Record 2025 growth and $100M buyback at MiMedx (NASDAQ: MDXG)
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
MiMedx Group, Inc. reported record fourth-quarter and full-year 2025 results, with net sales of $118.1 million for the quarter, up 27% year-over-year, and $418.6 million for the year, up 20%. Growth was driven by Wound sales rising 28% in Q4 and Surgical sales up 25%, supported by new products like EPIXPRESS, EMERGE and strong AMNIOFIX and AMNIOEFFECT performance.
Fourth-quarter GAAP net income was $15.2 million, or $0.10 per diluted share, while Adjusted EBITDA reached $29.4 million, a 24.9% margin. For 2025, GAAP net income was $48.6 million and Adjusted EBITDA was $105.7 million, representing a 25.3% margin. Gross margin stayed above 82% on a GAAP basis and 85% on an adjusted basis for the year.
Cash and cash equivalents were $166.1 million at December 31, 2025, with net cash of $148 million after debt, up $63 million year-over-year. The board authorized a share repurchase program of up to $100 million over two years. For 2026, MiMedx estimates net sales of $340–360 million and expects an Adjusted EBITDA margin in the mid-to-high teens, reflecting anticipated Medicare reimbursement changes that may pressure near-term Wound revenue.
Positive
- Record growth and profitability: 2025 net sales rose 20% to $418.6 million, with Adjusted EBITDA increasing to $105.7 million and margin expanding to 25.3%, driven by strong Wound and Surgical performance.
- Strengthened balance sheet: Cash and cash equivalents reached $166.1 million and net cash $148 million as of December 31, 2025, supported by $72.97 million of free cash flow for the year.
- Capital return via buyback: The board authorized a share repurchase program of up to $100 million over two years, providing a new mechanism to return capital while maintaining flexibility for organic investment and M&A.
Negative
- Lower 2026 revenue outlook: Management estimates 2026 net sales of $340–360 million, below 2025’s $418.6 million, reflecting expected headwinds from updated Medicare reimbursement rules in the Wound market.
- Margin pressure expected: While 2025 Adjusted EBITDA margin was 25.3%, the company guides to a mid-to-high teens Adjusted EBITDA margin for 2026, implying reduced profitability as reimbursement changes take effect.
Insights
MiMedx delivered strong 2025 growth and margins, adds a sizable buyback but guides to lower 2026 revenue amid Medicare changes.
MiMedx grew 2025 net sales 20% to
The balance sheet strengthened meaningfully. Cash and cash equivalents were
2026 guidance introduces a more mixed picture. Management projects net sales of
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
____________________
FORM 8-K
____________________
____________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 25, 2026
(Exact name of registrant as specified in charter)
| (State or other jurisdiction | (Commission | (IRS Employer | ||||||||||||
| of incorporation) | File Number) | Identification No.) | ||||||||||||
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (770 ) 651-9100
____________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Important Cautionary Statement
This report includes forward-looking statements. Statements regarding: (i) future sales or sales growth; (ii) our 2026 and longer term financial goals and expectations for future financial results, including levels of net sales, Adjusted EBITDA, Adjusted EBITDA margin, corporate expenses and cash; (iii) our expectations regarding the placental tissue market; (iv) our expectations regarding Medicare spending; and (v) continued growth in different care settings, are forward-looking statements. Additional forward-looking statements may be identified by words such as “believe,” “expect,” “may,” “plan,” “goal,” “outlook,” “potential,” “will,” “preliminary,” and similar expressions, and are based on management’s current beliefs and expectations.
Forward-looking statements are subject to risks and uncertainties, and the Company cautions investors against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ from expectations include: (i) future sales are uncertain and are affected by competition, access to customers, patient access to healthcare providers, the reimbursement environment and many other factors; (ii) the Company may change its plans due to unforeseen circumstances; (iii) the results of scientific research are uncertain and may have little or no value; (iv) our ability to sell our products in other countries depends on a number of factors including adequate levels of reimbursement, market acceptance of novel therapies, and our ability to build and manage a direct sales force or third party distribution relationship; (v) the effectiveness of amniotic tissue as a therapy for particular indications or conditions is the subject of further scientific and clinical studies; and (vi) we may alter the timing and amount of planned expenditures for research and development based regulatory developments. The Company describes additional risks and uncertainties in the Risk Factors section of its most recent annual report and quarterly reports filed with the Securities and Exchange Commission. Any forward-looking statements speak only as of the date of this report and the Company assumes no obligation to update any forward-looking statement.
Item 2.02 Results of Operations and Financial Condition
On February 25, 2026, MiMedx Group, Inc. (the “Company”), issued a press release (the “Earnings Press Release”) announcing its results for the fourth quarter and full year ended December 31, 2025. A copy of the Earnings Press Release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The foregoing information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition”, including Exhibit 99.1 attached hereto, and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. It may only be incorporated by reference into another filing under the Exchange Act or Securities Act of 1933, as amended (the “Securities Act”), if such subsequent filing specifically references this Form 8-K. All information in the Earnings Press Release speaks as of the date thereof and the Company does not assume any obligation to update such information in the future. In addition, the Company disclaims any inference regarding the materiality of such information which otherwise may arise as a result of its furnishing such information under Item 2.02 of this report on Form 8-K.
Item 7.01 | Regulation FD | ||||
On February 25, 2026 at 4:30 PM Eastern Daylight Time, the Company intends to host a conference call and webcast (the “Earnings Call”) to discuss its financial and operating results for the fourth quarter and full year ended December 31, 2025. A copy of the slide presentation to be used by the Company in connection with the Earnings Call is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
The Company updated its investor presentation on February 25, 2026. A copy of the presentation materials is furnished as Exhibit 99.3 and is incorporated herein by reference.
The foregoing information is furnished pursuant to Item 7.01, including Exhibit 99.2 attached hereto, and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section. It may only be incorporated by reference into another filing under the Exchange Act or Securities Act if such subsequent filing specifically references this Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description of Exhibit | ||||||||||
| 99.1 | Earnings Press Release dated February 25, 2026 | ||||||||||
| 99.2 | Earnings Call Presentation dated February 25, 2026 | ||||||||||
| 99.3 | Investor Presentation dated February 25, 2026 | ||||||||||
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL. | ||||||||||
SIGNATURES
Pursuant to the requirements of the Exchange Act, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MIMEDX GROUP, INC. | ||||||||
February 25, 2026 | By: | /s/ Doug Rice | ||||||
| Doug Rice Chief Financial Officer | ||||||||
MIMEDX Announces Record Fourth Quarter and Full Year 2025 Operating and Financial Results Net Sales Grew 27% Year-Over-Year for the Fourth Quarter and 20% for the Full Year Fourth Quarter GAAP Net Income and Earnings Per Share were $15 million and $0.10, Respectively Fourth Quarter Adjusted EBITDA1 was $29 Million, or 25% of Net Sales Company Estimates 2026 Net Sales in a Range of $340-360 Million Announces $100 Million Share Repurchase Program Authorization Management to Host Conference Call Today, February 25, 2026, at 4:30 PM ET MARIETTA, Ga., February 25, 2026 -- MiMedx Group, Inc. (Nasdaq: MDXG) (“MIMEDX” or the “Company”), today announced operating and financial results for the fourth quarter and full year 2025. Joseph H. Capper, MIMEDX Chief Executive Officer, commented, "MIMEDX delivered a record year of revenue and profitability in 2025, with fourth quarter results that included net sales growth of 27% year- over-year, net income of $15 million, an Adjusted EBITDA margin of 25% of net sales, and robust free cash flow. These results were driven by strong double-digit contributions in both Wound and Surgical, which grew 28% and 25%, respectively, reflecting exceptional commercial execution across the markets we serve. We were particularly pleased with the durable double-digit growth seen in Surgical, and we are keenly focused on the untapped clinical opportunities for our current and future products." Mr. Capper continued, "Looking ahead to 2026, the Company remains committed to providing a best-in- class portfolio of evidence-based, differentiated products to capitalize on the many opportunities in front of us. With the recent product additions to our Wound and Surgical offerings, I am as confident as ever in our ability to make significant headway this year in a variety of clinical settings." "The short-term disruptions caused by Medicare reimbursement changes in the Wound market will likely have an impact on our 2026 revenue. Once demand patterns normalize, we expect to gain significant volume over time. Meanwhile, we believe the clear momentum we have across the rest of our business 1 Adjusted EBITDA is a Non-GAAP Measure. This press release contains this and other Non-GAAP measures. For reconciliations of our Non-GAAP measures to their nearest GAAP measure, refer to the section titled "Reconciliation of Non-GAAP Measures" below.
