Q1 Net Revenue Increased 26% Year-Over-Year
FORT WORTH, TX, May 14, 2025 (GLOBE NEWSWIRE) — Sanara MedTech Inc. (“Sanara,” the “Company,” “we,” “our” or “us”) (Nasdaq: SMTI), a medical technology company focused on developing and commercializing transformative technologies to improve clinical outcomes and reduce healthcare expenditures in the surgical, chronic wound and skincare markets, today reported its financial results for the first quarter ended March 31, 2025.
First Quarter 2025 Financial Summary
| ● | Net revenue increased 26% to $23.4 million, compared to $18.5 million in the first quarter of 2024. |
| ● | Net loss of $3.5 million, compared to a net loss of $1.8 million in the first quarter of 2024. |
| ● | Adjusted EBITDA(1) of $0.7 million, compared to $0.3 million in the first quarter of 2024. | |
(1)Adjusted EBITDA is a non-GAAP financial measure. See the discussion and the reconciliations at the end of this release for additional information.
First Quarter 2025 Operational Announcements
| ● | On January 21, 2025, the Company announced the execution of an exclusive license and distribution agreement with, and minority investment in, Biomimetic Innovations Ltd (“BMI”), a privately-held medical device company headquartered in Shannon, Ireland. Sanara acquired the exclusive U.S. marketing, sales, and distribution rights to BMI’s OsStic® Synthetic Injectable Structural Bio-Adhesive Bone Void Filler, as well as a hardware agnostic adjunctive internal fixation technology (“ARC”). |
| ● | On January 21, 2025, the Company announced the expansion of its executive leadership team with new appointments, effective January 15, 2025. Elizabeth Taylor was appointed to the position of Chief Financial Officer, succeeding Michael McNeil, who was appointed to serve as Chief Accounting Officer and Chief Administrative Officer. |
| ● | On March 19, 2025, the Company entered into the First Amendment to Term Loan Agreement with CRG Servicing LLC (“CRG”), which amended Sanara’s existing term loan with CRG (as amended, the “CRG Term Loan Agreement”) to provide for up to two additional borrowings under the term loan, and extended the date by which borrowings are permitted to occur to December 31, 2025. The total available borrowing amount under the facility and the related interest rate and fees were not modified. On March 31, 2025, the Company borrowed an additional $12.25 million under the CRG Term Loan Agreement, which may be used for permitted acquisition opportunities and for general working capital and corporate purposes. Pursuant to the terms of the CRG Term Loan Agreement, the Company may make one additional borrowing of up to $12.25 million on or before December 31, 2025. | |
Management Comments
“The commercial team for our Sanara Surgical segment delivered a strong start to 2025, with net revenue growth in the first quarter of 26% year-over-year, which was consistent with our expectations,” stated Ron Nixon, Sanara’s Executive Chairman and CEO. “Our Sanara Surgical segment revenue performance reflects impressive execution of our commercial strategy, marked by progress in developing our network of distributor partners, adding new healthcare facility customers, and increasing our penetration of existing facility customers. We are pleased to complement our Sanara Surgical segment revenue performance with enhanced gross margins, and while net loss for the Sanara Surgical segment increased $0.2 million on a year-over-year basis, we achieved a $1.5 million improvement in Segment Adjusted EBITDA(1). In tandem, we enhanced our new product pipeline with the execution of an exclusive agreement with BMI, expanded our leadership team with key appointments, and continued to develop our value-based wound care program, Tissue Health Plus.”
Mr. Nixon continued: “Over the balance of 2025, we remain focused on driving revenue growth and improving profitability in our Sanara Surgical segment. In parallel, our Tissue Health Plus team is preparing to launch our first pilot program with a wound care provider group later in the second quarter, while actively pursuing financial partners to invest in the execution of our THP strategy. We look forward to building on our recent progress in 2025, and addressing the large surgical greenfield opportunity that remains ahead of us, for the benefit of all of our stakeholders.”
(1)Segment Adjusted EBITDA is a non-GAAP financial measure. See the discussion and the reconciliations at the end of this release for additional information.
