Thank you for being with us here today this morning. Today we have Atul presenting for LifeMD. Please give a warm welcome to Atul.
Thank you, everybody. My name is Atul Kavthekar. I'm the new CFO for LifeMD. Joined the company about two months ago, very excited to be here. I'm gonna tell you a little bit about our company and some of the reasons specifically that I joined, and some of the things that I'm really excited about for the futur e of the company and for, you know, appreciation of the stock price, which is something we pay a lot of attention to. Let me just give you, for those of you that are not familiar, we are transforming healthcare delivery at scale. We consider ourselves one of the leading virtual primary care providers in the nation, we focus on a couple of key areas and then expanding beyond that.
As you can see here with some of the numbers, end-to-end care platform with 400 million+ interactions to date, 322,000 and growing active patients. These are patients that are paying us a subscriber fee and being prescribed drugs. We have tremendous traffic to the site and all of our properties, both the LifeMD and the RexMD , which is the men's health, men's lifestyle website. As I said, we provide end-to-end care, virtual care, pharmacy, diagnostics. It's basically all of the things that you would find if you were looking for a primary care provider. Urgent care, pharmacy for the drugs that we provide and care for, a lifestyle pharmacy, so these are generic, compounded, men's lifestyle drugs. We have all branded GLP-1s for weight loss and for other health needs.
We have an emerging women's health business, which I'll tell you about. Principally around that and around labs and wellness and things that we associate with our brand that is a little bit different than some of the other large competitors in the space. AI is something we talk about a lot. It seems everybody talks a lot about that. I think one of the reasons that I think we are kind of on the forefront of this is really enabling the providers to leverage some of the information that is being delivered directly to patients. As a patient, if you go in for what we refer to as a synchronous visit, you get on a video conference just like you do with Zoom, and you talk to a doctor around your needs.
That physician or nurse practitioner on the other end is enabled with a lot of new AI tools that we have developed in-house. These are things like, and I'll talk about this a little bit more, you know, RAG models, which are really self-contained from rather than just from broad-based, you know, sources of healthcare information. This is really contained around and with some of our experts. Some of the experts that we review that are responsible for care, they have a lot of control over the information that we dispense to our patients. We enable and ensure sort of the highest quality care as a result of all that. Talking about some of the durable advantages that we have.
One of the things that I think is easy to overlook, but what we have is we have 322,000 active subscribers. This is today, active patients. We also have about that same number, and it's actually depending on how you count it, actually quite a bit more, maybe even as much as 1 million of active people that have been either on our site, they've been tempted enough, they're interested enough, they've come to our site, or alternatively, they've actually transacted with us, and for whatever reason, they've discontinued their care. We think that that's a tremendous untapped mine of opportunity for reeducation. If they were just simply interested and just somehow failed to convert, there may be some opportunities to re-educate them.
There may be some opportunities to win them back in the future. One of the things we'll talk about is some of the new product categories that we are actively investing in. We have a tremendous medical group. We have a very large group of providers and nurse practitioners that engage with patients, either, as I said, in a video conference, video, synchronous visit, but also in what they call an async visit, which is sort of this flow of information and inputs into a website, and that are reviewed at a later time by a physician and either approved for dispensing a drug or not, or some alternative care treatment, you know, approaches is provided. You can see here some of, you know, some of the physicians that we have are leading in their fields.
You know, Dr. Culpepper is very respected in what he does, and he's actively involved in sort of curating a lot of the medical. He's not the only one, but he's one of the primary. You can see some of the numbers here around physician ratings, very high. There's a lot of customer satisfaction. We think this is something that's really not easily repeatable and something that some of the smaller gr oups are, you know, that are also in this field just can't emulate. The pharmacy infrastructure. We have our own 50-state pharmacy. It's what they call a 503A, which is a compounding pharmacy. We're actually looking at some opportunities to either expand or perhaps, you know, acquire or do more around this pharmacy.
We think that this is a way, particularly for some of the newer drugs that are out there, for us to control the supply chain, to ensure quality, particularly as we talk more and more about things like peptides that are coming to the market, hopefully, we'll see in July. The quality assurance is gonna be absolutely paramount, and that's something that we can control for when we are doing things in our own pharmacies. That's, I think an important advantage that we have that not a lot of others do. Probably if I think about it, the thing that was most exciting to me when I took this position is some of the things that the company is doing around insurance.
