Company: MDXG
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001376339-25-000103
Chunk: 6

Company: MIMEDX GROUP, INC.
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 2
Chunk 6
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526 16.0 %General and administrative44,673 36,122 8,551 23.7 %Selling, general and administrative$193,121 $164,044 $29,077 17.7 %

Sales and marketing expenses increased $20.5 million or 16.0%, year over year, which was driven by increases in commissions due to higher sales and higher effective commission rates. General and administrative expenses increased $8.6 million or 23.7%, year over year, which was driven by incremental spend from legal and regulatory disputes in the current period, including our ongoing litigation with a competitor and several former employees.

Research and Development Expense

Our research and development expenses for the nine months ended September 30, 2025 was $10.3 million, compared to $8.8 million for the nine months ended September 30, 2024. This increase was driven by the ongoing enrollment of our EPIEFFECT randomized clinical trial along with ongoing investments in the development of future products in our pipeline.

Investigation, Restatement and Related Benefit

Investigation, restatement and related benefit was $8.7 million for the nine months ended September 30, 2024. The benefit resulted from various settlements related to former officers and other related matters. Investigation, restatement and related expenses ceased in 2024.

Impairment of Intangible Assets

Impairment for the nine months ended September 30, 2024 was $0.4 million, which related to abandoned patents.

Interest Income (Expense), Net

Interest income, net was $2.0 million for the nine months ended September 30, 2025 compared to interest expense, net of $1.4 million for the nine months ended September 30, 2024, an increase of $3.4 million, or (244)%. The change was driven by increased cash balances, year over year. Additionally, 2024 reflects loss on extinguishment of debt arising from the repayment and termination of a previous loan agreement ($1.4 million). 

Income Tax Provision

The effective tax rates for the Company were 24.9% and 24.9% for the nine months ended September 30, 2025 and 2024, respectively. The effective tax rates in each period were favorably impacted by vestings of restricted stock. These effects were partially offset by deduction limitations on executive compensation.

The income tax provision for the nine months ended September