Mimedx Group, Inc · NASDAQ:MDXG
Mimedx — Investor Presentation (November 2022)
25 slides from Mimedx's investor presentation, Nov 30, 2022
Slide 1: A Pioneer & Leader in Placental Biologics
Exhibit 99.1 A PIONEER & LEADER IN PLACENTAL BIOLOGICS Investor Presentation November 2022
Slide 2: Disclaimer & Cautionary Statements
Disclaimer & Cautionary Statements This presentation includes forward-looking statements. Forward-looking statements are subject to risks and uncertainties, and the Company cautions investors against placing undue reliance on such statements. Actual results may differ materially from those set forth
Slide 3: Disclaimer & Cautionary Statements
Disclaimer & Cautionary Statements Additional forward-looking statements may be identified by words such as believe, expect, may, plan, potential, will, preliminary, and similar expressions, and are based on management's current beliefs and expectations. Forward-looking statements are subject to ris
Slide 4: Leading Developer & Distributor of Placental-Based Allografts
Leading Developer & Distributor of Placental-Based #1 Amniotic 200+ Issued Patents Globally Over 300,000,000 Payer Allografts (PBAs) Skin Substitute* (70+ Pending) Covered Lives Over 2,000,000 Allografts 50+ Scientific and Clinical Distributed for Patients** Publications * BiomedGPs – SmartTrak YTD
Slide 5: Large Placental Donation Network & Proprietary Tissue Processing Technology
Large Placental Donation Network & Proprietary Tissue Processing Technology Placental Donation Network Proprietary Processing 5 1 2 3 4 6 7 Expectant Mom Mom Consents to Delivery of Healthy Donated Placental Microbiological & Proprietary Shelf-stable Introduced to Donate and Completes Baby via Tissu
Slide 6: Best-in-Class Wound & Surgical Product Portfolio
Best-in-Class Wound Expanding Surgical Expanding from Product Portfolio Product Portfolio Single to Dual Vertical Company Underlying Demographic Trends: Aging population Increasing diabetes Increasing obesity Helps Physicians Address Multiple Conditions, Including: DFUs/ Complex Surgical Tissue VLUs
Slide 7: Versatile Product Offering Used to Help Wide Ranging Patient Needs
Versatile Product Offering Used to Help Wide Ranging Patient Needs Specialties Using MIMEDX Conditions & Procedures Products Include: That Use MIMEDX Products: Podiatry Diabetic foot ulcer (DFUs) High-risk incisions Plastic Reconstructive Venous leg ulcers (VLUs) Trauma Dermatology Decubitus ulcers
Slide 8: Launch Activities Underway in Japan
Launch Activities Underway in Japan EPIFIX is the first and currently only amniotic tissue product in Japan Approved for hard-to-heal chronic wounds, including DFUs and VLUs 2 Reimbursement of JPY35,100/cm secured Ongoing KOL engagement and physician training First patients treated in Q3:22 Finalizi
Slide 9: Opportunity in Large & Growing Wound & Surgical End Markets
Opportunity in Large & Growing Wound & Surgical End Markets Total Addressable Markets CAGRs** +9% $3.5B +9% $0.7B $2.5B Growing End $0.5B Markets & $1.3B +10% Significant Room $0.9B for Further Penetration $1.5B +8% $1.1B $261MM MIMEDX LTM Sales at 2022 2026E 9/30/2022* U.S. Wound U.S. Surgical Japa
Slide 10: Continuing to Innovate to Expand Wound & Surgical Portfolio
Continuing to Innovate to Expand Wound & Surgical Portfolio R&D Expertise Opportunities New Products Birth Tissue Biology Placental Tissue Iterations Tissue Handling and Various Tissue Matrices Processing Core Product Forms and Healing and Inflammatory Enablers Cascade Science Antimicrobial Platform
Slide 11: Recent Reimbursement Developments
Recent Reimbursement Developments Update from Nov 1, 2022 CMS publication Physician Outpatient / Offices Wound Care Clinics CMS proposals for CMS final 2023 rules not 2024 deferred expected to significantly impact MIMEDX 2023 results Town hall planned for early (~1% decrease in hospital outpatient d
Slide 12: Regenerative Medicine: Registrational Trial for Knee Osteoarthritis
Regenerative Current Focus: Registrational Trial for Knee Osteoarthritis (KOA) Medicine Recent FDA interactions: Study status: • Type B RMAT meeting• Resolving FDA protocol comments • Submission of clinical protocol• Readying for enrollment • Filing of CMC amendments Despite not meeting endpoints, P
Slide 13: Four Key Priorities / Goals
Four Key Priorities / Goals 1 Grow Revenue Above Market Organization 2 Expand Operating Margins focused on capitalizing on these Execute on R&D Pipeline 3 opportunities Exercise Financial Discipline 4 13
Slide 14: Q3:22 Net Sales
Q3:22 Net Sales $67.7M $66.9M $63.1M $62.1M Q3:21 Q3:22 Q3:21 Q3:22 Wound & Surgical Total 14
Slide 15: Q3:22 Segment Reporting
Q3:22 Segment Reporting* Wound & Surgical Regenerative Medicine Corporate & Other ($ millions) Q3:22 Q3:21 % yoy Q3:22 Q3:21 % yoy Q3:22 Q3:21 % yoy Net Sales $66.9 $62.1 7.6% $- $0.1 nm $0.8 $0.8 -5.1% Cost of Sales 11.2 8.9 25.0% - 0.0 nm 1.0 1.2 -13.5% Operating Expense 37.2 33.5 11.0% 4.3 4.2 1.