First Quarter 2025 Revenue
The following table summarizes revenue streams from product sales for the three months ended March 31, 2025 and 2024:
| Three Months Ended March 31, |
||||||||||||||||
| 2025 | 2024 | $ Change | % Change | |||||||||||||
| Soft tissue repair products | $ | 20,532,440 | $ | 16,082,292 | $ | 4,450,148 | 28 | % | ||||||||
| Bone fusion products | 2,901,656 | 2,454,346 | 447,310 | 18 | % | |||||||||||
| Total Net Revenue | $ | 23,434,096 | $ | 18,536,638 | $ | 4,897,458 | 26 | % | ||||||||
First Quarter 2025 Financial Results
Net revenue for the first quarter of 2025 was $23.4 million, compared to $18.5 million for the first quarter of 2024, an increase of $4.9 million, or 26%, year-over-year. The increase in net revenue was driven by an increase of $4.5 million, or 28%, in sales of soft tissue repair products and an increase of $0.4 million, or 18%, in sales of bone fusion products. The increase in sales of soft tissue repair products was driven primarily by increased demand for CellerateRX® Surgical Activated Collagen® (“CellerateRX Surgical”) and, to a lesser extent, BIASURGE® Advanced Surgical Solution (“BIASURGE”) as a result of the Company’s increased penetration of medical facilities that represent existing accounts, expansion into additional medical facilities, and development of its independent distribution network in both new and existing U.S. markets.
Gross profit for the first quarter of 2025 was $21.6 million, compared to $16.6 million for the first quarter of 2024, an increase of $5.0 million, or 30%, year-over-year. The increase in gross profit was primarily driven by increased sales of soft tissue repair products. Gross margin was 92% of net revenue for the first quarter of 2025, compared to 90% of net revenue for the first quarter of 2024. The higher gross margin realized in the first quarter of 2025 was due to increased sales of soft tissue repair products and lower manufacturing costs related to CellerateRX Surgical.
Operating expenses for the first quarter of 2025 were $23.7 million, compared to $18.2 million for the first quarter of 2024, an increase of $5.5 million, or 30%, year-over-year. The increase in operating expenses was driven primarily by an increase of $5.2 million, or 32%, in selling, general and administrative (“SG&A”) and an increase of $0.2 million, or 18%, in research and development. The increase in SG&A was primarily driven by a $2.4 million increase in direct sales and marketing expenses in the Sanara Surgical segment, $1.7 million of additional SG&A in the Tissue Health Plus segment, and approximately $0.7 million related to the buildout of the Company’s corporate infrastructure.
Operating loss for the first quarter of 2025 was $2.1 million, compared to operating loss of $1.5 million for the first quarter of 2024.
Other expense for the first quarter of 2025 was $1.4 million, compared to $0.3 million for the first quarter of 2024. Other expense for the first quarter of 2025 primarily included higher interest expense and fees related to the CRG Term Loan Agreement.
Net loss for the first quarter of 2025 was $3.5 million compared to a net loss of $1.8 million for the first quarter of 2024. The Company’s Sanara Surgical segment generated a net loss of $0.6 million for the first quarter of 2025, compared to a net loss of $0.4 million for the first quarter of 2024. The Company’s Tissue Health Plus segment generated a net loss of $2.9 million for the first quarter of 2025, compared to a net loss of $1.4 million for the first quarter of 2024.
Adjusted EBITDA(1) for the first quarter of 2025 was $0.7 million, compared to $0.3 million for the first quarter of 2024. The Company’s Sanara Surgical segment generated Segment Adjusted EBITDA(1) of $2.7 million for the first quarter of 2025, compared to $1.2 million for the first quarter of 2024. The Company’s Tissue Health Plus segment generated Segment Adjusted EBITDA(1) of ($2.0) million for the first quarter of 2025, compared to ($0.9) million for the first quarter of 2024.
As of March 31, 2025, Sanara had $20.7 million of cash, $42.8 million of principal debt obligations outstanding, and $12.25 million of available borrowing capacity, compared to $15.9 million, $30.5 million, and $24.5 million, respectively, as of December 31, 2024.
(1)Adjusted EBITDA and Segment Adjusted EBITDA are non-GAAP financial measures. See the discussion and the reconciliations at the end of this release for additional information.
Conference Call
Sanara will host a conference call on Wednesday, May 14, 2025, at 8:00 a.m. Eastern Time to discuss the results for the quarter ended March 31, 2025, and hold a question and answer session at the end of the call. The toll-free number to call for this teleconference is 888-506-0062 (international callers: 973-528-0011) and the access code is 490762. A telephonic replay of the conference call will be available through Wednesday, May 28, 2025, by dialing 877-481-4010 (international callers: 919-882-2331) and entering the replay passcode: 52308.
