Mimedx Group Files Q2 2024 10-Q

TL;DR

MDXG Q2 10-Q is in: financials updated, balance sheet details out.

AI Summary

Mimedx Group, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter and the first half of 2024. Key financial data and balance sheet information as of June 30, 2024, and December 31, 2023, were disclosed. The filing also includes details on common stock, additional paid-in capital, treasury stock, and retained earnings.

Why It Matters

This filing provides investors with the latest financial performance and position of Mimedx Group, Inc., crucial for understanding the company's health and future prospects.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures, but the specific financial details and any forward-looking statements within can carry inherent business risks.

Key Numbers

• 20240630 — Period End Date (Financial reporting period)
• 20231231 — Previous Year End Date (Comparison balance sheet date)

Key Players & Entities

• MIMEDX GROUP, INC. (company) — Filer
• 20240630 (date) — Period of Report
• 20240731 (date) — Filed as of Date
• MARIETTA (location) — Business Address City
• GA (location) — Business Address State
• 30062 (postal_code) — Business Address Zip
• 001-35887 (other) — SEC File Number

FAQ

Key Financial Figures

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

Filing Documents

• mdxg-20240630.htm (10-Q) — 1038KB
• ex311ceosox.htm (EX-31.1) — 9KB
• ex312cfosox.htm (EX-31.2) — 9KB
• ex321ceosox.htm (EX-32.1) — 5KB
• ex322cfosox.htm (EX-32.2) — 5KB
• 0001376339-24-000063.txt ( ) — 6170KB
• mdxg-20240630.xsd (EX-101.SCH) — 41KB
• mdxg-20240630_cal.xml (EX-101.CAL) — 103KB
• mdxg-20240630_def.xml (EX-101.DEF) — 175KB
• mdxg-20240630_lab.xml (EX-101.LAB) — 557KB
• mdxg-20240630_pre.xml (EX-101.PRE) — 397KB
• mdxg-20240630_htm.xml (XML) — 881KB

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 10 Notes to the Condensed Consolidated Financial Statements 11

Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and Qualitative Disclosures About Market Risk 29

Item 3 Quantitative and Qualitative Disclosures About Market Risk 29

Controls and Procedures 29

Item 4 Controls and Procedures 29

OTHER INFORMATION

Part II OTHER INFORMATION

Legal Proceedings 30

Item 1 Legal Proceedings 30

Risk Factors 30

Item 1A Risk Factors 30

Unregistered Sales of Equity Securities and Use of Proceeds 30

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 30

Defaults upon Senior Securities 30

Item 3 Defaults upon Senior Securities 30

Mine Safety Disclosures 30

Item 4 Mine Safety Disclosures 30

Other Information 30

Item 5 Other Information 30

Exhibits 31

Item 6 Exhibits 31 Signatures 31 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, including broadening of our product portfolio, and our ability to implement these priorities, including as a result of our no longer being able to market certain products in our portfolio; the advantages of our products and development of new products; 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 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 expectations regarding future income tax liability; demographic and market trends; and our ability to compete effectively. Forward-looking statements generally can be identified by words such as "expect," "will," "ch

- 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) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 69,037 $ 82,000 Accounts receivable, net 52,798 53,871 Inventory 25,056 21,021 Prepaid expenses 4,030 5,624 Other current assets 3,097 1,745 Total current assets 154,018 164,261 Property and equipment, net 6,822 6,974 Right of use asset 3,175 2,132 Deferred tax asset, net 33,441 40,777 Goodwill 19,441 19,441 Intangible assets, net 12,047 5,257 Other assets 1,239 205 Total assets $ 230,183 $ 239,047 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long term debt $ 1,000 $ 1,000 Accounts payable 7,603 9,048 Accrued compensation 17,645 22,353 Accrued expenses 9,281 9,361 Current portion of Profit Share Payments 2,196 — Current liabilities of discontinued operations 217 1,352 Other current liabilities 2,070 2,894 Total current liabilities 40,012 46,008 Long term debt, net 18,249 48,099 Other liabilities 3,882 2,223 Total liabilities $ 62,143 $ 96,330 Commitments and contingencies (Note 12) Stockholders' equity Common stock; $ 0.001 par value; 250,000,000 shares authorized; 146,749,402 issued and outstanding at June 30, 2024 and 146,227,639 issued and outstanding at December 31, 2023 147 146 Additional paid-in capital 274,685 276,249 Accumulated deficit ( 106,792 ) ( 133,678 ) Total stockholders' equity 168,040 142,717 Total liabilities and stockholders' equity $ 230,183 $ 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Net sales $ 87,207 $ 81,257 $ 171,915 $ 152,933 Cost of sales 14,855 13,583 27,841 26,002

View Full Filing

View this 10-Q filing on SEC EDGAR