Business
MIMEDX Announces Second Quarter 2024 Operating and Financial Results
Net Sales of $87 Million Grew 7% Year-Over-Year for the Second Quarter Second Quarter GAAP Net Income and Earnings Per Share were $18 Million and $0.12,
About this update from Mimedx Group, Inc
[{"type":"text","content":"Net Sales of $87 Million Grew 7% Year-Over-Year for the Second Quarter Second Quarter GAAP Net Income and Earnings Per Share were $18 Million and $0.12, Respectively Second Quarter Adjusted EBITDA was $20 Million, or 23% of Net Sales Management to Host Conference Call Today, July 31, 2024, at 4:30 PM ET MARIETTA, Ga., July 31, 2024 (GLOBE NEWSWIRE) -- MiMedx Group, Inc. (Nasdaq: MDXG) (“MIMEDX” or the “Company”), today announced operating and financial results for the second quarter 2024. Recent Operating and Financial Highlights: Second quarter 2024 net sales of $87 million, reflecting 7% growth over the prior year period.GAAP net income from continuing operations and net income margin for the second quarter 2024 of $18 million and 20%, respectively.Adjusted EBITDA and Adjusted EBITDA margin for the second quarter 2024 of $20 million and 23%, respectively.Announced publication focused on surgical applications using MIMEDX placental-based allografts in Nature – Scientific Reports.Launched HELIOGEN™, a Fibrillar Collagen Matrix and the Company's first xenograft product.Commenced Randomized Controlled Trial for EPIEFFECT®. Joseph H. Capper, MIMEDX Chief Executive Officer, commented, \"Our second quarter 2024 results were marked by exceptional resolve, focus and execution, resulting in total net sales growth of 7% year-over-year and an Adjusted EBITDA margin of 23%, both compared to a strong second quarter in 2023. During the quarter, we faced commercial challenges as a result of certain competitive behavior. Specifically, several companies continue to engage in schemes to sell artificially high-priced, yet clinically unproven, skin substitutes primarily in the private office, by sharing a substantial portion of the revenue with treating physicians. Since remedial action has yet to be implemented, these selling practices have escalated dramatically, reaching a fevered pitch as of late. As a result, we unfortunately experienced higher than normal employee and customer attrition during the quarter as people were swept up by the promise of riches.\" Mr. Capper continued, \"We are in active dialogue with several regulatory and legislative bodies in an effort to promote positive change in this area. Despite these near-term challenges, we are enthusiastic about our progress in pursuit of the company's long-term priorities. We are excited...