MIMEDX GROUP, INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>MIMEDX GROUP, INC. has filed its 2023 10-K report detailing its fiscal year-end financial performance and business operations.</b>

AI Summary

MIMEDX GROUP, INC. (MDXG) filed a Annual Report (10-K) with the SEC on February 28, 2024. MIMEDX GROUP, INC. filed its 2023 Form 10-K on February 28, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 1775 W Oak Commons Court, NE, Marietta, GA 30062. The company's SIC code is 3841 (Surgical & Medical Instruments & Apparatus). The filing includes financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking MIMEDX GROUP, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of MIMEDX GROUP, INC.'s financial health, operational performance, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's value and future prospects. The detailed financial statements and risk factors within the report are essential for understanding the company's market position, potential challenges, and compliance with regulatory requirements.

Risk Assessment

Risk Level: medium — MIMEDX GROUP, INC. shows moderate risk based on this filing. The company's business is subject to significant regulatory oversight and potential changes in healthcare policies, which could impact its operations and financial results.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand MIMEDX GROUP, INC.'s performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-28 — Filing Date (Date of submission)
• 3841 — SIC Code (Industry classification)

Key Players & Entities

• MIMEDX GROUP, INC. (company) — Filer name
• MDXG (company) — Ticker symbol
• 1775 W Oak Commons Court, NE, Marietta, GA 30062 (company) — Business address
• 3841 (company) — Standard Industrial Classification
• 2023-12-31 (date) — Fiscal year end
• 2024-02-28 (date) — Filing date

FAQ

Industry Context

MIMEDX GROUP, INC. operates in the Surgical & Medical Instruments & Apparatus industry.

Regulatory Implications

Companies in the medical device sector are subject to regulations from bodies like the FDA, impacting product development, manufacturing, and marketing.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and cash flow.
2. Review the risk factors section for potential challenges and mitigation strategies.
3. Assess management's discussion and analysis for insights into strategic priorities and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share MDXG The Nasdaq Stock Market
• $6.61 — million based upon the last sale price ($6.61) of the shares as reported on The Nasda
• $100 billion — associated with such wounds approaching $100 billion annually. The large and increasing num
• $28 billion — mated cost in the United States exceeds $28 billion 3 . Complications from non-healing chr
• $2.0 billion — al market for our products is currently $2.0 billion ($1.1 billion in wound; $0.9 billion in
• $1.1 billion — our products is currently $2.0 billion ($1.1 billion in wound; $0.9 billion in surgical)
• $0.9 billion — ly $2.0 billion ($1.1 billion in wound; $0.9 billion in surgical)

Filing Documents

• mdxg-20231231.htm (10-K) — 1850KB
• ex102b-secondamendmenttole.htm (EX-10.2B) — 14KB
• a102d-20240126leasefourtha.htm (EX-10.2D) — 24KB
• ex1046-mimedx2023mip.htm (EX-10.46) — 35KB
• ex211subsidiaries12312023.htm (EX-21.1) — 4KB
• ex231consentofindependentr.htm (EX-23.1) — 3KB
• ex311ceosox.htm (EX-31.1) — 9KB
• ex312cfosox.htm (EX-31.2) — 10KB
• ex321ceosox.htm (EX-32.1) — 5KB
• ex322cfosox.htm (EX-32.2) — 6KB
• ex971mimedx-compensationre.htm (EX-97.1) — 42KB
• image_01.jpg (GRAPHIC) — 22KB
• image_02.jpg (GRAPHIC) — 22KB
• image_0a.jpg (GRAPHIC) — 72KB
• image_0b.jpg (GRAPHIC) — 13KB
• image_1.jpg (GRAPHIC) — 36KB
• mdxg-20231231_g1.gif (GRAPHIC) — 23KB
• 0001376339-24-000009.txt (&nbsp;) — 11242KB
• mdxg-20231231.xsd (EX-101.SCH) — 66KB
• mdxg-20231231_cal.xml (EX-101.CAL) — 172KB
• mdxg-20231231_def.xml (EX-101.DEF) — 320KB
• mdxg-20231231_lab.xml (EX-101.LAB) — 1008KB
• mdxg-20231231_pre.xml (EX-101.PRE) — 679KB
• mdxg-20231231_htm.xml (XML) — 1633KB

