Company: MDXG
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001376339-25-000048
Chunk: 35

Company: MIMEDX GROUP, INC.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 35
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. As we introduce additional programs, we plan to measure our efforts through improved net promoter scores, higher margins, and ultimately, an increase in the average lifetime value of a customer.

Recap of 2024 and early 2025 Financial Performance

In 2024 and early 2025, the Company’s financial and operating results were characterized by the following three factors:

The first driver of our performance during the year was double-digit growth in our Wound business, which was driven primarily by a full year contribution from EPIEFFECT®, which launched in Q4:23, and to a lesser degree, from other new products such as CELERA. In total, 2024 net sales for our Wound products were $231 million and grew 12% year-over-year. Our commercial success across care settings during the year was partially offset by commercial challenges associated with competitive behavior in the marketplace - including the persistence of the current Medicare reimbursement methodology in the private office and associated care settings - which resulted in higher than normal sales team turnover and associated customer losses.

The second driver of performance during the year was the continued adoption of our Surgical products, namely AMNIOEFFECT®, which delivered year-over-year growth in the double-digits for 2024.

Lastly, the Company’s 2024 financial results featured improved profitability and cash flow as we balanced ongoing expense discipline with investments in critical R&D projects (including the beginning of the EPIEFFECT randomized controlled trial) and adjustments we made mid-year to our sales and marketing expenses in an effort to stabilize our sales force and remain competitive in the marketplace. In 2024, the Company launched HELIOGEN ™ , representing both its first 510(k)-cleared and animal-derived, or xenograft, product. HELIOGEN is an advanced bovine collagen matrix containing type I and type III collagen that is intended for the management of moderately to heavily exudating wounds and to control minor bleeding. The product may be used for the management of exudating wounds such as pressure ulcers, venous stasis ulcers, diabetic ulcers, acute wounds, such as trauma and surgical wounds, and partial-thickness burns. We plan to add other xenograft products to our portfolio in the future as we continue to build a full assortment of options for clinicians to treat acute and chronic wounds.

Highlights of our 2024 and early 2025 Business Activities

Discussion of 2024 Net Sales

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Our net sales grew 9