— Surgical, international and Wound commercial pay — will provide continued profitability and cash flow. Thus, enabling us to maintain our leadership position over both the short- and long-term," concluded Mr. Capper. Fourth Quarter and Full Year 2025 Results Discussion Net Sales MIMEDX reported net sales for the three months ended December 31, 2025 of $118 million, compared to $93 million for the three months ended December 31, 2024, an increase of 27%. The increase was driven by Wound product sales growth of 28%, which reflected the introduction of EPIXPRESS® as well as the contribution from EMERGE™ during the quarter. Additionally, fourth quarter Surgical sales grew 25% and represented the sixth consecutive quarter of sequential sales growth for this product category, led by sustained momentum for AMNIOFIX® and AMNIOEFFECT® as well as another strong performance for the Company's particulate portfolio. For the full year 2025 MIMEDX reported net sales of $419 million, compared to $349 million in the prior year period, reflecting growth of 20%. On a full year basis, Wound growth of 20% was led by sales of new products, including CELERA™, EMERGE, and EPIXPRESS, which more than offset pressure from lower- priced products. Also in 2025, Surgical net sales rose 21% compared to the prior year period, with strong contributions from AMNIOFIX, AMNIOEFFECT and HELIOGEN®. Gross Profit and Margin Gross profit for the three months ended December 31, 2025, was $99 million, an increase of $23 million as compared to the prior year period. Gross margin for the three months ended December 31, 2025 was 84%, compared to 82% in the prior year period. The increase was driven by favorable product mix. On an adjusted basis, fourth quarter 2025 gross margin was 86%, which reflects a roughly flat adjusted gross margin compared to the prior year period. For the full year 2025, gross profit was $346 million, reflecting an increase of $57 million compared to the prior year period. Additionally, gross margin for the full year 2025 was 83%, flat compared to the full year 2024. On an adjusted basis, gross margin for the full year 2025 was 86% compared to 84% for the full year 2024. Operating Expenses
Selling, general and administrative ("SG&A") expenses for the three months ended December 31, 2025, were $73 million compared to $61 million for the three months ended December 31, 2024. For the full year 2025, SG&A expenses totaled $266 million, compared to $225 million for the prior period, reflecting a year over year increase of 18%. For both the fourth quarter and full year 2025, the year-over-year increase in SG&A was driven primarily by higher commissions. Research and development ("R&D") expenses for the three months ended December 31, 2025, were $5 million compared to $4 million for the three months ended December 31, 2024. For the full year 2025, research and development expenses totaled $15 million, compared to $12 million for 2024. R&D spend in the quarter and year was driven, in part, by the randomized controlled trial for EPIEFFECT and ongoing investments in the development of future products in our pipeline. Net income for the three months and full year ended December 31, 2025 was $15 million and $49 million, respectively, compared to a net income of $7 million and $42 million for the three months and full year ended December 31, 2024, respectively. Cash and Cash Equivalents As of December 31, 2025, the Company had $166 million of cash and cash equivalents compared to $104 million as of December 31, 2024 and $142 million as of September 30, 2025. As of December 31, 2025, our cash position, net of debt on our balance sheet, was $148 million, representing a sequential increase of $24 million and an increase of $63 million for the year. Share Repurchase Authorization Announced Also today, the MIMEDX Board of Directors has authorized a share repurchase program of up to $100 million of the Company’s common stock over a two-year period. The share repurchase program provides MIMEDX with the flexibility to purchase shares of its common stock in the open market or in privately negotiated transactions, subject to market conditions and other factors. MIMEDX intends to use the repurchase program periodically on a discretionary basis, subject to general business and market conditions and balanced against other investment opportunities. The repurchase program may be commenced, suspended or discontinued at any time. MIMEDX remains focused on executing its strategic priorities and its decision to establish this repurchase program reflects its balanced approach to capital allocation.
Financial Outlook For 2026, MIMEDX currently estimates net sales to be in a range of $340 to $360 million and for adjusted EBITDA margin to be in the mid-to-high teens. Longer-term, the Company continues to expect to achieve annual net sales growth in the low double- digits as a percentage with an Adjusted EBITDA margin above 20%. Conference Call and Webcast MIMEDX will host a conference call and webcast to review its fourth quarter and full year 2025 results on Wednesday, February 25, 2026, beginning at 4:30 p.m., Eastern Time. The call can be accessed using the following information: Webcast: Click here U.S. Investors: 877-407-6184 International Investors: 201-389-0877 Conference ID: 13758446 A replay of the webcast will be available for approximately 30 days on the Company’s website at www.mimedx.com following the conclusion of the event. Important Cautionary Statement This press release and our investor conference call include forward-looking statements, which reflect management's current beliefs and expectations regarding future events and operating performance and speak only as of the date hereof. These forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties. These statements include statements regarding: (i) future sales, sales growth, and Adjusted EBITDA margin; (ii) our longer term financial goals and expectations for future financial results, including levels of net sales, Adjusted EBITDA, and Adjusted EBITDA margin; (iii) our expectations regarding the size of the market for our products;(iv) our expectations regarding the impact of CMS' updated 2026 Medicare reimbursement rules and model and our belief that Medicare is likely to introduce national coverage policy, given the withdrawal of the LCDs; (v) continued growth in different care settings and different products, specifically accounting for the change caused by CMS' updated 2026 reimbursement rules and model; and (vi) our expected outcomes relating to improving workflow and strengthening bonds between the Company and its customers. Additional forward-looking statements may be identified by words such as "believe," "expect," "may,"
"plan," “goal,” “outlook,” "potential," "will," "preliminary," and similar expressions, and are based on management's current beliefs and expectations. Forward-looking statements are subject to risks and uncertainties, and the Company cautions investors against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ from expectations include: (i) future sales are uncertain and are affected by competition, access to customers, patient access to healthcare providers, the reimbursement environment, particularly in light of CMS' updated 2026 Medicare spending rules and reimbursement model, and many other factors; (ii) the Company may change its plans due to unforeseen circumstances; (iii) the results of scientific research are uncertain and may have little or no value; (iv) our ability to sell our products in other countries depends on a number of factors including adequate levels of reimbursement, market acceptance of novel therapies, and our ability to build and manage a direct sales force or third party distribution relationship; (v) the effectiveness of amniotic tissue as a therapy for particular indications or conditions is the subject of further scientific and clinical studies; (vi) we may alter the timing and amount of planned expenditures for research and development based on regulatory developments; (vii) the impact of CMS' updated 2026 spending rules and reimbursement model, particularly the shift to a capped rate for Medicare reimbursement, including the impact on our product utilization given the potential shift to alternate treatment modalities; and (viii) changes in the size of the addressable market for our products. Additional factors that could impact outcomes and our results include those described in the Risk Factors section of our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. filed with the Securities and Exchange Commission. Any forward-looking statements speak only as of the date of this press release and the Company assumes no obligation to update any forward-looking statement. About MIMEDX MIMEDX is a pioneer and leader focused on helping humans heal. With more than a decade and a half of helping clinicians manage chronic and other hard-to-heal wounds, MIMEDX provides a leading portfolio of products for applications in the wound care, burn, and surgical sectors of healthcare. The Company’s vision is to be the leading global provider of healing solutions through relentless innovation to restore quality of life. For additional information, please visit www.mimedx.com.
