAAP information and the related non-GAAP financial measures. Whenever the Company uses a non-GAAP financial measure, it provides a reconciliation of the non-GAAP financial measure to the most directly comparable GAAP financial measure. Investors are encouraged to review and consider these reconciliations.
Reconciliation of Net income (loss) from continuing operations to Adjusted EBITDA:
| Three Months Ended | ||||||||
| 2026 | 2025 | |||||||
| Net income (loss) from continuing operations | $ | 397,687 | $ | (620,566 | ) | |||
| Adjustments: | ||||||||
| Interest expense | 1,799,345 | 1,317,092 | ||||||
| Depreciation and amortization(1) | 587,252 | 694,032 | ||||||
| Noncash share-based compensation | 1,028,335 | 1,175,496 | ||||||
| Share of losses from equity method investments | 462,507 | 143,608 | ||||||
| Gain on disposal of property and equipment | - | (10,932 | ) | |||||
| Interest income | (12,958 | ) | (3,672 | ) | ||||
| Adjusted EBITDA | $ | 4,262,168 | $ | 2,695,058 | ||||
(1) Depreciation expense of
ANNEX - Consolidated (reflecting our Surgical Business):
The following tables reflect results of operations of our surgical business for the periods indicated below (Unaudited except for full fiscal years ended
| 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | TOTAL | Q1 | Q2 | Q3 | Q4 | Total | Q1 | Q2 | Q3 | Q4 | TOTAL | ||||||||||||||||||||||||||||||||||||||||||||||
| Net Revenue | $ | 23,434,096 | $ | 25,804,252 | $ | 26,333,819 | $ | 27,545,815 | $ | 103,117,982 | $ | 18,536,638 | $ | 20,158,823 | $ | 21,671,599 | $ | 26,305,365 | $ | 86,672,425 | $ | 15,519,187 | $ | 15,753,164 | $ | 16,024,948 | $ | 17,689,813 | $ | 64,987,112 | ||||||||||||||||||||||||||||||
| Cost of goods sold | 1,834,967 | 1,937,282 | 1,874,214 | 1,874,506 | 7,520,969 | 1,890,046 | 2,008,686 | 1,991,987 | 2,249,182 | 8,139,901 | 2,116,694 | 2,187,516 | 1,751,349 | 1,788,162 | 7,843,721 | |||||||||||||||||||||||||||||||||||||||||||||
| Gross profit | 21,599,129 | 23,866,970 | 24,459,605 | 25,671,309 | 95,597,013 | 16,646,592 | 18,150,137 | 19,679,612 | 24,056,183 | 78,532,524 | 13,402,493 | 13,565,648 | 14,273,599 | 15,901,651 | 57,143,391 | |||||||||||||||||||||||||||||||||||||||||||||
| Operating expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selling, general and administrative(1) | 19,129,208 | 19,634,319 | 19,877,875 | 20,075,597 | 78,716,999 | 15,683,039 | 18,349,924 | 17,420,347 | 20,220,332 | 71,673,642 | 12,467,395 | 13,301,230 | 13,460,404 | 15,597,823 | 54,826,852 | |||||||||||||||||||||||||||||||||||||||||||||
| Research and development | 950,359 | 1,056,796 | 1,029,591 | 2,035,737 | 5,072,483 | 578,981 | 582,443 | 783,840 | 883,399 | 2,828,663 | 235,236 | 208,727 | 225,886 | 232,933 | 902,782 | |||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization(2) | 694,032 | 688,546 | 610,899 | 668,396 | 2,661,873 | 698,502 | 698,407 | 696,888 | 692,032 | 2,785,829 | 372,020 | 396,597 | 590,563 | 687,679 | 2,046,859 | |||||||||||||||||||||||||||||||||||||||||||||
| Change in fair value of earnout liabilities | - | - | - | - | - | (103,781 | ) | 89,330 | - | - | (14,451 | ) | (191,127 | ) | (436,004 | ) | (758,783 | ) | 87,578 | (1,298,336 | ) | |||||||||||||||||||||||||||||||||||||||
| Asset impairment charges | - | - | - | 1,841,120 | 1,841,120 | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
| Total operating expenses | 20,773,599 | 21,379,661 | 21,518,365 | 24,620,850 | 88,292,475 | 16,856,741 | 19,720,104 | 18,901,075 | 21,795,763 | 77,273,683 | 12,883,524 | 13,470,550 | 13,518,070 | 16,606,013 | 56,478,157 | |||||||||||||||||||||||||||||||||||||||||||||
| Operating income (loss) | 825,530 | 2,487,309 | 2,941,240 | 1,050,459 | 7,304,538 | (210,149 | ) | (1,569,967 | ) | 778,537 | 2,260,420 | 1,258,841 | 518,969 | 95,098 | 755,529 | (704,362 | ) | 665,234 | ||||||||||||||||||||||||||||||||||||||||||
| Other income (expense) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | (1,317,092 | ) | (1,791,568 | ) | (1,818,105 | ) | (1,833,035 | ) | (6,759,800 | ) | (267,336 | ) | (644,346 | ) | (927,577 | ) | (1,289,136 | ) | (3,128,395 | ) | (6 | ) | - | (188,294 | ) | (287,483 | ) | (475,783 | ) | |||||||||||||||||||||||||||||||
