Mimedx Group, Inc · NASDAQ:MDXG
Mimedx — Q4 2024 Earnings Presentation
23 slides from Mimedx's earnings presentation, Feb 26, 2025
Slide 1: Financial Results Conference Call Q4 & Full Year 2024
Financial Results Conference Call February 26, 2025 Q4 & Full Year 2024
Slide 2: Disclaimer & Cautionary Statements
Disclaimer & Cautionary Statements Q4 & FY 2024 Financial Results Conference Call 2 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 r
Slide 3: Opening Remarks
Opening Remarks Joseph H. Capper, Chief Executive Officer 3Q4 & FY 2024 Financial Results Conference Call
Slide 4: Q4:24 Highlights
Q4:24 Highlights Q4 & FY 2024 Financial Results Conference Call 4 Net Sales Gross Margin GAAP Net Income Adj. EBITDA1 Free Cash Flow1 $93MM +7% YoY 82% 84% adjusted1 $7MM $20MM 21% of net sales $19MM 1 – Adjusted Gross Margin, Free Cash Flow, EBITDA, Adjusted EBITDA and related margins are non-GAAP
Slide 5: Evolving Strategic Priorities Heading into 2025
Evolving Strategic Priorities Heading into 2025 Q4 & FY 2024 Financial Results Conference Call 5 Innovate & Diversify Product Portfolio to Maximize Growth Develop & Deploy Programs to Expand Surgical Footprint Enhance Customer Intimacy Continue introducing new products for our served markets Acceler
Slide 6: Financial Results
Financial Results Doug Rice, Chief Financial Officer 6Q4 & FY 2024 Financial Results Conference Call
Slide 7: Q4:24 Net Sales Recap
Q4:24 Net Sales Recap Q4 & FY 2024 Financial Results Conference Call 7 By Product Category Hospital $50MM -1% Private Office $30MM +7% Other $13MM +57% Total Net Sales $87MM $93MM Q4:23 Q4:24 By Site of Service $56MM $61MM $31MM $32MM Q4:23 Q4:24 Wound Surgical *+6% YoY growth in Surgical excl. AXIO
Slide 8: Q4:24 P&L Metrics
$53MM $11MM $21MM $7MM $11MM $20MM Q4:24 P&L Metrics Q4 & FY 2024 Financial Results Conference Call 8 $73 $54MM $2MM $76 $61MM $3MM Q4:23 Q4:24 SG&A Adj. EBITDA*GAAP Net Income R&D % of net sales 63% 66% 3% 4% % of net sales 62% 8% 24% 21% Q4:23 results favorably impacted by $37 million income tax p
Slide 9: Q4:24 Balance Sheet & Cash Flows
Q4:24 Balance Sheet & Cash Flows Q4 & FY 2024 Financial Results Conference Call 9 $20MM $32MM $34MM $29MM $50MM $70MM $86MM Q2:23 Q3:23 Q4:23 Q1:24 Q2:24 Q3:24 Q4:24 Free Cash Flow of ~$65MM in 2024… …Drove a YoY Increase in Net Cash of >150% Compared to Dec 2023! $7MM $12MM $10MM $5MM $22MM $19MM $
Slide 10: Full Year 2024 Summary
Full Year 2024 Summary Q4 & FY 2024 Financial Results Conference Call 10 Net Sales Adjusted EBITDA1 Net Cash at Year End GAAP Net Income Free Cash Flow1 $349MM +9% YoY $86MM +153% YoY $42MM 12% margin $76MM 22% margin $65MM +160% YoY 1 – Adjusted Gross Margin, Free Cash Flow, EBITDA, Adjusted EBITDA
Slide 11: Full Year 2025 and Long-Term Financial Goals
Full Year 2025 and Long-Term Financial Goals Q4 & FY 2024 Financial Results Conference Call 11 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 profitability
Slide 12: Additional Commentary & Closing Remarks
Joseph H. Capper, Chief Executive Officer 12Q4 & FY 2024 Financial Results Conference Call Additional Commentary & Closing Remarks
Slide 13: Q4:24 Summary
Q4:24 Summary Q4 & FY 2024 Financial Results Conference Call 13 Net Sales Adj. Gross Margin* Adjusted EBITDA* Cash Xenograft Launch R&D Efforts +$16 million vs. Q3:24 RCT underway Ongoing advocacy for much-needed regulatory and reimbursement reform $93 million +7% yoy 84% flat yoy $20 million 21% of
Slide 14: CMS Reimbursement Overhaul Still Expected in 2025
CMS Reimbursement Overhaul Still Expected in 2025 Q4 & FY 2024 Financial Results Conference Call 14 February 12 implementation date pushed out to April 13 following new administration executive order Feedback from outside advisors & activity from new administration suggests further delays are highly
Slide 15: Conclusion
Conclusion Q4 & FY 2024 Financial Results Conference Call 15 Several meaningful changes to MIMEDX over the last two years, including: Strategic realignment, resulting in a restructuring of parts of the business Dramatically enhanced financial profile through expense discipline & productivity improve
Slide 16: Appendix
Appendix 16
Slide 17: 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 18: 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 19: Adjusted Gross Profit & Adjusted Gross Profit Margin
Adjusted Gross Profit & Adjusted Gross Profit Margin 19 Three Months Ended Twelve Months Ended Amounts (in millions) December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 GAAP gross profit $ 76.0 $ 73.0 $ 288.8 $ 266.8 Amortization of acquisition-related intangible assets 2.2 — 3.0
Slide 20: Adjusted EBITDA - QTD
Adjusted EBITDA - QTD 20 Amounts (in millions) for the three months ended December 31, 2024 December 31, 2023 Net income $ 7.4 $ 53.5 Depreciation expense 0.6 0.6 Amortization of intangible assets 2.4 0.2 Interest (income) expense, net (0.4) 1.6 Income tax provision 3.8 (40.3) Stock-based compensati
Slide 21: Adjusted EBITDA - YTD
Adjusted EBITDA - YTD 21 Amounts (in millions) for the twelve months ended December 31, 2024 December 31, 2023 Net income $ 42.4 $ 58.2 Depreciation expense 2.3 2.7 Amortization of intangible assets 3.8 0.8 Interest expense, net 1.0 6.5 Income tax provision 15.3 (39.8) Stock-based compensation expen
Slide 22: Adjusted Net Income and Adjusted EPS - QTD
Adjusted Net Income and Adjusted EPS - QTD 22 Amounts (in millions) for the three months ended December 31, 2024 December 31, 2023 Net income - GAAP $ 7.4 $ 53.5 Investigation, restatement and related expense — 0.5 Amortization of acquisition-related intangible assets 2.2 — Disbanding of Regenerativ
Slide 23: Adjusted Net Income and Adjusted EPS - YTD
Adjusted Net Income and Adjusted EPS - YTD 23 Amounts (in millions) for the twelve months ended December 31, 2024 December 31, 2023 Net income - GAAP $ 42.4 $ 58.2 Loss on extinguishment of debt 1.4 — Investigation, restatement and related expense (8.7) 5.2 Amortization of acquisition-related intang