Mimedx Group, Inc 10-Q for FY2025 Q1

Mimedx Group, Inc. (MDXG)

10-Q 2025-04-30 For: 2025-03-31

Added on April 04, 2026

About this 10-Q

Mimedx Group, Inc filed this 10-Q on April 30, 2025, covering the quarter ended March 31, 2025 (FY2025 Q1).

Headline figures

Quarter ended March 31, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $88.21M; up 4.1% from $84.71M a year earlier
Net income: $7.02M; down 24.2% from net income of $9.26M a year earlier
Diluted EPS: $0.05; down 16.7% from $0.06 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Florida						26-2792552
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


1775 West Oak Commons Ct NE Marietta, GA						30062
(Address of principal executive offices)						(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	MDXG	The Nasdaq Stock Market


Part I FINANCIAL INFORMATION
Item 1	Financial Statements (Unaudited)
	Condensed Consolidated Balance Sheets	5
	Condensed Consolidated Statements of Operations	6
	Condensed Consolidated Statements of Stockholders’ Equity	7
	Condensed Consolidated Statements of Cash Flows	8
	Notes to the Condensed Consolidated Financial Statements	9
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3	Quantitative and Qualitative Disclosures About Market Risk	22
Item 4	Controls and Procedures	22
Part II OTHER INFORMATION
Item 1	Legal Proceedings	23
Item 1A	Risk Factors	23
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	23
Item 3	Defaults upon Senior Securities	23
Item 4	Mine Safety Disclosures	23
Item 5	Other Information	23
Item 6	Exhibits	24
Signatures		24


	March 31, 2025		December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	106,431	$	104,416
Accounts receivable, net	62,288		55,828
Inventory	24,070		23,807
Prepaid expenses	5,351		5,018
Other current assets	1,972		2,817
Total current assets	200,112		191,886
Property and equipment, net	5,773		5,944
Right of use asset	5,299		5,606
Deferred tax asset, net	27,685		28,306
Goodwill	19,441		19,441
Intangible assets, net	11,062		11,626
Other assets	1,048		1,106
Total assets	$	270,420	$	263,915
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of long term debt	1,125		1,000
Accounts payable	8,868		7,409
Accrued compensation	18,744		23,667
Accrued expenses	9,447		9,012

Other current liabilities	4,435		4,507
Total current liabilities	42,619		45,595
Long term debt, net	17,533		17,830
Other liabilities	7,492		7,383
Total liabilities	$	67,644	$	70,808

Stockholders' equity

Common stock; $0.001 par value; 250,000,000 shares authorized; 147,607,622 issued and outstanding at March 31, 2025 and 146,932,032 issued and outstanding at December 31, 2024	148		147
Additional paid-in capital	286,864		284,219

Accumulated deficit	(84,236)		(91,259)
Total stockholders' equity	202,776		193,107
Total liabilities and stockholders’ equity	$	270,420	$	263,915


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Three Months Ended March 31,
	2025		2024

Net sales	$	88,205	$	84,709
Cost of sales	16,558		12,987
Gross profit	71,647		71,722

Operating expenses:
Selling, general and administrative	59,969		55,129
Research and development	3,328		2,841
Investigation, restatement and related	—		311
Amortization of intangible assets	99		189
Impairment of intangible assets	—		54
Operating income	8,251		13,198

Other expense, net
Interest income (expense), net	506		(1,690)
Other expense, net	(145)		(99)
Income from continuing operations before income tax	8,612		11,409
Income tax provision	(1,589)		(2,348)
Net income from continuing operations	7,023		9,061
Income from discontinued operations, net of tax	—		200
Net income	$	7,023	$	9,261


Basic net income per common share:
Continuing operations:	$	0.05	$	0.06
Discontinued operations:	—		0.00
Basic net income per common share	$	0.05	$	0.06

Diluted net income per common share:
Continuing operations	$	0.05	$	0.06
Discontinued operations	—		0.00
Diluted net income per common share	$	0.05	$	0.06

Weighted average common shares outstanding - basic	147,272,324		146,404,587
Weighted average common shares outstanding - diluted	149,677,452		150,028,107


	Common Stock Issued			Additional Paid- In		Accumulated
	Shares	Amount		Capital			Deficit		Total
Balance at December 31, 2024	146,932,032	$	147	$	284,219		$	(91,259)	$	193,107

Share-based compensation expense	—	—		4,259			—		4,259

Employee stock purchase plan	149,457	—		848			—		848
Issuance of restricted stock, net	526,133	1		(2,462)			—		(2,461)



Net income	—	—		—			7,023		7,023
Balance at March 31, 2025	147,607,622	$	148	$	286,864		$	(84,236)	$	202,776


	March 31, 2025		December 31, 2024
Accounts receivable, gross	$	66,162	$	58,960
Less: allowance for doubtful accounts	(3,874)		(3,132)
Accounts receivable, net	$	62,288	$	55,828


Balance at December 31, 2024	$	3,132
Bad debt expense	742
Write-offs	—
Balance at March 31, 2025	$	3,874


Balance at December 31, 2023	$	3,144
Bad debt expense	199
Write-offs	(77)
Balance at March 31, 2024	$	3,266


	March 31, 2025		December 31, 2024
Raw materials	$	1,143	$	1,010
Work in process	4,526		8,580
Finished goods	18,401		14,217


Inventory	$	24,070	$	23,807


	March 31, 2025		December 31, 2024
Laboratory and clean room equipment	$	15,739	$	15,549
Furniture and equipment	1,968		1,951
Leasehold improvements	8,439		8,213
Construction in progress	622		686
Asset retirement cost	876		867

