MIMEDX Announces Fourth Quarter and Full Year 2024 Operating and Financial Results

Core Insights - MiMedx Group, Inc. reported a 7% year-over-year growth in net sales for Q4 2024, totaling $93 million, and a 9% increase for the full year 2024, reaching $349 million [3][10] - The company achieved a GAAP net income of $7 million for Q4 2024, with earnings per share of $0.05, and a full-year net income of $42 million [10][23] - Adjusted EBITDA for Q4 2024 was $20 million, representing 21% of net sales, with an adjusted gross margin of 84% [4][5][29] Financial Performance - Q4 2024 net sales increased to $93 million from $87 million in Q4 2023, while full-year sales rose from $321 million in 2023 to $349 million in 2024 [3] - Gross profit for Q4 2024 was $76 million, up from $73 million in the prior year, with a gross margin of 82% compared to 84% in Q4 2023 [4] - For the full year 2024, gross profit was $289 million, reflecting a $22 million increase from the previous year, maintaining a gross margin of 83% [5] Operating Expenses - SG&A expenses for Q4 2024 were $61 million, an increase from $54 million in Q4 2023, driven by higher compensation and legal costs [6] - Full-year SG&A expenses totaled $225 million, up from $211 million in 2023, marking a 7% increase [7] - R&D expenses for Q4 2024 were $4 million, compared to $2 million in Q4 2023, while full-year R&D expenses remained flat at $12 million [8] Cash Position - As of December 31, 2024, the company had $104 million in cash and cash equivalents, an increase from $82 million a year earlier [11] - The cash position, net of debt, was $86 million, reflecting a sequential increase of $16 million [11] Future Outlook - MiMedx expects net sales growth of at least high single-digits for 2025, with an Adjusted EBITDA margin above 20% [12] - The company aims for low double-digit annual net sales growth in the long term, maintaining an Adjusted EBITDA margin above 20% [12] Company Strategy - The CEO emphasized the focus on innovative product development and strengthening customer relationships to drive growth in the Wound and Surgical businesses [2] - The company is actively engaging with stakeholders to address Medicare reimbursement challenges and promote evidence-based product innovation [2]