Financial Data and Key Metrics Changes - The company reported a record quarterly revenue of $114 million, representing a year-over-year growth of 35% [5][22] - Adjusted EBITDA for the quarter was $35 million, or 31% of net sales, compared to $18 million, or 22% of net sales in the prior year [27] - The adjusted gross profit margin was 88%, an increase of approximately 540 basis points compared to the same quarter last year [23] Business Line Data and Key Metrics Changes - Wound sales reached $77 million, reflecting a 40% increase year-over-year, while surgical sales were $37 million, up 26% [22] - The surgical business grew by 26% in Q3, driven by strong performance from AMNIOFIX and AMNIOEFFECT [22][23] Market Data and Key Metrics Changes - The company has over half of the target patients enrolled in the EPIEFFECT randomized controlled trial, with favorable interim analysis results [6][8] - The company expects to end the year with a net cash balance of more than $150 million, having ended Q3 with $124 million in net cash [6][27] Company Strategy and Development Direction - The top strategic priority is to innovate and diversify the product portfolio, with recent launches including EPIEFFECT, HELIOGEN, CELERA, and EMERGE [8][9] - The company is focused on enhancing customer intimacy through improved interactions and the MiMedx Connect portal, which saw nearly 60% sequential sales growth for orders managed within it [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position post-Medicare reimbursement reform, anticipating that product performance will drive selection rather than profit potential [16][19] - The company raised its full-year 2025 revenue growth guidance from low teens to mid to high teens, expecting adjusted EBITDA margin to be at least in the mid-20% range [18][19] Other Important Information - The company generated $29 million in free cash flow during the quarter, a record for the company [27] - Management highlighted the importance of upcoming Medicare reimbursement reforms and expressed optimism about the potential for market share growth as competitors may exit the market [16][19] Q&A Session Summary Question: Guidance for the rest of the year regarding contributions from wound versus surgical - Management expects strong uptake in the surgical suite and continued healthy growth in the wound business, although Q4 comparisons may be tougher due to prior sales turnover [31][32] Question: Preparations for post-January 1 reforms - Management is advocating for a level playing field and believes that the proposed reforms will benefit the company, allowing it to outperform the market [35][36] Question: Cash generation and expectations for year-end cash balance - The company clarified that the $150 million guidance refers to net cash, with gross cash expected to be in the high $160 million range [37] Question: Volume growth in the wound business - Management refrained from providing specific volume growth figures, citing various factors affecting volume per square centimeter [40][41] Question: Feedback on suggestions made to CMS - Management indicated that they have not received public feedback on their suggestions but are working through third-party advisors to communicate with CMS [42][43] Question: Local Coverage Determinations and clinical data submission - Management expressed confidence in the strength of the evidence for EPIEFFECT and stated that all necessary steps for reimbursement submission have been completed [45][46]