Company: MDXG
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001376339-25-000009
Chunk: 135

Company: MIMEDX GROUP, INC.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 135
---
 liability. Large fluctuations in our effective tax rate are generally driven  by changes in our expectations of the realizability of our deferred tax assets. See “Critical Accounting Estimates” for further details. Our effective tax rate is also impacted by other permanent items, primarily executive compensation limitations and windfall or shortfall on the vesting of stock awards. 

Results of Continuing Operations for 2024 Compared to 2023

Year Ended December 31,(in thousands)20242023$ Change% ChangeNet sales$348,879 $321,477 $27,402 8.5 %Cost of sales60,073 54,634 5,439 10.0 %Gross profit288,806266,843 21,963 8.2 %Selling, general and administrative225,087 211,124 13,963 6.6 %Research and development12,341 12,665 (324)(2.6)%Investigation, restatement and related(8,698)5,176 (13,874)nmAmortization of intangible assets765 762 3 0.4 %Impairment of intangible assets446 — 446 100.0 %Interest expense, net(1,006)(6,457)5,451 (84.4)%Other expense, net(565)(26)(539)nmIncome tax provision benefit (expense)(15,296)36,806 (52,102)nmNet income (loss) from continuing operations$41,998 $67,439 $(25,441)(37.7)%

Net Sales

We recorded net sales for the year ended December 31, 2024 of $348.9 million, an increase of $27.4 million, or 8.5%, over net sales for the year ended December 31, 2023 net sales of $321.5 million.

Our sales by product category were as follows (amounts in thousands):

41

Year Ended December 31,% of net salesChange2024202320242023$%Wound$231,004 $205,660 66 %64 %$25,344 12.3 %Surgical117,875 115,817 34 %36 %$2,058 1.8 %Net sales$348,879 $321,477 100 %100 %$27,402