Mimedx Group, Inc · NASDAQ:MDXG
Mimedx — FY2023 Earnings Presentation
16 slides from Mimedx's earnings presentation, Feb 28, 2024
Slide 1: Q4 & Full Year 2023 Results Conference Call
Exhibit 99.2 Q4 & Full Year 2023 Results Conference Call February 28, 2024 helping humans heal.
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: Q4:23 & Full Year 2023 Highlights
Q4:23 & Full Year 2023 Highlights Q4:23 Net Sales 2023 Net Sales Q4:23 Q4:23 Net Income Gross Margin $87MM $321MM $53MM +17% year-over-year +20% year-over-year 84% Favorably impacted by $40 million one-time tax benefit Q4:23 2023 Year End Strengthened 1 1 Adjusted EBITDA Adjusted EBITDA Cash Balance
Slide 6: Continuing to Execute on Strategic Priorities
Continuing to Execute on Strategic Priorities • Growth in all sites-of-service Build leadership position in • Strong start for EPIEFFECT® - helping drive Wound & Surgical continued momentum in Private Office • Continued progress in building business in Japan • Working internally and externally to ex
Slide 7: Doug Rice, Chief Financial Officer
Doug Rice Chief Financial Officer helping humans heal.
Slide 8: Q4:23 Net Sales Demonstrate Continued Commercial Momentum
Q4:23 Net Sales Demonstrate Continued Commercial Momentum Total By Site of Service Other $87 $8MM +72% $74 Private Office Hospital $28MM +24% $51MM +8% Q4:22 Q4:23 Fifth consecutive quarter of double-digit year-over-year net sales growth 8 $ millions
Slide 9: Q4:23 Gross Profit & Gross Margin
Q4:23 Gross Profit & Gross Margin Mix & Ongoing Improvements in Operations Driving Gross Margin Expansion 80 $73 Q4:23 gross profit improvement driven by higher net sales $60 84% Improvement in Q4:23 gross margins 81% led by product mix and production yield improvements 0 Q4:22 Q4:23 9 $ millions Gr
Slide 10: Q4:23 Operating Expenses
Q4:23 Operating Expenses Q4:22 Ongoing operating $54 $50 Q4:23 expense leverage as cost controls offset higher commission spend $3 $2 % of net sales 67% 63% 4 % 3% R&D SG&A Q4:23 GAAP net income favorably $53 impacted by one- time tax benefit $21 Second $7 consecutive quarter achieving $0 10% % of n
Slide 11: Improving Balance Sheet & Cash Flows Unlock Opportunities for Growth
Improving Balance Sheet & Cash Flows Unlock Opportunities for Growth Other Balance Sheet Highlights Increasing Net Cash Strong Free Cash Flow $34 $32 Series B Preferred $12 Converted $10 Dec. 2023 $20 $8 $13 Refinancing Completed Jan. 2024 -$5 Q1:23 Q2:23 Q3:23 Q4:23 Q1:23 Q2:23 Q3:23 Q4:23 11 *Free
Slide 12: 2023 In Summary
2023 In Summary +20% +110 basis point $58MM Net Sales Growth Gross Margin Net Income Expansion Free Cash Flow Cash $58MM $25MM $82MM Adjusted EBITDA 18% of net sales helping humans heal. 12
Slide 13: Joe Capper, Chief Executive Officer
Joe Capper Chief Executive Officer helping humans heal.
Slide 14: Summary: Closing Out a Seminal Year at MIMEDX
Summary Q4:23 & 2023 Year-Over-Year Net Sales Growth of 17% and 20%, Respectively Q4:23 Gross Profit Margin Increased to 84% Q4:23 Adjusted EBITDA of $21 Million (24% of Net Closing Out a Sales) Seminal Year at MIMEDX! Cash Balance Increased Nearly 25% in 2023 Simplified and Strengthened our Balance
Slide 15: 2024 Outlook as of February 28, 2024
* 2024 Outlook as of February 28, 2024 Anticipate Full Year Revenue 2024 Revenue Growth Percentage in the Low Growth Double-Digits Expect Adjusted EBITDA Margin for Full Year Profitability 2024 to be Above 20% *2024 Outlook provided as of February 28, 2024. Actual results may differ. We are not able
Slide 16: Closing Remarks, Q&A
N i "Ny (BZ ~ I an 4 bi \ I “Wty 4 Fi ar / Closing Remarks, Q&A as