I think compared to some of the larger groups that you probably are more familiar with, Hims, Ro, some of the others, this is something that I think is very unique. We feel we're a little bit on the front of it. We'd like to think that we're not, so we keep pushing it harder and harder. The team has done a very good job around infrastructure for insurance. Sometime in the next, I would say, 10 days, we should say, we will probably have an opportunity to cover medical insurance for the care part of it, not necessarily for the drug, because a lot of these drugs are not necessarily covered by insurance. We should be in a place where we can provide insurance for virtually anyone in the country that needs one of these drugs.
We're very excited about that. Moreover, this infrastructure relies, a lot of you are probably familiar with revenue cycle management. It's a difficult thing to do. We do it very well. Some of the numbers that I've seen, I've been really impressed with. I would say it's in the top quartile, if not higher, in their ability to capture revenue, to manage this very, very efficiently. That's, I think, is gonna be a big differentiator. We have seen absolutely tremendous interest from inbound patients that are coming in and expressing an interest. Something like 80% of the new patients that we see have expressed interest in exploring whether insurance covers some or all of these services. This is something to watch for in the future.
just sort of to summarize, we have a lot of really high impact areas that we cover. men's health is sort of the baseline. this graph is a little out of proportion, but the men's health is really sort of the base where we started. primary and urgent care, this is something that we do with a subscription. It's almost like a concierge service. the areas that I think are the really big growth areas are specialty care, and this is not just GLP-1s, it's not just weight management, but it's expanding into women's health, which is a really, really important subset for us. Psychiatry, cardiology has been launched. These are all new businesses that we are investing in and are really important. I think they're gonna make a big difference going forward. the team is incredible.
We have a really, really solid team. There's one addition we're gonna be making to this. It hasn't been publicly announced. Again, on the technology side. We are, if anything, gonna be over-investing in some of the technology leaders and the ability to deliver some of the technology changes that we want to provide to our patients. We think that's a real game changer, and we think that that's something that we are able to do as a smaller, more nimble company than a lot of our bigger competitors. This is an area that you'll see, you know, more and more we'll talk about in the future.
The board of directors don't usually talk too much about them, except that these guys are all really engaged and really very knowledgeable, particular on things around AI, around health, around things that are being done in the MIT lab. These are all people that are very immersed in what we do today. They're great advisors, and we're lucky to have them all. I just want to talk a little bit more detail on a couple of these points, and then we'll save some time for some Q&A if anyone has any questions. We are, as I said earlier, we're focused on a couple of really important high-growth verticals. We focus on GLP-1 metabolic health for weight management. This is probably round numbers, sort of 2/3 of our business.
Women's health, much smaller part of the business right now. This will be a very, very dominant player. Women that we acquiring, we are seeing them. We're seeing a lot of interest. There's an incredibly untapped market. Depending on who you ask, women that are in the pre-menopause, post-menopause, menopause stages, something like 2%, depending on who you ask, are actually taking care for hormonal management. We think that's an enormous untapped market. More importantly, I think a lot of us know this, you know, women in the household, they make a lot of decisions for others in the household. This is a really important patient for us to have and to really be, you know, taking very, very good care of. It's really the VIP.
Men's health, it's a smaller part of our business. It was the primary part, but it's becoming less and less critical for us. It's still a very, very important, very, very profitable part of the business. We enjoy it. We are very active. We think we have some excellent products. We've got some innovation coming out. This is an area that I think we're gonna be, you know, continue to be strong. Psychiatry, mental health, big areas of opportunity. I think those are really in the early stages. There's a lot of opportunity. There's also a lot of competition, we think we've got, you know, the platform, most importantly, the virtual care platform to really deliver and be able to leverage some of those opportunities for ourselves, particularly with the pharmacy that we have.
The integrated pharmacy, you can see here one of the first bullet points, around 90% gross margin pharmacy operation. It's a very high margin business. We manufacture our own compounded drugs for certain categories. Others are expanded and done by third parties. For the most part, we have embraced branded GLP-1 types of drugs. We have a very, very deep relationship with groups like Novo Nordisk, Eli Lilly. Those are the principal manufacturers and pharma of those types of drugs. We also are very well-situated, again, with the integrated pharmacy for when peptides are, hopefully we'll find out in July, whether or not the FDA approves them as part of the compounding list, of whether or not these are things that we'll be able to get into.
