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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
____________________
FORM 8-K
____________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 26, 2025
MIMEDX GROUP, INC.
(Exact name of registrant as specified in charter)
Florida001-3588726-2792552
(State or other jurisdiction(Commission(IRS Employer
of incorporation)File Number)Identification No.)
1775 West Oak Commons Ct., NE, Marietta GA 30062
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (770) 651-9100
____________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange
on which registered
Common Stock, $0.001 par value per shareMDXGThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Important Cautionary Statement
This report includes forward-looking statements. Statements regarding: (i) future sales or sales growth; (ii) our 2025 and longer term financial goals and expectations for future financial results, including levels of net sales, Adjusted EBITDA, Adjusted EBITDA margin, corporate expenses and cash; (iii) our expectations regarding the placental tissue market; (iv) our expectations regarding Medicare spendings; and (v) continued growth in different care settings, are forward-looking statements. Additional forward-looking statements may be identified by words such as “believe,” “expect,” “may,” “plan,” “goal,” “outlook,” “potential,” “will,” “preliminary,” and similar expressions, and are based on management’s current beliefs and expectations.
Forward-looking statements are subject to risks and uncertainties, and the Company cautions investors against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ from expectations include: (i) future sales are uncertain and are affected by competition, access to customers, patient access to healthcare providers, the reimbursement environment and many other factors; (ii) the Company may change its plans due to unforeseen circumstances; (iii) the results of scientific research are uncertain and may have little or no value; (iv) our ability to sell our products in other countries depends on a number of factors including adequate levels of reimbursement, market acceptance of novel therapies, and our ability to build and manage a direct sales force or third party distribution relationship; (v) the effectiveness of amniotic tissue as a therapy for particular indications or conditions is the subject of further scientific and clinical studies; and (vi) we may alter the timing and amount of planned expenditures for research and development based regulatory developments. The Company describes additional risks and uncertainties in the Risk Factors section of its most recent annual report and quarterly reports filed with the Securities and Exchange Commission. Any forward-looking statements speak only as of the date of this report and the Company assumes no obligation to update any forward-looking statement.
Item 2.02 Results of Operations and Financial Condition.
On February 26, 2025, MiMedx Group, Inc. (the “Company”), issued a press release (the “Earnings Press Release”) announcing its results for the fourth quarter and full year ended December 31, 2024. A copy of the Earnings Press Release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The foregoing information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition”, including Exhibit 99.1 attached hereto, and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. It may only be incorporated by reference into another filing under the Exchange Act or Securities Act of 1933, as amended (the “Securities Act”), if such subsequent filing specifically references this Form 8-K. All information in the Earnings Press Release speaks as of the date thereof and the Company does not assume any obligation to update such information in the future. In addition, the Company disclaims any inference regarding the materiality of such information which otherwise may arise as a result of its furnishing such information under Item 2.02 of this report on Form 8-K.
Item 7.01    Regulation FD Disclosure.
On February 26, 2025, at 4:30 PM Eastern Daylight Time, the Company intends to host a conference call and webcast (the “Earnings Call”) to discuss its financial and operating results for the fourth quarter and full year ended December 31, 2024. A copy of the slide presentation to be used by the Company in connection with the Earnings Call is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
The foregoing information is furnished pursuant to Item 7.01, including Exhibit 99.2 attached hereto, and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section. It may only be incorporated by reference into another filing under the Exchange Act or Securities Act if such subsequent filing specifically references this Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.Description of Exhibit
99.1
99.2
104The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.



SIGNATURES
Pursuant to the requirements of the Exchange Act, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MIMEDX GROUP, INC.
February 26, 2025By:/s/ Doug Rice
Doug Rice
Chief Financial Officer


MIMEDX Announces Fourth Quarter and Full Year 2024 Operating and Financial Results
Net Sales Grew 7% Year-Over-Year for the Fourth Quarter and 9% for the Full Year
Fourth Quarter GAAP Net Income and Earnings Per Share were $7 million and $0.05, Respectively
Fourth Quarter Adjusted EBITDA1 was $20 Million, or 21% of Net Sales
Management to Host Conference Call Today, February 26, 2025, at 4:30 PM ET

MARIETTA, Ga., February 26, 2024 -- MiMedx Group, Inc. (Nasdaq: MDXG) (“MIMEDX” or the “Company”), today announced operating and financial results for the fourth quarter and full year 2024.
Joseph H. Capper, MIMEDX Chief Executive Officer, commented, "We are pleased today to report solid fourth quarter and full year 2024 results. With fourth quarter net sales growth of 7% year-over-year, an Adjusted EBITDA margin of 21% of net sales and yet another strong quarter of free cash flow, our business continued to drive impressive results to close out the year, even in the face of significant disruption caused by the ongoing manipulation of the Medicare reimbursement system in the private office."
Mr. Capper continued, "I am as confident as ever in the enormous untapped clinical opportunities for our current and future products. We remain actively engaged with stakeholders at every level to adopt measures that will curb Medicare overpayments for skin substitutes and refocus our industry on evidence-based product innovation and patient outcomes."
"As we head into 2025, we plan to grow our Wound and Surgical businesses by continuing to develop innovative products, generating compelling clinical evidence and strengthening our relationships with our customers. We are prepared to rapidly adjust to changes in the market as they unfold and remain confident MIMEDX has the ability to lead the market over both the short- and long-term," concluded Mr. Capper.
Fourth Quarter and Full Year 2024 Results Discussion
Net Sales
MIMEDX reported net sales for the three months ended December 31, 2024 of $93 million, compared to $87 million for the three months ended December 31, 2023, an increase of 7%. For the full year 2024 MIMEDX reported net sales of $349 million, compared to $321 million in the prior year period, reflecting growth of 9%. In each case, the increase included contributions from newer products, which were
1 Adjusted EBITDA is a Non-GAAP Measure. This press release contains this and other Non-GAAP measures. For reconciliations of our Non-GAAP measures to their nearest GAAP measure, refer to the section titled "Reconciliation of Non-GAAP Measures" below.