| Share of losses from equity method investments | (143,608 | ) | (195,482 | ) | (288,642 | ) | (324,734 | ) | (952,466 | ) | - | - | (31,448 | ) | (58,559 | ) | (90,007 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||
| Interest income | 3,672 | - | - | - | 3,672 | - | - | - | 21,978 | 21,978 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
| Gain on disposal of property and equipment | 10,932 | - | - | - | 10,932 | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
| Gain on disposal of investment | - | - | - | - | - | - | - | - | - | - | - | - | - | 251,034 | 251,034 | |||||||||||||||||||||||||||||||||||||||||||||
| Total other income (expense) | (1,446,096 | ) | (1,987,050 | ) | (2,106,747 | ) | (2,157,769 | ) | (7,697,662 | ) | (267,336 | ) | (644,346 | ) | (959,025 | ) | (1,325,717 | ) | (3,196,424 | ) | (6 | ) | - | (188,294 | ) | (36,449 | ) | (224,749 | ) | |||||||||||||||||||||||||||||||
| Net income (loss) from continuing operations | $ | (620,566 | ) | $ | 500,259 | $ | 834,493 | $ | (1,107,310 | ) | $ | (393,124 | ) | $ | (477,485 | ) | $ | (2,214,313 | ) | $ | (180,488 | ) | $ | 934,703 | $ | (1,937,583 | ) | $ | 518,963 | $ | 95,098 | $ | 567,235 | $ | (740,811 | ) | $ | 440,485 | ||||||||||||||||||||||
(1) Selling, general and administrative expense of
(2) Depreciation expense of
ANNEX - Consolidated (reflecting our Surgical Business) (continued):
Reconciliation of Net income (loss) from continuing operations to Adjusted EBITDA (Unaudited):
| 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Q1 | Q2 | Q3 | Q4 | TOTAL | Q1 | Q2 | Q3 | Q4 | TOTAL | Q1 | Q2 | Q3 | Q4 | TOTAL | ||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) from continuing operations | $ | (620,566 | ) | $ | 500,259 | $ | 834,493 | $ | (1,107,310 | ) | $ | (393,124 | ) | $ | (477,485 | ) | $ | (2,214,313 | ) | $ | (180,488 | ) | $ | 934,703 | $ | (1,937,583 | ) | $ | 518,963 | $ | 95,098 | $ | 567,235 | $ | (740,811 | ) | $ | 440,485 | ||||||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | 1,317,092 | 1,791,568 | 1,818,105 | 1,833,035 | 6,759,800 | 267,336 | 644,346 | 927,577 | 1,289,136 | 3,128,395 | 6 | - | 188,294 | 287,483 | 475,783 | |||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization(1) | 694,032 | 688,546 | 610,899 | 668,396 | 2,661,873 | 698,502 | 698,407 | 696,888 | 692,032 | 2,785,829 | 372,020 | 396,597 | 590,563 | 687,679 | 2,046,859 | |||||||||||||||||||||||||||||||||||||||||||||
| Noncash share-based compensation | 1,175,496 | 1,278,871 | 1,164,070 | 1,155,545 | 4,773,982 | 753,616 | 1,046,321 | 1,003,599 | 1,165,472 | 3,969,008 | 545,214 | 1,064,516 | 813,606 | 777,994 | 3,201,330 | |||||||||||||||||||||||||||||||||||||||||||||
| Change in fair value of earnout liabilities | - | - | - | - | - | (103,781 | ) | 89,330 | - | - | (14,451 | ) | (191,127 | ) | (436,004 | ) | (758,783 | ) | 87,578 | (1,298,336 | ) | |||||||||||||||||||||||||||||||||||||||
| Asset impairment charges | - | - | - | 1,841,120 | 1,841,120 | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
| Share of losses from equity method investments | 143,608 | 195,482 | 288,642 | 324,734 | 952,466 | - | - | 31,448 | 58,559 | 90,007 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
| Gain on disposal of property and equipment | (10,932 | ) | - | - | - | (10,932 | ) | - | - | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||
| Interest income | (3,672 | ) | - | - | - | (3,672 | ) | - | - | - | (21,978 | ) | (21,978 | ) | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||
| Executive separation costs(2) | - | 260,275 | 172,048 | - | 432,323 | - | 904,781 | 59,685 | - | 964,466 | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||
| Acquisition costs (3) | - | 4,826 | 20,000 | (24,826 | ) | - | - | 225,089 | 24,812 | (64,872 | ) | 185,029 | - | - | - | 423,513 | 423,513 | |||||||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 2,695,058 | $ | 4,719,827 | $ | 4,908,257 | $ | 4,690,694 | $ | 17,013,836 | $ | 1,138,188 | $ | 1,393,961 | $ | 2,563,521 | $ | 4,053,052 | $ | 9,148,722 | $ | 1,245,076 | $ | 1,120,207 | $ | 1,400,915 | $ | 1,523,436 | $ | 5,289,634 | ||||||||||||||||||||||||||||||
(1) Depreciation expense of
(2) Includes share-based compensation related to executive separation costs.
(3) Acquisition costs include legal, tax, accounting and other contract services related to prospective acquisitions.