A live webcast of Sanara’s conference call will be available under the “Events” section of the Company’s Investor Relations website, www.SanaraMedTech.com/investor-relations/. An online replay will be available for approximately one year following the conclusion of the live broadcast.
About Sanara MedTech Inc.
Sanara MedTech Inc. is a medical technology company focused on developing and commercializing transformative technologies to improve clinical outcomes and reduce healthcare expenditures in the surgical, chronic wound and skincare markets. The Company markets, distributes and develops surgical, wound and skincare products for use by physicians and clinicians in hospitals, clinics and all post-acute care. Sanara’s products are primarily sold in the North American advanced wound care and surgical tissue repair markets. Sanara markets and distributes CellerateRX® Surgical Activated Collagen®, FORTIFY TRG® Tissue Repair Graft and FORTIFY FLOWABLE® Extracellular Matrix as well as a portfolio of advanced biologic products focusing on ACTIGEN
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,” “expect,” “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 timing of the Company’s planned commercial launch of its Tissue Health Plus platform, the Company’s business strategy and mission, the development of new products, the timing of commercialization of the Company’s products, the regulatory approval process and expansion of the Company’s business into value-based skincare, wound care and other services. These items involve risks, contingencies and uncertainties such as uncertainties associated with the development and process for obtaining regulatory approval for new products, the Company’s ability to build out its executive team, the Company’s ability to identify and effectively utilize the net proceeds of the CRG Term Loan Agreement to support the Company’s growth initiatives, 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 SEC filings, 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:
Jack Powell or Mike Piccinino, CFA
ICR Healthcare
IR@sanaramedtech.com
SANARA MEDTECH INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
| (Unaudited) | ||||||||
| March 31, 2025 |
December 31, 2024 |
|||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash | $ | 20,687,806 | $ | 15,878,295 | ||||
| Accounts receivable, net | 11,861,502 | 12,408,819 | ||||||
| Accounts receivable – related parties | 42,819 | 40,566 | ||||||
| Inventory, net | 3,159,382 | 2,753,032 | ||||||
| Convertible loan receivable | – | 1,101,478 | ||||||
| Prepaid and other assets | 1,091,039 | 1,123,798 | ||||||
| Total current assets | 36,842,548 | 33,305,988 | ||||||
| Long-term assets | ||||||||
| Intangible assets, net | 42,013,997 | 41,006,776 | ||||||
| Goodwill | 3,601,781 | 3,601,781 | ||||||
| Investment in equity securities | 10,690,283 | 8,297,223 | ||||||
| Right of use assets – operating leases | 1,173,851 | 1,447,907 | ||||||
| Property and equipment, net | 2,056,121 | 432,317 | ||||||
| Total long-term assets | 59,536,033 | 54,786,004 | ||||||
| Total assets | $ | 96,378,581 | $ | 88,091,992 | ||||
| Liabilities and shareholders’ equity | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 2,095,600 | $ | 1,499,764 | ||||
| Accounts payable – related parties | 41,805 | 30,913 | ||||||
| Accrued bonuses and commissions | 8,212,379 | 10,778,840 | ||||||
| Accrued royalties and expenses | 2,701,561 | 2,621,867 | ||||||
| Operating lease liabilities – current | 229,710 | 358,687 | ||||||
| Total current liabilities | 13,281,055 | 15,290,071 | ||||||
| Long-term liabilities | ||||||||
| Long-term debt | 43,402,223 | 30,689,290 | ||||||
| Earnout liabilities – long-term | 771,001 | 748,001 | ||||||
| Operating lease liabilities – long-term | 1,087,947 | 1,237,051 | ||||||
| Other long-term liabilities | 1,168,778 | 1,215,617 | ||||||
| Total long-term liabilities | 46,429,949 | 33,889,959 | ||||||
| Total liabilities | 59,711,004 | 49,180,030 | ||||||
| Commitments and contingencies | ||||||||
| Shareholders’ equity | ||||||||
| Common Stock: $0.001 par value, 20,000,000 shares authorized; 8,903,630 issued and outstanding as of March 31, 2025 and 8,753,773 issued and outstanding as of December 31, 2024 | 8,904 | 8,754 | ||||||
| Additional paid-in capital | 77,973,673 | 77,179,211 | ||||||
| Accumulated deficit | (41,311,569 | ) | (37,784,392 | ) | ||||
| Total Sanara MedTech shareholders’ equity | 36,671,008 | 39,403,573 | ||||||
| Equity attributable to noncontrolling interest | (3,431 | ) | (491,611 | ) | ||||
| Total shareholders’ equity | 36,667,577 | 38,911,962 | ||||||
| Total liabilities and shareholders’ equity | $ | 96,378,581 | $ | 88,091,992 | ||||
SANARA MEDTECH INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
| Three Months Ended March 31, |
||||||||
| 2025 | 2024 | |||||||
| Net Revenue | $ | 23,434,096 | $ | 18,536,638 | ||||
| Cost of goods sold | 1,834,967 | 1,890,046 | ||||||
| Gross profit | 21,599,129 | 16,646,592 | ||||||