Contact: Matt Notarianni Investor Relations 470.304.7291 mnotarianni@mimedx.com Selected Unaudited Financial Information
MiMedx Group, Inc. Condensed Consolidated Balance Sheets (in thousands) Unaudited December 31, 2025 2024 ASSETS Current assets: Cash and cash equivalents $ 166,121 $ 104,416 Accounts receivable, net 75,707 55,828 Inventory 25,340 23,807 Other current assets 10,303 7,835 Total current assets 277,471 191,886 Property and equipment, net 4,713 5,944 Deferred tax assets 19,596 28,306 Goodwill 19,441 19,441 Intangible assets, net 14,158 11,626 Other assets 7,274 6,712 Total assets $ 342,653 $ 263,915 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current portion of long term debt $ 1,500 $ 1,000 Accounts payable 14,528 7,409 Accrued compensation 31,065 23,667 Accrued expenses 11,383 9,012 Other current liabilities 5,790 4,507 Total current liabilities 64,266 45,595 Long term debt, net 16,467 17,830 Other liabilities 5,372 7,383 Total liabilities $ 86,105 $ 70,808 Stockholders’ equity Common stock; $.001 par value; 250,000,000 shares authorized, 148,093,920 issued and outstanding at December 31, 2025 and 146,932,032 issued and outstanding at December 31, 2024 148 147 Additional paid-in capital 299,081 284,219 Accumulated deficit (42,681) (91,259) Total stockholders’ equity 256,548 193,107 Total liabilities and stockholders’ equity $ 342,653 $ 263,915
MiMedx Group, Inc. Condensed Consolidated Statements of Operations (in thousands, except share and per share amounts) Unaudited Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net sales $ 118,095 $ 92,907 $ 418,630 $ 348,879 Cost of sales 19,055 16,909 73,013 60,073 Gross profit 99,040 75,998 345,617 288,806 Operating expenses: Selling, general and administrative 73,073 61,043 266,194 225,087 Research and development 4,761 3,571 15,097 12,341 Investigation, restatement and related — 43 — (8,698) Amortization of intangible assets 128 194 439 765 Impairment of intangible assets — 94 — 446 Operating income 21,078 11,053 63,887 58,865 Other income (expense), net Interest income (expense), net 904 403 2,933 (1,006) Other expense, net (186) (208) (558) (565) Income from continuing operations before income tax 21,796 11,248 66,262 57,294 Income tax provision (expense) benefit from continuing operations (6,605) (3,811) (17,684) (15,296) Net income from continuing operations 15,191 7,437 48,578 41,998 Income (loss) from discontinued operations, net of tax — — — 421 Net income $ 15,191 $ 7,437 $ 48,578 $ 42,419 Net income available to common stockholders from continuing operations $ 15,191 $ 7,437 $ 48,578 $ 41,998 Basic net income (loss) per common share: Continuing operations $ 0.10 $ 0.05 $ 0.33 $ 0.29 Discontinued operations — — — — Basic net income per common share: $ 0.10 $ 0.05 $ 0.33 $ 0.29 Diluted net income (loss) per common share: Continuing operations $ 0.10 $ 0.05 $ 0.32 $ 0.28 Discontinued operations — — — — Diluted net income (loss) per common share: $ 0.10 $ 0.05 $ 0.32 $ 0.28 Weighted average common shares outstanding - basic 148,091,670 147,008,235 147,793,069 146,979,354 Weighted average common shares outstanding - diluted 150,189,160 149,242,415 149,724,507 149,049,197
MiMedx Group, Inc. Condensed Consolidated Statements of Cash Flows (in thousands) Unaudited Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net cash flows provided by operating activities $ 24,956 $ 18,782 $ 74,003 $ 66,198 Net cash flows used in investing activities (335) (2,767) (6,886) (9,583) Net cash flows used in financing activities (583) (400) (5,412) (34,199) Net change in cash $ 24,038 $ 15,615 $ 61,705 $ 22,416 Reconciliation of Non-GAAP Measures In addition to our GAAP results, we provide certain non-GAAP measures including Adjusted EBITDA, related margins, Free Cash Flow, Adjusted Gross Profit, Adjusted Gross Margin and Adjusted Net Income. We believe that the presentation of these measures provides important supplemental information to management and investors regarding our performance. These measures are not a substitute for GAAP measures. Company management uses these non-GAAP measures as aids in monitoring our ongoing financial performance from quarter-to-quarter and year-to-year on a regular basis and for benchmarking against comparable companies. These non-GAAP financial measures reflect the exclusion of the following items: • Share-based compensation expense - expense recognized related to awards to employees and our board of directors pursuant to our share-based compensation plans. This expense is reflected amongst cost of sales, research and development expense, and selling, general, and administrative expense in the consolidated statements of operations. • Investigation, restatement, and related (benefit) expense - expenses incurred toward the legal defense of the Company and advanced on behalf of certain former officers and directors, net of negotiated reductions and settlements of amounts previously advanced, related to certain legal matters. This expense is reflected in the line of the same name in our consolidated statements of operations. • Impairment of intangible assets - reflects the impairment of intangibles. This expense is reflected in the line of the same name in our consolidated statements of operations.
• Transaction-related expenses - reflects expenses incrementally incurred resulting from the consummation of material strategic transactions or the integration of acquired assets or operations into our core business. • Strategic legal and regulatory expenses - With respect to the three months and year ended December 31, 2025, this relates to litigation and regulatory expenses. Litigation expenses incurred relate to suits filed against former employees and their employers for violation of non- compete and non-solicitation agreements and related matters. Regulatory expenses relate to legal fees incurred stemming from action taken against the United States Food & Drug Administration ("FDA") surrounding the designation of one of our products. • Loss on extinguishment of debt - reflects the excess of cash paid to extinguish debt over the carrying value of the debt on our balance sheet upon the repayment and termination of a loan agreement. With respect to the year ended December 31, 2025, this relates to the repayment and termination of the Company's loan agreement with Hayfin. Amounts in this line reflect (i) prepayment premium paid and (ii) write-offs of unamortized original issue discount and deferred financing costs. • Expenses related to the Disbanding of Regenerative Medicine - incremental expenses recognized or incurred directly as a result of our announcement to disband our Regenerative Medicine segment. • Amortization of acquired intangible assets - reflects amortization expense recognized solely related to assets which were acquired as part of a transaction. These expenses are reflected in cost of sales in our consolidated statements of operations. • Reorganization expenses - reflects severance expense arising from the enactment of various strategic initiatives, including separations from certain officers of the Company. • Income Tax Adjustment - for purposes of calculating Adjusted Net Income and Adjusted Earnings Per Share, reflects our expectation of a long-term effective tax rate, which is normalized and balance sheet-agnostic. Actual reporting tax expense will be based on GAAP earnings, and may differ from the expected long-term effective tax rate due to a variety of factors, including the tax treatment of various transactions included in GAAP net income and other reconciling items that
are excluded in determining Adjusted Net Income and Adjusted EPS. The actual long-term normalized effective tax rate was 25% for each of the years ended December 31, 2025 and 2024. Adjusted EBITDA and Adjusted EBITDA margin Adjusted EBITDA consists of GAAP net income excluding: (i) share-based compensation, (ii) income tax provision, (iii) amortization of intangible assets, (iv) strategic legal and regulatory expenses, (v) interest (income) expense, net, (vi) depreciation expense, (vii) reorganization expenses, (viii) transaction-related expenses, (ix) investigation, restatement and related expense (benefit), (x) impairment of intangible assets, and (xi) expenses related to disbanding of the Regenerative Medicine business unit. A reconciliation of GAAP net income to Adjusted EBITDA appears in the table below (dollars in thousands): Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net Income $ 15,191 $ 7,437 $ 48,578 $ 42,419 Non-GAAP Adjustments: Share-based compensation 2,463 4,693 16,396 16,933 Income tax provision 6,605 3,811 17,684 15,296 Amortization of intangible assets 2,648 2,426 12,617 3,762 Strategic legal and regulatory expenses 2,494 1,140 9,185 2,806 Interest (income) expense, net (904) (403) (2,933) 1,006 Depreciation expense 572 564 2,264 2,279 Reorganization expense 203 — 1,029 — Transaction related expenses 103 (38) 902 612 Investigation, restatement and related expenses — 44 — (8,698) Impairment of intangible assets — 94 — 446 Expenses related to disbanding of Regenerative Medicine business unit — — — (421) Adjusted EBITDA $ 29,375 $ 19,768 $ 105,722 $ 76,440 Adjusted EBITDA margin 24.9 % 21.3 % 25.3 % 21.9 % Adjusted Net Income and Adjusted Gross Margin Adjusted Net Income provides a view of our operating performance, exclusive of certain items which are non-recurring or not reflective of our core operations.