partially offset by some of the lingering commercial challenges associated with sales team and customer turnover from earlier in the year.
Gross Profit and Margin
Gross profit for the three months ended December 31, 2024, was $76 million, an increase of $3 million as compared to the prior year period. Gross margin for the three months ended December 31, 2024 was 82%, compared to 84% in the prior year period. While fourth quarter 2024 gross margin was negatively impacted by the amortization of distribution rights stemming from acquisitions entered into during 2024, this impact was partially offset by favorable product mix and continued execution on improvements in manufacturing scale up, including reductions in scrap. On an adjusted basis, fourth quarter 2024 gross margin was 84%, which reflects a roughly flat adjusted gross margin compared to the prior year period.
For the full year 2024, gross profit was $289 million, reflecting an increase of $22 million compared to the prior year period. Additionally, gross margin for the full year 2024 was 83%, compared to 83% for the full year 2023. On an adjusted basis, gross margin for the full year 2024 was 84% compared to 83% for the full year 2023.

Operating Expenses
Selling, general and administrative ("SG&A") expenses for the three months ended December 31, 2024, were $61 million compared to $54 million for the three months ended December 31, 2023. The increase in SG&A was driven by year-over-year increases in compensation related to higher salary and benefit costs from merit raises, promotions, as well as commissions driven by increases in sales and increases in effective commission rates. Incremental spend from legal and regulatory disputes in the current period also contributed to the increase.
For the full year 2024, SG&A expenses totaled $225 million, compared to $211 million for the prior period, reflecting a year over year increase of 7%.
Research and development ("R&D") expenses for the three months ended December 31, 2024, were $4 million compared to $2 million for the three months ended December 31, 2023. For the full year 2024, research and development expenses remained essentially flat at $12 million compared to 2023. R&D spend in the quarter and year was driven, in part, by the randomized controlled trial for EPIEFFECT and ongoing investments in the development of future products in our pipeline.
Investigation, restatement and related expense for the three months ended December 31, 2024, was immaterial compared to $1 million of expense for the three months ended December 31, 2023. For the full year 2024, investigation, restatement and related expenses totaled a benefit of $9 million compared to expense of $5 million in 2023. The last material matter associated with our historical Audit Committee investigation concluded during 2024. We do not expect activity to be material in future periods.


Net income from continuing operations for the three months and full year ended December 31, 2024 was $7 million and $42 million, respectively, compared to a net income from continuing operations of $51 million and $67 million for the three months and full year ended December 31, 2023, respectively. Net income from continuing operations in 2023 was significantly impacted by a $37 million reversal of a valuation allowance against our deferred tax assets.
Cash and Cash Equivalents
As of December 31, 2024, the Company had $104 million of cash and cash equivalents compared to $82 million as of December 31, 2023 and $89 million as of September 30, 2024. As of December 31, 2024, our cash position, net of debt on our balance sheet, was $86 million, representing a sequential increase of $16 million.
Financial Outlook
Provided that the future effective LCDs go into effect as currently planned, MIMEDX expects net sales growth of at least high single-digits as a percentage and Adjusted EBITDA margin above 20% for the full-year 2025.

Longer-term, the Company continues to expect to achieve annual net sales growth in the low double-digits as a percentage with an Adjusted EBITDA margin above 20%.

Conference Call and Webcast
MIMEDX will host a conference call and webcast to review its fourth quarter and full year 2024 results on Wednesday, February 26, 2025, beginning at 4:30 p.m., Eastern Time. The call can be accessed using the following information:
Webcast: Click here
U.S. Investors: 877-407-6184
International Investors: 201-389-0877
Conference ID: 13751444
A replay of the webcast will be available for approximately 30 days on the Company’s website at www.mimedx.com following the conclusion of the event.
Important Cautionary Statement
This press release and our investor conference call include forward-looking statements, which reflect management's current beliefs and expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties. These statements include statements regarding: (i) future sales, sales growth, and Adjusted EBITDA margin; (ii) our longer term financial goals and expectations for future financial results, including levels of net sales, Adjusted EBITDA, and Adjusted EBITDA margin; (iii) our expectations regarding the size of the market for our products;(iv) our expectations regarding Medicare spending and timing of LCD implementation, if any; (v) continued


growth in different care settings and different products; (vi) HELIOGEN to be a meaningful contributor to growth in 2025; (vii) our expected outcomes relating to improving workflow and strengthening bonds between the Company and its customers; and (viii) LCD implementation on the Company’s business. Additional forward-looking statements may be identified by words such as "believe," "expect," "may," "plan," “goal,” “outlook,” "potential," "will," "preliminary," and similar expressions, and are based on management's current beliefs and expectations.

Forward-looking statements are subject to risks and uncertainties, and the Company cautions investors against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ from expectations include: (i) future sales are uncertain and are affected by competition, access to customers, patient access to healthcare providers, the reimbursement environment and many other factors; (ii) the Company may change its plans due to unforeseen circumstances; (iii) the results of scientific research are uncertain and may have little or no value; (iv) our ability to sell our products in other countries depends on a number of factors including adequate levels of reimbursement, market acceptance of novel therapies, and our ability to build and manage a direct sales force or third party distribution relationship; (v) the effectiveness of amniotic tissue as a therapy for particular indications or conditions is the subject of further scientific and clinical studies; (vi) we may alter the timing and amount of planned expenditures for research and development based on regulatory developments; (vii) Medicare spending and delays in the implementation of the LCDs, if any; and (viii) changes in the size of the addressable market for our products. Additional factors that could impact outcomes and our results include those described in the Risk Factors section of our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. filed with the Securities and Exchange Commission. Any forward-looking statements speak only as of the date of this press release and the Company assumes no obligation to update any forward-looking statement.

