MIMEDX GROUP, INC. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>MIMEDX GROUP, INC. (MDXG) filed its Q1 2024 10-Q report on April 30, 2024.</b>

AI Summary

MIMEDX GROUP, INC. (MDXG) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. MIMEDX GROUP, INC. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. The filing was made on April 30, 2024. The company's principal business address is in Marietta, GA.

Why It Matters

For investors and stakeholders tracking MIMEDX GROUP, INC., this filing contains several important signals. This 10-Q filing provides the latest financial and operational details for MIMEDX GROUP, INC. for the first quarter of 2024, crucial for investors to assess performance and make informed decisions. Understanding the specific financial data and disclosures in this report allows stakeholders to evaluate the company's current standing and future prospects within the surgical and medical instruments sector.

Risk Assessment

Risk Level: low — MIMEDX GROUP, INC. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not inherently contain significant new risks beyond those typically associated with public companies in this sector.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand MIMEDX GROUP, INC.'s Q1 2024 performance and outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-04-30 — Filing Date (Filed as of date)
• 12/31 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• MIMEDX GROUP, INC. (company) — Filer name
• MDXG (company) — Ticker symbol
• 2024-03-31 (date) — Conformed period of report
• 2024-04-30 (date) — Filed as of date
• Marietta, GA (location) — Business address city and state
• 3841 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

MIMEDX GROUP, INC. operates within the Surgical & Medical Instruments & Apparatus industry (SIC code 3841).

Regulatory Implications

The filing is a standard 10-Q, a mandatory quarterly report for public companies under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements (balance sheets, income statements, cash flow statements) for the quarter ended March 31, 2024.
2. Review the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section for insights into performance drivers and trends.
3. Examine any new risk factors or legal proceedings disclosed in the report.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-04-30: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 31, 2024, following the company's fiscal year end reporting.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share MDXG The Nasdaq Stock Market

Filing Documents

• mdxg-20240331.htm (10-Q) — 786KB
• ex101-formofrsuagreement20.htm (EX-10.1) — 34KB
• ex102-formofpsuagreement20.htm (EX-10.2) — 52KB
• ex103-formofstockoptionagr.htm (EX-10.3) — 39KB
• ex104-mimedxxcreditagreeme.htm (EX-10.4) — 1381KB
• ex311ceosox.htm (EX-31.1) — 9KB
• ex312cfosox.htm (EX-31.2) — 9KB
• ex321ceosox.htm (EX-32.1) — 5KB
• ex322cfosox.htm (EX-32.2) — 5KB
• 0001376339-24-000033.txt (&nbsp;) — 7216KB
• mdxg-20240331.xsd (EX-101.SCH) — 38KB
• mdxg-20240331_cal.xml (EX-101.CAL) — 102KB
• mdxg-20240331_def.xml (EX-101.DEF) — 168KB
• mdxg-20240331_lab.xml (EX-101.LAB) — 526KB
• mdxg-20240331_pre.xml (EX-101.PRE) — 381KB
• mdxg-20240331_htm.xml (XML) — 724KB

FINANCIAL INFORMATION

Part I FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1 Financial Statements (Unaudited) Condensed Consolidated Balance Sheets 6 Condensed Consolidated Statements of Operations 7 Condensed Consolidated Statements of Stockholders' Equity (Deficit) 8 Condensed Consolidated Statements of Cash Flows 9 Notes to the Condensed Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures About Market Risk 24

Item 3 Quantitative and Qualitative Disclosures About Market Risk 24

Controls and Procedures 24

Item 4 Controls and Procedures 24

OTHER INFORMATION

Part II OTHER INFORMATION

Legal Proceedings 26

Item 1 Legal Proceedings 26

Risk Factors 26

Item 1A Risk Factors 26

Unregistered Sales of Equity Securities and Use of Proceeds 26

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 26

Defaults upon Senior Securities 26

Item 3 Defaults upon Senior Securities 26

Mine Safety Disclosures 26

Item 4 Mine Safety Disclosures 26

Other Information 26

Item 5 Other Information 26

Exhibits 27

Item 6 Exhibits 27 Signatures 27 3 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. Certain statements made in this Quarterly Report on Form 10-Q (this " Quarterly 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 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 products; our expectations regarding costs relating to compliance with regulatory requirements; our expectations regarding government and other third-party coverage and reimbursement for our existing and new products; our expectations regarding capital allocation; our expectations regarding future revenue growth; our expectations regarding the outcome of pending litigation and investigations; our belief in the s

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements MIMEDX GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) (unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 48,487 $ 82,000 Accounts receivable, net 57,016 53,871 Inventory 24,454 21,021 Prepaid expenses 6,095 5,624 Other current assets 2,801 1,745 Total current assets 138,853 164,261 Property and equipment, net 7,340 6,974 Right of use asset 3,499 2,132 Deferred tax asset, net 38,747 40,777 Goodwill 19,441 19,441 Intangible assets, net 12,550 5,257 Other assets 1,251 205 Total assets $ 221,681 $ 239,047 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long term debt $ 1,000 $ 1,000 Accounts payable 9,697 9,048 Accrued compensation 17,913 22,353 Accrued expenses 9,196 9,361 Current liabilities of discontinued operations 344 1,352 Other current liabilities 4,071 2,894 Total current liabilities 42,221 46,008 Long term debt, net 18,453 48,099 Other liabilities 5,276 2,223 Total liabilities $ 65,950 $ 96,330 Commitments and contingencies (Note 12) Stockholders' equity Common stock; $ 0.001 par value; 250,000,000 shares authorized; 147,528,596 issued and outstanding at March 31, 2024 and 146,227,639 issued and outstanding at December 31, 2023 148 146 Additional paid-in capital 280,000 276,249 Accumulated deficit ( 124,417 ) ( 133,678 ) Total stockholders' equity 155,731 142,717 Total liabilities and stockholders' equity $ 221,681 $ 239,047 See notes to unaudited condensed consolidated financial statements 6 MIMEDX GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) (unaudited) Three Months Ended March 31, 2024 2023 Net sales $ 84,709 $ 71,676 Cost of sales 12,987 12,419 Gross profit 71,722 59,257 Operating expenses: Selling, general and administrative 55,129 52,250 Research and

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View this 10-Q filing on SEC EDGAR