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10-Q - MIMEDX GROUP, INC. (0001376339) (Filer)

Wed, Oct 30, 8:05 PM (6 days ago)

MiMedx Group, Inc. (MDXG) reported a net sales increase of 2.9% year-over-year in Q3 2024, totaling $84.1 million, driven primarily by growth in its Wound product line, notably EPIEFFECT. The company achieved a gross profit margin of 81.8%, slightly down from 81.9% in Q3 2023, impacted by amortization from the TELA Asset Purchase Agreement. Net income from continuing operations was $7.9 million, with a margin of 9.4%. For the nine months ended September 2024, net sales rose 9.1% to $256 million. Operating cash flow significantly improved to $47.4 million, reflecting strong sales collections. The company maintained a healthy liquidity position with $88.8 million in cash and a current ratio of 4.1. MiMedx's debt was restructured in early 2024, leading to reduced interest expenses. The effective tax rate jumped to 31.0%, no longer impacted by a deferred tax asset valuation allowance. Future operations may face uncertainties due to market competition and sales team turnover. Overall, MiMedx's financial health appears stable, with expectations for continued growth in its product portfolio.