Core Insights - MiMedx Group, Inc. reported its highest quarterly net sales in history, reaching $99 million, a 13% increase year-over-year [1][3] - The company achieved a GAAP net income of $10 million and diluted earnings per share of $0.06 for the second quarter of 2025 [1][8] - Adjusted EBITDA for the quarter was $24 million, representing 25% of net sales [1][19] - The company raised its net sales growth expectations for 2025 to low double-digits [1][10] Financial Performance - Net sales for Q2 2025 were $99 million, up from $87 million in Q2 2024, driven by a 12% increase in wound product sales and a 15% increase in surgical product sales [3][4] - Gross profit for the quarter was $80 million, with a gross margin of 81%, down from 83% in the prior year due to production variances and product mix [4] - SG&A expenses rose to $64 million from $55 million year-over-year, primarily due to increased commissions and legal expenses [5] - R&D expenses remained stable at $3 million, focusing on ongoing product development [6] Income and Cash Position - Net income for Q2 2025 was $10 million, a decrease from $18 million in Q2 2024, which had benefited from a one-time settlement [8] - As of June 30, 2025, the company had cash and cash equivalents of $119 million, up from $104 million at the end of 2024 [9] Outlook and Strategic Initiatives - MiMedx expects net sales growth in the low double-digits for 2025, with an Adjusted EBITDA margin above 20% [10] - The company supports recent CMS proposals to reform reimbursement for skin substitutes, aiming for improved cost savings and patient care [2]

Core Insights - MiMedx Group, Inc. reported net sales of $88 million for the first quarter of 2025, reflecting a 4% year-over-year growth, primarily driven by a 16% increase in Surgical products [1][3][30] - The company reaffirmed its expectations for net sales growth in 2025 to be at least in the high single digits as a percentage compared to 2024, with an Adjusted EBITDA margin expected to be above 20% for the full year [8][22] Financial Performance - First quarter GAAP net income was $7 million, or $0.05 per share, compared to $9 million, or $0.06 per share, in the same period last year [1][6][28] - Adjusted EBITDA for the first quarter was $17 million, representing 20% of net sales, down from 22% in the prior year [1][22] - Gross profit was $72 million, with a gross margin of 81%, down from 85% year-over-year, attributed to product variances and mix [4][30] Operating Expenses - Selling, general and administrative (SG&A) expenses increased to $60 million from $55 million year-over-year, driven by higher commissions, salary increases, and legal costs [5][30] - Research and development (R&D) expenses remained flat at $3 million, focusing on ongoing product development and clinical trials [6][30] Cash Position - As of March 31, 2025, the company had $106 million in cash and cash equivalents, a slight increase from $104 million at the end of 2024 [7][30] - The net cash position, after accounting for debt, was $88 million, reflecting a sequential increase of $2 million [7] Product Performance - Surgical products experienced double-digit growth, while Wound products saw a 2% decline compared to the previous year [2][3] - The company introduced CELERA™ to its portfolio as a strategic response to market challenges [2] Future Outlook - MiMedx aims for long-term annual net sales growth in the low double digits, with a continued focus on expanding the use cases for its proprietary technology [8][2] - The company plans to introduce additional products throughout the year, both organically and through acquisitions [2]