Adjusted Net Income is defined as GAAP net income plus (i) amortization of acquired intangible assets, (ii) strategic legal and regulatory expenses, (iii) transaction-related expenses, (iv) reorganization expenses, (v) investigation, restatement and related expense (benefit), (vi) impairment of intangible assets, (vii) loss on extinguishment of debt, (viii) expenses related to disbanding of Regenerative Medicine business unit, and (ix) the long-term effective income tax rate adjustment. Each of the adjustments to reconcile Adjusted Net Income to GAAP net income affect individual financial statement captions which are reflected in our consolidated statements of operations, including gross profit. Adjusted Gross Profit is therefore defined as GAAP gross profit plus (i) amortization of acquired intangible assets, (ii) strategic legal and regulatory expenses, (iii) transaction-related expenses, (iv) reorganization expenses, (v) investigation, restatement and related expense (benefit), (vi) impairment of intangible assets, (vii) loss on extinguishment of debt, (viii) expenses related to disbanding of Regenerative Medicine business unit, and (ix) the long-term effective income tax rate adjustment to the extent that these adjustments impact GAAP gross profit. Adjusted Gross Margin is calculated as Adjusted Gross Profit divided by GAAP net sales. A reconciliation of GAAP net income to Adjusted Net Income appears in the table below (in thousands): Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net income $ 15,191 $ 7,437 $ 48,578 $ 42,419 Amortization of acquired intangible assets 2,519 2,232 12,178 2,997 Strategic legal and regulatory expenses 2,494 1,140 9,185 2,806 Transaction related expenses 103 (38) 902 612 Reorganization expense 203 — 1,029 — Investigation, restatement and related expense (benefit) — 43 — (8,698) Impairment of intangible assets — 94 — 446 Loss on extinguishment of debt — — — 1,401 Expenses related to disbanding of Regenerative Medicine business unit — — — (421) Long-term effective income tax rate adjustment (174) 130 (4,705) 1,082 Adjusted net income $ 20,336 $ 11,038 $ 67,167 $ 42,644 A reconciliation of various line items included in our GAAP unaudited condensed consolidated statements of operations to Adjusted Net Income, including Adjusted Gross Profit for the three months and years ended December 31, 2025 and 2024 are presented in the tables below (in thousands):
Three months ended December 31, 2025 Gross Profit Selling, General & Administrative Expense Research and Development Expense Net Income Reported GAAP Measure $ 99,040 $ 73,073 $ 4,761 $ 15,191 Amortization of acquired intangible assets 2,519 — — 2,519 Strategic legal and regulatory expenses — (2,494) — 2,494 Reorganization expense (203) 203 Transaction-related expenses — (90) — 103 Long-term effective income tax rate adjustment — — — (174) Non-GAAP Measure $ 101,559 $ 70,286 $ 4,761 $ 20,336 Reported Gross Profit Margin 83.9 % Adjusted Gross Profit Margin 86.0 % Three months ended December 31, 2024 Gross Profit Selling, General & Administrative Expense Research and Development Expense Net Income Reported GAAP Measure $ 75,998 $ 61,043 $ 3,571 $ 7,437 Investigation, restatement and related expenses — — — 43 Impairment of intangible assets — — — 94 Amortization of acquired intangible assets 2,232 — — 2,232 Transaction-related expenses — (30) — (38) Strategic legal and regulatory expenses — (1,140) — 1,140 Long-term effective income tax rate adjustment — — — 130 Non-GAAP Measure $ 78,230 $ 59,873 $ 3,571 $ 11,038 Reported Gross Profit Margin 81.8 % Adjusted Gross Profit Margin 84.2 %
Year Ended December 31, 2025 Gross Profit Selling, General & Administrative Expense Research and Development Expense Net Income Reported GAAP Measure $ 345,617 $ 266,194 $ 15,097 $ 48,578 Amortization of acquired intangible assets 12,178 — — 12,178 Strategic legal and regulatory expenses — (9,185) — 9,185 Transaction-related expenses — (779) — 902 Reorganization expense — (1,029) — 1,029 Long-term effective income tax rate adjustment — — — (4,705) Non-GAAP Measure $ 357,795 $ 255,201 $ 15,097 $ 67,167 Reported Gross Profit Margin 82.6 % Adjusted Gross Profit Margin 85.5 % Year Ended December 31, 2024 Gross Profit Selling, General & Administrative Expense Research and Development Expense Net Income Reported GAAP Measure $ 288,806 $ 225,087 $ 12,341 42,419 Loss on extinguishment of debt — — — 1,401 Investigation, restatement and related expenses — — — (8,698) Impairment of intangible assets — — — 446 Amortization of acquired intangible assets 2,997 — — 2,997 Transaction-related expenses — (551) — 612 Strategic legal and regulatory expenses — (2,806) — 2,806 Expenses related to disbanding of Regenerative Medicine Business Unit — — — (421) Long-term effective income tax rate adjustment — — — 1,082 Non-GAAP Measure $ 291,803 $ 221,730 $ 12,341 $ 42,644 Reported Gross Profit Margin 82.8 % Adjusted Gross Profit Margin 83.6 %
Adjusted Earnings Per Share Adjusted Earnings Per Share is intended to provide a normalized view of earnings per share by removing items that may be irregular, one-time, or non-recurring from net income. This enables us to identify underlying trends in our business that could otherwise be masked by such items. Adjusted Earnings Per Share consists of GAAP diluted net income per common share including adjustments for: (i) amortization of acquired intangible assets, (ii) strategic legal and regulatory expenses, (iii) transaction-related expenses, (iv) reorganization expenses, (v) investigation, restatement and related expense (benefit), (vi) impairment of intangible assets, (vii) loss on extinguishment of debt, (viii) expenses related to disbanding of Regenerative Medicine business unit, and (ix) the long-term effective income tax rate adjustment. The effect of antidilution reflects the changes resulting from the removal of the dilutive impact of convertible securities which were dilutive for purposes of calculating GAAP net income per common share, but are antidilutive for non-GAAP purposes. A reconciliation of GAAP diluted earnings per share to Adjusted Earnings Per Share appears in the table below (per diluted share): Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 GAAP net income (loss) per common share - diluted $ 0.10 $ 0.05 $ 0.32 $ 0.28 Loss on extinguishment of debt 0.00 0.00 0.00 0.01 Investigation, restatement and related (benefit) expense 0.00 0.00 0.00 (0.06) Impairment of intangible assets 0.00 0.00 0.00 0.00 Amortization of acquired intangible assets 0.02 0.01 0.08 0.02 Transaction related expenses 0.00 0.00 0.01 0.00 Strategic legal and regulatory expenses 0.02 0.01 0.06 0.02 Expenses related to disbanding of Regenerative Medicine business unit 0.00 0.00 0.00 0.00 Reorganization expenses 0.00 0.00 0.01 0.00 Long-term effective income tax rate adjustment 0.00 0.00 (0.03) 0.01 Adjusted Earnings Per Share $ 0.14 $ 0.07 $ 0.45 $ 0.28 Weighted average common shares outstanding - adjusted 150,189,160 149,242,415 149,724,507 149,049,197 Free Cash Flow Free Cash Flow is intended to provide a measure of our ability to generate cash in excess of capital investments. It provides management with a view of cash flows which can be used to finance operational and strategic investments.
