Core Insights - MiMedx Group, Inc. reported its highest quarterly net sales in history for Q3 2025, reaching $114 million, a 35% increase year-over-year [1][3] - The company achieved a GAAP net income of $17 million and diluted earnings per share of $0.11 for the same quarter [1][7] - Adjusted EBITDA for Q3 2025 was $35 million, representing 31% of net sales, with expectations for continued growth in net sales and adjusted EBITDA for 2025 [1][9] Financial Performance - **Net Sales**: Q3 2025 net sales were $114 million, up from $84 million in Q3 2024, driven by a 40% increase in Wound product sales and a 26% increase in Surgical product sales [3][31] - **Gross Profit and Margin**: Gross profit for Q3 2025 was $95 million, with a gross margin of 84%, an increase from 82% in the prior year [4] - **Operating Expenses**: SG&A expenses rose to $69 million from $54 million year-over-year, primarily due to increased commissions [5] - **Net Income**: Net income for Q3 2025 was $17 million, compared to $8 million in Q3 2024 [7] Cash Position - As of September 30, 2025, the company had $142 million in cash and cash equivalents, up from $104 million at the end of 2024 [8] Financial Outlook - MiMedx expects net sales growth in the mid-to-high teens for 2025, with an adjusted EBITDA margin projected to be at least in the mid-20% range [9] Product Performance - **Wound Products**: Sales for Wound products reached $77.1 million in Q3 2025, a significant increase from $55.1 million in Q3 2024 [31] - **Surgical Products**: Surgical product sales were $36.6 million in Q3 2025, compared to $29.0 million in the same quarter of the previous year [31]

our backlog. Again, we've got a $600 billion dollars of backlog. So, our focus right now is in delivering airplanes, ramping up production, uh making sure those are highquality airplanes.We're getting great feedback from our customers. We delivered uh more airplanes by August of this year than we did all of last year. Uh this was a really good quarter for us, and we're going to stay focused on what we need to do to ramp up production and deliver on this really, really healthy backlog.And you have you have u ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for the first nine months of 2025 grew by 9%, reaching $165 million, despite challenges from rising oil chemical raw material prices and higher startup costs at the Pasadena facility [4][6] - Third quarter adjusted net income was $10.9 million, a 54% decrease from $23.7 million in the prior year, primarily due to a higher effective tax rate and increased depreciation [6][8] - Free cash flow was positive at $40 million for the quarter, driven by reduced working capital and disciplined capital spending [7][15] Business Line Data and Key Metrics Changes - Specialty Products adjusted EBITDA increased significantly by 113%, driven by favorable order timing in the pharmaceutical business [5][14] - Polymers net sales decreased by 4% to $143.9 million, with selling prices down 14% but volume increased by 8% [12][14] - Surfactants adjusted EBITDA decreased by 14% to $37.5 million, impacted by higher startup costs and raw material price inflation [11][12] Market Data and Key Metrics Changes - North America rigid polyol and commodity PA volumes grew by double digits, while European volumes were affected by macroeconomic uncertainties [6][12] - Surfactants experienced a 10% increase in net sales, but volume declined by 2% due to lower demand in global commodity consumer products [11][12] Company Strategy and Development Direction - The company remains focused on balancing volume and margins, with a commitment to not lose market share while managing costs [16][24] - The Pasadena facility is fully operational and expected to contribute fully by 2026, enhancing production capabilities [17][18] - The company is analyzing opportunities to optimize its global footprint and asset base, including the sale of its site in the Philippines [19][32] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recovering margins in the surfactants business, with a target to achieve margin recovery by 2026 [23][26] - The company anticipates continued growth in key strategic end markets, particularly in crop productivity and oil field businesses [16][18] - Despite current market uncertainties, management remains optimistic about achieving full-year adjusted EBITDA growth and positive free cash flow in 2025 [19] Other Important Information - The company declared a quarterly cash dividend of $0.395 per share, marking a 2.6% increase, continuing a 58-year trend of increasing dividends [7] Q&A Session Summary Question: Recovery of oil chemicals cost in surfactants - Management noted that coconut oil prices have increased significantly but are now coming down, with a goal to recover margins by 2026 [23] Question: Pricing challenges with lower raw material costs - Management emphasized the importance of balancing volumes and margins, stating they will remain competitive in the market [24] Question: Long-term margin goals for surfactants - Management believes that double-digit EBITDA margins are achievable as they grow in functional markets [26] Question: Pent-up demand in commercial roofing and insulation - Management confirmed there is pent-up demand for renovation in the construction sector, which could improve with lower interest rates [28] Question: Margin recovery in polymers - Management indicated that while margins are currently under pressure, they expect improvements as demand recovers [30] Question: Optimization of global footprint - Management committed to a balanced approach between productivity, asset rationalization, and top-line growth, with future announcements expected [32]

Financial Data and Key Metrics Changes - Total capital expenditures for the quarter were $190 million, with year-to-date investments reaching $491 million, aligning with the full-year guidance of $650 to $680 million [5][16] - Average realized price for natural gas was $3.59 per unit, a $0.20 premium over the NYMEX average of $3.39 [16][17] - Year-to-date share repurchases totaled $177 million, with dividends paid amounting to nearly $65 million, and net debt reduced by $175 million since year-end [17][19] Business Line Data and Key Metrics Changes - Production for the quarter was 2.2 Bcfe per day, with expectations to increase to approximately 2.3 Bcfe per day in Q4 and 2.6 Bcfe per day by 2027, representing a 20% increase from current levels [6][8] - The company completed just over 1,000 frac stages during the quarter, achieving completion efficiencies of nearly 10 frac stages per day [9][10] - Cash operating expenses were reported at $0.11 per Mcfe, consistent with previous guidance [9] Market Data and Key Metrics Changes - The U.S. exported record volumes of LNG in Q3, with new LNG projects reaching FID, contributing to a total of approximately 9 Bcf per day of incremental feed gas demand [10][11] - The demand for NGLs, particularly ethane and propane, is expected to see substantial increases in export capacity, with strong international demand anticipated [13][14] Company Strategy and Development Direction - The company plans to maintain a low reinvestment rate while generating significant free cash flow, allowing for capital returns to shareholders [8][15] - Range Resources aims to leverage its high-quality inventory and operational efficiencies to meet increasing demand in the Midwest, Gulf Coast, and global LNG markets [7][12] - The company is focused on expanding infrastructure from Appalachia to support long-term energy needs [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate significant free cash flow through cycles, supported by a strong balance sheet and operational efficiencies [19][20] - The management highlighted the importance of infrastructure utilization and operational efficiencies as key drivers for future performance [38][39] Other Important Information - The company is actively engaged in discussions for long-term supply agreements, focusing on both in-state and potential out-of-state opportunities [50][51] - The management noted that the current credit rating has not hindered discussions with customers regarding long-term agreements [75][81] Q&A Session Summary Question: Can you provide insights on the work in progress inventory and its expected status by the end of 2026? - Management indicated that the capital allocation for 2026 will focus more on completing the DUC inventory, with a linear utilization trend expected [26][29] Question: What are the expectations for operational efficiencies and capital expenditures in 2026? - Management expects to maintain low cash operating expenses and continue improving efficiencies through returning to pad sites and utilizing existing infrastructure [32][33] Question: What is the outlook for NGL demand and pricing? - Management expressed optimism regarding NGL demand growth, particularly for propane and ethane, driven by increasing export capacity and international demand [40][42] Question: What is the status of supply agreements and potential expansions outside Pennsylvania? - Management confirmed ongoing discussions with potential end users, focusing primarily on Pennsylvania but open to opportunities outside the state [50][53] Question: How does the company view curtailments and production modulation in response to pricing volatility? - Management stated that they have historically utilized curtailments when pricing warranted, but have focused on shaping production to align with market conditions [92][96]