We're optimistic about it, until those rulings are made, we don't really know all the facts. We're positioning ourselves to be very ready for that. Technology, again, I think this is probably the area where we spend a lot of time. As a management team, we invest a lot of our thought around what can we do to protect our profit moat, protect our, you know, put barriers to entry, create a moat that is deep and is impenetrable. AI is sort of an overused term, but I think the company has really embraced it. One of the things that LifeMD has that I don't believe a lot of others have, although I'm not privy to all of their inner workings, is a singular platform that employs and incorporates all of the elements around our business.
That includes revenue cycle, it includes all the supply chain management. Everything that's necessary to run our business is done internally. It's almost entirely self-made, internally developed. That's something that we think has got a lot of ability for us to lever, and it gives us a lot of, a very rapid deployment for new things as things change in our industry. We're very excited about that. We think that that's a really competitive advantage. Just diving into a couple of the segments. Weight management. As you can see, there's about 80,000 patients on therapy. This is probably one of the biggest areas of interest, and it's gonna continue. This is a market that's growing at, you know, mid to upper double digits. Mid to upper 10s, I should say.
We expect to be at that level, if not more, going forward. This is a big area for us. We continue to have, the strategic collaborations I mentioned with Eli and with Novo are gonna be very, very important as they bring more and more GLP-1 type of drugs, and presumably some of its offshoots, into the market. They have a tremendous pipeline, and we're in position to capitalize on that as well. Women's health. This is an emerging business. We had our CEO, Justin, on Bloomberg yesterday talking about this. We had some of our medical advisors talking about this. Dr. Doug Lucas actually was on, interviewed and did a great job sort of explaining, you know, what are the gaps in care, and how hard is it for women to get.
I didn't know this. 50% of women in U.S. counties lack an OBGYN. Accessing primary care is very difficult, so it really speaks to the importance of a virtual care platform such as ours in taking care of some of those things. The opportunities are tremendous around hormonal care, all of the other products that are typical and necessary for maintaining overall health for women. That's something that I think we're gonna capitalize on, and we're gonna focus on this part of the business. This is one of those can't miss type of opportunities for us. It's very important. Finally, men's health. It's a bit more of a maturing business. We think that there's tremendous cash flow opportunities here. I think we have a superior product.
We intend to have some innovation in the men's product category, some of the offerings that we have. Again, this is gonna be a big part of our business going forward, and still we think that there's opportunities even in a market that is not growing quite as fast as, say, the GLP-1s, but still growing rather rapidly. Finally, I'll just wrap up on some of the financials before taking you know, some questions. We've had quite a bit of growth over the past several years since the company went public. You know, we've had pretty consistent and consecutive growth in revenue. This year, we're sort of really adjusting to some of the new changes and a lot of new team members that are being brought in.
Some investment that we're making that may not be as immediate in terms of payoff. Even then, we're still looking at sort of mid-teens growth and guidance that we've given. We're pretty happy about that. Forty-five percent five-year CAGR on the revenue side is still nothing to be ashamed of. We're gonna exceed that hopefully going forward. That talks about a little bit around profitability. Profitability is, again, has continued to improve as the business has really repositioned itself around aligning with some of the large pharma manufacturers, aligning in some of the key areas that are growing very, very rapidly, and that's something we expect to continue and lean into as we go forward.
Lastly, I'll just make a quick comment on this page. It's just talking a little bit around some of the gross margins around the telehealth business, as well as some of the patient retention factors we see. Now, we don't release a lot of this publicly, but just maybe just to put it in more plain language, we monitor the retention of different cohorts and different product categories very, very closely. We know which ones are the ones that are more rapid in terms of payback, more rapid and more attractive in terms of LTV to CAC ratios, those types of things. We manage those carefully, and we invest in those where we think that there's a high return and a relatively high payback.
The upshot of all that is that we can grow our top line without necessarily having to go out to the market for raising new capital and diluting the stock. We're not averse to doing that, but it's not necessarily necessary if you manage the business the right way, I think. Again, we're excited about that and what leverage it provides for the stock, you know, given the capital that we have today. We're a debt-free company, with a lot of cash on the balance sheet, so we're gonna make advantage of that. Just finally, just a couple of items here just to reiterate some of the guidance that we've given for the year. We're expecting revenue between $220 million and $230 million, and EBITDA between That's actually a typo.