| Operating expenses | ||||||||
| Selling, general and administrative | 21,440,610 | 16,192,259 | ||||||
| Research and development | 1,114,138 | 946,298 | ||||||
| Depreciation and amortization | 1,124,410 | 1,105,420 | ||||||
| Change in fair value of earnout liabilities | – | (65,678 | ) | |||||
| Total operating expenses | 23,679,158 | 18,178,299 | ||||||
| Operating loss | (2,080,029 | ) | (1,531,707 | ) | ||||
| Other income (expense) | ||||||||
| Interest expense | (1,317,092 | ) | (267,336 | ) | ||||
| Share of losses from equity method investments | (143,608 | ) | – | |||||
| Interest income | 3,672 | – | ||||||
| Gain on disposal of property and equipment | 9,674 | – | ||||||
| Total other income (expense) | (1,447,354 | ) | (267,336 | ) | ||||
| Net loss | (3,527,383 | ) | (1,799,043 | ) | ||||
| Less: Net loss attributable to noncontrolling interest | (206 | ) | (34,859 | ) | ||||
| Net loss attributable to Sanara MedTech shareholders | $ | (3,527,177 | ) | $ | (1,764,184 | ) | ||
| Net loss per share of common stock, basic and diluted | $ | (0.41 | ) | $ | (0.21 | ) | ||
| Weighted average number of common shares outstanding, basic and diluted | 8,570,104 | 8,419,528 | ||||||
SANARA MEDTECH INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (3,527,383 | ) | $ | (1,799,043 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 1,124,410 | 1,105,420 | ||||||
| Gain on disposal of property and equipment | (9,674 | ) | – | |||||
| Credit loss expense | 179,034 | 65,000 | ||||||
| Inventory obsolescence | 199,278 | 95,235 | ||||||
| Share-based compensation | 1,304,904 | 803,386 | ||||||
| Noncash lease expense | 274,055 | 100,517 | ||||||
| Share of losses from equity method investments | 143,608 | – | ||||||
| Back-end fee | 176,079 | – | ||||||
| Paid-in-kind interest | 411,324 | – | ||||||
| Accretion of finance liabilities | 43,630 | 58,834 | ||||||
| Amortization and write-off of debt issuance costs | 59,280 | 3,083 | ||||||
| Change in fair value of earnout liabilities | – | (65,678 | ) | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable, net | 368,284 | (735,490 | ) | |||||
| Accounts receivable – related parties | (2,254 | ) | (14,602 | ) | ||||
| Inventory, net | (605,628 | ) | 393,148 | |||||
| Prepaid and other assets | 32,759 | (303,182 | ) | |||||
| Accounts payable | 595,836 | (732,266 | ) | |||||
| Accounts payable – related parties | 10,892 | 9,311 | ||||||
| Accrued royalties and expenses | 67,224 | 300,574 | ||||||
| Accrued bonuses and commissions | (2,566,461 | ) | (783,390 | ) | ||||
| Operating lease liabilities | (278,081 | ) | (95,227 | ) | ||||
| Net cash used in operating activities | (1,998,884 | ) | (1,594,370 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment | (1,722,649 | ) | (65,818 | ) | ||||
| Proceeds from disposal of property and equipment | 60,000 | – | ||||||
| Investment in equity securities | (3,517,206 | ) | – | |||||
| Net cash used in investing activities | (5,179,855 | ) | (65,818 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Loan proceeds, net of debt issuance costs of $183,750 in 2025 and zero in 2024 | 12,066,250 | – | ||||||
| Net settlement of equity-based awards | – | (580,794 | ) | |||||
| Cash payment of finance and earnout liabilities | (78,000 | ) | (78,000 | ) | ||||
| Net cash provided by (used in) financing activities | 11,988,250 | (658,794 | ) | |||||
| Net increase (decrease) in cash | 4,809,511 | (2,318,982 | ) | |||||
| Cash, beginning of period | 15,878,295 | 5,147,216 | ||||||
| Cash, end of period | $ | 20,687,806 | $ | 2,828,234 | ||||
| Cash paid during the period for: | ||||||||
| Interest | $ | 626,779 | $ | 205,591 | ||||
| Supplemental noncash investing and financing activities: | ||||||||
| Nonmonetary exchange to acquire intangible assets | 2,084,278 | – | ||||||
| Conversion of note receivable into equity method investment | 1,101,478 | – | ||||||
SANARA MEDTECH INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES (UNAUDITED)
To supplement the Company’s financial information presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we present certain non-GAAP financial measures in this press release and on the related teleconference call, including Adjusted EBITDA and Segment Adjusted EBITDA. The Company’s management uses these non-GAAP financial measures, both internally and externally, to assess and communicate the financial performance of the Company. The Company defines Adjusted EBITDA as net income (loss) excluding interest expense/income, provision/benefit for income taxes, depreciation and amortization, non-cash share-based compensation expense, change in fair value of earnout liabilities, share of losses from equity method investments, executive separation costs, legal and diligence expenses related to acquisitions, and gains/losses on the disposal of property and equipment, as each is applicable to the periods presented. Segment Adjusted EBITDA is calculated in the same manner as Adjusted EBITDA but is presented on a segment basis.