About MIMEDX
MIMEDX is a pioneer and leader focused on helping humans heal. With more than a decade of helping clinicians manage chronic and other hard-to-heal wounds, MIMEDX is dedicated to providing a leading portfolio of products for applications in the wound care, burn, and surgical sectors of healthcare. The Company’s vision is to be the leading global provider of healing solutions through relentless innovation to restore quality of life. For additional information, please visit www.mimedx.com.
Contact:
Matt Notarianni
Investor Relations
470.304.7291
mnotarianni@mimedx.com



Selected Unaudited Financial Information
MiMedx Group, Inc.
Condensed Consolidated Balance Sheets
(in thousands) Unaudited
December 31,
2024		December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents$104,416 $82,000 
Accounts receivable, net55,828 53,871 
Inventory23,807 21,021 
Prepaid expenses5,018 5,624 
Other current assets2,817 1,745 
Total current assets191,886 164,261 
Property and equipment, net5,944 6,974 
Right of use asset5,606 2,132 
Deferred tax asset, net28,306 40,777 
Goodwill19,441 19,441 
Intangible assets, net11,626 5,257 
Other assets1,106 205 
Total assets$263,915 $239,047 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Current portion of long term debt$1,000 $1,000 
Accounts payable7,409 9,048 
Accrued compensation23,667 22,353 
Accrued expenses9,012 9,361 
Current portion of Profit Share Payments1,421 — 
Current liabilities of discontinued operations— 1,352 
Other current liabilities3,086 2,894 
Total current liabilities45,595 46,008 
Long term debt, net17,830 48,099 
Other liabilities7,383 2,223 
Total liabilities$70,808 $96,330 
Total stockholders' equity193,107 142,717 
Total liabilities and stockholders’ equity$263,915 $239,047 


MiMedx Group, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts) Unaudited
 Three Months Ended December 31,Year Ended December 31,
 2024202320242023
Net sales$92,907$86,832$348,879$321,477
Cost of sales16,90913,84160,07354,634
Gross profit75,99872,991288,806 266,843 
Operating expenses:
Selling, general and administrative61,04354,352225,087 211,124 
Research and development3,5712,43412,341 12,665 
Investigation, restatement and related43524(8,698)5,176 
Amortization of intangible assets194192765 762 
Impairment of intangible assets94—446 — 
Operating income11,05315,48958,86537,116
Other expense, net
Interest income (expense), net403(1,593)(1,006)(6,457)
Other (expense) income, net(208)16(565)(26)
Income from continuing operations before income tax provision11,24813,91257,294 30,633 
Income tax provision(3,811)37,375(15,296)36,806
Net income from continuing operations7,43751,28741,99867,439
Income (loss) from discontinued operations, net of tax—2,189421 (9,211)
Net income$7,437$53,476$42,419$58,228
Net income available to common stockholders from continuing operations $7,437$44,829$41,998 $55,796 
Basic net income per common share:
Continuing operations$0.05 $0.38 $0.29 $0.48 
Discontinued operations$— $0.02 $— $(0.08)
Basic net income per common share$0.05 $0.40 $0.29 $0.40 
Diluted net income per common share:
Continuing operations$0.05 $0.31 0.28 0.43 
Discontinued operations— 0.01 — (0.06)
Diluted net income per common share$0.05 $0.32 $0.28 $0.37 
Weighted average common shares outstanding - basic147,008,235119,367,482146,979,354116,495,810
Weighted average common shares outstanding - diluted149,242,415148,076,079149,049,197145,962,462
MiMedx Group, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands) Unaudited
Three Months Ended December 31,Year Ended December 31,
2024202320242023
Net cash flows provided by operating activities $18,782 $10,257 $66,198 $26,775 
Net cash flows used in investing activities(2,767)(481)(9,583)(2,155)
Net cash flows used in financing activities(400)(8,940)(34,199)(8,570)
Net change in cash$15,615 $836 $22,416 $16,050 



Reconciliation of Non-GAAP Measures
In addition to our GAAP results, we provide certain non-GAAP measures including Adjusted EBITDA, related margins, Free Cash Flow, Adjusted Gross Profit, Adjusted Gross Margin and Adjusted Net Income. We believe that the presentation of these measures provides important supplemental information to management and investors regarding our performance. These measures are not a substitute for GAAP measures. Company management uses these non-GAAP measures as aids in monitoring our ongoing financial performance from quarter-to-quarter and year-to-year on a regular basis and for benchmarking against comparable companies.
These non-GAAP financial measures reflect the exclusion of the following items:
•Share-based compensation expense - expense recognized related to awards to employees and our board of directors pursuant to our share-based compensation plans. This expense is reflected amongst cost of sales, research and development expense, and selling, general, and administrative expense in the unaudited condensed consolidated statements of operations.
•Investigation, restatement, and related (benefit) expense - expenses incurred toward the legal defense of the Company and advanced on behalf of certain former officers and directors, net of negotiated reductions and settlements of amounts previously advanced, related to certain legal matters. This expense is reflected in the line of the same name in our unaudited condensed consolidated statements of operations.
•Impairment of intangible assets - reflects the impairment of intangibles. This expense is reflected in the line of the same name in our unaudited condensed consolidated statements of operations.
•Transaction-related expenses - reflects expenses incrementally incurred resulting from the consummation of material strategic transactions or the integration of acquired assets or operations into our core business. With respect to the three months and year ended December 31, 2024, this relates to our acquisition and integration of exclusive distribution rights to HELIOGEN.
•Strategic legal and regulatory expenses - With respect to the three months and year ended December 31, 2024, this relates to litigation and regulatory expenses. Litigation expenses incurred relate to suits filed against former employees and their employers for violation of non-compete and non-solicitation agreements and related matters. Regulatory expenses relate to legal fees incurred stemming from action taken against the United States Food & Drug Administration ("FDA") surrounding the designation of one of our products.
•Loss on extinguishment of debt - reflects the excess of cash paid to extinguish debt over the carrying value of the debt on our balance sheet upon the repayment and termination of a loan agreement. With respect to the year ended December 31, 2024, this relates to the repayment


