Mimedx Group, Inc · NASDAQ:MDXG
Mimedx — 2021 H.C. Wainwright & Co. Global Life Sciences Conference
22 slides from Mimedx's conference presentation, Mar 10, 2021
Slide 1: Innovating Treatments Through Advanced Placental Science
INNOVATING TREATMENTS THROUGH ADVANCED PLACENTAL SCIENCE March 9-10, 2021 2021 H.C. Wainwright & Co. Global Life Sciences Conference Exhibit 99.1
Slide 2: Important Cautionary Statement
IMPORTANT CAUTIONARY STATEMENT This presentation contains forward-looking statements. Actual results may differ materially. Investors are cautioned against placing undue reliance on these statements. All statements relating to events or results that may occur in the future are forward-looking statem
Slide 3: Leading Product Portfolio Positioned for Growth
LEADING PRODUCT PORTFOLIO POSITIONED FOR GROWTH 2,000,000+ Allografts Distributed4 84.2% Gross Margin2 $248.2M 2020 Net Sales1 $1.1B Market Cap3 1,000+ patients studied under IND clinical programs12 (1) Net sales for the full year period ended December 31, 2020, as reported in applicable SEC filings
Slide 4: From Foundation to Transformation
FROM FOUNDATION TO TRANSFORMATION Positioning for pipeline acceleration Focusing capital on strategic initiatives Investing in core business for growth
Slide 5: Industry Leader in Utilizing Birth Tissue as a Platform for Regenerative Medicine
INDUSTRY LEADER IN UTILIZING BIRTH TISSUE AS A PLATFORM FOR REGENERATIVE MEDICINE Distinct drivers of significant shareholder value with current and future growth potential Core Business Promising Late-Stage Pipeline
Slide 6: Three-Fold Increase in R&D to Support Core Market and Pipeline Growth
Core Business Pipeline THREE-FOLD INCREASE IN R&D TO SUPPORT CORE MARKET AND PIPELINE GROWTH OBJECTIVES ADVANCE TIMELINE TO BLA GROW CORE BUSINESS PROTECT EXISTING AREAS OF USE PRODUCT INNOVATION BLA = Biologics License Application; IND = Investigational New Drug; The Company also anticipates as muc
Slide 7: Investments in R&D Position MiMedx to Accelerate Program Timelines
INVESTMENTS IN R&D POSITION MIMEDX TO ACCELERATE PROGRAM TIMELINES MUSCULOSKELETAL/SPORTS MEDICINE Plantar Fasciitis (PF) PHASE 3 1H 2022 Est. BLA filing Achilles Tendonitis (AT) PHASE 3 2H 2021 Est. BLA filing* Knee Osteoarthritis (OA) PHASE 2 2H 2024 / 1H2025 Est. BLA filing ADVANCED WOUND CARE Ch
Slide 8: Financial Strength Enables Investment in Sustainable and Profitable Growth
FINANCIAL STRENGTH ENABLES INVESTMENT IN SUSTAINABLE AND PROFITABLE GROWTH Adj. Free Cash Flow3 $26.7M (1) Adjusted net sales for the full year period ended December 31, 2020, as reported in applicable SEC filings. Adjusted Net Sales and Adjusted Gross Margin are non-GAAP measurements and exclude im
Slide 9: Underlying Business Demonstrates Growth in Core Product Lines
UNDERLYING BUSINESS DEMONSTRATES GROWTH IN CORE PRODUCT LINES Investments in business targeted to support 10%+ growth Launch of EpiCord® Expandable in September 2020 Decline in micronized/particulate contribution 2019 2021 est. 2020 Adjusted Net Sales $240.5M Adjusted Net Sales $269.6M Adjusted Net
Slide 10: Well Balanced Across Care Settings
WELL BALANCED ACROSS CARE SETTINGS Largest U.S. commercial payor provides coverage for EpiFix® in the treatment of diabetic foot ulcers; effective December 1, 2020 Significant amount of revenue earned through staggered, multi-year contracts with GPOs, provide broad access to drive utilization Divers
Slide 11: Additional Drivers of Top Line Growth Are International Expansion and Pipeline
