Mimedx Group Files Q3 2024 10-Q

TL;DR

MDXG dropped its Q3 10-Q, check the numbers for the latest on their financials.

AI Summary

Mimedx Group, Inc. filed its 10-Q for the period ending September 30, 2024. The company, based in Marietta, GA, reported financial results for the third quarter and the first nine months of 2024. Key financial data and operational details are presented in this filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational updates for Mimedx Group, Inc., crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — As a publicly traded company filing a 10-Q, there are inherent risks associated with financial reporting and market performance.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-10-30 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 2024-01-01 — Year-to-Date Start Date (Beginning of the fiscal year for cumulative reporting.)

Key Players & Entities

• MIMEDX GROUP, INC. (company) — Filer of the 10-Q
• Marietta, GA (location) — Company headquarters
• September 30, 2024 (date) — End of the reporting period

FAQ

Key Financial Figures

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

Filing Documents

• mdxg-20240930.htm (10-Q) — 1041KB
• ex311ceosox2.htm (EX-31.1) — 10KB
• ex312cfosox2.htm (EX-31.2) — 10KB
• ex321ceosox1.htm (EX-32.1) — 5KB
• ex322cfosox1.htm (EX-32.2) — 6KB
• 0001376339-24-000065.txt ( ) — 6175KB
• mdxg-20240930.xsd (EX-101.SCH) — 41KB
• mdxg-20240930_cal.xml (EX-101.CAL) — 104KB
• mdxg-20240930_def.xml (EX-101.DEF) — 175KB
• mdxg-20240930_lab.xml (EX-101.LAB) — 560KB
• mdxg-20240930_pre.xml (EX-101.PRE) — 398KB
• mdxg-20240930_htm.xml (XML) — 876KB

FINANCIAL INFORMATION

Part I FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1 Financial Statements (Unaudited) Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Operations 6 Condensed Consolidated Statements of Stockholders' Equity 7 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 21

Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk 27

Item 3 Quantitative and Qualitative Disclosures About Market Risk 27

Controls and Procedures 28

Item 4 Controls and Procedures 28

OTHER INFORMATION

Part II OTHER INFORMATION

Legal Proceedings 29

Item 1 Legal Proceedings 29

Risk Factors 29

Item 1A Risk Factors 29

Unregistered Sales of Equity Securities and Use of Proceeds 29

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 29

Defaults upon Senior Securities 29

Item 3 Defaults upon Senior Securities 29

Mine Safety Disclosures 29

Item 4 Mine Safety Disclosures 29

Other Information 29

Item 5 Other Information 29

Exhibits 30

Item 6 Exhibits 30 Signatures 30 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 herein 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; our expectations regarding costs relating to compliance with regulatory requirements; our expectations regarding investigation, restatement and related expense; our expectations regarding capital allocation; our expectations regarding future 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," "change," "intend," "seek," "target," "future," "plan," "continue," "potential," "possible," "could," "estimate," "may," "anticipate," "to be" and similar expressions. These statements are based on numerous assumptions and involve known and unknown risks, uncertainties and other factors that could significantly affect the Company's op

- 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) September 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 88,801 $ 82,000 Accounts receivable, net 54,030 53,871 Inventory 24,249 21,021 Prepaid expenses 2,907 5,624 Other current assets 2,152 1,745 Total current assets 172,139 164,261 Property and equipment, net 6,451 6,974 Right of use asset 2,843 2,132 Deferred tax asset, net 30,636 40,777 Goodwill 19,441 19,441 Intangible assets, net 11,201 5,257 Other assets 1,180 205 Total assets $ 243,891 $ 239,047 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of long term debt $ 1,000 $ 1,000 Accounts payable 6,924 9,048 Accrued compensation 20,170 22,353 Accrued expenses 8,396 9,361 Current portion of Profit Share Payments (Note 12) 2,860 — Current liabilities of discontinued operations — 1,352 Other current liabilities 2,591 2,894 Total current liabilities 41,941 46,008 Long term debt, net 18,018 48,099 Other liabilities 2,924 2,223 Total liabilities $ 62,883 $ 96,330 Commitments and contingencies (Note 12) Stockholders' equity Common stock; $ 0.001 par value; 250,000,000 shares authorized; 146,962,812 issued and outstanding at September 30, 2024 and 146,227,639 issued and outstanding at December 31, 2023 147 146 Additional paid-in capital 279,558 276,249 Accumulated deficit ( 98,697 ) ( 133,678 ) Total stockholders' equity 181,008 142,717 Total liabilities and stockholders' equity $ 243,891 $ 239,047 See notes to unaudited condensed consolidated financial statements 5 MIMEDX GROUP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share data) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net sales $ 84,057 $ 81,712 $ 255,972 $ 234,645 Cost of sales

View Full Filing

View this 10-Q filing on SEC EDGAR