and termination of the Company's loan agreement with Hayfin. Amounts in this line reflect (i) prepayment premium paid and (ii) write-offs of unamortized original issue discount and deferred financing costs.
•Expenses related to the Disbanding of Regenerative Medicine - incremental expenses recognized or incurred directly as a result of our announcement to disband our Regenerative Medicine segment.
•Amortization of acquired intangible assets - reflects amortization expense recognized solely related to assets which were acquired as part of a transaction. With respect to the three months and year ended December 31, 2024, this relates solely to the amortization of distribution rights stemming from the TELA Bio, Inc. and Regenity Biosciences agreements entered into during the first quarter of 2024. These expenses are reflected in cost of sales in our consolidated statements of operations.
•Reorganization expenses - reflects severance expense incurred arising from separations from certain officers of the Company.
•Income Tax Adjustment - for purposes of calculating Adjusted Net Income and Adjusted Earnings Per Share, reflects our expectation of a long-term effective tax rate, which is normalized and balance sheet-agnostic. Actual reporting tax expense will be based on GAAP earnings, and may differ from the expected long-term effective tax rate due to a variety of factors, including the tax treatment of various transactions included in GAAP net income and other reconciling items that are excluded in determining Adjusted Net Income and Adjusted EPS. The actual long-term normalized effective tax rate was 25% for each of the years ended December 31, 2024 and 2023.
Adjusted EBITDA and Adjusted EBITDA margin
Adjusted EBITDA consists of GAAP net income excluding: (i) depreciation, (ii) amortization of intangibles, (iii) interest (income) expense, net, (iv) income tax provision, (v) share-based compensation, (vi) investigation, restatement and related expenses, (vii) expenses related to disbanding of the Regenerative Medicine business unit, (viii) strategic legal and regulatory expenses, (ix) transaction-related expenses, (x) impairment of intangible assets, and (xi) reorganization expenses.
Please refer to the tables at the beginning of this press release for reconciliation to GAAP net income (loss).


Three Months Ended December 31,Year Ended December 31,
2024202320242023
Net Income$7,437 $53,476 $42,419 $58,228 
Non-GAAP Adjustments:
Depreciation expense564 611 2,279 2,665 
Amortization of intangible assets2,426 192 3,762 762 
Interest (income) expense, net(403)1,593 1,006 6,457 
Income tax provision3,811 (40,349)15,296 (39,780)
Share-based compensation4,693 4,38516,933 17,178 
Investigation, restatement and related expenses44 524(8,698)5,176 
Impairment of intangible assets94—446 — 
Transaction related expenses(38)—612 — 
Strategic legal and regulatory expenses1,140—2,806 — 
Expenses related to disbanding of Regenerative Medicine Business Unit— 785(421)6,384
Reorganization expenses——— 1,412 
Adjusted EBITDA$19,768$21,217$76,440 $58,482 
 Adjusted EBITDA margin
21.3 %24.4 %21.9 %18.2 %

Adjusted Net Income and Adjusted Gross Margin
Adjusted Net Income provides a view of our operating performance, exclusive of certain items which are non-recurring or not reflective of our core operations.
Adjusted Net Income is defined as GAAP net income plus (i) loss on extinguishment of debt, (ii) investigation restatement and related expenses, (iii) impairment of intangible assets, (iv) amortization of acquired intangible assets, (v) transaction related expenses, (vi) strategic legal and regulatory expenses, and (vii) expenses related to disbanding of our Regenerative Medicine business unit, and (viii) the long-term effective income tax rate adjustment.
Each of the adjustments to reconcile Adjusted Net Income to GAAP net income affect individual financial statement captions which are reflected in our consolidated statements of operations, including gross profit. Adjusted Gross Profit is therefore defined as GAAP gross profit plus (i) loss on extinguishment of debt, (ii) investigation restatement and related expenses, (iii) impairment of intangible assets, (iv) amortization of acquired intangible assets, (v) transaction related expenses, (vi) strategic legal and regulatory expenses, and (vii) expenses related to disbanding of our Regenerative Medicine business unit, and (viii) the long-term effective income tax rate adjustment., to the extent that these adjustments impact GAAP gross profit. Adjusted Gross Margin is calculated as Adjusted Gross Profit divided by GAAP net sales.