It should be $12 million to $17 million. We're also expecting to end the year at a pretty exciting run rate closer to $250 million and $25 million of EBITDA. We're feeling we're on track. We reiterated that guidance in our last earnings call, you know, continue to be, you know, very optimistic about the business. With that, we have a few minutes left. I'll be happy to take any questions anyone might have.
I have a question for you.
Yes, please.
How do you bill for this? Do you go through private insurance or Medicare, or both?
The vast majority of our business today is cash pay. A patient comes in and they need a drug, they will typically just pay us in cash, either in the form of a fee to join our platform, and they purchase their drugs either through us or through their own pharmacy. It's a cash pay business today. We are transitioning. It's still a relatively smaller part of our business, which is insurance. The way it works is that if you have insurance that covers Usually, the insurance will cover the care for the visit, and we will have our providers treat you just as they would or otherwise, and, you know, we'll bill, we'll file a claim against your payer. There's a patient portion. It depends exactly on your plan.
It works just the same way it would if you went to your own physical brick-and-mortar doctor for insurance coverage. Typically, we're seeing a trend with a lot of managed care providers that are not covering the drug. The drug is a different question, that may be something that you'd still wind up having to pay for in cash if your, if your provider doesn't cover it. If your provider does cover it, that's great. That's wonderful. You got great coverage. You know, usually there's a simple copay component for the patient portion, and then the rest is covered by the Medicare. Excuse me, by your managed care. Medicare is something that we are looking into expanding soon, and we have some ability.
It's not a huge part of the business right now, but again, in July of this year, the expectation is CMS is going to open up and expand coverage for GLP-1s as for weight loss purposes. When that happens, or when that happens, and it's gonna be under something called the you may have heard of the Bridge program that is offered by CMS. It's basically, it's starting that up. It's gonna be effectively the same thing, except for instead of managed care, it'll be through, you know, an appointed TPA that Medicare has appointed. I think it's Humana. That's something that's coming up in the future. Right now, I think it's just not an infrastructure that a lot of our competitors have today, which I think is again, it's gonna be a competitive advantage for us. Yeah, please.
Just curious about what your revenue breakdown looks like in the coming years, just given that GLP-1 is so much of the revenue now. Are women's health and the psychiatry departments growing enough to shift like that balance?
We will. One of the things we haven't talked about is peptides. I do expect peptides are gonna also take a pretty large share of the percentage distribution of the revenue. One thing to point out, nobody really likes talking about it, but I just one thing just to be aware of is that we typically account for most of our services on a net revenue basis, right? This is that's why you see such large percentage, you know, profit margins. That could change. Just it depends on the way that the contracts are written. It's all just simply a legal construct, a GAAP accounting construct, I should say.
To answer the core of your question, in terms of the volume of activity, I see it sort of balancing out kind of, you know, GLP-1s and peptides. GLP-1s are peptides, by the way. I see that sort of in the 75% of the business. I see the women's health in the near term being still a little bit smaller. I think that'll take time to develop. You know, over time, I can see the GLP-1s, peptides at sort of half of the business, women's health and other ancillary things the other half.
Okay. If there's no other questions, thank you very much for your time. Appreciate it.
Introduce to you Ryan Elmore, President, and Gregg Honigblum , Chief Investment Officer of SINTX. Take it away.
I should go first then. Hi, good morning. How's everyone doing? Okay? I appreciate you taking a few minutes out of your very busy schedule to hear about SINTX. We are a medical device company, and we have found the secret of material science in medical devices. I don't know how many of you are familiar with typical materials that are used in long-term implantable medical devices, but there are really only two that are most popularly used in most implants, titanium and PEEK. PEEK is a high-performance polymer. I'll just pause right there to let you know a little bit about my background. I came from the company that invented PEEK. They're called Victrex. It's a British corporation, and I was responsible for the biomaterials division there.
I know a little bit about biomaterials as an engineer and leader of that business. One thing that we always were reticent about is being able to share with our customers the foibles and the shortcomings of PEEK. Both titanium and PEEK have some shortcomings. Titanium likes to be with bone. Bone likes to grow onto titanium, but it doesn't do particularly well in cases where patients have active infections. That's a big deal. If you have an infection, the implant is going to loosen, and it's ultimately going to fail. PEEK doesn't do well with infection, and it also doesn't do well with bone on growth or osteoinductive properties. We've really got this new material that we've created. Sorry, I'm skipping a little bit too far ahead there called silicon nitride.