The Company believes Adjusted EBITDA and Segment Adjusted EBITDA are useful to investors because they facilitate comparisons of its core business operations across periods on a consistent basis. Accordingly, the Company adjusts for certain items, such as change in fair value of earnout liabilities, when calculating Adjusted EBITDA and Segment 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.
Segment Adjusted EBITDA is reported to the chief operating decision maker, the Chief Executive Officer, for purposes of making decisions about allocating resources to the segments and assessing their performance. We have provided a reconciliation of this measure as it relates to our segments below.
Reconciliation of Net Income (Loss) to Segment Adjusted EBITDA and Adjusted EBITDA:
| Three Months Ended March 31, |
||||||||||||||||||||||||
| 2025 | 2024 | |||||||||||||||||||||||
| Sanara Surgical | THP | Total | Sanara Surgical | THP | Total | |||||||||||||||||||
| Net Loss | $ | (615,105 | ) | $ | (2,912,278 | ) | $ | (3,527,383 | ) | $ | (387,191 | ) | $ | (1,411,852 | ) | $ | (1,799,043 | ) | ||||||
| Adjustments: | ||||||||||||||||||||||||
| Interest expense | 1,317,092 | – | 1,317,092 | 267,336 | – | 267,336 | ||||||||||||||||||
| Depreciation and amortization | 688,571 | 435,839 | 1,124,410 | 698,502 | 406,918 | 1,105,420 | ||||||||||||||||||
| Noncash share-based compensation | 1,175,496 | 129,408 | 1,304,904 | 753,615 | 49,771 | 803,386 | ||||||||||||||||||
| Change in fair value of earnout liabilities | – | – | – | (103,782 | ) | 38,104 | (65,678 | ) | ||||||||||||||||
| Share of losses from equity method investments | 143,608 | – | 143,608 | – | – | – | ||||||||||||||||||
| Gain on disposal of property and equipment | (10,932 | ) | 1,258 | (9,674 | ) | – | – | – | ||||||||||||||||
| Interest income | (3,672 | ) | – | (3,672 | ) | – | – | – | ||||||||||||||||
| Acquisition costs (1) | – | 308,684 | 308,684 | – | – | – | ||||||||||||||||||
| Segment Adjusted EBITDA (on a segment basis) / Adjusted EBITDA (consolidated) | $ | 2,695,058 | $ | (2,037,089 | ) | $ | 657,969 | $ | 1,228,480 | $ | (917,059 | ) | $ | 311,421 | ||||||||||
| Net revenue | $ | 23,434,096 | $ | – | $ | 23,434,096 | $ | 18,536,638 | $ | – | $ | 18,536,638 | ||||||||||||
| Net Loss as a % of Net Revenue | (2.6)% | N/A | (15.1)% | (2.1)% | N/A | (9.7)% | ||||||||||||||||||
| Segment Adjusted EBITDA (on a segment basis) / Adjusted EBITDA (consolidated) as a % of Net Revenue | 11.5% | N/A | 2.8% | 6.6% | N/A | 1.7% | ||||||||||||||||||
(1) Acquisition costs include legal, tax and accounting services related to prospective acquisitions.
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