A reconciliation of GAAP net income to Adjusted Net Income appears in the table below (in thousands):
Three Months Ended December 31,Year Ended December 31,
2024202320242023
Net income$7,437 $53,476 $42,419 $58,228 
Loss on extinguishment of debt— — 1,401 — 
Investigation, restatement and related expenses43524 (8,698)5,176 
Impairment of intangible assets94— 446 — 
Amortization of acquired intangible assets2,232— 2,997 — 
Transaction-related expenses(38)— 612 — 
Strategic legal and regulatory expenses1,140— 2,806 — 
Expenses related to disbanding of Regenerative Medicine Business Unit—785 (421)6,384 
Reorganization expenses—— — 1,412 
Long-term effective income tax rate adjustment 130 (43,958)1,082 (47,635)
Adjusted net income$11,038 $10,827 $42,644 $23,565 

A reconciliation of various line items included in our GAAP unaudited condensed consolidated statements of operations to Adjusted Net Income, including Adjusted Gross Profit for the three months and year ended December 31, 2024 and 2023 are presented in the tables below (in thousands):
Three Months Ended December 31, 2024
Gross ProfitSelling, General & Administrative ExpenseResearch and Development ExpenseNet Income
Reported GAAP Measure$75,998 $61,043 $3,571 $7,437 
Investigation, restatement and related expenses— — — 43 
Impairment of intangible assets— — — 94 
Amortization of acquired intangible assets2,232 — — 2,232 
Transaction-related expenses— (30)— (38)
Strategic legal and regulatory expenses— (1,140)— 1,140 
Expenses related to disbanding of Regenerative Medicine Business Unit— — — — 
Long-term effective income tax rate adjustment — — — 130 
Non-GAAP Measure$78,230 $59,873 $3,571 $11,038 
Gross Profit Margin81.8 %
Adjusted Gross Profit Margin84.2 %



Three months ended December 31, 2023
Gross ProfitSelling, General & Administrative ExpenseResearch and Development ExpenseNet Income
Reported GAAP Measure$72,991 $54,352 $2,434 $53,476 
Investigation, restatement and related expenses— — — 524 
Amortization of acquired intangibles— — — — 
Expenses related to disbanding of Regenerative Medicine Business Unit— — — 785 
Long-term effective income tax rate adjustment — — — (43,958)
Non-GAAP Measure$72,991 $54,352 $2,434 $10,827 
Gross Profit Margin84.1 %
Adjusted Gross Profit Margin84.1 %

Year Ended December 31, 2024
Gross ProfitSelling, General & Administrative ExpenseResearch and Development ExpenseNet Income
Reported GAAP Measure$288,806 $225,087 $12,341 $42,419 
Loss on extinguishment of debt— — — 1,401 
Investigation, restatement and related expenses— — — (8,698)
Impairment of intangible assets— — — 446 
Amortization of acquired intangible assets2,997 — — 2,997 
Transaction-related expenses— (551)— 612 
Strategic legal and regulatory expenses— (2,806)— 2,806 
Expenses related to disbanding of Regenerative Medicine Business Unit— — — (421)
Long-term effective income tax rate adjustment — — — 1,082 
Non-GAAP Measure$291,803 $221,730 $12,341 $42,644 
Gross Profit Margin82.8 %
Adjusted Gross Profit Margin83.6 %




Year Ended December 31, 2023
Gross ProfitSelling, General & Administrative ExpenseResearch and Development ExpenseNet Income
Reported GAAP Measure$266,843 $211,124 $12,665 58,228 
Investigation, restatement and related expenses— — — 5,176 
Amortization of acquired intangible assets— — — — 
Expenses related to disbanding of Regenerative Medicine Business Unit— — — 6,384 
Reorganization expenses— (1,412)— 1,412 
Long-term effective income tax rate adjustment — — — (47,635)
Non-GAAP Measure$266,843 $209,712 $12,665 $23,565 
Gross Profit Margin83.0 %
Adjusted Gross Profit Margin83.0 %

Adjusted Earnings Per Share
Adjusted Earnings Per Share is intended to provide a normalized view of earnings per share by removing items that may be irregular, one-time, or non-recurring from net income. This enables us to identify underlying trends in our business that could otherwise be masked by such items. Adjusted Earnings Per Share consists of GAAP diluted net income (loss) per common share including adjustments for: (i) loss on extinguishment of debt, (ii) investigation restatement and related expenses, (iii) impairment of intangible assets, (iv) amortization of acquired intangible assets, (v) transaction related expenses, (vi) strategic legal and regulatory expenses, (vii) expenses related to disbanding of our Regenerative Medicine business unit, (viii) reorganization expenses, (ix) the long-term effective income tax rate adjustment, and (x) the effect of antidilution. The effect of antidilution reflects the changes resulting from the removal of the dilutive impact of convertible securities which were dilutive for purposes of calculating GAAP net income per common share, but are antidilutive for non-GAAP purposes.
A reconciliation of GAAP diluted earnings per share to Adjusted Earnings Per Share appears in the table below (per diluted share):


Three Months Ended December 31,Year Ended December 31,
2024202320242023
GAAP net income per common share - diluted$0.05 $0.32 $0.28 $0.37 
Loss on extinguishment of debt0.00 0.00 0.01 0.00 
Investigation, restatement and related (benefit) expense0.00 0.00 (0.06)0.04 
Impairment of intangible assets0.00 0.00 0.00 0.00 
Amortization of acquired intangible assets0.01 0.00 0.02 0.00 
Transaction-related expenses0.00 0.00 0.00 0.00 
Strategic legal and regulatory expenses0.01 0.00 0.02 0.00 
Expenses related to disbanding of Regenerative Medicine business unit0.00 0.01 0.00 0.05 
Reorganization expenses0.00 0.00 0.00 0.01 
Long-term effective income tax rate adjustment0.00 (0.36)0.01 (0.40)
Effects of antidilution0.00 0.07 0.00 0.03 
Adjusted Earnings Per Share$0.07 $0.04 $0.29 $0.10 
Weighted average common shares outstanding - adjusted149,242,415 122,740,917 149,049,197 118,504,557 

