Mimedx Group, Inc · NASDAQ:MDXG
Mimedx — Q4 2025 Earnings Presentation
31 slides from Mimedx's earnings presentation, Feb 25, 2026
Slide 1: Investor Presentation February 2026
Investor Presentation February 2026
Slide 2: Disclaimer & Cautionary Statements
Disclaimer & Cautionary Statements This presentation and our earnings call 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 materiall
Slide 3: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures In addition to our GAAP results, we provide certain non-GAAP measures including Adjusted EBITDA, related margins, Free Cash Flow, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Net Income and Adjusted EPS. • Adjusted EBITDA consists of GAAP net income excl
Slide 4: Investment Rationale
Investment Rationale Addressing large & Key competitive Strong balance sheet expanding markets advantages and cash flow generation in Wound and Surgical with innovative products, extensive IP, proprietary technologies and expansive sales infrastructure Experienced leadership team Attractive opportun
Slide 5: MIMEDX – A Pioneer & Leader Delivering Healing Solutions in Healthcare
MIMEDX – A Pioneer & Leader Delivering Healing Solutions in Healthcare HELPING HUMANS HEAL AN EXPANDING STRONG INDUSTRY SURGICAL FINANCIAL PIONEER APPLICATIONS DISCIPLINE in Advanced Wound Care beginning to multiply as as focused capital with a product offering we demonstrate positive deployment and
Slide 6: Addressing a Large and Unmet Need for Healing Solutions
Addressing a Large and Unmet Need for Healing Solutions >10 million 1 in 6 ~$150 billion People in the US Medicare beneficiaries Global expenditure on suffering from chronic affected by these wounds1 wound care1 and hard-to-heal wounds1 FAVORABLE DEMOGRAPHIC TRENDS Up to 85% EPIFIX® 98.5% higher Of
Slide 7: The Patient Journey in Wound Care
The Patient Journey in Wound Care MIMEDX products are available throughout the continuum of care… Assisted Ambulatory Private Nursing Wound Care Living Surgery Hospital Hospital …and others Offices Facilities Clinics Facilities Centers Outpatient Inpatient …and are used on a range of chronic and oth
Slide 8: Surgical Studies Underway Highlight Product Versatility…
Surgical Studies Underway Highlight Product Versatility… AMNIOEFFECT in EPIFIX® in Mohs (HECON) AMNIOFIX in AMNIOFIX in High-Risk Vascular Complicated Diverticulitis ACL Repair Published May 2025 E-Published April 2025 Publication Submitted Publication Submitted Journal of Drugs Vascular in Dermatol
Slide 9: … And Expand Our Opportunities, While Reducing Health & Economic Burdens
… And Expand Our Opportunities, While Reducing Health & Economic Burdens Compelling Data Supporting Use of MIMEDX Products in Colorectal Anastomosis Procedures The Problem: Consequences: A Solution: Anastomotic leaks are a Anastomotic leak Recent studies demonstrate serious postoperative complicatio
Slide 10: The Most Comprehensive End-To-End Product Ecosystem
The Most Comprehensive End-To-End Product Ecosystem Leading the field with science, clinical efficacy and a customer and patient-centric go-to-market mindset The most studied portfolio of Large, national placental New product innovations leading A key partner to healthcare placental products with a
Slide 11: The Most Comprehensive End-To-End Product Ecosystem
The Most Comprehensive End-To-End Product Ecosystem Unmatched peer-reviewed published evidence supporting our product portfolio Publications in Nature Scientific Reports and the Journal of Inflammation are Recent Examples of Top Tier Peer Reviewed Scientific Research Using MIMEDX Products The most s
Slide 12: The Most Comprehensive End-To-End Product Ecosystem
The Most Comprehensive End-To-End Product Ecosystem National footprint with labor and delivery centers to obtain placental tissue National Network of Birthing Center Partners Expectant Mothers Consent for Delivery of Healthy Introduced to Donation Donation Obtained Baby via Caesarean Program Section
Slide 13: The Most Comprehensive End-To-End Product Ecosystem
The Most Comprehensive End-To-End Product Ecosystem Leveraging robust IP portfolio, knowhow and expertise to drive continued innovations for Wound & Surgical markets Proprietary Processing Backed by Broad Portfolio of Intellectual Property Robust IP Estate with 200+ Patents Significant Opportunity N
Slide 14: The Most Comprehensive End-To-End Product Ecosystem
The Most Comprehensive End-To-End Product Ecosystem MIMEDX Connect offers a full suite of practice management tools in a single online portal to help customers simplify workflows, maximize efficiency and increase lifetime value of each customer Features include: Order management Insurance A key part
Slide 15: Distribution Agreements Significantly Diversify Wound & Surgical Offering
Distribution Agreements Significantly Diversify Wound & Surgical Offering In the last year, we have added several adjacent products to our Wound & Surgical portfolio through distribution and co- promote agreements, including: | 15 |
