Slide 1: Financial Results Conference Call Q2:2025
Financial Results Conference Call July 30, 2025 Q2:2025
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 3Q2:25 Financial Results Conference Call
Slide 4: Q2:25 Highlights – A Record Performance
Q2:25 Highlights – A Record Performance Q2:25 Financial Results Conference Call 4 Net Sales $99MM +13% YoY GAAP Gross Margin & Adjusted Gross Margin1 81% & 84% GAAP Net Income $10MM Adj. EBITDA1 $24MM 25% of net sales Free Cash Flow1 $14MM 1) Adjusted Gross Margin, Free Cash Flow, Adjusted EBITDA an
Slide 5: Strategic Priorities Position Us to Win in 2025 & Beyond
Strategic Priorities Position Us to Win in 2025 & Beyond Q2:25 Financial Results Conference Call 5 Innovate & Diversify Product Portfolio to Maximize Growth Develop & Deploy Programs to Expand Surgical Footprint Enhance Customer Intimacy Enrollment continues for EPIEFFECT RCT with plans for interim
Slide 6: Medicare Reform Expected to Transform Category in 2026
Medicare Reform Expected to Transform Category in 2026 Q2:25 Financial Results Conference Call 6 LCDs in all MAC regions are scheduled for implementation on Jan. 1, 2026, requiring RCT data for coverage of skin substitutes PFS and OPPS proposed rules scheduled for implementation on Jan. 1, 2026, ali
Slide 7: Increasing Full Year 2025 Net Sales Outlook
Increasing Full Year 2025 Net Sales Outlook Q2:25 Financial Results Conference Call 7 Full Year 2025* Long-Term Net Sales % Growth Adjusted EBITDA Margin Above 20%Profitability Low double-digits vs. 2024 Low double-digits Reaffirming 2025 Adjusted EBITDA Margin & Long-Term Financial Goals *2025 Outl
Slide 8: Financial Results
Financial Results Doug Rice, Chief Financial Officer 8Q2:25 Financial Results Conference Call
Slide 9: Q2:25 Net Sales Recap By Product Category
Q2:25 Net Sales Recap Q2:25 Financial Results Conference Call 9 By Product CategoryTotal Net Sales $87MM $99MM Q2:24 Q2:25 $58MM $64MM $30MM $34MM Q2:24 Q2:25 Wound Surgical +12% yoy +15% yoy Strong Surgical growth, led by increased and expanding uptake of AMNIOEFFECT, AMNIOFIX and HELIOGEN Wound pe
Slide 10: Q2:25 P&L Metrics
$18MM $11MM $20MM $10MM $15MM $24MM Q2:25 P&L Metrics Q2:25 Financial Results Conference Call 10 $72 $42MM $14 $3MM $80 $48MM $16 $3MM Q2:24 Q2:25 S&M Adj. EBITDA1GAAP Net Income R&D % of net sales 48% 49% 3% 3% % of net sales 20% 10% 23% 25% Adj. Net Income1 13% 15% Gross Profit & Margin 83% 81% 1)
Slide 11: Q2:25 Balance Sheet & Cash Flows
Q2:25 Balance Sheet & Cash Flows Q2:25 Financial Results Conference Call 11 Net Cash Balance Has Increased $50MM in the Last Year 1) Free Cash Flow is a non-GAAP financial measure. See the Appendix for a reconciliation to the nearest GAAP measure. $50MM $70MM $86MM $88MM $100MM Q2:24 Q3:24 Q4:24 Q1:
Slide 12: Additional Commentary & Closing Remarks
Joseph H. Capper, Chief Executive Officer 12Q2:25 Financial Results Conference Call Additional Commentary & Closing Remarks
Slide 13: Q2:25 Summary
Q2:25 Summary Q2:25 Financial Results Conference Call 13 Net Sales $99 million +13% YoY Adjusted EBITDA1 $24 million 25% of net sales 1) Adjusted Gross Margin, Free Cash Flow, EBITDA, Adjusted EBITDA and related margins are non-GAAP financial measures. See Appendix for a reconciliation to the neares
Slide 14: Closing Remarks & Q&A
Closing Remarks & Q&A 14Q2:25 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 18 Three Months Ended June 30, 2024June 30, 2025Amounts (in millions) $ 72.4$ 79.9GAAP gross profit 0.42.5Amortization of acquisition-related intangible assets $ 72.8$ 82.4Adjusted Gross Profit 83.5 %83.6 %Adjusted Gross Profit Margin
Slide 19: Adjusted EBITDA - QTD
Adjusted EBITDA - QTD 19 June 30, 2024June 30, 2025Amounts (in millions) for the three months ended $ 17.6$ 9.6Net income 0.60.6Depreciation expense 0.62.6Amortization of intangible assets —(0.7)Interest income, net 5.63.4Income tax provision 4.14.8Stock-based compensation expense 0.62.5Strategic le
Slide 20: Adjusted Net Income and Adjusted EPS - QTD
Adjusted Net Income and Adjusted EPS - QTD 20 June 30, 2024June 30, 2025Amounts (in millions) for the three months ended $ 17.6$ 9.6Net income - GAAP 0.42.5Amortization of acquisition-related intangible assets 0.62.5Strategic legal and regulatory expenses (9.7)—Investigation, restatement and related
Slide 21: Free Cash Flow
Free Cash Flow 21 Three months ended June 30, 2024June 30, 2025Amounts in millions $ 21.8$ 14.4Cash flows from operating activities (0.1)(0.2)Purchases of equipment $ 21.7$ 14.2Free Cash Flow