Mimedx Group, Inc · NASDAQ:MDXG
Mimedx — Q1 2025 Earnings Presentation
20 slides from Mimedx's earnings presentation, Apr 30, 2025
Slide 1: Financial Results Conference Call Q1 2025
Financial Results Conference Call April 30, 2025 Q1 2025
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: Opening Remarks
Opening Remarks Joseph H. Capper, Chief Executive Officer 3Q1:25 Financial Results Conference Call
Slide 4: Q1:25 Highlights
Q1:25 Highlights Q1:25 Financial Results Conference Call 4 Net Sales $88MM +4% YoY GAAP Gross Margin & Adjusted Gross Margin1 81% & 84% GAAP Net Income $7MM Adj. EBITDA1 $17MM 20% of net sales Free Cash Flow1 $5MM 1) Adjusted Gross Margin, Free Cash Flow, EBITDA, Adjusted EBITDA and related margins
Slide 5: Strategic Priorities Position Us to Win in 2025 & Beyond
Strategic Priorities Position Us to Win in 2025 & Beyond Q1:25 Financial Results Conference Call 5 Innovate & Diversify Product Portfolio to Maximize Growth Develop & Deploy Programs to Expand Surgical Footprint Enhance Customer Intimacy Leveraging our ability to develop and launch products that mee
Slide 6: Financial Results
Financial Results Doug Rice, Chief Financial Officer 6Q1:25 Financial Results Conference Call
Slide 7: Q1:25 Net Sales Recap By Product Category
Q1:25 Net Sales Recap Q1:25 Financial Results Conference Call 7 By Product CategoryTotal Net Sales $85MM $88MM Q1:24 Q1:25 $57MM $56MM $28MM $32MM Q1:24 Q1:25 Wound Surgical (2%) yoy +16% yoy Strong Surgical growth, led by AMNIOEFFECT & AMNIOFIX Ramping contributions from HELIOGEN & Japan Solid Woun
Slide 8: Q1:25 P&L Metrics
$9MM $10MM $19MM $7MM $10MM $17MM Q1:25 P&L Metrics Q1:25 Financial Results Conference Call 8 $72 $44MM $11 $3MM $72 $47MM $13 $3MM Q1:24 Q1:25 S&M Adj. EBITDA1GAAP Net Income R&D % of net sales 53% 53% 3% 4% % of net sales 11% 8% 22% 20% …continued to deliver solid profitability in Q1:25! Adj. Net
Slide 9: Q1:25 Balance Sheet & Cash Flows
Q1:25 Balance Sheet & Cash Flows Q1:25 Financial Results Conference Call 9 $29MM $50MM $70MM $86MM $88MM Q1:24 Q2:24 Q3:24 Q4:24 Q1:25 Free Cash Flow1 of ~$5MM in Q1:25… …Drove Another Sequential Increase in Net Cash During the Quarter $5MM $22MM $19MM $19MM $5MM Q1:24 Q2:24 Q3:24 Q4:24 Q1:25 1) Fre
Slide 10: Additional Commentary & Closing Remarks
Joseph H. Capper, Chief Executive Officer 10Q1:25 Financial Results Conference Call Additional Commentary & Closing Remarks
Slide 11: Q1:25 Summary
Q1:25 Summary Q1:25 Financial Results Conference Call 11 Net Sales $88 million +4% YoY Adjusted EBITDA1 $17 million 20% of net sales 1) Adjusted Gross Margin, Free Cash Flow, EBITDA, Adjusted EBITDA and related margins are non-GAAP financial measures. See Appendix or our Earnings Release for the qua
Slide 12: Adapting to Another Last-Minute Delay to Medicare Reform
Adapting to Another Last-Minute Delay to Medicare Reform Q1:25 Financial Results Conference Call 12 LCDs universally proposed by all MACs were delayed until January 1, 2026, and appear unlikely to be a final solution CMS is aware of its ballooning spend in the category and could take action through
Slide 13: Reaffirming Full Year 2025 and Long-Term Financial Goals
Reaffirming Full Year 2025 and Long-Term Financial Goals Q1:25 Financial Results Conference Call 13 Full Year 2025 Long-Term Net Sales % Growth Adjusted EBITDA Margin Above 20%Profitability At least high single- digits vs. 2024 Low double-digits Committed to delivering sustained growth and profitabi
Slide 14: Closing Remarks & Q&A
Closing Remarks & Q&A 14Q1:25 Financial Results Conference Call
Slide 15: Appendix
Appendix 15
Slide 16: 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 and Adjusted Net Income. • Adjusted EBITDA consists of GAAP net income excluding: (i) dep
Slide 17: Reconciliation of Non-GAAP Measures (cont.)
Reconciliation of Non-GAAP Measures (cont.) • Each of the adjustments to reconcile Adjusted Net Income to GAAP net income affect individual financial statement captions which are reflected in our consolidated statements of operations, including gross profit. Adjusted Gross Profit is therefore define
Slide 18: Adjusted Gross Profit & Adjusted Gross Profit Margin
Adjusted Gross Profit & Adjusted Gross Profit Margin 18Q1:25 Financial Results Conference Call Three Months Ended Amounts (in millions) March 31, 2025 March 31, 2024 GAAP gross profit $ 71.6 $ 71.7 Amortization of acquisition-related intangible assets 2.5 — Adjusted Gross Profit $ 74.2 $ 71.7 Adjust
Slide 19: Adjusted EBITDA - QTD
Adjusted EBITDA - QTD 19Q1:25 Financial Results Conference Call Amounts (in millions) for the three months ended March 31, 2025 March 31, 2024 Net income $ 7.0 $ 9.3 Depreciation expense 0.6 0.6 Amortization of intangible assets 2.6 0.2 Interest (income) expense, net (0.5) 1.7 Income tax provision 1
Slide 20: Adjusted Net Income and Adjusted EPS - QTD
Adjusted Net Income and Adjusted EPS - QTD 20Q1:25 Financial Results Conference Call Amounts (in millions) for the three months ended March 31, 2025 March 31, 2024 Net income - GAAP $ 7.0 $ 9.1 Amortization of acquisition-related intangible assets 2.5 — Loss on extinguishment of debt — 1.4 Strategic