Property and equipment, gross	27,644		27,266
Less: accumulated depreciation and amortization	(21,871)		(21,322)
Property and equipment, net	$	5,773	$	5,944


	March 31, 2025						December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets
Patents and know-how	$	10,407	$	(8,574)	$	1,833	$	10,320	$	(8,488)	$	1,832
Licenses	1,000		(117)		883		1,000		(104)		896
Customer and supplier relationships	7,659		(1,530)		6,129		7,659		(1,147)		6,512
Tradenames and trademarks1	4,989		(4,013)		976		2,937		(1,850)		1,087
Total amortized intangible assets	$	24,055	$	(14,234)	$	9,821	$	21,916	$	(11,589)	$	10,327

Unamortized intangible assets:
Tradenames and trademarks	$	1,008			$	1,008	$	1,008			$	1,008
Patents in Process	233				233		291				291
Total intangible assets	$	25,296			$	11,062	$	23,215			$	11,626


	Three Months Ended March 31,
	2025		2024
Cash flows from operating activities:
Net income from continuing operations	$	7,023	$	9,061
Adjustments to reconcile net income from continuing operations to net cash flows provided by operating activities from continuing operations:
Share-based compensation	4,262		4,340
Depreciation and amortization	3,203		747
Deferred income taxes	621		2,031
Credit loss expense	742		199

Non-cash lease expenses	307		317
Amortization of deferred financing costs	135		69
Accretion of asset retirement obligation	24		22
Loss on extinguishment of debt	—		1,401


Loss on fixed asset disposal	—		185



Change in the fair value of earnout liability	7		—
Increase (decrease) in cash resulting from changes in:
Accounts receivable	(7,203)		(3,344)
Inventory	(263)		(2,941)
Prepaid expenses	(333)		(471)
Other assets	(699)		(1,001)
Accounts payable	1,460		283
Accrued compensation	(4,073)		(4,440)
Accrued expenses	(73)		522
Other liabilities	159		(195)
Net cash flows from operating activities of continuing operations	5,299		6,785
Net cash flows used in operating activities of discontinued operations	—		(807)
Net cash flows provided by operating activities	5,299		5,978

Cash flows from investing activities:

Purchases of equipment	(377)		(1,144)
Patent application costs	(29)		120
Cash paid for acquisitions	—		(5,000)


Year ending December 31,	Estimated Amortization Expense
2025 (excluding the three months ended March 31, 2025)	$	2,420
2026	1,771
2027	1,771
2028	1,768
2029	612
Thereafter	1,479
Total amortized intangible assets	$	9,821


	March 31, 2025		December 31, 2024
Commissions to sales agents	$	3,741	$	3,843
Accrued rebates	1,142		1,223
Estimated sales returns	1,723		1,990
Legal costs	1,206		459
Accrued group purchasing organization fees	712		411

Accrued inventory receipts	615		871
Other	308		215
Accrued expenses	$	9,447	$	9,012


	Three Months Ended March 31,
	2025		2024
Stated interest	$	317	$	661
Amortization of deferred financing costs	15		29
Accretion of original issue discount	62		13
Interest expense	$	394	$	703


Year ending December 31,	Principal
2025 (excluding the three months ended March 31, 2025)	$	750
2026	1,500
2027	1,500
2028	2,000
2029	13,000
Outstanding principal	$	18,750


	Three Months Ended March 31,
	(in thousands)
	2025		2024		$ Change		% Change
Net sales	$	88,205	$	84,709	$	3,496	4.1	%
Cost of sales	16,558		12,987		3,571		27.5	%
Gross profit	71,647		71,722		(75)		(0.1)	%
Selling, general and administrative	59,969		55,129		4,840		8.8	%
Research and development	3,328		2,841		487		17.1	%
Investigation, restatement and related	—		311		(311)		nm
Amortization of intangible assets	99		189		(90)		(47.6)	%
Impairment of intangible assets	—		54		(54)		nm
Interest income (expense), net	506		(1,690)		2,196		nm
Other expense, net	(145)		(99)		(46)		46.5	%
Income tax provision (expense)	(1,589)		(2,348)		759		(32.3)	%
Net income from continuing operations	7,023		9,061		(2,038)		(22.5)	%


	Three Months Ended March 31,				Change
	2025		2024		$		%
Wound	$	56,073	$	57,049	$	(976)	(1.7)	%
Surgical	32,132		27,660		4,472		16.2	%
Total	$	88,205	$	84,709	$	3,496	4.1	%


	Total number of shares purchased1	Average price paid per share		Total number of shares purchased under publicly announced plan		Approximate dollar value of shares that may yet be purchased under plans or programs
January 1 - January 31, 2025	—	$	—	—		$	—
February 1 - February 28, 2025	186,242	8.30		—		—
March 1 - March 31, 2025	115,059	7.93		—		—
Total for the quarter	301,301	$	8.16	$	—	$	—


Exhibit Number						Description
31.1 #						Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2 #						Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1 #						Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2 #						Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS #						XBRL Instance Document
101.SCH #						XBRL Taxonomy Extension Schema Document
101.CAL #						XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF #						XBRL Taxonomy Extension Definition Linkbase Document
101.LAB #						XBRL Taxonomy Extension Label Linkbase Document
101.PRE #						XBRL Taxonomy Extension Presentation Linkbase Document


April 30, 2025	MIMEDX GROUP, INC.

	By:	/s/ Doug Rice
		Doug Rice
		Chief Financial Officer
		(duly authorized officer)


Date:	April 30, 2025	/s/ Joseph H. Capper
		Joseph H. Capper
		Chief Executive Officer