Risk Factors 21

Item 1A. Risk Factors 21

Unresolved Staff Comments 37

Item 1B. Unresolved Staff Comments 37

Cybersecurity 37

Item 1C. Cybersecurity 37

Properties 37

Item 2. Properties 37

Legal Proceedings 37

Item 3. Legal Proceedings 37

Mine Safety Disclosures 37

Item 4. Mine Safety Disclosures 37 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 38

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 38

[Reserved] 40

Item 6. [Reserved] 40

Management's Discussion and Analysis of Financial Condition and Results of Operations 40

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 40

Quantitative and Qualitative Disclosures About Market Risk 48

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 48

Financial Statements and Supplementary Data F- 1

Item 8. Financial Statements and Supplementary Data F- 1

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 79

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 79

Controls and Procedures 79

Item 9A. Controls and Procedures 79

Other Information 80

Item 9B. Other Information 80

Disclosures Regarding Foreign Jurisdictions that Prevent Inspections 80

Item 9C. Disclosures Regarding Foreign Jurisdictions that Prevent Inspections 80 Part III

Directors, Executive Officers and Corporate Governance 80

Item 10. Directors, Executive Officers and Corporate Governance 80

Executive Compensation 81

Item 11. Executive Compensation 81

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 81

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 81

Certain Relationships and Related Transactions, and Director Independence 81

Item 13. Certain Relationships and Related Transactions, and Director Independence 81

Principal Accounting Fees and Services 81

Item 14. Principal Accounting Fees and Services 81 Part IV

Exhibits, Financial Statement Schedules 82

Item 15. Exhibits, Financial Statement Schedules 82

Form 10-K Summary 85

Item 16. Form 10-K Summary 85 Signatures 86 PART I Explanatory Note and Important Cautionary Statement Regarding Forward-Looking Statements As used herein, the terms "MIMEDX," "the Company," "we," "our" and "us" refer to MiMedx Group, Inc., a Florida corporation, and its consolidated subsidiaries as a combined entity, except where it is clear that the terms mean only MiMedx Group, Inc. The following discussion should be read in conjunction with the financial statements and related notes contained elsewhere in this Annual Report. Certain statements made in this Annual Report are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the " Securities Act" ), and Section 21E of the Securities Exchange Act of 1934, as amended. All statements relating to events or results that may occur in the future are forward-looking statements, including, without limitation, statements regarding the following: our strategic focus and our current business priorities, and our ability to implement these priorities, including as a result of our no longer being able to market our micronized products and certain other products; the advantages of our products and development of new products; our expectations regarding the size of potential markets for our products and any growth in such markets; our expectations regarding ongoing regulatory obligations and oversight and the changing nature thereof impacting our products, research and clinical programs, and business, including those relating to patient privacy; our expectations regarding our ability to procure sufficient supplies of human tissue to manufacture and process our existing and future products; our expectations regarding costs relating to compliance with regulatory requirements; our expectations regarding government and other third-party coverage and reimbursement for our products; our expectations regarding future revenue growth; our expectation regarding the out

Business

Item 1. Business Overview MIMEDX is a pioneer and leader in placental biologics focused on helping humans heal by addressing unmet clinical needs. With more than a decade of helping clinicians manage chronic and other hard-to-heal wounds, MIMEDX is dedicated to providing 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. With deep expertise and real-world data in the field of placental biologics, MIMEDX develops and distributes placental tissue allografts that are manufactured using patent-protected, proprietary processes for multiple sectors of healthcare. Today, our product portfolio is made up entirely of human placental allografts, which are human tissues that are derived from one person (the donor) and used to produce products that treat multiple people (the recipients). MIMEDX has supplied roughly three million allografts, through all shipments, filling direct orders and consignment orders, through December 31, 2023. Our products help clinicians treat patients suffering from chronic and other hard-to-heal wounds. These wounds can be slow to respond or unresponsive to conventional treatments and may benefit from advanced treatments, such as through the use of our products, in order to support the healing process. The manufacturing of our product offering begins with donated birth tissue, namely the placenta, umbilical cord and placental disc, which we source through a large donor network developed over multiple years with leading hospitals and clinician groups. In partnership with these facilities, we are able to obtain donated birth tissue from consenting mothers, which then are shipped to our manufacturing facilities in Marietta, Georgia, and undergo a series of testing followed by our proprietary tissue manufacturing workflow, which we refer to as the PURION pr

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View this 10-K filing on SEC EDGAR