Is there a clicker? Thank you. Thank you. Good morning, everyone. I'm Ron Nixon, CEO of Sanara MedTech, and for those of you that don't know Sanara MedTech, we've on the first slide here, we put some detailed information up, and the slide is on the website today so that you'll be able to go pull it up if you don't already have it. That gives you a little bit of the brief information about Sanara that might be of help to you, so what I want to do is start with kind of the history of Sanara and how we got to where we are today, and so starting back in 2018, we identified an interesting product called CellerateRX that was inside of a little microcap company.
We saw that it was gaining significant traction at a small level, but as a pretty rapid traction in the surgical space, predominantly in ortho and spine. This company had started to build that, but they were about to lose the license for that product because the time had expired on it, and this guy wasn't going to be patient with them. My firm, The Catalyst Group, actually went in and acquired that technology to complement something that we were building in for the surgical market as well, which is an antimicrobial that's one of our platform products that we've now introduced in 2023. In 2019, roll forward, we took it over. We changed the name to Sanara MedTech. We put $10 million of capital in, $8 million from us and $2 million from existing shareholders that were in the former predecessor company.
We ended up changing out certain people in the management team and really focused on how we can go build surgical business. In 2020, we uplisted to Nasdaq with the name Sanara, and we started creating a strong Board of Directors that you'll see more about here in a few moments. Then from 2021, we did a capital raise of $32 million from Cantor Fitzgerald. That was to really take us from our 56% ownership down with a dilutive event. We didn't take any capital out. We raised that capital for us to go execute our strategy. We also know that people typically don't like a privately held public company. That's what in effect was at 56% ownership. We're down to 41% ownership today in the business, but not selling any stock. Our company has never sold any stock.
It is strictly from the stock that's been issued to others for our strategy on expanding the business. So in 2021, after raising that capital, we also bought Rochal Industries, which was the research and development company that was owned by our company, rolled it in mostly for stock and with milestones so that it would be very accretive to the company and run in parallel with what our other investors wanted to see, which is now we've got a captive R&D company inside of Sanara. We also picked up a couple of products from Cook Biotech to expand within the surgical arena that you'll hear about more as well. We bought another biologics company that gave us a foothold over in the Florida market for us to continue to expand and add more ancillary products into the marketplace.
And we entered into a joint venture with a company called InfuSystem for several things that we were doing in the post-acute market that we'll talk about as well. In 2023, we introduced our BIASURGE product for the surgery. It's an antimicrobial that will kill bacteria like MRSA, VRE, all the bad actors. And it's the first leave-in wash for a surgical location. And we have high expectations for that product. We added a few more products like ALLOCYTE and some others that were still ancillary. But our two platforms today are Cellerate and BIASURGE. And I've called the other ones really more ancillary products because both of those other products that are platforms have significant growth opportunities as we go forward. In 2024, we licensed some collagen peptides from Tufts, which is what our core product Cellerate is. And by doing so, we picked up 18 proprietary collagen peptides.
As we've announced before, we're focused on increasing our IP around our core product CellerateRX. We have a lot of IP already around our BIASURGE product. We want to continue to advance and develop products for other specialties and their needs, even though CellerateRX is being used in many of the other specialties, maybe have a directed product offering for other specialties like vascular or plastics or some of the other ones that are high users of the product today in general surgery as well. I mentioned earlier about building out the Board of Directors. As you can see, we've got a heavy weight towards technical people on here. I'm an engineer by background and have been focused on technological businesses my entire career. Ann Beal Salamone is the one that actually owned Rochal with her husband.
And so she's on our Board after we bought that business, and she's in the National Academy of Engineering. You got Sara Ortwein, who is the highest-ranking female at Exxon before she retired. She was the first major division president and female. And she's also very technical. She ran R&D for them for a while besides just the operating companies. Got Eric Tanzberger, who's great for our audit committee. He was in a high-performing expanding business through acquisition, which is in the death care business named Service Corp. They happened to be the original backer for me back when I started my business. And then Bob DeSutter from Piper joined our Board. He's obviously focused on med tech and really understands it. Have a Stryker guy and Eric Major. And then Keith Myers, who was the founder of LHC.
We were the capital behind LHC when it was $10 million in revenues. We ultimately sold it to United when we were doing $3.5 billion in revenues, and we'd gone from six locations to 1,000 locations, 100 employees to 29,000 employees, and then we sold it to them for them to be able to use in their efforts of doing more care at home at a higher acuity level, so recently, we announced that we are breaking out our segments. One is for the post-acute, or we call it non-acute, which is our Tissue Health Plus strategy. The others are surgical business, and so right now, I'm going to focus a little on the surgical business, but as you can see, pardon me, this has been the growth rate since 2019.
And so you can see we've had a decent CAGR as we have continued to expand this business in surgery. You'll see more information about how we've penetrated that market and how effective we've been at penetrating that market as well. So what are some of those accomplishments? You can see that our products are approved to be sold in over 4,000 hospitals. Our original target was 6,000 hospitals. We got a lot of room to run because as you see on the second bullet point, we're in greater than 1,200 hospitals today in 34 states. And our revenue, on a trailing 12 months, is $78 million. And that's a 25% year-over-year growth with our core products that we have today. Our key differentiators in how we've driven this business is by building a really strong sales team that have experience in the surgical setting.