Free Cash Flow is defined as net cash provided by operating activities less capital expenditures, including purchases of equipment. A reconciliation of GAAP net cash flows provided by operating activities to Free Cash Flow appears in the table below (in thousands): Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Net cash flows provided by operating activities $ 24,956 $ 18,782 74,003 66,198 Capital expenditures, including purchases of equipment (285) (263) (1,033) (1,683) Free Cash Flow $ 24,671 $ 18,519 $ 72,970 $ 64,515 Other Information Net Sales by Product Category by Quarter Below is a summary of net sales by product category (in thousands): 2025 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Wound $ 56,073 $ 64,476 $ 77,098 $ 78,679 $ 57,049 $ 57,547 $ 55,052 $ 61,357 Surgical 32,132 34,129 36,627 39,416 27,660 29,660 29,005 31,550 Net sales $ 88,205 $ 98,605 $ 113,725 $ 118,095 $ 84,709 $ 87,207 $ 84,057 $ 92,907 Selling, General and Administrative Below is the breakout of selling, general and administrative expense by selling and marketing and general and administrative (in thousands): 2025 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Selling and marketing $ 46,861 $ 47,867 $ 53,720 $ 61,233 $ 44,477 $ 41,725 $ 41,721 $ 47,638 General and administrative 13,108 16,284 15,281 11,840 10,652 13,676 11,795 13,403 Selling, general and administrative $ 59,969 $ 64,151 $ 69,001 $ 73,073 $ 55,129 $ 55,401 $ 53,516 $ 61,041
Q4 & FY 2025 Financial Results Conference Call February 25, 2026
Disclaimer & Cautionary Statements This presentation and our earnings call includes forward-looking statements. Forward-looking statements are subject to risks and uncertainties, and the Company cautions investors against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Such forward-looking statements include statements regarding: • Growing expansion outside of the U.S.; • Our growth expectations in 2026 and beyond, including our growth in surgery, increased funding in targeted research and expanded product portfolio; • Expected results of research and development, including that our efforts will innovate and diversify our product portfolio; • Placental-derived products and their potential clinical benefits; • EPIEFFECT® and CHORIOFIX randomized controlled trial enrollment; • Expectations regarding the reimbursement environment for the Company’s products, including Medicare Spending; • Expectations regarding HELIOGEN®, AMNIOFIX®, AMNIOEFFECT®, as well as Hydrelix, NovaForm®, and G4Derm® Plus driving Surgical growth; • Our expectations that we will continue to advocate for Medicare spending reform; • Exposure to tariffs and the anticipation that they will not impact the Company’s results; • 2026 full-year revenue range and Adjusted EBITDA margin, our Long-term non-GAAP effective tax rates and top-line growth post reform in Medicare spending; • Our ability to manage Private Office and Wound Care Center/Hospital Outpatient dynamics, including adjusting our strategy to remain competitive; and • The Company’s long-term strategy and goals for value creation, the status of its pipeline products, expectations for future products, and expectations for future growth and profitability Additional forward-looking statements may be identified by words such as "believe," "expect," "may," "plan," "potential," "will," "preliminary," and similar expressions, and are based on management's current beliefs and expectations. Forward-looking statements are subject to risks and uncertainties, and the Company cautions investors against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ from expectations include: • Future sales are uncertain and are affected by competition, access to customers, patient access to hospitals and healthcare providers, the reimbursement environment and many other factors; • The future market for the Company’s products can depend on regulatory approval of such products, which might not occur at all or when expected, and is based in part on assumptions regarding the number of patients who elect less acute and more acute treatment than the Company’s products, market acceptance of the Company’s products, and adequate reimbursement for such therapies; • The process of obtaining regulatory clearances or approvals to market a biological product or medical device from the FDA or similar regulatory authorities outside of the U.S. is costly and time consuming, and such clearances or approvals may not be granted on a timely basis, or at all, and the ability to obtain the rights to market additional, suitable products depends on negotiations with third parties which may not be forthcoming; and • The Company describes additional risks and uncertainties in the Risk Factors section of its most recent annual report and quarterly reports filed with the Securities and Exchange Commission. Any forward-looking statements speak only as of the date of this presentation and the Company assumes no obligation to update any forward-looking statement. | 2 |
Opening Remarks Joseph H. Capper, Chief Executive Officer | 3 |
Q4:25 Highlights – Strong Financial Performance for Wound & Surgical 1) Adjusted Gross Margin and Adjusted EBITDA and related margins are non-GAAP financial measures. See the Appendix for a reconciliation to the nearest GAAP measure. | 4 | Wound & Surgical 25%+ Growth vs. Q4:24 Adj. Gross Margin 86% GAAP Net Income $15MM vs. $7MM in Q4:24 Net Sales $118MM +27% vs. Q4:24 Adj. EBITDA1 $29MM 25% margin Net Cash $148MM +$24MM vs. Q3:25 +$63MM vs. Q4:24 Randomized Controlled Trial Enrollment Nearly Complete Announcing Share Repurchase Authorization
Strategic Priority Focus on Continued Product Innovation & Diversification | 5 | Continuing to innovate and evolve our offering for Wound & Surgical Numerous opportunities and areas for expansion Driving higher growth in Surgical Achieving a more balanced business mix between Wound & Surgical 3-year Net Sales CAGR = 16%
Private Office & Associated Care Settings ASP +6% plus ~$150 application fee $127.14/sq. cm. fixed rate plus ~$150 application fee 2025 2026 What We See So Far In Wound in 2026 | 6 | Payment Rate Changes In Effect LCDs WISeR Implementation Underway Status of Other Policies Higher audit and clawback activity Providers adjusting to prior auth requirements in WISeR states Some manufacturers dumping products at very low prices Some providers (particularly in mobile/home health wound care) have completely shut down Market Dynamics in Early 2026 HOPD & Wound Care Centers ~$1,800 bundled rate per visit $127.14/sq. cm. fixed rate plus ~$750 application fee 2025 2026
Despite reimbursement-related noise, • Our Wound franchise remains profitable • We continue to develop products leveraging our expertise • Production of scientific and clinical research validating the safety and efficacy of our products remains one of our core strengths • And we are bringing in complementary offerings, like PRP, to provide customers with a greater selection of wound healing tools Supporting Our Customers & Diversifying Our Offering While Remaining Unmatched with Data | 7 | Randomized Controlled Trial Enrollment Nearly Complete Randomized Controlled Trial Underway Soon Continue to believe we will emerge as the clear market leader as the market normalizes
The Exciting Momentum in Surgical Continues! | 8 | Strong Continued Uptake Across Surgical Portfolio and Continuing to Bring Additional New Products to Market Recent Distribution Agreement Significantly Diversifies 510(k) Cleared Product Offering in Surgical
2026 Outlook – Executing Despite Significant Change in the Marketplace *2026 and Long-Term Outlooks provided as of February 25, 2026. Actual results may differ. | 9 | $340-360MM Mid-to-high teens as a % of net sales 2026 Net Sales* 2026 Adj. EBITDA* Continue to expect to deliver low double-digit net sales growth and a 20%+ Adjusted EBITDA margin long term Share Buyback Established Authorized a new share repurchase program to buy back up to $100 million in MIMEDX stock Continue to prioritize strategic M&A and organic investment, with the repurchase authorization serving as an incremental tool to deploy capital when valuation and market conditions warrant
