Mimedx Group Inc Stock Price, News & Analysis

MiMedx Group, Inc. (MDXG) has praised the Office of Inspector General's recommendation for the Centers for Medicare and Medicaid Services (CMS) to expedite addressing issues related to Average Sales Price (ASP) reporting for skin substitute products. The OIG report highlights non-compliance from some manufacturers, impacting Medicare spending in private physician settings. MiMedx's products, EPIFIX® and EPICORD®, have been sold under transparent ASP-based rates, promoting equitable patient care. The report also encourages CMS to consider effective payment approaches and ensure compliance from manufacturers as a way to alleviate financial burdens on the Medicare Trust Fund.

MiMedx Group reported its highest quarterly net sales since Q4 2019, achieving $74.4 million in Q4 2022, a 10.3% increase year-over-year. For the full year, net sales reached $267.8 million, up 3.6%. Despite strong sales, the company faced a net loss of $0.4 million in Q4, compared to a net income of $2.2 million in the prior year. The gross margin decreased to 80.7% from 84.0%. MiMedx initiated its first registrational clinical trial for mDHACM targeting knee osteoarthritis, emphasizing growth potential in the Wound & Surgical segments. Future growth may depend on Medicare reimbursement changes.

MiMedx Group (Nasdaq: MDXG) will report its fourth quarter and full year financial results for the period ending December 31, 2022 after the market closes on February 28, 2023. A conference call and webcast led by the senior management team will follow at 5:00 p.m. ET on the same day to discuss the results.

The company is a leader in placental biologics, focusing on various healthcare sectors like Advanced Wound Care and knee osteoarthritis treatments. MiMedx has successfully supplied over two million allografts using its proprietary PURION® process.

MIMEDX (Nasdaq: MDXG) announced the appointment of Joseph H. Capper as its new Chief Executive Officer, effective immediately. Capper brings nearly 30 years of experience in MedTech, previously leading BioTelemetry through a successful turnaround that resulted in a $2.8 billion acquisition. The Board of Directors expressed confidence in Capper's leadership, citing his track record of delivering results. As part of his inducement package, he will receive 3.3 million performance stock units and 3.6 million stock options with an exercise price of $3.70. MIMEDX aims to leverage its innovative placental biologics for future growth.

Marietta, Ga., Jan. 09, 2023 – MiMedx Group (Nasdaq: MDXG) expects Q4 2022 net sales of $73M to $76M and full-year sales of $266M to $269M, unchanged since November 2022. The company commented on potential Medicare reimbursement changes impacting skin substitutes, accounting for 28% of sales, with 90% of these sales from EPIFIX. While uncertainties remain, MiMedx has taken steps to mitigate risks. Additionally, the company anticipates $5M in annual savings from recent restructuring and has entered a partnership for EPIFIX distribution in Japan.

MIMEDX has partnered with Gunze Medical to exclusively distribute EPIFIX in Japan, marking a significant move in the wound care market. This collaboration, announced on January 4, 2023, follows EPIFIX's regulatory approval and favorable reimbursement decision. Gunze Medical, backed by over 90 sales representatives, aims to leverage its existing clinician relationships to enhance awareness and sales. This partnership positions EPIFIX as the first and only amniotic tissue product approved in Japan for treating chronic wounds, targeting conditions like diabetic foot and venous leg ulcers.

MiMedx Group has appointed Ricci S. Whitlow as Chief Operating Officer, effective January 3, 2023. With over 30 years of experience in the MedTech industry, Whitlow is expected to enhance MIMEDX’s operational leadership in manufacturing, supply chain, and regulatory functions. Formerly President of Clinical Supply Services at Catalent, she aims to leverage her expertise to navigate complex regulatory changes and drive growth. Interim CEO Todd Newton emphasized the importance of this role for the company's future and its mission in placental biologics.

MiMedx Group, Inc. (Nasdaq: MDXG) has licensed exclusive rights to Turn Therapeutics’ antimicrobial technology, PermaFusion®, to enhance product development for wound and surgical recovery. This agreement aims to expedite the introduction of new biologic products, leveraging Turn's nanodroplet technology and antimicrobial properties. Furthermore, MiMedx is also acquiring commercial rights to Turn's FleX™ AM product, pending FDA clearance, expanding its portfolio in the wound care market.

Marietta, Ga., Nov. 10, 2022 – MiMedx Group (Nasdaq: MDXG), a placental biologics company, announced its participation in two upcoming investor conferences. Senior management will present at the Canaccord Genuity MedTech Forum on November 17, 2022, at 9:30 AM ET, and at the Piper Sandler 34th Annual Healthcare Conference on November 30, 2022, also at 9:30 AM ET. Webcasts for both events will be available on the company's website. MiMedx specializes in developing and distributing placental tissue allografts for non-healing wounds and degenerative musculoskeletal conditions.