MDXG · Mimedx Group, Inc.
10 customers — 22% of revenue (the year ended December 31, 2025)
“For the years ended December 31, 2025, 2024, and 2023, our top ten customers accounted for 22%, 20% and 20%, respectively, of our net sales”
Key customers — 1% of revenue (the year ended December 31, 2025)
“net sales to all U.S. government accounts comprised approximately 1%, 1% and 2%, respectively, of our net sales.”
10 customers — 20% of revenue (the year ended December 31, 2024)
“For the years ended December 31, 2025, 2024, and 2023, our top ten customers accounted for 22%, 20% and 20%, respectively, of our net sales”
Key customers — 1% of revenue (the year ended December 31, 2024)
“net sales to all U.S. government accounts comprised approximately 1%, 1% and 2%, respectively, of our net sales.”
10 customers — 20% of revenue (the year ended December 31, 2023)
“For the years ended December 31, 2025, 2024, and 2023, our top ten customers accounted for 22%, 20% and 20%, respectively, of our net sales”
Key customers — 2% of revenue (the year ended December 31, 2023)
“net sales to all U.S. government accounts comprised approximately 1%, 1% and 2%, respectively, of our net sales.”
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AI Brief
Q2 FY26 earnings call · Jul 29, 2026TL;DR. MIMEDX reported Q2 net sales of $64 million, down 35% year-over-year on Medicare reimbursement headwinds in Wound, but delivered 9% sequential growth, 15% Surgical growth, and a $300 million-funded acquisition of Sanara MedTech that targets combined 2027 revenue above $400 million and adjusted EBITDA margin above 20%.
- + Surgical revenue grew 15% year-over-year in Q2 2026
- + Sequential revenue grew 9% with each month improving and June at $24 million
- + Wound care center unit volume grew 44% sequentially and 22% overall sequentially
- + Announced acquisition of Sanara MedTech with expected combined 2027 revenue well in excess of $400 million and adjusted EBITDA margin above 20%
- + Secured committed $300 million term loan financing for the Sanara acquisition
- + Submitted first two 510(k) applications, expanding regulatory pathway for placental and antimicrobial products
- − Q2 net sales declined 35% year-over-year due to Medicare reimbursement changes
- − Wound sales fell 61% year-over-year to $25 million
- − GAAP net loss of $15 million versus $10 million net income in the prior-year quarter
- − Adjusted EBITDA was a loss of $8 million (negative 13% margin) versus positive $24 million a year ago
- − Gross margin contracted to 69% from 81% on Wound pricing pressure
- − CMS proposed 2027 physician fee schedule indicates the current $127.14/sq. cm. skin substitute rate will remain, prolonging reimbursement pressure
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders BuyIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
Earlier KPI extraction records exist, but do not meet the current evidence-completeness requirements. No current verified series is available. Earlier figures remain withheld until revalidated; this is not evidence that the company reports no KPIs.
Versus peers
Biotechnology — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
MDXG
this stock
Mimedx Group, Inc.
|
$680.70M | -32.8% | +20.0% | 116.8 | 7.4% |
|
VRTX
Vertex Pharmaceuticals Inc / Ma
|
$133.37B | +11.1% | +46.2% | 30.7 | 1.9% |
|
REGN
Regeneron Pharmaceuticals, Inc.
|
$81.13B | -5.9% | +20.8% | 19.5 | 2.5% |
|
MRNA
Moderna, Inc.
|
$79.40B | +589.1% | +4.3% | — | 8.2% |
|
CSLLY
Csl Ltd
|
$61.25B | — | — | — | 0.0% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| MDXG | -2.8% | -0.4% | +16.1% | -2.4% | -32.8% |
| SPY | +1.2% | +0.6% | +11.6% | +1.6% | +13.6% |
| vs SPY | -4.0% | -1.0% | +4.5% | -4.0% | -46.4% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.