Company: MDXG
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001376339-25-000045
Chunk: 4

Company: MIMEDX GROUP, INC.
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 4
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. Cash used by financing activities was $33.5 million during the three months ended March 31, 2024. The cash used during the three months ended March 31, 2024 was due to the repayment of the initial $30.0 million drawing under the Revolving Credit Facility, as well as deferred financing costs and other payments made as part of the Debt Refinancing Transactions, as defined above. There was no equivalent activity during the same period in 2025. The cash used during the three months ended March 31, 2025 was primarily related to tax witholdings on vestings of restricted stock. 

Liquidity and Capital Resources

We require capital for our operating activities, including costs associated with the sale of product through direct and indirect sales channels, research and development activities, compliance costs, costs to sell and market our products, regulatory fees, and legal and consulting fees in connection with ongoing litigation and other matters. We generally fund our operating capital requirements through our operating activities and cash reserves. We expect to use capital to invest in the broadening of our product portfolio, including through potential acquisitions, licensing agreements or other arrangements, the international expansion of our business and certain capital projects.

As of March 31, 2025, we had $106.4 million of cash and cash equivalents, total current assets of $200.1 million and total current liabilities of $42.6 million, reflecting a current ratio of 4.7. We had no borrowings outstanding and $75 million of availability under our Revolving Credit Facility (as defined below).

The Company is currently paying its obligations in the ordinary course of business. We believe that our cash from operating activities, existing cash and cash equivalents, and available credit under the Citizens Credit Agreement, as defined below, will enable us to meet our operational liquidity needs for the twelve months following the filing date of this Quarterly Report.

Citizens Credit Agreement

In January 2024, the Company entered into the Citizens Credit Agreement, which provided the Company with $30.0 million under the Revolving Credit Facility and $20.0 million under the Term Loan Facility. Proceeds from the initial drawings under the Credit Facilities together with cash on hand were used to repay in full the $50.0 million principal amount and other outstanding obligations under a previous loan agreement and to pay related fees, premiums, costs and expenses (collectively with the entry into the Citizens Credit Agreement and the initial borrowings thereunder, the “Debt Refin