It's a ceramic, so it's not like PEEK, and it's not like titanium in that what silicon nitride can do is actually resist the infection when it's put into the surgical site. What happens are ammonium particles or nitrogen molecules are eluted from this material, and they actually perform differently depending upon if the cell is a single-celled organism, like a virus or bacteria, versus a prokaryotic cell or an animal or plant cell. In a single-celled organism, the ammonium or nitrogen molecules will actually go in, penetrate that cell membrane, and cause the cell to lysis or burst. It's not an anti Sorry, what's the term I'm trying to find here? When you go to the doctor and you try to get something for a bacterial infection, he'll get you an antibiotic.
Silicon nitride is not an antibiotic. It doesn't work in the same mechanism, so you don't have antibiotic resistance that can build up in your body as a result of it being planted with silicon nitride, but it's still capable of killing bacteria and viruses just as an antibiotic is. The other thing that silicon nitride can do in animal cells is it actually goes in and stimulates mitochondria to grow. In wound healing, we believe this is going to lead to some pretty dramatic incidents of reduced inflammation and increased wound healing. In bone type applications, we've actually shown a lot of data that we show increased osteoblast activity, which osteoblasts are the precursor cells to bone.
We see that it actually attracts those osteoblasts at a much higher level than titanium does, and PEEK really elicits no osteoblast activity. This slide is just here as a takeaway for you to see how silicon nitride compares with PEEK and titanium. We've essentially decided to create a business around silicon nitride because we feel it's essentially the world's ideal biomaterial. No w, we offer silicon nitride, and it can be used to create implants in a number of different forms. The far left, you see something called monolithic ceramic. This is the purest form of silicon nitride that comes 100%, with no compounding, no mixture with any other materials. That obviously means that it's in its purest essence.
If you were trying to maximize the bone on growth properties or the properties of antibacterial, you would wanna use a monolithic ceramic, a monolithic silicon nitride. The next one over, silicon nitride composites, there are some applications that will perform better if you don't have a stiff ceramic. Any kind of application that it's in tensile or stretching or torsion or rotation doesn't perform as well in a ceramic. We've actually invented something called silicon nitride PEEK. Remember in the last slide, I was talking about PEEK? PEEK is actually very good in the fact that it has the same modulus of elasticity or the mechanical properties of human bone. When we're able to supercharge PEEK with silicon nitride, we get the best of both worlds.
We get that mechanical modulus of PEEK with the outstanding biologic properties of silicon nitride. The third one, there will be some medical devices that just can't work in either silicon nitride or in PEEK, and those have to be continued to be made in metal or, maybe titanium or cobalt chrome. In those, we've developed coating technology where we can place the silicon nitride over the top in a variety of different forms. Okay? Now, when we began to survey the landscape of the market and decide which markets we wanted to serve, we just did an overview, and you can see that some of them look really attractive. Like the spine market, for example, is quite highly valued. The problem with spine is that the growth rate right now is very poor.
What we wanted to do with the first product lines that we developed is target a high growth, highly disruptive segment of the med tech market, and we've chosen extremities. Extremities is growing right now at around 7.5%-8% CAGR on a global basis, and we see procedure volumes growing at around that 7-10 as well. There's also a very specific form of products that have exploded within extremities called patient-specific implants, and they're used to treat things like patients with extreme trauma or osteosarcoma, which is a type of bone cancer. If you were unfortunate enough to have osteosarcoma in one of your long bones, like your femur or your tibia or even maybe in your arm, large sections of your bone have to be removed. Sometimes that results in amputation of the limb.
What we and some other companies are looking to do is salvage those limbs by being able to put in custom-made implants that fit exactly the right anatomy that was taken out when the surgeon performed his operation. If you look at the far left, we've highlighted in orthopedics, there's a number of different choices from which we've got to choose. We've chosen to start with foot and ankle, I'll explain to you about our first product that we've just received FDA approval on last fall. At the far right, you can see that vertical patient-specific implants there where we talk about orthopedics, specifically orthopedic extremities to start. The middle bucket where you see something called textiles, we'll talk to you about that.
It's a little bit further out for us in the technology landscape, but we believe that just as I mentioned in the beginning, where silicon nitride has the ability to positively influence wound healing characteristics by us creating a bra ided suture from silicon nitride and other polymers, we can actually resist the growth of infections in those sites while also helping to aid in wound healing without the problem that comes associated with the triclosan, the current Ethicon suture, which is an antibiotic that can cause antibiotic-resistant bacteria. As a matter of fact, we were just at dinner last night. One of our friends passed along a World Health Organization update that actually was discouraging the use of triclosan or that Ethicon-based antibiotic suture because of the danger of increased antibiotic resistance.
