Mimedx Group Inc Stock Price, News & Analysis

Marietta, Ga., April 18, 2023 (GLOBE NEWSWIRE) -- MiMedx Group, a leader in placental biologics, announced it will report its first-quarter financial results for the period ending March 31, 2023, on May 2, 2023, after market close. A conference call and webcast to discuss these results will follow at 5:00 p.m. Eastern Time. Investors can access the call through U.S. and international lines provided in the announcement. A replay will be available on the company’s website for 30 days post-event. MiMedx focuses on developing placental tissue allografts and has supplied over two million products to address clinical needs in advanced wound care and surgical recovery. The company is also advancing a late-stage pipeline targeting pain reduction and improved function for knee osteoarthritis patients.

MiMedx Group (Nasdaq: MDXG) announced the departure of CFO Peter M. Carlson on March 23, 2023, as he pursues other opportunities. The company has initiated a search for a new CFO, with Carlson assisting during the transition. His tenure at MiMedx significantly improved the company's finance and accounting, helping to raise debt and equity while avoiding delisting. MiMedx specializes in placental biologics, providing allografts for advanced wound care and surgical recovery. The company is committed to addressing unmet clinical needs and has delivered over two million allografts.

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.