Welcome to our dedicated page for MiMedx Group news (Ticker: MDXG), a resource for investors and traders seeking the latest updates and insights on MiMedx Group stock.
MiMedx Group, Inc. (NASDAQ: MDXG) is a pioneer in the field of advanced wound care and therapeutic biologics. The company specializes in developing and distributing human placental tissue allografts utilizing patent-protected processes. With a cornerstone methodology known as the PURION® Process, MiMedx ensures the production of high-quality allografts via aseptic processing techniques and terminal sterilization.
Having supplied over two million allografts through direct and consignment shipments, MiMedx is a trusted name in the healthcare sector. The company’s product range includes EpiFix for external use and AmnioFix for internal applications, alongside other innovative products such as AmnioCord, AmnioFill, EpiBurn, and EpiCord. Additionally, MiMedx markets allografts for ophthalmic surgery and dental applications through third-party licenses.
MiMedx is dedicated to transforming wound care in sectors like burn treatment, surgical procedures, sports medicine, and orthopedics. By combining its extensive portfolio with strategic initiatives, such as its recent exclusive partnership with Regenity for a 510(k) cleared, bovine-derived collagen matrix, the company aims to enhance its competitive edge and expand its market reach.
Financially, MiMedx has shown impressive growth. For 2023, the company reported net sales of $321 million, reflecting a 20% increase from the previous year. Strategically, new credit facilities have been secured to bolster financial flexibility. The company expects low double-digit net sales growth for 2024 and an adjusted EBITDA margin exceeding 20%.
Despite facing regulatory challenges, such as the FDA’s stance on the AXIOFILL product, MiMedx continues to thrive. The company is actively engaging with the FDA while maintaining the product in the market. This resilience underscores MiMedx’s commitment to compliance and innovation in providing safe and effective products.
The company’s vision is to be the leading global provider of healing solutions through relentless innovation, aiming to restore quality of life for patients. For more information, visit www.mimedx.com.
MIMEDX Group (NASDAQ: MDXG) announces significant changes to Local Coverage Determinations (LCDs) for skin substitute grafts, effective February 12, 2025. The revised LCDs include key modifications: patient treatment applications increased from 4 to 8, and treatment duration extended from 12 to 16 weeks. Over 200 unproven skin substitutes will no longer be covered, while MIMEDX's EPIFIX® and EPICORD® remain on the covered products list. The company highlights that Medicare spending on skin substitutes has reached over $1 billion per month, representing a 20-fold increase over five years, which these changes aim to address.
MIMEDX Group (NASDAQ: MDXG) has announced its senior management's participation in two upcoming investor conferences in New York. The company will attend the Stifel Healthcare Conference 2024 on Monday, November 18, with a webcast scheduled for 9:45 AM ET, and the 15th Annual Craig-Hallum Alpha Select Conference on Tuesday, November 19. Investors interested in meeting with MIMEDX management at these events should contact their Stifel or Craig-Hallum representatives.
MIMEDX (MDXG) reported Q3 2024 net sales of $84 million, up 3% year-over-year, with GAAP net income of $8 million and earnings per share of $0.05. The company achieved an Adjusted EBITDA of $18 million, representing a 22% margin. Growth was driven by AMNIOEFFECT® and EPIEFFECT® products, along with the newly launched HELIOGEN® product. Gross margin remained stable at 81.8%. The company raised its 2024 net sales growth expectations to high single-digits and maintains its Adjusted EBITDA margin target above 20%.
MIMEDX Group, Inc. (Nasdaq: MDXG) has announced its plans to report operating and financial results for the third quarter ended September 30, 2024. The company will release these results after the market close on Wednesday, October 30, 2024. Following this, the MIMEDX senior management team will host a webcast and conference call to review the results, beginning at 4:30 p.m. Eastern Time on the same day.
Investors can access the conference call through various means, including a webcast link, U.S. and international investor phone numbers, and a conference ID. Additionally, a replay of the webcast will be available for approximately 30 days on the company's website following the event.