Slide 16: Wound Results Driven by Market Dynamics; Poised to Capitalize in ‘26 & Beyond
Wound Results Driven by Market Dynamics; Poised to Capitalize in ‘26 & Beyond 2025 Wound % of Sales 2025 Wound Performance Wound Revenue Drivers $300,000 2026 & Beyond $250,000 • Volume share recapture opportunity driven by Medicare $200,000 reimbursement reform as 66% market adjusts to updated $000
Slide 17: Growing Surgical Footprint Diversifies & Differentiates Our Business
Growing Surgical Footprint Diversifies & Differentiates Our Business 2025 Surgical % of Sales 2025 Surgical Performance Surgical Revenue Drivers $160,000 2026 & Beyond $140,000 • Ongoing clinical efficacy and $120,000 health outcomes studies 34% $100,000 demonstrating the benefits of MIMEDX products
Slide 18: Financial Highlights
Financial Highlights 2025 Net Sales Net Cash Balance Quarterly Net Cash Balance $148MM $419MM $148MM $124MM +20% year-over-year +73% vs. 2024 $100MM $85MM $88MM 2025 GAAP Net Income 2025 Adj. EBITDA1 $49MM $106MM 25% of net sales Q4:24 Q1:25 Q2:25 Q3:25 Q4:25 1) EBITDA, Adjusted EBITDA, related marg
Slide 19: Expect CMS Reform to Transform Wound Care Landscape in 2026
Expect CMS Reform to Transform Wound Care Landscape in 2026 Payment Rate Changes Possible Implications 2025 2026 • Meaningful reduction in Medicare spend, due to new payment rate significantly below 2025 and prior ASP+6% market rates HOPD & ~$1,800 bundled $127.14/sq. cm. fixed for many skin substit
Slide 20: Strategic Priority Focus on Continued Product Innovation & Diversification
Strategic Priority Focus on Continued Product Innovation & Diversification Continuing to innovate and Driving higher growth in evolve our offering for Surgical Wound & Surgical Achieving a more Numerous balanced business opportunities and mix between Wound areas for expansion & Surgical | 20 |
Slide 21: Experienced, Skillful Leadership Team Executing Strategy
Experienced, Skillful Leadership Team Executing Strategy Management Team with Track Record of Success in MedTech Joe Capper Doug Rice Butch Hulse Kim Moller John Harper, Ph.D. Tracy Chastain Eric Smith Ricci Whitlow Matt Notarianni Chief Executive Chief Financial Chief Administrative Chief Commercia
Slide 22: Summary
Summary Addressing large & Key competitive Strong balance sheet expanding markets advantages and cash flow generation Experienced leadership Attractive opportunities team to expand growth | 22 |
Slide 23: Thank You
THANK YOU MIMEDX 1775 West Oak Commons Ct. Marietta, GA 30062 888.543.1917 | 770.651.9100 | 23 |
Slide 24: Appendix
Appendix | 24 |
Slide 25: Adjusted EBITDA - QTD
Adjusted EBITDA - QTD Amounts (in millions) for the three months ended December 31, 2025 December 31, 2024 Net income $ 15.2 $ 7.4 Income tax provision 6.6 3.8 Amortization of intangible assets 2.6 2.4 Stock-based compensation expense 2.5 4.7 Strategic legal and regulatory expenses 2.5 1.1 Depreciat
Slide 26: Adjusted EBITDA - YTD
Adjusted EBITDA - YTD Amounts (in millions) for the twelve months ended December 31, 2025 December 31, 2024 Net income $ 48.6 $ 42.4 Income tax provision 17.7 15.3 Stock-based compensation expense 16.4 16.9 Amortization of intangible assets 12.6 3.8 Strategic legal and regulatory expenses 9.2 2.8 De
Slide 27: Adjusted Net Income and Adjusted EPS - QTD
Adjusted Net Income and Adjusted EPS - QTD Amounts (in millions) for the three months ended December 31, 2025 December 31, 2024 Net income - GAAP $ 15.2 $ 7.4 Amortization of acquisition-related intangible assets 2.5 2.2 Strategic legal and regulatory expenses 2.5 1.1 Reorganization expense 0.2 — Tr
Slide 28: Adjusted Net Income and Adjusted EPS - YTD
Adjusted Net Income and Adjusted EPS - YTD Amounts (in millions) for the twelve months ended December 31, 2025 December 31, 2024 Net income - GAAP $ 48.6 $ 42.4 Amortization of acquisition-related intangible assets 12.2 3.0 Strategic legal and regulatory expenses 9.2 2.8 Transaction-related expenses
Slide 29: Adjusted Gross Profit and Adjusted Gross Profit Margin - QTD
Adjusted Gross Profit and Adjusted Gross Profit Margin - QTD Three Months Ended Amounts (in millions) December 31, 2025 December 31, 2024 GAAP gross profit $ 99.0 $ 76.0 Amortization of acquisition-related intangible assets 2.5 2.2 Adjusted Gross Profit $ 101.5 $ 78.2 Adjusted Gross Profit Margin 86
Slide 30: Adjusted Gross Profit and Adjusted Gross Profit Margin - YTD
Adjusted Gross Profit and Adjusted Gross Profit Margin - YTD Twelve Months Ended Amounts (in millions) December 31, 2025 December 31, 2024 GAAP gross profit $ 345.6 $ 288.8 Amortization of acquisition-related intangible assets 12.2 3.0 Adjusted Gross Profit $ 357.7 $ 291.8 Adjusted Gross Profit Marg
Slide 31: Free Cash Flow
Free Cash Flow Three months ended Amounts in millions December 31, 2025 December 31, 2024 Cash flows from operating activities $ 25.0 $ 18.8 Purchases of equipment (0.3) (0.3) Free Cash Flow $ 24.7 $ 18.5 | 31 |