So we've done that across these 34 states managed by them. They were responsible then for setting up our distribution network where we have 1099s to support what our efforts are to go do this. We have multiple selling opportunities per case because we've added those ancillary products. So not only is our core product Cellerate being sold into there, but because of the confidence that people have in that, they've been also buying our ancillary products for soft tissue and bone. And you'll see more about that as well. Obviously, with 1,200 hospitals that we've penetrated, and that penetration is really about 50,000 minimum. So it's not just a single sale into a hospital. It's got to have at least a level of 50,000. So we're in 1,200 of those hospitals.
And so we got 2,800 hospitals that are greenfield for us, not to mention the additional 2,000 targets that we've got out there that should be about 6,000, which we've identified early on. Again, the other strength that we've got is we can not only do inorganic growth through the acquisition of looking for more of our platform companies, but we have our own captive that helps support the products we've got that helps us to develop derivative products right off of that. So here's just a little bit about the product offering. So we've got Cellerate in powder form. We've got it in gel form. The gel typically is used just on the surface. And so that would be on something where they've broken the skin on the epidermis and put it there. Our surgical powder is to go in all the way down.
And if you think about surgery, you have 15 million surgeries out there being done. Every time they open somebody up, that's a wound. And so as they do that and they open up that, they actually start going down layers. So you'll be at the epidermis, the dermis that go down through the fascia and maybe multiple layers of fascia, especially in the ortho and spine. And so as they do that, they've created all these wounds. And our product works well in terms of a moist environment. And so they have found that it's a very good product for this is their words, not my claim. But what their words are is that they see less dehiscence. They see less surgical site infections. You'll see some evidence of that when I get to a further slide. They also see less scarring because it's healing faster.
They see faster healing as well. That's why they use this product. It kind of ensures their work, which because going back into revisit of surgery is not something that you want to be doing. BIASURGE comes in an irrigation form, and that is to be used as a rinse that typically rinses at the beginning. Those rinse through the process. They can leave this product in if they choose to do so. Our ancillary products are listed down below, and you can see some examples of what each one of those do. I won't go into those. You can read that on the deck. These are complementary in ortho and spine predominantly for us. We'll be looking for what are those complementary products as we move forward into other specialties as well. A little bit about Cellerate itself. It's a hydrolyzed collagen.
And for those of you that don't know what hydrolyzed is versus a native collagen, a native collagen, your body has to break that collagen down over a period of time. Our hydrolyzed collagen has been broken down by us in a proprietary process that we have. And it's used an enzymatic process, and that enzyme is a proprietary enzyme. And so when we do that, it breaks it down. And so when it immediately goes into the wound bed, it starts to act. And obviously, that's what they really want to see is that fast-acting side of it. Predominantly, it's in surgical wounds today and trauma wounds. Ortho and spine has been our focus, but we see other applications, as I mentioned earlier. So for vascular plastics and general surgery, we even have them being used in neuro and cardiovascular with some studies being done on that.
But right now, our focus has been on surgery and the surgical wounds. And we'll just keep it expanding there until we see some of the others like the burn market, etc., that all would be applicable to what we do. So this is an example of one of the studies that we've got. And one of the things about our business is that we are driven by evidence-based outcomes. And so to have evidence-based outcomes, we've got to be able to do studies to support what is actually happening in the field. This is a retrospective study that was done by Dr. Warth in Houston. And he had a registry done with many, many different types of surgeries being done. And just to give you kind of a flavor of how well this has been working, so this was a third.
This trial was done with a third using Cellerate, and the other two thirds were either without Cellerate or with a product that tried to compete with Cellerate, and as you can see at the bottom, it resulted in a 59% reduction of surgical site infection of clean contaminated cases, and if you'll look over to the right, then you can see that that comparison was 1.54% versus 3.3%, and if you go look at the math on this, you can see that 2%- 3% is your typical wounds that have infection, and if you go look at the cost of that, it's a really large number from surgical site infections, and so that's obviously why that's one of our number one focus areas, so where are our growth opportunities?
As I mentioned before, we're going to keep trying to penetrate our 1,200 hospitals and get more market share within those hospitals. We'll be going after the 6,000 that we've got. And we will continue to expand our product offering internally and externally if we find the right platforms to go with us. Getting that network built out there makes it a lot easier for us to be able to go have discussions with our surgeons, have discussions with the hospitals, our GPOs that we have approved so that we can further penetrate by bringing in new products and getting them on contract, which is a whole lot easier than the first time that we had to go through that. Recently, we launched the BIASURGE Advanced. And so what we're focused on is how do we go penetrate the hospitals who are already in with Cellerate and show them that.
You'll see more and more evidence of that as we just continue to build, but we're very pleased with the performance. We introduced it about a year ago. It took a while to get the VAC approvals for that. We continuously work on VAC approvals, and those are value analysis committees at the hospital that we have to do that with. In organic growth, we have put out in the press many times that we're always seeking either partnerships and/or opportunities to bring in a new product either in a partnership or in an acquisition, and we do have a lot of activity around that where people are inbound calling us because they see what we've been able to accomplish. They see that they've got proprietary products that could complement us, and we hope to find those in the future and just continue to expand the way we're expanding today.