ADDITIONAL DRIVERS OF TOP LINE GROWTH ARE INTERNATIONAL EXPANSION AND PIPELINE 2021 2022 2023 2024 Anticipate filing BLA for Knee Osteoarthritis in 2H24 / 1H25 2021 investments expected to contribute near-term incremental growth commencing in 2022 Strategic initiatives target greater than 10% annual
Slide 12: 2021 Growth Drivers
2021 GROWTH DRIVERS Commercial Top-line growth >10% (excludes potential impact of enforcement discretion) Sales force growth >10% Japan approval Pursue organic and inorganic growth opportunities Operations CGMP compliance R&D Interim data readouts (PF/KOA/AT) Peer-reviewed clinical, scientific and e
Slide 13: From Foundation to Transformation
FROM FOUNDATION TO TRANSFORMATION Positioning for pipeline acceleration Focusing capital on strategic initiatives Investing in core business for growth
Slide 14: Appendix
APPENDIX
Slide 15: Experienced Leadership Team
= Joined since 2018 EXPERIENCED LEADERSHIP TEAM ROBERT STEIN, MD, PhD EVP, Research & Development SCOTT TURNER SVP, Operations & Procurement MARK ROGERS VP, Global Quality Assurance & Regulatory PETE CARLSON Chief Financial Officer MARK GRAVES Chief Compliance Officer STAN MICEK SVP, Business Develo
Slide 16: Experienced Board of Directors
EXPERIENCED BOARD OF DIRECTORS M. KATHLEEN BEHRENS, Ph.D. JAMES L. BIERMAN PHYLLIS GARDNER, M.D. MICHAEL J. GIULIANI, M.D. WILLIAM A. HAWKINS III CATO T. LAURENCIN, M.D., Ph.D. K. TODD NEWTON MARTIN P. SUTTER TIMOTHY R. WRIGHT
Slide 17: Adjusted Net Sales Trends Reflect Stabilization Post COVID-19 Downturn
ADJUSTED NET SALES TRENDS REFLECT STABILIZATION POST COVID-19 DOWNTURN Net Sales Adjusted Net Sales1 (1) Adjusted Net Sales excludes impact of Revenue Transition amounts. See slide 21 for reconciliation to Net Sales. ($ millions) Revenue presentation includes impact of 2019 transition in revenue rec
Slide 18: Summary Balance Sheets
SUMMARY BALANCE SHEETS ($ millions) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 Assets Cash and Cash Equivalents 28.4 96.9 94.1 69.1 53.5 48.2 109.6 95.8 Accounts Receivable, net 0.0 0.0 21.4 32.3 31.9 30.1 33.0 35.4 Inventory, net 16.4 15.0 12.0 9.1 9.2 10.6 11.0 10.4 Other Current Assets 12.4 10.6 6.5
Slide 19: Summary Income Statements
SUMMARY INCOME STATEMENTS ($ millions) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 Net Sales 66.6 67.4 88.9 76.4 61.7 53.6 64.3 68.5 Cost of Sales 7.4 9.7 13.2 12.7 10.0 8.2 10.3 10.8 Gross Profit 59.1 57.7 75.7 63.7 51.7 45.4 54.0 57.7 Research & Development 2.9 2.8 2.7 2.7 2.7 2.3 3.4 3.4 Selling, Gen
Slide 20: Summary Cash Flow Statements
SUMMARY CASH FLOW STATEMENTS ($ millions) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 Net (Loss) Income (13.3) (17.2) 12.4 (7.5) (4.8) (8.5) (19.4) (16.6) Effect of Change in Revenue Recognition 0.0 0.0 (17.4) 0.0 0.0 0.0 0.0 0.0 Share-Based Compensation 3.0 3.5 2.7 2.9 3.3 4.4 3.7 3.9 Depreciation 1.7
Slide 21: Non-GAAP Metrics Reconciliation
NON-GAAP METRICS RECONCILIATION ($ millions) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 Net Sales – Reported $ 66.6 $ 67.4 $ 88.9 $ 76.4 $ 61.7 $ 53.6 $ 64.3 $ 68.5 Less: Revenue Transition Impact1 ─ ─ 21.5 8.2 4.5 1.7 1.0 0.5 Adjusted Net Sales $ 66.6 $ 67.4 $ 67.3 $ 68.2 $ 57.2 $ 51.9 $ 63.3 $ 68.0 G
Slide 22: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION ($ millions) 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 Net Loss (13.3) (17.2) 12.4 (7.5) (4.8) (8.5) (19.4) (16.6) Depreciation & Amortization 1.9 2.0 1.9 1.8 1.8 1.7 1.8 1.6 Interest Expense (0.1) 0.2 2.2 2.4 2.4 2.6 1.5 1.5 Loss on Extinguishment of Debt 0.0 0.0 0.0 0.
MiMedx Group — 2021 H.C. Wainwright & Co. Global Life Sciences Conference on 6ix