Free Cash Flow
Free Cash Flow is intended to provide a measure of our ability to generate cash in excess of capital investments. It provides management with a view of cash flows which can be used to finance operational and strategic investments.
Free Cash Flow is defined as net cash provided by operating activities less capital expenditures, including purchases of equipment.
A reconciliation of GAAP net cash flows provided by operating activities to Free Cash Flow appears in the table below (in thousands):
Three Months Ended December 31,Year Ended December 31,
2024202320242023
Net cash flows provided by operating activities $18,782 $10,257 66,198 26,775 
Capital expenditures, including purchases of equipment
(263)(427)(1,683)(1,987)
Free Cash Flow$18,519 $9,830 $64,515 $24,788 
Other Information

Net Sales by Product Category by Quarter

Below is a summary of net sales by product category (in thousands):


20242023
Q1Q2Q3 Q4Q1Q2Q3Q4
Wound$57,049 $57,547 $55,052 $61,357 $45,206 $53,318 $51,156 $55,980 
Surgical27,660 29,660 29,005 31,550 26,470 27,939 30,556 30,852 
Net sales$84,709 $87,207 $84,057 $92,907 $71,676 $81,257 $81,712 $86,832 




Selling, General and Administrative
Below is the breakout of selling, general and administrative expense by selling and marketing and general and administrative (in thousands):
20242023
Q1Q2Q3 Q4Q1Q2Q3Q4
Selling and marketing$44,477 $41,725 $41,721 $47,638 $39,158 $40,239 $40,441 $42,000 
General and administrative10,652 13,676 11,795 13,403 13,092 11,716 12,130 12,348 
Selling, general and administrative$55,129 $55,401 $53,516 $61,041 $52,250 $51,955 $52,571 $54,348 


Financial Results Conference Call February 26, 2025 Q4 & Full Year 2024

 
Disclaimer & Cautionary Statements Q4 & FY 2024 Financial Results Conference Call 2 This presentation includes forward-looking statements. Forward-looking statements are subject to risks and uncertainties, and the Company cautions investors against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Such forward-looking statements include statements regarding: • Future sales, sales growth, profitability and Adjusted EBITDA margins; • Estimates of potential market size and demand for the Company’s current and future products; • Plans for expansion outside of the U.S., specifically Japan; • The effectiveness of amniotic tissue as a therapy for any particular indication or condition; • Expected spending on research and development, including to innovate and diversify our product portfolio; • Investments in research and data generation; • Expectations regarding the reimbursement environment for the Company’s products, including Medicare Spending; • Manner of local coverage determination (LCD) implementation; • Expectations regarding plans to enhance customer relationships; • The stage of development of the placental-derived products market; and • The Company’s long-term strategy and goals for value creation, the status of its pipeline products, expectations for future products, and expectations for future growth and profitability. Additional forward-looking statements may be identified by words such as "believe," "expect," "may," "plan," "potential," "will," "preliminary," and similar expressions, and are based on management's current beliefs and expectations. Forward-looking statements are subject to risks and uncertainties, and the Company cautions investors against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ from expectations include: • Future sales are uncertain and are affected by competition, access to customers, patient access to hospitals and healthcare providers, the reimbursement environment and many other factors; • The future market for the Company’s products can depend on regulatory approval of such products, which might not occur at all or when expected, and is based in part on assumptions regarding the number of patients who elect less acute and more acute treatment than the Company’s products, market acceptance of the Company’s products, and adequate reimbursement for such therapies; • The process of obtaining regulatory clearances or approvals to market a biological product or medical device from the FDA or similar regulatory authorities outside of the U.S. is costly and time consuming, and such clearances or approvals may not be granted on a timely basis, or at all, and the ability to obtain the rights to market additional, suitable products depends on negotiations with third parties which may not be forthcoming; and • The Company describes additional risks and uncertainties in the Risk Factors section of its most recent annual report and quarterly reports filed with the Securities and Exchange Commission. Any forward-looking statements speak only as of the date of this presentation and the Company assumes no obligation to update any forward-looking statement.

 
Opening Remarks Joseph H. Capper, Chief Executive Officer 3Q4 & FY 2024 Financial Results Conference Call

 
Q4:24 Highlights Q4 & FY 2024 Financial Results Conference Call 4 Net Sales Gross Margin GAAP Net Income Adj. EBITDA1 Free Cash Flow1 $93MM +7% YoY 82% 84% adjusted1 $7MM $20MM 21% of net sales $19MM 1 – Adjusted Gross Margin, Free Cash Flow, EBITDA, Adjusted EBITDA and related margins are non-GAAP financial measures. See the Appendix or our Earnings Release for the quarter and year ended December 31, 2024 for a reconciliation to the nearest GAAP measure.

 
Evolving Strategic Priorities Heading into 2025 Q4 & FY 2024 Financial Results Conference Call 5 Innovate & Diversify Product Portfolio to Maximize Growth Develop & Deploy Programs to Expand Surgical Footprint Enhance Customer Intimacy Continue introducing new products for our served markets Accelerate OUS market expansion, with continued growth in Japan – where sales nearly tripled in 2024! Drive market adoption of HELIOGEN Leverage existing evidence for surgical applications Invest in additional research and data generation for surgical use Focused on unlocking sizable potential for our products in the surgical suite Expand utilization of MIMEDX Connect – over 1,000 customers using and counting! Develop and deploy tools aimed at improving customer relationships, our net promoter score and ultimately increase the lifetime value of each customer 1 2 3New for 2025 Capitalize on Opportunity with Pending LCDs In light of maturing reimbursement landscape for our industry – we believe no other company is as well positioned as MIMEDX based on the proposed LCDs

 
Financial Results Doug Rice, Chief Financial Officer 6Q4 & FY 2024 Financial Results Conference Call

 
Q4:24 Net Sales Recap Q4 & FY 2024 Financial Results Conference Call 7 By Product Category Hospital $50MM -1% Private Office $30MM +7% Other $13MM +57% Total Net Sales $87MM $93MM Q4:23 Q4:24 By Site of Service $56MM $61MM $31MM $32MM Q4:23 Q4:24 Wound Surgical *+6% YoY growth in Surgical excl. AXIOFILL & Dental +10% +2%*