Let me talk just a minute about Tissue Health Plus. That is our non-acute setting. How this came about is because I was involved in the home healthcare business for 22 years. I got to see the misuse of how people were treated throughout the continuum of care. If you think about a hospital, their episode is three to five days, and they want you out of there 10 days at the max. That's not enough time to heal a wound. If you go down to home health, it's two 30-day episodes. It used to be a 60-day episode. That's still not enough time to heal like a diabetic foot ulcer. If you go over to the skilled nursing facility, that's 21 days before the co-pay kicks in, and they want you out of there by that time.
So if you think about that kind of situation and what happens is then when they're discharged, where do they go? They go home. So then they're reliant on going to their local pharmacy to try to find something to heal their wounds. And I challenge you to go look on the shelf of any one of the pharmacies that's near you, and you will find a space about this big. And it has coverings, and it actually goes back to Florence Nightingale. The vast majority is tape and gauze that's being sold. And so you're not seeing high-performing products inside of there. So now that person's back at home. They're elderly. They got a wound. They got comorbidities. And what happens? They get an infection. They have a reoccurrence, and they go back in the hospital or readmission. And this happens to these wounds on and on and on.
Why is it then that we went after this? If you look at that first bullet point on the left, we want to be the first value-based care plan to go into the wound space where we would be at risk, and we would be at risk only for the wounds. The way we've done it is we can limit our downside protection. We're not going to take any of the comorbidity risk from any of the other comorbidities that are out there with these wound patients. The vast majority have either COPD, CHF, hypertension, mobility, or diabetes. Those five are the big drivers in the post-acute, and wounds are part of that. You have 8.2 million patients at a minimum that are out there today with chronic wounds, meaning non-healing and just constantly in the flow.
So we look at that and say there's about $69 billion that is potentially preventable in this market. The rate of cancer, pardon me, the death rate from cancer is the same death rate as the number of people that have diabetic foot ulcers, which is astounding to me because that ought to be prevented. We believe that we're able to do that. You see that 15% of individuals over 65 suffer this chronic non-healing . Then the five-year mortality rate is over 30%. That's pretty dramatic. We've built this care delivery that includes care coordination, etc., to be able to do with this and a platform to do it from. This will be just kind of the high level of a lot of details that have gone into this.
And we have a very, very experienced team that is running this from the top guy, Zach Apollon, that ran a wound care business that was over $150 million in revenue for the skilled nursing facilities predominantly. And his team had been made up from people that have got 20+ years each doing this and then a lot of technical skills to accomplish what we need to do to do our integrated care model. So it all centers around a care hub. And that care hub would be clinicians that have experience in wound care, extensive experience in that, utilizing our episodic care models that we have built, using an ability to be able to do virtual care as well as sending out providers on a needed basis to the home or wherever that patient may be. And that provider network would be over on the right.
You would have to have patient engagement to make sure that the family cooperates to be able to get this done because if you don't have a cooperative patient, you're probably not going to heal them. And then all of this would be connected back up to a payer. And all the payers recognize that they've got a wound problem. They just don't know how to solve it. I've talked to every major plan, and all of them have the same problem. And they know that it's a significant problem with over $100 billion market for that in totality when you add back all the readmissions back into the hospital and the amputations, etc. And so they're looking for this. And our goal is to have this out in a pilot by the first quarter of this next year and commercial by the end of that year as well.
So give you just a little bit of the financial highlights for Q3 if you hadn't seen this already. Our net revenue was $21.7 million, which is a 35% year-over-year growth. We've had 12 straight record quarters of revenue growth. This last one happened to be the highest revenue quarter in the company's history. Our net loss continued to decrease. And you will see that net loss is predominantly driven by either amortization of things that we have purchased and/or it is the Tissue Health Plus that does not generate revenue today. The cash balance is strong today, and we have an additional borrowing capacity of $24.5 million. We set a loan in place so that we wouldn't take equity dilution. We didn't mind taking it diluted from a good loan that we felt comfortable with. It has very light covenants for us to be able to expand our business.
From our perspective as a shareholder, we're going to use leverage prudently. But in my entire career, I've never been a leverage person except for typically around funding working capital and long-term assets. And businesses are included in that long-term asset. So as you can see over in the reported segment side, you can see that the EBITDA has continued to grow nicely on our surgical division, which is $2.6 million in the third quarter and $5.1 million year- to- date. And then you can see the losses that have occurred from the Tissue Health Plus of the $3.4 million year- to- date for that segment. It will continue to ramp on that loss until we get through to the commercial phase. And you'll see that we expect it to be $5 million-$10 million approximately. But we're also in discussions with partners to come team with us.
And if you think about the model I just showed you previously about how that model would work with a payer, with a DME, with a provider group, all of those are potential partners for us if we find the right one that want to go after the value-based arrangements with us. So that's it. Thank you very much. And if there's any questions, I'll be delighted to answer. Oh, we are? Okay.