Business
MIMEDX Announces Second Quarter 2023 Operating and Financial Results
Records Second Quarter Net Sales of $81.3 Million; an Increase of 21.5% Over the Prior Year Period Increases Full-Year 2023 Guidance for Net Sales Growth
About this update from Mimedx Group, Inc
[{"type":"text","content":"Records Second Quarter Net Sales of $81.3 Million; an Increase of 21.5% Over the Prior Year Period Increases Full-Year 2023 Guidance for Net Sales Growth Welcomes Highly Successful MedTech Executive as Chief Financial Officer Management to Host Conference Call on Tuesday, August 1, 2023, at 5:00 PM ET MARIETTA, Ga., Aug. 01, 2023 (GLOBE NEWSWIRE) -- MiMedx Group, Inc. (Nasdaq: MDXG) (“MIMEDX” or the “Company”), today announced operating and financial results for the second quarter 2023, which ended June 30, 2023, including net sales of $81.3 million, net income of $1.2 million and Adjusted EBITDA1 of $14.1 million. Joseph H. Capper, MIMEDX Chief Executive Officer, commented, “Our second quarter results demonstrate excellent momentum in the business, as we continue to see increasing demand for our products across all sites of service. The Company’s 21.5% top-line growth was driven by solid execution on the part of our commercial team, which continues to out-perform the market. Our Operations team also deserves tremendous credit for not only ensuring production levels to meet this increasing demand, but to do so in a highly efficient manner, resulting in an improved gross margin percentage. “We were also excited to record a much improved second quarter Adjusted EBITDA of $14.1 million, representing 17.4% of net sales. With the elimination of the expenses that were associated with our knee osteoarthritis (\"KOA\") development project, we now expect our Adjusted EBITDA margin in the second half of 2023 to be above 20%, demonstrating excellent leverage as the business scales. “As a result of our progress to date, we are increasing guidance for our full-year 2023 net sales percentage growth rate to be in the mid to high teens. “Finally, we could not be more pleased with the arrival of Doug Rice, who has joined MIMEDX as our new CFO, rounding out a team of highly accomplished and seasoned healthcare executives, capable of taking the Company to new heights.” Recent Operating and Financial Highlights: Announced strategic realignment; increasing focus on Wound & Surgical businesses and positioning the Company with opportunity to significantly improve profitability.Appointed Doug Rice as Chief Financial Officer.Announced favorable appellate court ruling affirming dismissal of putative securities class action case.Reported Second quarter 20...