MIMEDX Group, Inc. (Nasdaq: MDXG) highlighted a New York Times article on placental allografts for treating hard-to-heal, acute, and chronic wounds. The article, titled 'Her Face Was Unrecognizable After an Explosion. A Placenta Restored It,' emphasizes the benefits of placental allografts in various wound care and surgical procedures. It also raises awareness about the opportunity for mothers to donate placentas after healthy C-section deliveries, which MIMEDX uses to produce most of its products.
The article features two patients from MIMEDX's 'Patient Story' series, showcasing their remarkable recoveries using the company's products. MIMEDX CEO Joseph H. Capper believes this article, along with a recent Nature – Scientific Reports publication, will increase awareness about the unique properties and growing clinical use of placental-derived products for treating chronic and hard-to-heal wounds.
MIMEDX Group, Inc. (Nasdaq: MDXG) announced its participation in the Symposium on Advanced Wound Care (SAWC) Fall meeting from October 2-5 in Las Vegas. The company will showcase its allograft portfolio and latest scientific and clinical evidence. Key events include:
1. A sponsored lunch symposium on the evolving wound care landscape.
2. A hands-on skills lab focusing on managing lower extremity wounds.
3. Seven accepted poster presentations covering clinical and scientific research.
MIMEDX will also have representatives at booth 511 to discuss product news and clinical information. Dr. John R. Harper, MIMEDX Chief Scientific Officer, emphasized the company's leadership in expanding understanding of placental tissue's characteristics and potential clinical benefits, particularly in inflammation and epithelialization.
Ten former employees of MiMedx Group (NASDAQ: MDXG) have filed counterclaims against the company in response to a non-compete lawsuit. The counterclaims allege that MiMedx engaged in schemes to defraud Medicare and pressured healthcare providers to use medically unnecessary products on vulnerable patients. The former employees claim they were forced to leave due to MiMedx's alleged wrongdoing, including attempts to sell products without proper FDA approval.
The counterclaims reference a December 20, 2023 FDA warning letter to MiMedx's CEO regarding the AXIOFILL product. Employees allege that MiMedx's lack of transparency about this issue led them to seek employment elsewhere. The legal action, filed by attorneys at Mintz and Fellows Labriola, portrays MiMedx's original lawsuit as an intimidation tactic against whistleblowers.
MiMedx Group (NASDAQ: MDXG) faces counterclaims from a third former employee, Jake Heikkinen, alleging the company engaged in schemes to defraud Medicare and pressure healthcare providers to use unnecessary products. Heikkinen's filing, along with two other recent complaints, accuses MiMedx of predatory sales practices and lack of transparency regarding FDA warnings about its AXIOFILL product. The counterclaims describe MiMedx's lawsuit against 10 former employees as a 'blatant intimidation tactic' and allege that the company compelled employees to sell products without proper FDA approval. These accusations follow a warning letter from the FDA to MiMedx's CEO on December 20, 2023, regarding AXIOFILL.
MIMEDX Group (Nasdaq: MDXG) has announced its participation in three upcoming investor conferences in September 2024. The company's senior management will attend the Morgan Stanley 22nd Annual Global Healthcare Conference on September 6 in New York, the Lake Street 8th Annual Big8 Best Ideas Growth Conference on September 12 in Minneapolis, and the 2024 Cantor Global Healthcare Conference on September 18 in New York.
For the Cantor conference, a webcast will be available at 8:00 AM ET. Investors interested in meeting with MIMEDX's senior management at these events are advised to contact their respective Morgan Stanley, Lake Street, or Cantor representatives.
A former MiMedx Group, Inc. (NASDAQ: MDXG) employee, Caralyn Gargan, has filed counterclaims against the company, alleging 'predatory sales practices' and 'incentivized fraud, including Medicare fraud'. This action comes in response to MiMedx's lawsuit against Gargan and nine other former employees for allegedly breaching contractual obligations. Gargan's counterclaims describe MiMedx's suit as a 'blatant intimidation tactic'.
The filing references an FDA warning letter issued to MiMedx's CEO on December 20, 2023, regarding the AXIOFILL product. Gargan claims she left MiMedx after being pressured to sell AxioFill without FDA approval. This counterclaim follows a similar action by another former employee, Lora Whooley, filed earlier this month.
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