Slide 16: Capitalized to Finance Business & Focused on Cash Generation
Capitalized to Finance Business & Focused on Cash Generation $87.1M Cash & Cash Equivalents $75.7M $73.2M $72.5M Q4:21 Q1:22 Q2:22 Q3:22 16
Slide 17: Conclusion
Conclusion Pioneer in Large and Promising Committed to field of PBAs expanding pipeline with delivering above- market significant market growth opportunities potential and profitability opportunity in KOA a pioneer & leader in placental biologics 17
Slide 18: Appendix
Appendix MIMEDX cy
Slide 19: Summary Balance Sheets
Summary Balance Sheets ($ millions) Q3:20 Q4:20 Q1:21 Q2:21 Q3:21 Q4:21 Q1:22 Q2:22 Q3:22 Assets Cash and Cash Equivalents $109.6 $95.8 $84.7 $85.0 $90.6 $87.1 $75.7 $72.5 $73.2 Accounts Receivable, net 33.0 35.4 35.4 37.2 36.5 40.4 37.7 37.7 40.8 Inventory 11.0 10.4 11.6 10.1 11.2 11.4 13.2 13.4 14
Slide 20: Summary Income Statements
Summary Income Statements Q3:20 Q4:20 Q1:21 Q2:21 Q3:21 Q4:21 Q1:22 Q2:22 Q3:22 ($ millions) Net Sales $64.3 $68.6 $60.0 $68.2 $63.1 $67.4 $58.9 $66.9 $67.7 Cost of Sales 10.3 10.8 9.7 12.8 10.1 10.8 9.9 11.8 12.2 Gross Profit $54.0 $57.8 $50.3 $55.4 $53.0 $56.6 $49.0 $55.1 $55.5 Research & Developm
Slide 21: Summary Cash Flow Statements
Summary Cash Flow Statements ($ millions) Q3:20 Q4:20 Q1:21 Q2:21 Q3:21 Q4:21 Q1:22 Q2:22 Q3:22 Net (Loss) Income ($19.4) ($16.6) ($8.4) ($1.8) ($2.3) $2.2 ($10.5) ($10.9) ($8.4) Share-Based Compensation 3.7 3.9 3.2 4.1 3.8 3.6 4.0 4.4 2.4 Depreciation 1.5 1.3 1.2 1.3 0.9 1.0 0.9 0.9 0.7 Other Non-C
Slide 22: Revenue Detail
Revenue Detail Quarter Trailing 12 Months ($ millions) Q3:20 Q4:20 Q1:21 Q2:21 Q3:21 Q4:21 Q1:22 Q2:22 Q3:22 Q3:21 Q4:21 Q1:22 Q2:22 Q3:22 Advanced Wound Care / $55.1 $59.4 $51.5 $59.3 $62.3 $66.9 $58.4 $66.2 $66.8 $232.5 $240.0 $246.9 $253.8 $258.3 1 Section 361 1 Section 351 8.2 8.7 8.2 8.6 0.5 0.
Slide 23: Non-GAAP Metrics Reconciliation
Non-GAAP Metrics Reconciliation ($ millions) Q3:20 Q4:20 Q1:21 Q2:21 Q3:21 Q4:21 Q1:22 Q2:22 Q3:22 Net Sales – Reported $64.3 $68.6 $60.0 $68.2 $63.1 $67.4 $58.9 $66.9 $67.7 1 Less: Revenue Transition Impact (1.0) (0.5) (0.3) (0.3) (0.3) (0.1) Adjusted Net Sales $63.3 $68.1 $59.7 $67.9 $62.8 $67.3 $
Slide 24: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation ($ millions) Q3:20 Q4:20 Q1:21 Q2:21 Q3:21 Q4:21 Q1:22 Q2:22 Q3:22 Net (Loss) Income ($19.4) ($16.6) ($8.4) ($1.8) ($2.3) $2.2 ($10.5) ($10.9) ($8.4) Depreciation & Amortization 1.8 1.6 1.4 1.5 1.1 1.1 1.0 1.0 0.8 1.5 1.5 1.5 1.4 1.0 1.2 1.1 1.2 1.3 Interest Expense Lo
Slide 25: Segment Data
Segment Data Wound & Surgical Q1:21 Q2:21 Q3:21 Q4:21 Q1:22 Q2:22 Q3:22 ($ millions) Net Sales $51.4 $58.9 $62.1 $66.5 $58.3 $66.1 $66.9 (7.2) (9.5) (8.9) (9.6) (9.1) (10.8) (11.2) Cost of Sales Selling, General and Administrative Expense (25.8) (29.5) (32.1) (36.2) (34.0) (38.7) (35.5) Research and