Mimedx Group, Inc · NASDAQ:MDXG
Mimedx — Q3 2024 Earnings Presentation
16 slides from Mimedx's earnings presentation, Oct 30, 2024
Slide 1: Q3 2024 Results Conference Call
Exhibit 99.2 Q3 2024 Results Conference Call October 30, 2024
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: Joe Capper, Chief Executive Officer
Joe Capper Chief Executive Officer helping humans heal.
Slide 5: Highlights
Q3:24 Highlights 1 GAAP Net Income Net Sales Gross Margin Adjusted EBITDA $8MM $84MM 82% $18MM +3% year-over-year 22% of net sales Lawmaker Engagement to Patient Stories Continued Market Cash Balance Drive Recently Featured Release of $89MM Reimbursement +$20MM vs. Q2:24 Reform 1) EBITDA, Adjusted E
Slide 6: Executing on Strategic Priorities Despite Wound Market Turbulence
Executing on Strategic Priorities Despite Wound Market Turbulence Strategic Priorities Progress Update Ø AMNIOEFFECT® & EPIEFFECT® growth remains strong Innovate & diversify product portfolio to maximize growth Ø Japan business expected to nearly triple in 2024 Ø Front page NYT feature on placental
Slide 7: Doug Rice, Chief Financial Officer
Doug Rice Chief Financial Officer helping humans heal.
Slide 8: Net Sales Recap
Q3:24 Net Sales Recap Total Net Sales By Product Category By Site of Service $84MM $82MM Other $12MM $29MM -5%* $31MM +9% Hospital Private $46MM Office -3% $26MM $55MM +8% +11% $51MM Q3:23 Q3:24 Q3:23 Q3:24 Wound Surgical * +5% yoy growth in Surgical excl. AXIOFILL & Dental 8
Slide 9: Gross Profit & Gross Margin Roughly Flat Year/Year
Q3:24 Gross Profit & Gross Margin Roughly Flat Year/Year 80 $69MM $67MM Q3:24 GAAP gross profit and gross margin modestly impacted by amortization of distribution rights for HELIOGEN, offset by favorable mix and 82% 82% ongoing productivity improvements 0 Q3:23 Q3:24 9
Slide 10: Operating Expenses
Q3:24 Operating Expenses Q3:23 $54MM $53MM Q3:24 Higher SG&A due to increased commercial expenses $3MM $3MM 4% % of net sales 64% 64% 3% SG&A R&D Continue to deliver strong GAAP Net $18MM $18MM Income and an $10MM $9MM $8MM $8MM Adjusted EBITDA margin above 20% % of net sales 10% 11% 10% 12% 22% 22%
Slide 11: Balance Sheet & Cash Flows
Q3:24 Balance Sheet & Cash Flows …Further Strengthens Our Net Cash Position Second Consecutive Quarter of Robust Free and Provides Growth Capital Cash Flow, With Nearly $50MM YTD… $70MM $22MM $19MM $50MM $12MM $34MM $32MM $10MM $29MM $7MM $20MM $5MM Q2:23 Q3:23 Q4:23 Q1:24 Q2:24 Q3:24 Q2:23 Q3:23 Q4
Slide 12: Joe Capper, Chief Executive Officer
Joe Capper Chief Executive Officer helping humans heal.
Slide 13: Summary
Q3:24 Summary Net Sales of $84 million were up 3% year-over-year Gross profit margin 82% Adjusted EBITDA of $18 million reflected 22% of net sales Q3:24 cash balance of $89 million – an increase of approx. $20MM in one quarter! Continued limited market release of HELIOGEN Commitment to building rese
Slide 14: Worsening Medicare Spending Crisis Underscores Need for Overhaul
Worsening Medicare Spending Crisis Underscores Need for Overhaul 1 The number of new skin substitutes on the Resulting in Medicare Allowed Charges Ongoing dialogue with several stakeholders 2 Medicare ASP List continues to increase at a for skin substitutes, which have exploded including CMS, MACs a
Slide 15: Raising Anticipated 2024 Net Sales Growth & Reiterating Long-Term Outlook
Raising Anticipated 2024 Net Sales Growth & Reiterating Long-Term Outlook* 2024 Long-Term High single digits Net Sales Low double digits vs. 2023 % Growth Adjusted EBITDA Adjusted EBITDA Profitability margin above 20% margin above 20% Several levers for sustained growth and profitability in the shor
Slide 16: Closing Remarks, Q&A
Closing Remarks, Q&A