Company: MDXG
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001376339-25-000045
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Company: MIMEDX GROUP, INC.
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Overview

Executive Summary

During the first quarter of 2025, the Company delivered the following operational and financial highlights: 

•Net sales of $88 million, reflecting 4% growth over the prior year period, which were comprised of:

◦Net sales of Wound products of $56 million, reflecting a modest decline of 1.7% compared to the prior year period

◦Net sales of Surgical products of $32 million, reflecting an increase of 16.2% compared to the prior year period 

•GAAP net income and net income margin for the first quarter of 2025 of $7 million and 8%, respectively.

•Increased cash balance to $106 million, representing a $2 million increase sequentially and a $58 million increase compared to March 31, 2024 

Overview

MIMEDX is a pioneer and leader focused on helping humans heal. With more than a decade of experience helping clinicians manage acute and chronic wounds, MIMEDX has been dedicated to providing a leading portfolio of products for applications in the wound care, burn, and surgical sectors of healthcare. All of our products sold in the United States are regulated by the U.S. Food & Drug Administration (“FDA”). We apply Current Good Tissue Practices (“CGTP”) and other applicable quality standards in addition to terminal sterilization to produce our allografts.

This discussion, which presents our results for the three months ended March 31, 2025 and 2024, should be read in conjunction with the unaudited condensed consolidated financial statements and accompanying notes included in this Form 10-Q and the 

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financial statements and accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

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Results of Operations

Three Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024

Three Months Ended March 31,(in thousands)20252024$ Change% ChangeNet sales$88,205 $84,709 $3,496 4.1 %Cost of sales16,558 12,987 3,571 27.5 %Gross profit71,647 71,722 (75)(0.1)%Selling, general and administrative59,969 55,129