We feel we've got something very special there as well. I mentioned starting in foot and ankle. This is a release from the fall where we announced the 510(k) or FDA clearance for our foot and ankle wedge system. This is that foot and ankle wedge system, and you can see that it is a pure 100% silicon nitride foot and ankle wedge. If you remember back to the earlier slides where we talked about the different forms, we've started with the purest form, and foot and ankle surgeons, those are either podiatrists or orthopedic surgeons, they really love silicon nitride for this application because there is a high incidence of bacterial infection that can cause problems in foot and ankle surgery. This is where we've begun.
Our Chief Commercial Officer has a history with a company called Paragon 28, which was just recently acquired by Zimmer Biomet, which is one of the top 3 orthopedic companies in the world. Paragon 28 had a very large line of foot and ankle products and patient-specific implants that our Chief Commercial Officer helped to launch. She then moved on to another company called restor3d. I'd encourage you to look at both of those companies because they're really the only two other companies besides SINTX that are gonna be capable of launching patient-specific implants for the extremities. That's it. Only three companies in the world.
A lot of companies offer patient-specific cutting guides or instruments that are used to aid in the implantation of those types of implants, but not many have the technology to be able to work through the custom workflows of downloading a CT scan, processing that then into an implant design, and then getting that to a 3D-printer to be able to print something that's custom. We have that technology. This is an overview of the limited user release for our foot and ankle wedge system, and you can see some logos of big hospital systems. Unfortunately, not too many in California because the reimbursements here are very poor.
We've deliberately chosen other areas where either on the East Coast where we have a lot of university-based medicine where we get a lot of publications, a lot of volume. Reimbursements aren't great there either, but we do get a lot of volume. The Midwest and the Southeast, we get better reimbursements, and then of course in the Central West or the mountain region, that's also where we'll get some really good reimbursements. This reflects the 15 surgeons that have been identified now to help us with the design of our foot and ankle wedge system. The next one expands out, so you can see a much wider picture of the surgeons that have been chosen for our full launch. In gold, the gold crosses are representative of the same slide as we just looked at.
Those are the designing surgeons for the foot and ankle wedge system. The blue, the purple, the gray, and the green reflect the rest. It's about 71 surgeons in total that we've hand-selected that have given us a verbal commitment that they wanna use the product when it's available, and we'll be going into full launch for the Evans, Cotton, and subtalar wedges by the fourth quarter of this year. I will say that so far, we did our first case in March, so it's still very early, but cases are getting booked all of the time. It's a very limited user release, but again, by the end of this year, we'll scale up. That's only the first product that we plan to offer.
In targeting the extremities segment, we're gonna need to do more if we wanna do patient-specific implants than just foot and ankle wedges. The foot and ankle wedge that was chosen because it's a relatively easy-to-do procedure. It's used every day. Foot and ankle surgeons put this in very commonly to restore flat foot deformity or other types of foot and ankle issues. When we wanna kind of increase the value of our implant offering, that's when we start getting into the lower and upper extremities. I mentioned those before as either treatments for osteosarcoma, all right, so for cancer, oncology, or for severe trauma. When we start looking at the lower extremity focus, we're talking about the femur and the tibia. When we talk about upper extremity focus, we'll talk about the arm, but no joints right now.
In the first couple of years, as we're looking at this midterm commercial strategy, we're looking at producing patient-specific and custom implants for large bone segmental defects. Those are these large pieces of bone that are that have to be surgically removed, and we'll put those back in with a silicon nitride PEEK or silicon nitride based implant. Right along together with the implant, we're able to also sell custom instrumentation that's used that helps the surgeon to make the accurate cutting guide. If you wanna put in an implant, it helps to actually have a pattern. I don't know if you have any woodworkers in here, but it's very difficult to freehand a cut if you're a surgeon and make it absolutely precise at the right angle.