 
$53MM $11MM $21MM $7MM $11MM $20MM Q4:24 P&L Metrics Q4 & FY 2024 Financial Results Conference Call 8 $73 $54MM $2MM $76 $61MM $3MM Q4:23 Q4:24 SG&A Adj. EBITDA*GAAP Net Income R&D % of net sales 63% 66% 3% 4% % of net sales 62% 8% 24% 21% Q4:23 results favorably impacted by $37 million income tax provision benefit Adj. Net Income* 12% 12% Gross Profit & Margin 84% 82% Q4:24 Adjusted Gross Margin* flat year over year *Adjusted Gross Margin, Free Cash Flow, EBITDA, Adjusted EBITDA and related margins are non-GAAP financial measures. See the Appendix or our Earnings Release for the quarter and year ended December 31, 2024 for a reconciliation to the nearest GAAP measure.

 
Q4:24 Balance Sheet & Cash Flows Q4 & FY 2024 Financial Results Conference Call 9 $20MM $32MM $34MM $29MM $50MM $70MM $86MM Q2:23 Q3:23 Q4:23 Q1:24 Q2:24 Q3:24 Q4:24 Free Cash Flow of ~$65MM in 2024… …Drove a YoY Increase in Net Cash of >150% Compared to Dec 2023! $7MM $12MM $10MM $5MM $22MM $19MM $19MM Q2:23 Q3:23 Q4:23 Q1:24 Q2:24 Q3:24 Q4:24

 
Full Year 2024 Summary Q4 & FY 2024 Financial Results Conference Call 10 Net Sales Adjusted EBITDA1 Net Cash at Year End GAAP Net Income Free Cash Flow1 $349MM +9% YoY $86MM +153% YoY $42MM 12% margin $76MM 22% margin $65MM +160% YoY 1 – Adjusted Gross Margin, Free Cash Flow, EBITDA, Adjusted EBITDA and related margins are non-GAAP financial measures. See our Appendix or Earnings Release for the quarter and year ended December 31, 2024 for a reconciliation to the nearest GAAP measure.

 
Full Year 2025 and Long-Term Financial Goals Q4 & FY 2024 Financial Results Conference Call 11 Full Year 2025 Long-Term Net Sales % Growth Adjusted EBITDA Margin Above 20%Profitability At least high single- digits vs. 2024 Low double-digits Committed to delivering sustained growth and profitability in the short- and long-term Current expectations for 2025 based upon an assumed April 13, 2025 implementation of LCDs *2025 Outlook provided as of February 26, 2025. Actual results may differ.

 
Joseph H. Capper, Chief Executive Officer 12Q4 & FY 2024 Financial Results Conference Call Additional Commentary & Closing Remarks

 
Q4:24 Summary Q4 & FY 2024 Financial Results Conference Call 13 Net Sales Adj. Gross Margin* Adjusted EBITDA* Cash Xenograft Launch R&D Efforts +$16 million vs. Q3:24 RCT underway Ongoing advocacy for much-needed regulatory and reimbursement reform $93 million +7% yoy 84% flat yoy $20 million 21% of net sales *Adjusted Gross Margin, Free Cash Flow, EBITDA, Adjusted EBITDA and related margins are non-GAAP financial measures. See Appendix or our Earnings Release for the quarter and year ended December 31, 2024 for a reconciliation to the nearest GAAP measure.

 
CMS Reimbursement Overhaul Still Expected in 2025 Q4 & FY 2024 Financial Results Conference Call 14 February 12 implementation date pushed out to April 13 following new administration executive order Feedback from outside advisors & activity from new administration suggests further delays are highly unlikely CMS considering reimbursement methodology changes, for example, through modifications to the Physician Fee Schedule MIMEDX is well-prepared for implementations of LCDs and poised to gain share Explosive Medicare spend in the category driven primarily by waste, abuse and potentially fraud Dozens of new companies selling unproven products 275+ skin substitutes with Q-codes, and several added each quarter Prices exceeding $3,000/cm2 on ASP list, fueling more than $1 billion in Medicare charges per month Today’s Medicare Post-LCD Effective

 
Conclusion Q4 & FY 2024 Financial Results Conference Call 15 Several meaningful changes to MIMEDX over the last two years, including: Strategic realignment, resulting in a restructuring of parts of the business Dramatically enhanced financial profile through expense discipline & productivity improvements Continued to innovate & expand our product offering, including into xenografts Help lead the reshaping and modernization of both the regulatory and reimbursement landscapes for our industry As we head into 2025, we expect to continue to grow the business, deliver robust profitability and cash flows while we simultaneously:

 
Appendix 16

 
Reconciliation of Non-GAAP Measures In addition to our GAAP results, we provide certain non-GAAP measures including Adjusted EBITDA, related margins, Free Cash Flow, Adjusted Gross Profit, Adjusted Gross Margin and Adjusted Net Income. • Adjusted EBITDA consists of GAAP net income excluding: (i) depreciation, (ii) amortization of intangibles, (iii) interest (income) expense, net, (iv) income tax provision, (v) share-based compensation, (vi) investigation, restatement and related expenses, (vii) expenses related to disbanding of the Regenerative Medicine business unit, (viii) strategic legal and regulatory expenses, (ix) transaction-related expenses, (x) impairment of intangible assets, and (xi) reorganization expenses. • Adjusted Net Income provides a view of our operating performance, exclusive of certain items which are non-recurring or not reflective of our core operations. Adjusted Net Income is defined as GAAP net income plus (i) loss on extinguishment of debt, (ii) investigation restatement and related expenses, (iii) impairment of intangible assets, (iv) amortization of acquired intangible assets, (v) transaction related expenses, (vi) strategic legal and regulatory expenses, and (vii) expenses related to disbanding of our Regenerative Medicine business unit, and (viii) the long-term effective income tax rate adjustment. 17

