Mimedx Group Inc Stock Price, News & Analysis

MiMedx reported first quarter 2021 net sales of $60.0 million, a decrease from $61.7 million year-over-year. Adjusted net sales rose to $59.7 million from $57.2 million, driven by growth in the EpiFix® sheet portfolio. The net loss for the quarter was $8.4 million, compared to $4.8 million in Q1 2020. The company anticipates ongoing increases in research and development spending to support late-stage clinical trials, with significant data readouts expected in Q3 2021. MiMedx is committed to executing strategic initiatives to enhance stakeholder value amidst these developments.

MiMedx Group, Inc. (MDXG) has appointed Dirk Stevens, Ph.D., as Senior Vice President of Quality Assurance and Regulatory Affairs, effective May 3, 2021. Dr. Stevens brings over 35 years of experience in regulatory compliance from his previous role at Smith & Nephew, plc. CEO Timothy R. Wright stated that Stevens' expertise will enhance quality standards and support the advancement of MiMedx's late-stage pipeline. Dr. Stevens expressed enthusiasm about contributing to the company's mission in regenerative medicine, particularly in amniotic tissue biologics.

MiMedx Group, a leader in regenerative medicine utilizing amniotic tissue, will release its financial results for Q1 2021 after market close on April 28, 2021. A conference call and webcast will follow on April 29, 2021, at 8:30 AM ET, featuring CEO Timothy R. Wright and CFO Peter M. Carlson. MiMedx focuses on placental tissue allografts aimed at non-healing wounds and musculoskeletal conditions, having supplied over two million allografts. For more details, visit www.mimedx.com.

MiMedx Group, Inc. (NASDAQ: MDXG) announced the completion of patient visits for Phase 3 clinical trials of AmnioFix® Injectable, aimed at treating Plantar Fasciitis and Achilles Tendonitis. Additionally, the Phase 2B study for Knee Osteoarthritis has concluded. The company is now preparing for data analysis and plans to report top-line results in Q3 2021. MiMedx is also planning to submit a Biologics License Application (BLA) for Plantar Fasciitis in early 2022, while no BLA is anticipated for Achilles Tendonitis.

MiMedx Group, Inc. (NASDAQ: MDXG) announced that Prescience Point Capital Management has nominated four candidates for its Board of Directors ahead of the 2021 Annual Meeting on May 27, 2021. The current Board defends its leadership, highlighting a 148% stock price increase since the election of several board members in 2019. The management team asserts ongoing strategic initiatives to enhance shareholder value, despite Prescience Point's potential proxy contest. Shareholders are advised to await the definitive proxy statement for further details.

Prescience Point Capital Management, which holds about 8.1% of MiMedx Group's shares, has nominated four director candidates for the Board at the upcoming Annual Meeting on May 27, 2021. They assert that MiMedx is undervalued, primarily due to ineffective communication regarding its Amniofix product. The firm criticizes the current Board for concentrating power and failing to represent all shareholders' interests. Prescience Point believes that effective leadership is essential for realizing the Company's potential, particularly in relation to the growth opportunities presented by Amniofix.

MiMedx Group, Inc. (Nasdaq: MDXG) has secured a Group Purchasing Agreement with Premier Inc. to supply its amniotic tissue products through the SURPASS program, effective April 1, 2021. This agreement enables SURPASS members to access special pricing on MiMedx's placental-based wound care products. CEO Timothy R. Wright emphasized the commitment to improving patient access and quality of life for those with chronic wounds. The contract establishes a specific amniotic tissue category that reinforces MiMedx's market leadership in advanced wound care, supported by robust clinical evidence.

MiMedx Group, Inc. (Nasdaq: MDXG) has appointed Phyllis Gardner, M.D., a renowned figure in academia and biotechnology, to its Board of Directors. Dr. Gardner brings over 35 years of experience in cell biology, gene therapy, and clinical research. CEO Timothy R. Wright expressed that her expertise will enhance MiMedx’s efforts in advancing its late-stage pipeline. M. Kathleen Behrens, Chair of the Board, emphasized the importance of diverse expertise in guiding the company's future. Dr. Gardner aims to leverage her knowledge to improve patient outcomes in regenerative medicine.

MiMedx Group, Inc. (Nasdaq: MDXG) reported fourth quarter net sales of $68.5 million and full-year net sales of $248.2 million for 2020, down from $299.3 million in 2019. The company faced a net loss of $49.3 million for the year, influenced by $59.5 million in investigation and restatement expenses. MiMedx anticipates a 10% increase in adjusted net sales for 2021, contingent on regulatory approvals, particularly for its biologic AmnioFix® Injectable. The company will host a conference call on March 9, 2021, to discuss these results.