Surgeons now really like to have patient-specific cutting guides to guide the oscillating saw that's used before they place the implant. We're going to be selling those also, and they're single use, we can bill the hospital for those in addition to the implant. Okay, keep going. I did mention restor3d and Paragon 28. There are a few others on this list that you could see as the competitors that we're seeking to go after. The one thing that you'll not see anywhere on this is anyone that's using a unique biomaterial like silicon nitride. One of the value propositions obviously that we're targeting in this group is the use of our implant in active infection and not restor3d or MedCAD or OPM. No one can sell their products now for that type of an indication because it's contraindicated.
FDA hasn't approved it for that application. We have the ability with silicon nitride to fight bacteria and viruses, we can actually make that claim. That'll be one thing that we'll be able to sell as a niche application. The other thing that these companies are struggling with right now is producing their implants on time. Lead time is a big deal. We want a good customer experience in business. These companies are struggling to deliver their implants within eight weeks. Eight weeks for a patient that is undergoing severe trauma or cancer is very problematic, as you can tell. It's also a problem for the hospital to stabilize the patient for that long and incur incredible expense.
If we can reduce that lead time, which we believe we can get it down to about two weeks, because of the simplified nature in which we can print silicon nitride PEEK or silicon nitride, we don't have to go through the same external suppliers that these folks do in printing metal. Metal is a very different process than printing ceramics or polymers that we can. We're quite confident that we'll be able to not only deliver an improved biomaterial that's gonna give patient better patient outcomes, but also an improved lead time that can save the hospitals money and deliver a better customer experience. I'll introduce you to our facility.
We're located in Salt Lake City, and the bottom here, you can see kind of some of the equipment that we have proprietarily built into the system to make our ceramic. We're the only company on planet Earth that has figured out a way to make a medical grade silicon nitride. Silicon nitride's been used in automotive and in aerospace applications for quite some time, but no one realized the biologic benefits until SINTX actually began to study these materials, and after doing a lot of in vitro testing, they realized, "Hey, there's something really special here about the way it interacts with both bone, soft tissue, as well as bacteria and viruses." We've invested quite a bit of money.
We have a very robust patent portfolio where no one else is going to be able to take the silicon nitride and to make a medical grade. We feel very good about there being a pretty high barrier to entry for any of the competitors that might want to progress this technology in parallel. This is just talking a little bit more about that robust patent portfolio. Do you remember in the beginning when I talked about silicon nitride and PEEK, and I've kind of referred to silicon nitride PEEK a couple of times. To make a compound, silicon nitride PEEK, it's a polymer, PEEK, combined with our ceramic powder. It's not easy to do that.
We had to find the right partner who would be interested in validating the SINTX Technologies first of all, and then saying, "Yeah, we'll make that for you." Well, Evonik is a multi-billion dollar polymers and chemicals corporation located out of Europe in Belgium, and they've actually become really excited because they see this not only as an opportunity to get us as a customer, they can resell to us our compounded materials and make those for us, but they're also really excited about reselling these materials to their customers. Now, we're not gonna get rich about, you know, Evonik selling our customers, but what it does do is it validates that this very large behemoth biomaterials company sees something very special in our material and something that they feel validates our value proposition, which we're very excited about that.
Aside from the orthopedic and musculoskeletal applications, which I spoke about a little bit earlier, this is talking more about that anti-pathogenic fibrous material suture wound dressing that we feel really bullish about as well. Not to put down, I guess, the musculoskeletal applications, but this is a very large market where there is only one technology on the market right now which addresses antibacterial concerns in suture wound healing. You just heard me say that it's actually becoming a little bit of a problem because of antibacterial resistance. We have plans to make our own suture and wound dressings and then find distribution partners for those, and the first step of that is to perform an animal study which validates all of our in vitro or laboratory data.
We've got a lot of data in the lab that shows this is very good at attracting the right types of cells for healing. It's very good at resisting bacteria. We now need to take that to the next step. This summer, we're going to be embarking upon an animal study to test both suture and wound dressing. Once we have that data, we'll be able to go to FDA, have a 510(k) or a license to market our product, and then we'll be seeking distribution partners. I mean, Ethicon could be one example of a suture company that would be a great partner for us to distribute our product.
I can turn it over now to our Chief Investment Officer, Gregg Honigblum, who can answer any questions for you at the end and talk to you about the investment.
Since I'm a midget, I'm gonna stand over here. Thank you. I'm an investment banker by occupation, this was one of my early portfolio companies. Raised the first $100 million of equity for this company in the early stage development, helped build the manufacturing facility, get all the intellectual property. I was approached by the former board of directors about 18 months ago to come back in the company to help restructure it because they kind of lost their way to focus on specifically the medical device applications for silicon nitride. We've been very fortunate to recruit people like Ryan to come in as the president of the company, developing the distribution channels. You know, we are obviously FDA approved for the foot and ankle.