Financial Data and Key Metrics Changes - Total capital expenditures for the quarter were $190 million, with year-to-date investments at $491 million, aligning with the full-year guidance of $650 million to $680 million [5][16] - Average realized price for natural gas was $3.59 per unit, a $0.20 premium over the NYMEX average of $3.39 [16][19] - Cash operating expenses for the third quarter were $0.11 per Mcfe, consistent with previous guidance [9][32] Business Line Data and Key Metrics Changes - Production for the quarter was 2.2 Bcfe per day, with expectations to increase to approximately 2.3 Bcfe equivalent per day in Q4 and 2.6 Bcfe equivalent per day by 2027 [6][7] - The company completed over 1,000 frac stages during the quarter, achieving nearly 10 frac stages per day across all operations [9][10] - The company operated two horizontal rigs, drilling approximately 262,000 lateral feet across 16 laterals [8] Market Data and Key Metrics Changes - The U.S. exported record volumes of LNG in Q3, with new projects contributing to a total of approximately 9 Bcf per day of incremental feed gas demand [10][11] - Demand for NGLs is expected to see substantial increases, with ethane and propane benefiting from strong international demand [13][14] - The company noted a strong seasonal natural gas price differential of -$0.49 per Mcf versus the NYMEX index [14] Company Strategy and Development Direction - The company plans to maintain a flat annual capital expenditure over the next two years while adding 400 million ft³ equivalent per day of growth [8] - The focus remains on operational efficiencies, including returning to pad sites and utilizing existing infrastructure [10][32] - The company aims to play a key role in supplying U.S. markets with affordable, reliable natural gas, leveraging its high-quality inventory and financial strength [12][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand for U.S. natural gas, driven by rising incomes and population growth [11][12] - The company anticipates a tightening gas marketing fundamental as additional LNG export capacity comes online [13] - Management highlighted the importance of infrastructure expansion in Appalachia to meet long-term energy needs [13][19] Other Important Information - Year-to-date, the company has repurchased $177 million in shares and paid nearly $65 million in dividends [17] - The company has reduced net debt by $175 million since year-end [17] - Management emphasized the resilience of free cash flow generation, enabling capital allocation options for growth and returns to shareholders [19] Q&A Session Summary Question: Can you provide insights on the work-in-progress inventory and expectations for 2026? - Management indicated that capital allocation in 2026 will focus more on completing the DUC inventory, with a linear utilization trend expected [26][29] Question: What are the expectations for operating expenses as inventory is drawn down? - Management expects cash operating expenses to remain low, with potential for slight improvements due to operational efficiencies [32][33] Question: What is the outlook for NGL demand and pricing? - Management expressed optimism for NGL demand growth, particularly for propane and ethane, supported by new export capacity and international demand [40][46] Question: What is the status of supply agreements and potential expansions? - Management noted ongoing discussions for supply agreements, primarily focused within Pennsylvania, with potential for expansion outside the state [50][53] Question: How does the company view curtailments and production modulation? - Management has utilized curtailments in the past when pricing warranted, but currently focuses on shaping production to align with market fundamentals [92][95]

Financial Data and Key Metrics Changes - Total capital expenditures for the quarter were $190 million, with year-to-date investments reaching $491 million, aligning with the revised full-year guidance of $650 to $680 million [3][12] - Average realized price for natural gas was $3.59 per unit, a $0.20 premium over the NYMEX average of $3.39 [12][13] - Cash operating expenses for the third quarter were $0.11 per Mcfe, consistent with previous guidance [6][23] Business Line Data and Key Metrics Changes - Production for the quarter was 2.2 Bcfe per day, with expectations to increase to approximately 2.3 Bcfe per day in Q4 and 2.6 Bcfe per day by 2027, representing a 20% increase from current levels [4][5] - The company completed over 1,000 frac stages during the third quarter, achieving completion efficiencies of nearly 10 frac stages per day [6][7] Market Data and Key Metrics Changes - The U.S. exported record volumes of LNG in Q3, with new LNG projects reaching FID, contributing to a total of approximately 9 Bcf per day of incremental feed gas demand [8][9] - Demand for NGLs is expected to see substantial