Financial Results Doug Rice, Chief Financial Officer | 10 |
$32MM $39MM Q4:24 Q4:25 $61MM $79MM Q4:24 Q4:25 Q4:25 Net Sales Recap | 11 | Q4:25 Wound Q4:25 Surgical • Q4:25 growth led by sales of EPIXPRESS & EMERGE despite finalization of PFS and OPPS rules for 2026 Highlights • AMNIOFIX and AMNIOEFFECT continue streak of >20% year over year growth • Strong double-digit growth contribution from particulate portfolio Highlights $93MM $118MM Q4:24 Q4:25 Q4:25 Net Sales
Q4:25 P&L Highlights 1) Adjusted Gross Margin, Free Cash Flow, EBITDA, Adjusted EBITDA, Adjusted Net Income and related margins are non-GAAP financial measures. See the Appendix for a reconciliation to the nearest GAAP measure. | 12 | $7MM $11MM $20MM$15MM $20MM $29MM $76 $48MM $13 $4MM $99 $61MM $12 $5MM Q4:24 Q4:25 S&M Adj. EBITDA1GAAP Net Income R&D 51% 52% 4% 4% 8% 13% 21% 25% Adj. Net Income1 12% 17% Gross Profit & Margin 82% 84% G&A 14% 10% Adj. Gross Margin1 84% 86% • Robust profitability in Q4:25 as a result of higher sales and expense discipline • Q4:25 adj. EPS of $0.14, compared to $0.07 in Q4:24 NI & Adj. EBITDA • Q4:25 gross margin benefitted from product mix • Demonstrated SG&A leverage, despite higher commissions related to higher sales in Q4:25 GM & Opex
Q4:25 Cash Flows Fuel Growing Net Cash Position; Share Buyback Announced | 13 | Quarterly Net Cash Balance ($ Millions) $85 $88 $100 $124 $148 Q4:24 Q1:25 Q2:25 Q3:25 Q4:25 Share Buyback EstablishedFree Cash Flows ($ Millions) $25 2022 2023 2024 2025 Q1 thru Q3 Q4 $73 $65 $25 ($19) Provides flexibility to opportunistically return capital to shareholders while prioritizing growth investments Program is a component of our disciplined approach to capital allocation Up to $100MM Authorized
2025 Full Year Financial Retrospective | 14 |1) EBITDA, Adjusted EBITDA, related margins and Free Cash Flow are non-GAAP financial measures. See our Earnings Release for the quarter ended December 31, 2025 for a reconciliation to the nearest GAAP measure. $419MM +20% year-over-year $148MM +73% vs. 2024 $106MM 25% of net sales 2025 Net Sales Net Cash Balance 2025 Adj. EBITDA12025 GAAP Net Income $49MM +16% year-over-year
Closing Remarks, Q&A | 15 |
MIMEDX – A Pioneer & Leader Delivering Healing Solutions in Healthcare | 16 | FULLY INTEGRATED BUSINESS from product development to manufacturing to commercialization, including donor recovery EXCELLENT IP PORTFOLIO including over 200 patents, knowhow and regenerative medicine expertise DRAMATICALLY IMPROVED FINANCIAL PROFILE delivering a 3-year net sales CAGR of 16% and amassing a sizable net cash balance HELPING HUMANS HEAL
THANK YOU MIMEDX 1775 West Oak Commons Ct. Marietta, GA 30062 888.543.1917 | 770.651.9100 | 17 |
Investor Presentation February 2026
Disclaimer & Cautionary Statements This presentation and our earnings call includes forward-looking statements. Forward-looking statements are subject to risks and uncertainties, and the Company cautions investors against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Such forward-looking statements include statements regarding: • Growing expansion outside of the U.S.; • Our growth expectations in 2026 and beyond, including our growth in surgery, increased funding in targeted research and expanded product portfolio; • Expected results of research and development, including that our efforts will innovate and diversify our product portfolio; • Placental-derived products and their potential clinical benefits; • EPIEFFECT® and CHORIOFIX randomized controlled trial enrollment; • Expectations regarding the reimbursement environment for the Company’s products, including Medicare Spending; • Expectations regarding HELIOGEN®, AMNIOFIX®, AMNIOEFFECT®, as well as Hydrelix, NovaForm®, and G4Derm® Plus driving Surgical growth; • Our expectations that we will continue to advocate for Medicare spending reform; • Exposure to tariffs and the anticipation that they will not impact the Company’s results; • 2026 full-year revenue range and Adjusted EBITDA margin, our Long-term non-GAAP effective tax rates and top-line growth post reform in Medicare spending; • Our ability to manage Private Office and Wound Care Center/Hospital Outpatient dynamics, including adjusting our strategy to remain competitive; and • The Company’s long-term strategy and goals for value creation, the status of its pipeline products, expectations for future products, and expectations for future growth and profitability Additional forward-looking statements may be identified by words such as "believe," "expect," "may," "plan," "potential," "will," "preliminary," and similar expressions, and are based on management's current beliefs and expectations. Forward-looking statements are subject to risks and uncertainties, and the Company cautions investors against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ from expectations include: • Future sales are uncertain and are affected by competition, access to customers, patient access to hospitals and healthcare providers, the reimbursement environment and many other factors; • The future market for the Company’s products can depend on regulatory approval of such products, which might not occur at all or when expected, and is based in part on assumptions regarding the number of patients who elect less acute and more acute treatment than the Company’s products, market acceptance of the Company’s products, and adequate reimbursement for such therapies; • The process of obtaining regulatory clearances or approvals to market a biological product or medical device from the FDA or similar regulatory authorities outside of the U.S. is costly and time consuming, and such clearances or approvals may not be granted on a timely basis, or at all, and the ability to obtain the rights to market additional, suitable products depends on negotiations with third parties which may not be forthcoming; and • The Company describes additional risks and uncertainties in the Risk Factors section of its most recent annual report and quarterly reports filed with the Securities and Exchange Commission. Any forward-looking statements speak only as of the date of this presentation and the Company assumes no obligation to update any forward-looking statement. | 2 |
Reconciliation of Non-GAAP Measures | 3 | In addition to our GAAP results, we provide certain non-GAAP measures including Adjusted EBITDA, related margins, Free Cash Flow, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Net Income and Adjusted EPS. • Adjusted EBITDA consists of GAAP net income excluding: (i) depreciation, (ii) amortization of intangibles, (iii) interest (income) expense, net, (iv) income tax provision, (v) share-based compensation, (vi) investigation, restatement and related expenses, (vii) expenses related to disbanding of the Regenerative Medicine business unit, (viii) strategic legal and regulatory expenses, (ix) transaction- related expenses, (x) impairment of intangible assets, and (xi) reorganization expenses. • Adjusted Net Income provides a view of our operating performance, exclusive of certain items which are non-recurring or not reflective of our core operations. Adjusted Net Income is defined as GAAP net income plus (i) loss on extinguishment of debt, (ii) investigation restatement and related expenses, (iii) impairment of intangible assets, (iv) amortization of acquired intangible assets, (v) transaction related expenses, (vi) strategic legal and regulatory expenses, and (vii) expenses related to disbanding of our Regenerative Medicine business unit, and (viii) the long-term effective income tax rate adjustment.