 
Reconciliation of Non-GAAP Measures (cont.) • Each of the adjustments to reconcile Adjusted Net Income to GAAP net income affect individual financial statement captions which are reflected in our consolidated statements of operations, including gross profit. Adjusted Gross Profit is therefore defined as GAAP gross profit plus (i) loss on extinguishment of debt, (ii) investigation restatement and related expenses, (iii) impairment of intangible assets, (iv) amortization of acquired intangible assets, (v) transaction related expenses, (vi) strategic legal and regulatory expenses, and (vii) expenses related to disbanding of our Regenerative Medicine business unit, and (viii) the long-term effective income tax rate adjustment., to the extent that these adjustments impact GAAP gross profit. Adjusted Gross Margin is calculated as Adjusted Gross Profit divided by GAAP net sales. • Free Cash Flow is intended to provide a measure of our ability to generate cash in excess of capital investments. It provides management with a view of cash flows which can be used to finance operational and strategic investments. Free Cash Flow is defined as net cash provided by operating activities less capital expenditures, including purchases of equipment. 18

 
Adjusted Gross Profit & Adjusted Gross Profit Margin 19 Three Months Ended Twelve Months Ended Amounts (in millions) December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 GAAP gross profit $ 76.0 $ 73.0 $ 288.8 $ 266.8 Amortization of acquisition-related intangible assets 2.2 — 3.0 — Adjusted Gross Profit $ 78.2 $ 73.0 $ 291.8 $ 266.8 Adjusted Gross Profit Margin 84.2 % 84.1 % 84.2 % 84.2 %

 
Adjusted EBITDA - QTD 20 Amounts (in millions) for the three months ended December 31, 2024 December 31, 2023 Net income $ 7.4 $ 53.5 Depreciation expense 0.6 0.6 Amortization of intangible assets 2.4 0.2 Interest (income) expense, net (0.4) 1.6 Income tax provision 3.8 (40.3) Stock-based compensation expense 4.7 4.4 Investigation, restatement and related expense — 0.5 Disbanding of Regenerative Medicine — 0.8 Transaction-related expenses — — Strategic legal and regulatory expenses 1.1 — Impairment of intangible assets 0.1 — Adjusted EBITDA $ 19.8 $ 21.2 Adjusted EBITDA margin 21.3 % 24.4 %

 
Adjusted EBITDA - YTD 21 Amounts (in millions) for the twelve months ended December 31, 2024 December 31, 2023 Net income $ 42.4 $ 58.2 Depreciation expense 2.3 2.7 Amortization of intangible assets 3.8 0.8 Interest expense, net 1.0 6.5 Income tax provision 15.3 (39.8) Stock-based compensation expense 16.9 17.2 Investigation, restatement and related expense (8.7) 5.2 Disbanding of Regenerative Medicine (0.4) 6.4 Transaction-related expenses 0.6 — Strategic legal and regulatory expenses 2.8 — Reorganization expenses — 1.4 Impairment of intangible assets 0.4 — Adjusted EBITDA $ 76.4 $ 58.5 Adjusted EBITDA margin 21.9 % 18.2 %

 
Adjusted Net Income and Adjusted EPS - QTD 22 Amounts (in millions) for the three months ended December 31, 2024 December 31, 2023 Net income - GAAP $ 7.4 $ 53.5 Investigation, restatement and related expense — 0.5 Amortization of acquisition-related intangible assets 2.2 — Disbanding of Regenerative Medicine — 0.8 Impairment of intangible assets 0.1 — Transaction-related expenses — — Strategic legal and regulatory expenses 1.1 — Reorganization expenses — — Adjustment for income taxes1 0.1 (44.0) Adjusted net income $ 11.0 $ 10.8 Preferred stock dividends — (6.4) Adjusted net income available for common stockholders 11.0 4.4 Weighted average common shares outstanding - adjusted (millions)2 149.2 122.7 Adjusted earnings per share $ 0.07 $ 0.04

 
Adjusted Net Income and Adjusted EPS - YTD 23 Amounts (in millions) for the twelve months ended December 31, 2024 December 31, 2023 Net income - GAAP $ 42.4 $ 58.2 Loss on extinguishment of debt 1.4 — Investigation, restatement and related expense (8.7) 5.2 Amortization of acquisition-related intangible assets 3.0 — Disbanding of Regenerative Medicine (0.4) 6.4 Impairment of intangible assets 0.4 — Transaction-related expenses 0.6 — Strategic legal and regulatory expenses 2.8 — Reorganization expenses — 1.4 Adjustment for income taxes 1.1 (47.6) Adjusted net income $ 42.6 $ 23.6 Preferred stock dividends — (11.6) Adjusted net income available for common stockholders 42.6 11.9 Weighted average common shares outstanding - adjusted (millions) 149.0 118.5 Adjusted earnings per share $ 0.29 $ 0.10

 
v3.25.0.1
Cover Page Document
Feb. 26, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 26, 2025
Entity Registrant Name MIMEDX GROUP, INC.
Entity Incorporation, State or Country Code FL
Entity File Number 001-35887
Entity Tax Identification Number 26-2792552
Entity Address, Address Line One 1775 West Oak Commons Ct., NE
Entity Address, City or Town Marietta
Entity Address, State or Province GA
Entity Address, Postal Zip Code 30062
City Area Code 770
Local Phone Number 651-9100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.001 par value per share
Trading Symbol MDXG
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001376339
Amendment Flag false
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