increases, with strong international demand supporting improved pricing [10][11] Company Strategy and Development Direction - The company plans to maintain a flat annual capital expenditure while adding 400 million cubic feet equivalent per day of growth over the next two years, focusing on efficient capital returns to shareholders [5][12] - Range Resources aims to leverage its high-quality inventory and strong financial position to meet increasing demand in the Midwest, Gulf Coast, and global LNG markets [4][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to generate significant free cash flow and deliver value to shareholders, citing a strong operational performance and a favorable market environment for natural gas and NGLs [12][16] - The company anticipates a tightening of gas marketing fundamentals as additional LNG export capacity comes online in 2026 [10][16] Other Important Information - The company has repurchased $177 million in shares and paid nearly $65 million in dividends year-to-date, while reducing net debt by $175 million [13][14] - Management highlighted the importance of infrastructure expansion in Appalachia to support long-term energy needs [10][12] Q&A Session Summary Question: Can you provide insights on the work in progress inventory and its outlook for 2026? - Management indicated that capital allocation for 2026 will focus more on completing the DUC inventory, with expectations for a linear utilization trend over the year [18][20] Question: What are the opportunities for upside in 2026 and 2027? - Management noted potential efficiencies in operations and infrastructure utilization as key areas for upside performance [25][26] Question: How do you view the NGL market for 2026? - Management expressed optimism regarding demand growth for NGLs, with significant export capacity expansions expected [27][30] Question: What is the status of supply agreements and potential expansions? - Management confirmed ongoing discussions with potential end users, focusing on long-term reliable supply agreements [34][35] Question: What is needed for the credit agencies to upgrade the company to investment grade? - Management stated that the company is checking all boxes for an upgrade, with growth plans and asset quality supporting this potential [59][60]

Financial Data and Key Metrics Changes - The company reported third quarter revenue of $463 million, an increase from the prior year due to higher gold and copper prices and sales volumes [13] - Cash generated from operations before working capital adjustments was $296 million, or $0.37 per share, higher than the prior year period [13] - The company achieved record quarterly free cash flow of $205 million, driven by higher revenue [13] - Net earnings for the quarter were approximately $142 million, or $0.18 per share, primarily due to increased revenues [13][14] - All-in sustaining costs reduced from the second quarter by $425 to $966 per ounce, with an average realized gold price of $3,458 per ounce [5][14] Business Line Data and Key Metrics Changes - New Afton produced approximately 115,200 ounces of gold and 12 million lbs of copper in the quarter, with B3 cave overperforming [5][7] - Rainy River achieved record quarterly production of over 100,000 ounces of gold, a 63% increase over the second quarter, with all-in sustaining costs of $1,043 per ounce [4][10] - New Afton achieved an all-in sustaining cost of negative $595 per ounce after considering copper credits [7] Market Data and Key Metrics Changes - The average realized gold price was $3,458 per ounce, contributing to the increase in revenue [5][13] - The company expects all-in sustaining costs to reduce further through the fourth quarter [5] Company Strategy and Development Direction - The company is focused on increasing production and reducing costs, with a target of ramping up C-Zone to full processing capacity of approximately 16,000 tons per day by early 2026 [6][10] - Exploration initiatives are being advanced, with a significant increase in the exploration budget to $22 million for approximately 63,000 meters of drilling [15][18] - The company aims to generate approximately $1.8 billion of free cash flow over the next three years, with expectations of being at the high end of this projection for 2025 [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued significant growth in gold and copper production over the next two years, with expectations of decreasing unit costs per ounce of gold [19][20] - The company is committed to maintaining a strong balance sheet while investing in exploration and organic opportunities [29] - Management highlighted the importance of safety, with a low total recordable injury frequency rate of 0.61, down from 0.82 in the previous quarter [4][20] Other Important Information - The