Investment Rationale | 4 | Addressing large & expanding markets in Wound and Surgical Attractive opportunities to expand growth through M&A Key competitive advantages with innovative products, extensive IP, proprietary technologies and expansive sales infrastructure Strong balance sheet and cash flow generation Experienced leadership team driving company strategy
MIMEDX – A Pioneer & Leader Delivering Healing Solutions in Healthcare | 5 | At MIMEDX, our vision is to be the leading global provider of healing solutions through relentless innovation to restore quality of life. AN INDUSTRY PIONEER in Advanced Wound Care with a product offering backed by a compendium of scientific and clinical evidence EXPANDING SURGICAL APPLICATIONS beginning to multiply as we demonstrate positive clinical and economic outcomes using our Surgical products STRONG FINANCIAL DISCIPLINE as focused capital deployment and expense management supports continued growth, profitability & cash flow HELPING HUMANS HEAL
Addressing a Large and Unmet Need for Healing Solutions 1 - Sen CK, et al. Human Wound and Its Burden: Updated 2025 Compendium of Estimates. Adv Wound Care (New Rochelle). 2025; doi: 10.1177/21621918251359554 2 - Tettelbach WH, et al. Cost-effectiveness of dehydrated human amnion/chorion membrane allografts in lower extremity diabetic ulcer treatment. J Wound Care. 2022 Feb 1;31(Sup2):S10-S31. 3 - Serena, T. E., et al. Evaluation of lyophilized human amnion/chorion membrane (LHACM) in the management of nonhealing diabetic foot ulcers: An interim analysis of the CAMPAIGN trial. International Journal of Tissue Repair. 2025. https://doi.org/10.63676/tk3kw419 | 6 | Opportunities to Use Innovative Allografts Driven by Combination of Macro Factors and Increased Physician / Surgeon Awareness INCREASING CLINICAL EVIDENCE FAVORABLE DEMOGRAPHIC TRENDS >10 million People in the US suffering from chronic and hard-to-heal wounds1 1 in 6 Medicare beneficiaries affected by these wounds1 Up to 85% Of amputations are avoidable using a wound care approach that incorporates innovative treatments2 EPIFIX® recipients experienced reductions in major amputations and hospital utilization2 98.5% higher Probability of wound closure compared to standard-of-care in latest literature3 ~$150 billion Global expenditure on wound care1
The Patient Journey in Wound Care MIMEDX products are available throughout the continuum of care… | 7 | Mohs surgery Burn/Trauma DFU VLU Limb Salvage Dehiscence Acute Wounds Chronic Wounds Complex Wounds Private Offices Nursing Facilities Wound Care Clinics Assisted Living Facilities Ambulatory Surgery Centers Hospital Outpatient Hospital Inpatient …and others …and are used on a range of chronic and other hard-to-heal wounds
Surgical Studies Underway Highlight Product Versatility… | 8 | Generating Clinical Data in Numerous Surgical Disciplines Incorporating Use of MIMEDX Products AMNIOEFFECT in High-Risk Vascular E-Published April 2025 Vascular Published May 2025 Journal of Drugs in Dermatology EPIFIX® in Mohs (HECON) Publication Submitted AMNIOFIX in Complicated Diverticulitis AMNIOFIX in ACL Repair Publication Submitted AMNIOFIX in Liver Transplant RCT Enrollment Underway Manuscript in development Enrollment Underway AMNIOFIX in Breast Reduction Two manuscripts drafted AMNIOFIX in Esophageal Reconstruction AMNIOFIX in Endoscopic Spine Lumbar Discectomy
… And Expand Our Opportunities, While Reducing Health & Economic Burdens Compelling Data Supporting Use of MIMEDX Products in Colorectal Anastomosis Procedures 1) Rennie O, Sharma M, Helwa N. Colorectal anastomotic leakage: a narrative review of definitions, grading systems, and consequences of leaks. Front Surg. 2024;11:1371567. Published 2024 May 2. 2) Hammond J, Lim S, Wan Y, Gao X, Patkar A. The burden of gastrointestinal anastomotic leaks: an evaluation of clinical and economic outcomes. J Gastrointest Surg. 2014;18(6):1176-1185. | 9 | Per 1,000 patients, the economic burden associated with anastomotic leaks is approximately $28 million2, representing a multibillion cost to the healthcare system. Increased Morbidity & Mortality Increased Hospitalization Costs Increased Reoperation Rate Reduced Quality of Life Extended Length of Stay Increased Readmission Rates The Problem: Anastomotic leaks are a serious postoperative complication of intestinal surgeries, with significant health and economic consequences that burden providers, payors and patients Consequences: Anastomotic leak complications include1: A Solution: Recent studies demonstrate AMNIOFIX recipients experienced significant reductions in leak rates and hospital readmissions
The Most Comprehensive End-To-End Product Ecosystem Leading the field with science, clinical efficacy and a customer and patient-centric go-to-market mindset | 10 | The most studied portfolio of placental products with a growing compendium of published scientific, clinical and health outcome data Large, national placental donation network and proprietary tissue processing. New product innovations leading to untapped opportunities for growth, including an increasing footprint in the Surgical market. A key partner to healthcare professionals with industry leading support services and customer-focused approach.
The Most Comprehensive End-To-End Product Ecosystem Unmatched peer-reviewed published evidence supporting our product portfolio | 11 | The most studied portfolio of placental products with a growing compendium of published scientific, clinical and health outcome data Broadest commercial payor coverage, GPO relationships and increasing hospital value analysis committee wins result in wide product availability Interim RCT Results Demonstrate Clinical Benefit Associated with Use of EPIEFFECT Compared to Standard of Care Publications in Nature Scientific Reports and the Journal of Inflammation are Recent Examples of Top Tier Peer Reviewed Scientific Research Using MIMEDX Products
The Most Comprehensive End-To-End Product Ecosystem National footprint with labor and delivery centers to obtain placental tissue | 12 | Consent for Donation Obtained Delivery of Healthy Baby via Caesarean Section Donated Placental Tissues Recovered Tissues Transported to MIMEDX National Network of Birthing Center Partners Expectant Mothers Introduced to Donation Program Donor Tissue Tested & Prepared for Manufacturing Large, national placental donation network and proprietary tissue processing.
The Most Comprehensive End-To-End Product Ecosystem Leveraging robust IP portfolio, knowhow and expertise to drive continued innovations for Wound & Surgical markets | 13 | New product innovations leading to untapped opportunities for growth, including an increasing footprint in the Surgical market. Ample Placental Supply and Manufacturing Capabilities to Support Continued Growth and Industry Demand Proprietary Processing Backed by Broad Portfolio of Intellectual Property Shelf-Stable, Packaged Product Available to Ship Robust IP Estate with 200+ Patents Significant Opportunity for Continued Scale
The Most Comprehensive End-To-End Product Ecosystem MIMEDX Connect offers a full suite of practice management tools in a single online portal to help customers simplify workflows, maximize efficiency and increase lifetime value of each customer | 14 | A key partner to healthcare professionals with industry leading support services and customer-focused approach. Order management Insurance verification status Bill pay Features include:
Distribution Agreements Significantly Diversify Wound & Surgical Offering | 15 | In the last year, we have added several adjacent products to our Wound & Surgical portfolio through distribution and co- promote agreements, including:
Wound Results Driven by Market Dynamics; Poised to Capitalize in ‘26 & Beyond | 16 | $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $0 00 s 2025 Wound Performance 2023 2024 2025 2025 Wound % of Sales Wound Revenue Drivers • Volume share recapture opportunity driven by Medicare reimbursement reform as market adjusts to updated pricing and policy • Expanding Wound offering (e.g., RegenKit®-Wound Gel) • Continued international growth 2026 & Beyond 66%