The company is. You got a stellar team, a management team. We've also came in and restructured the board of directors. Chris Lines was part of M&A for Medtronic for years. Robert Mitchell was a senior executive at Cook Medical, and Mark Anderson ran a $1 billion-dollar division for Boston Scientific. These are luminaries that have been very creative in our development of the next stage of our technology. Our cap table is very simple. It's be en very closely held by very long-term investors that there hasn't been a lot of selling. There's about 65% of the stock is in very, very close hands. We've got some strong institutional ownership. We just actually had a very well-known institution buy 4.7% of the stock last week that we're really excited about.
It ran a $20 billion fund for a major private equity group. We have no debt. We have the availability of about $5.1 million of an ATM. We also have warrant coverage to that we feel that could get exercised due to the fact that we've got some nice catalytic announcements over the next coming quarters and months as our ramp for our revenue increases and we're in a great shot. You know, it pioneered the use of silicon nitride for the u se of medical implants. We're the only ones in the world that can make it. We've got all the IP around it. We've got the great management team. We're executing flawlessly now, and you'll see a nice uptick of our financials on both the revenue and profitability side as we move along into these coming quarters.
I'd like to open it up for any questions. Yeah.
Surgeons have to have special training to use this. Is that what you've been paramount?
It's a great question. No, they don't. The implants that are used are actually the same shape and size as metal or PEEK implants, so they can use the same surgical technique that they would have otherwise used with another material. They can just put this implant in and Yeah, it's the same surgical technique. Yeah, great question. Yeah.
You mentioned the foot and ankle wedge. Two other companies are direct competitors in that space.
So it's about a $50 million-$60 million market for just foot and ankle wedges. There are several companies. Stryker has them. A lot of people have them. I think what we're trying to do is Lisa Marie, our Chief Commercial Officer you saw on the slide, she has the relationships with about 71 surgeons that she was working with in her former role as the sales director for Paragon 28 as well as for restor3d. We're starting with a simple product. They've all agreed to use it, but that's just the benchmark from which we're gonna grow. It's an easy one to get into the hospitals because it's so different. You do need to get hospital approval, and that's not easy for something that's just a me-too product.
Something that's quite unique where the hospital see an opportunity for them to be able to resist maybe additional infections, it's gonna save them money. It's also gonna be an improved outcome that they can demonstrate to payers and say, "Look, we're showing an increased rate of success with lower infection," and they can negotiate better reimbursement rates from payers as well. That, that's ultimately where we're trying to go with the data set. Yeah.
I have a question. You mentioned you have $5.1 million in cash?
No, no. $5.1 million on the ATM. We just announced our Q last week. We can't really go into it, but we're in a really advantageous place from a capital formation standpoint. If you'd like to have a more substantive conversation, we could. We have access to the ATM, which was tapped last week by a major institution that wanted to just buy the stock in the market and hold it long term. We have access to warrants that could be exercised throughout some catalytic events that we feel will have an impact on the stock, I believe.
What's your cash burn currently?
Cash burn right now, it's about $800,000 a month, but it's getting ready to diminish as we have some also legacy industrial business that we work with Champion, GE, and Fralock , three of the large companies that we had previous contracts with, and we've recently renegotiated those contracts, which they want us to make the se parts for them, and we do it, you know, in our manufacturing facility, and it doesn't, you know, cause any disruption from making our medical implants. That is becoming a very lucrative business for us, and you'll see in the coming quarters.
One thing Gregg and I were just joking about on the way to dinner last night was if, you know, if I was in your shoes sitting out here in the audience, and, you know, what would I want to hear as a potential investor about a new company? The first thing is it's a very, very unique biomaterial that no one else has. The second thing is the medium by which we're introducing these implants is very disruptive in 3D-printed patient-specific implants, and we've targeted a market that's poised for continued very strong growth. The last thing is we've got a growth projection, so our three-year projections puts us at cash positive by year three.
Because of the relationships that Lisa Marie, our Chief Commercial Officer, has, and because of the high price of each of these implants, we feel that we've got a very good chance of getting to around that $22 million range by year three.
Thank you.
Yeah. Thank you very much.