company repaid a total of $260 million in debt during the quarter, including the full repayment of a $150 million credit facility drawn earlier [6][14] - Significant safety milestones were achieved, with New Afton surpassing 1 million hours and Rainy River surpassing 1.5 million hours worked without a lost time injury [4] Q&A Session Summary Question: Can you provide a breakout of tonnage from the C-Zone and B-Zone? - The B-Zone contributed 4,300 tons per day, while the C-Zone contributed the remainder [24] Question: What are your plans for capital allocation with the free cash flow? - The company takes a disciplined approach to capital allocation, focusing on maintaining a strong balance sheet, investing in exploration, and evaluating capital returns to shareholders [29] Question: What is the expected grade for K-Zone? - The company is still in the drilling phase and will need to update models to determine the total size and grade of K-Zone [33] Question: Can you provide an update on tailings management at Rainy River? - The company is assessing the full potential of K-Zone and is not currently seeing a need for significant investment in the tailings management area [39] Question: What should we expect for Rainy River's performance in Q4? - The company expects continued positive performance in Rainy River, with no significant changes in trajectory [45] Question: How will the drilling results impact the resource update for K-Zone? - The company plans to include all drilling results in the resource update scheduled for January [49]

Core Insights - Boeing's stock is down approximately 1.25% following the announcement of a nearly $5 billion charge related to the 777X program, which has faced delays in aircraft delivery [1][4] - The company reported positive free cash flow for the first time on a quarterly basis in 2023, with a revenue increase of 30% [2] - Boeing's backlog in commercial airplanes has risen to nearly $100 billion compared to December 2024, indicating strong demand [2] - The company achieved record deliveries of 160 airplanes in the quarter, the highest since 2018, reflecting positive operational momentum [3] Financial Performance - Boeing's earnings report highlighted a significant $5 billion charge for the 777X program, which was higher than the anticipated $4 billion, raising concerns about its long-term cash generation capabilities [4] - Despite the non-cash nature of the charge, it may have multi-year implications for cash flow, contributing to negative market sentiment [4] - The FAA certification process has been slower than expected, which has compounded the delays in the 777X program [4][5] Market Position and Outlook - The 777X program was initially expected to enter service in 2020, but delays have shifted focus away from it, especially as the company worked on resolving issues with the 737 Max and 787 [5][6] - Boeing's stock has performed well this year, up 44%, but the current challenges with the 777X program have led to a neutral rating from analysts, indicating a balanced risk-reward scenario [6] - Analysts suggest focusing on suppliers to Boeing, such as Helmet (HWM) and RTX, which may benefit from increased production rates of the 737 Max and 787 without being affected by the 777X issues [7]

Financial Performance and Outlook - The company expects to grow production by approximately 20% through 2027 with a reinvestment rate of less than 50%[12] - Cumulative free cash flow is projected to be greater than $2 billion from 2025-2027[28] - The company anticipates annual capital expenditures between $650 million and $700 million from 2025-2027[28] - The company's free cash flow breakeven is approximately $200 per Mcfe[28] Asset Base and Inventory - The company possesses over 30 years of high-quality Marcellus inventory[7, 14] - The company has approximately 440,000 net acres in Southwest Pennsylvania[15] - The company has approximately 70,000 net acres in Northeast Pennsylvania[15] - The company has 28 million lateral feet of undrilled Marcellus at YE 2024[16] Market Access and Strategy - Approximately 30% of the company's natural gas is directed to the Midwest market[18] - Approximately 25% of the company's natural gas is directed to the Gulf Coast market[18] - Approximately 25% of the company's natural gas is directed to LNG and premium Gulf markets[18]

Third Quarter 2025 Earnings Presentation The Chefs' Warehouse, Inc. 1 Safe Harbor Statement Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this presentation regarding the business of The Chefs' Warehouse, Inc. (the "Company") that are not historical facts are "forward-looking statements" that involve risks and uncertainties and are based on current expectations and management estimates; actual results may differ materially. The risks and uncertainties which c ...