Growing Surgical Footprint Diversifies & Differentiates Our Business | 17 | Surgical Revenue Drivers • Ongoing clinical efficacy and health outcomes studies demonstrating the benefits of MIMEDX products across a range of surgery types • Inorganic expansion opportunities to broaden our product offering, including G4Derm Plus, Hydrelix and NovaForm 2026 & Beyond $0 $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 $0 00 s 2025 Surgical Performance 2023 2024 2025 34% 2025 Surgical % of Sales
Financial Highlights 1) EBITDA, Adjusted EBITDA, related margins and Free Cash Flow are non-GAAP financial measures. See our Earnings Release for the quarter and year ended December 31, 2025 for a reconciliation to the nearest GAAP measure. | 18 | Quarterly Net Cash Balance $419MM +20% year-over-year $148MM +73% vs. 2024 $106MM 25% of net sales 2025 Net Sales Net Cash Balance 2025 Adj. EBITDA12025 GAAP Net Income $85MM $88MM $100MM $124MM $148MM Q4:24 Q1:25 Q2:25 Q3:25 Q4:25 $49MM
• Meaningful reduction in Medicare spend, due to new payment rate significantly below 2025 and prior ASP+6% market rates for many skin substitutes that were previously reimbursed in excess of $5,000/sq.cm • Expected shift in patient volume from mobile and home-based care settings back to hospital outpatient & Wound Care Centers, which benefit from sizable application fee • Significant opportunity to capture volume with our leading products, which consistently demonstrate superior efficacy backed by clinical data Expect CMS Reform to Transform Wound Care Landscape in 2026 | 19 | Payment Rate Changes HOPD & Wound Care Centers Private Office & Associated Care Settings ~$1,800 bundled rate per visit ASP +6% plus ~$150 application fee $127.14/sq. cm. fixed rate plus ~$750 application fee $127.14/sq. cm. fixed rate plus ~$150 application fee 2025 2026 2025 2026 Possible Implications
Strategic Priority Focus on Continued Product Innovation & Diversification | 20 | Continuing to innovate and evolve our offering for Wound & Surgical Numerous opportunities and areas for expansion Driving higher growth in Surgical Achieving a more balanced business mix between Wound & Surgical
Experienced, Skillful Leadership Team Executing Strategy Prior Roles Include: Management Team with Track Record of Success in MedTech Joe Capper Chief Executive Officer Doug Rice Chief Financial Officer Butch Hulse Chief Administrative Officer & General Counsel Kim Moller Chief Commercial Officer Ricci Whitlow Chief Operating Officer John Harper, Ph.D. Chief Scientific Officer & SVP, R&D Matt Notarianni Head of IR 21| | Tracy Chastain Chief Human Resources Officer Eric Smith SVP, Marketing & International
Summary | 22 | Addressing large & expanding markets Attractive opportunities to expand growth Key competitive advantages Strong balance sheet and cash flow generation Experienced leadership team
THANK YOU MIMEDX 1775 West Oak Commons Ct. Marietta, GA 30062 888.543.1917 | 770.651.9100 | 23 |
Appendix | 24 |
Adjusted EBITDA - QTD 25 Amounts (in millions) for the three months ended December 31, 2025 December 31, 2024 Net income $ 15.2 $ 7.4 Income tax provision 6.6 3.8 Amortization of intangible assets 2.6 2.4 Stock-based compensation expense 2.5 4.7 Strategic legal and regulatory expenses 2.5 1.1 Depreciation expense 0.6 0.6 Reorganization expense 0.2 — Transaction-related expenses 0.1 — Interest income, net (0.9) (0.4) Impairment of intangible assets — 0.1 Adjusted EBITDA $ 29.4 $ 19.8 Adjusted EBITDA margin 24.9 % 21.3 %
Adjusted EBITDA - YTD 26 Amounts (in millions) for the twelve months ended December 31, 2025 December 31, 2024 Net income $ 48.6 $ 42.4 Income tax provision 17.7 15.3 Stock-based compensation expense 16.4 16.9 Amortization of intangible assets 12.6 3.8 Strategic legal and regulatory expenses 9.2 2.8 Depreciation expense 2.3 2.3 Transaction-related expenses 0.9 0.6 Reorganization expenses 1.0 — Interest expense, net (2.9) 1.0 Investigation, restatement and related expense — (8.7) Disbanding of Regenerative Medicine — (0.4) Impairment of intangible assets — 0.4 Adjusted EBITDA $ 105.7 $ 76.4 Adjusted EBITDA margin 25.3 % 21.9 %
Adjusted Net Income and Adjusted EPS - QTD 27 Amounts (in millions) for the three months ended December 31, 2025 December 31, 2024 Net income - GAAP $ 15.2 $ 7.4 Amortization of acquisition-related intangible assets 2.5 2.2 Strategic legal and regulatory expenses 2.5 1.1 Reorganization expense 0.2 — Transaction-related expenses 0.1 — Impairment of intangible assets — 0.1 Adjustment for income taxes1 (0.2) 0.1 Adjusted net income $ 20.3 $ 11.0 Weighted average common shares outstanding - adjusted (millions)2 150.2 149.2 Adjusted earnings per share $ 0.14 $ 0.07
Adjusted Net Income and Adjusted EPS - YTD 28 Amounts (in millions) for the twelve months ended December 31, 2025 December 31, 2024 Net income - GAAP $ 48.6 $ 42.4 Amortization of acquisition-related intangible assets 12.2 3.0 Strategic legal and regulatory expenses 9.2 2.8 Transaction-related expenses 0.9 0.6 Reorganization expenses 1.0 — Loss on extinguishment of debt — 1.4 Investigation, restatement and related expense — (8.7) Disbanding of Regenerative Medicine — (0.4) Impairment of intangible assets — 0.4 Adjustment for income taxes (4.7) 1.1 Adjusted net income $ 67.2 $ 42.6 Weighted average common shares outstanding - adjusted (millions) 149.7 149.0 Adjusted earnings per share $ 0.45 $ 0.29
Adjusted Gross Profit and Adjusted Gross Profit Margin - QTD 29 Three Months Ended Amounts (in millions) December 31, 2025 December 31, 2024 GAAP gross profit $ 99.0 $ 76.0 Amortization of acquisition-related intangible assets 2.5 2.2 Adjusted Gross Profit $ 101.5 $ 78.2 Adjusted Gross Profit Margin 86.0 % 84.2 %
Adjusted Gross Profit and Adjusted Gross Profit Margin - YTD 30 Twelve Months Ended Amounts (in millions) December 31, 2025 December 31, 2024 GAAP gross profit $ 345.6 $ 288.8 Amortization of acquisition-related intangible assets 12.2 3.0 Adjusted Gross Profit $ 357.7 $ 291.8 Adjusted Gross Profit Margin 85.5 % 83.6 %
Free Cash Flow | 31 | Three months ended Amounts in millions December 31, 2025 December 31, 2024 Cash flows from operating activities $ 25.0 $ 18.8 Purchases of equipment (0.3) (0.3) Free Cash Flow $ 24.7 $ 18.5
FAQ
How did MiMedx (MDXG) perform financially in the fourth quarter of 2025?
MiMedx delivered strong Q4 2025 results, with net sales of $118.1 million, up 27% year-over-year. GAAP net income was $15.2 million and Adjusted EBITDA reached $29.4 million, representing a 24.9% Adjusted EBITDA margin driven by robust Wound and Surgical growth.
What were MiMedx’s full-year 2025 revenue and profit figures?
For 2025, MiMedx reported net sales of $418.6 million, a 20% increase over 2024. GAAP net income was $48.6 million, while Adjusted EBITDA totaled $105.7 million with a 25.3% margin, supported by high adjusted gross margin of 85.5% for the year.
What guidance did MiMedx (MDXG) provide for 2026 revenue and margins?
MiMedx currently estimates 2026 net sales in a range of $340–360 million. Management expects the 2026 Adjusted EBITDA margin to be in the mid-to-high teens, reflecting anticipated impacts from updated Medicare reimbursement rules in the Wound market.
Did MiMedx announce a share repurchase program and what are its terms?
Yes. The board authorized a share repurchase program of up to $100 million of MiMedx common stock over a two-year period. Repurchases may occur in the open market or privately negotiated transactions, used periodically at management’s discretion based on conditions.
How strong is MiMedx’s balance sheet and cash generation entering 2026?
As of December 31, 2025, MiMedx held $166.1 million in cash and cash equivalents and $148 million in net cash. In 2025, the company generated $74.0 million in operating cash flow and $73.0 million in free cash flow, supporting growth and the new buyback.
What are the key drivers behind MiMedx’s Wound and Surgical growth in 2025?
Wound sales grew on products like EPIXPRESS, EMERGE, CELERA, and other new offerings, while Surgical growth was led by AMNIOFIX, AMNIOEFFECT, HELIOGEN and the particulate portfolio. Both segments delivered strong double-digit growth during 2025.
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Mimedx Group Inc
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MDXG Stock Data
731.62M
145.45M
Biotechnology
Surgical & Medical Instruments & Apparatus
United States
MARIETTA