MIMEDX Announces Fourth Quarter and Full Year 2023 Operating and Financial Results
- 17% year-over-year growth in net sales for the fourth quarter and 20% for the full year 2023.
- GAAP net income of $53 million for the fourth quarter and $58 million for the full year.
- Adjusted EBITDA of $21 million for the fourth quarter, representing 24% of net sales.
- Launch of EPIEFFECT® and conversion of outstanding Series B convertible preferred stock to common stock.
- Expectations of low double-digit net sales growth in 2024 with an Adjusted EBITDA margin above 20%.
- None.
Insights
MiMedx Group, Inc.'s reported increase in net sales of 17% for the fourth quarter and 20% for the full year 2023 signals a robust top-line growth, indicative of the company's ability to expand its revenue streams efficiently. The reported GAAP Net Income margins of 62% for the fourth quarter and 18% for the full year are significantly higher than industry averages, which typically hover around 10-20% for healthy companies. This suggests that MiMedx has been effective in controlling costs or has benefited from one-time gains, as evidenced by the $40 million one-time non-cash tax benefit.
Furthermore, the Adjusted EBITDA margin of 24% for the fourth quarter exceeds the standard benchmark for a well-performing company, which is often around 10-15%. This indicates strong operational efficiency and a potentially scalable business model. The company's focus on Advanced Wound Care products, with the launch of EPIEFFECT®, could be a strategic move to capture more market share in this niche segment. The conversion of preferred stock to common stock and the repayment of the revolving credit facility with cash on hand demonstrate a strengthening balance sheet and liquidity position, which is critical for future investments and growth.
Investors may view these results as a positive sign of the company's financial health and growth prospects, potentially influencing the stock's performance in the market. The financial goals set by the company, aiming for low double-digit net sales growth and an Adjusted EBITDA margin above 20% for 2024, suggest continued confidence in the company's strategic direction and operational capabilities.
The Advanced Wound Care market is growing due to an aging population and increased prevalence of chronic wounds, which positions MiMedx favorably with their product portfolio expansion like EPIEFFECT®. The company's strategic move to diversify its product offerings and focus on both Wound & Surgical end markets could cater to a broader customer base and drive revenue growth. The reference to solid contributions across various sites of service indicates successful market penetration and customer adoption.
With the company's expectation of continued growth in the private office setting, driven by the launch of EPIEFFECT® and changes in Medicare reimbursement, there is an implication of strategic alignment with healthcare policy shifts and customer purchasing behaviors. This adaptability is crucial for maintaining competitive advantage in the dynamic healthcare sector. The emphasis on evidence-based growth for Surgical products suggests a commitment to clinical validation, which can enhance market credibility and drive adoption among healthcare professionals.
The company's operational focus and anticipated sales growth, despite challenging year-over-year comparisons, reflect a positive outlook for stakeholders. The mention of an improved cash flow generation and balance sheet enhancements indicates a potential for reinvestment into the business, accelerating growth plans and capitalizing on emerging opportunities in the market.
The launch of EPIEFFECT®, as part of MiMedx's Advanced Wound Care product line, is an indicator of the company's dedication to innovation and addressing unmet medical needs in wound care. Advanced Wound Care products are essential for the treatment of complex wounds, which can lead to improved patient outcomes and potentially lower healthcare costs through reduced healing times. The company's ongoing development and launches of products like AMNIOEFFECT and AXIOFILL suggest a robust pipeline catering to both Wound & Surgical applications.
Investments in research and development, as indicated by the consistent R&D expenses, are essential for staying at the forefront of medical advancements. The emphasis on developing a body of evidence for the utilization of Surgical products aligns with the industry's move towards evidence-based medicine, which can be a significant driver for adoption in clinical settings.
As the company continues to navigate the regulatory landscape, with reference to the discontinued operations of the Regenerative Medicine business unit, it showcases a strategic repositioning to focus on core areas of growth. This realignment could result in more efficient resource allocation and a more streamlined product portfolio, which can be beneficial for long-term sustainability and profitability.
Net Sales Grew
Fourth Quarter Net Income was
Fourth Quarter Adjusted EBITDA of
Management to Host Conference Call Today, February 28, 2024, at 4:30 PM ET
MARIETTA, Ga., Feb. 28, 2024 (GLOBE NEWSWIRE) -- MiMedx Group, Inc. (Nasdaq: MDXG) (“MIMEDX” or the “Company”), today announced operating and financial results for the fourth quarter and full year 2023.
Recent Operating and Financial Highlights:
- Fourth quarter and full year 2023 net sales of
$87 million and$321 million , reflecting17% and20% year-over-year growth, respectively. - GAAP Net Income for the fourth quarter and full year 2023 of
$53 million and$58 million , respectively. GAAP Net income margin for the fourth quarter and full year 2023 were also62% and18% , respectively. - Adjusted EBITDA1 and Adjusted EBITDA Margin for the fourth quarter 2023 of
$21 million and24% , respectively. - Launched EPIEFFECT®, the latest addition to the Company’s broad portfolio of Advanced Wound Care products.
- Announced conversion of outstanding Series B convertible preferred stock to common stock.
- Announced new senior secured credit facilities and debt refinancing in January 2024 and repaid
$30 million revolving credit facility portion with cash on hand earlier this week.
Joseph H. Capper, MIMEDX Chief Executive Officer, commented, "We are once again pleased to report on another impressive quarter of top-line growth, profitability and cash flow generation as we closed out a transformative 2023, driven by the improved alignment and focus of the Company. Moreover, the
Mr. Capper continued, "Given the commercial strength of the organization, we expect 2024 to be another noteworthy year with low double-digit net sales percentage growth and Adjusted EBITDA margin above
_________________________
1 Adjusted EBITDA and related margins, Adjusted Net Income and Adjusted EPS are non-GAAP financial measures. See “Reconciliation of Non-GAAP Measures” for a reconciliation of Adjusted EBITDA and Adjusted Net Income to Net income (loss) and Adjusted EPS to Diluted earnings per share, located in “Selected Unaudited Financial Information” of this release.
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Net Income (loss) | $ | 53,476 | $ | (415 | ) | $ | 58,228 | $ | (30,197 | ) | |||||
| Non-GAAP Adjustments: | |||||||||||||||
| Depreciation expense | 611 | 796 | 2,665 | 3,345 | |||||||||||
| Amortization of intangible assets | 192 | 182 | 762 | 701 | |||||||||||
| Interest expense, net | 1,593 | 1,450 | 6,457 | 5,016 | |||||||||||
| Income tax provision (benefit) expense | (40,349 | ) | 28 | (39,780 | ) | 206 | |||||||||
| Investigation, restatement and related expenses | 524 | 3,406 | 5,176 | 12,177 | |||||||||||
| Share-based compensation | 4,385 | 1,868 | 17,178 | 12,666 | |||||||||||
| Expenses related to disbanding of Regenerative Medicine business unit | 785 | — | 6,384 | — | |||||||||||
| Reorganization expenses | — | — | 1,412 | 3,105 | |||||||||||
| Adjusted EBITDA | $ | 21,217 | $ | 7,315 | $ | 58,482 | $ | 7,019 | |||||||
| Adjusted EBITDA margin | 24.4 | % | 9.8 | % | 18.2 | % | 2.6 | % | |||||||
Fourth Quarter and Full Year 2023 Results Discussion2
Net Sales
MIMEDX reported net sales for the three months ended December 31, 2023, of
For the full year 2023, MIMEDX reported net sales of
_________________________
2 The following discussion of the Company's fourth quarter and full year 2023 results are made on a "continuing operations basis" and exclude the historical costs of the Regenerative Medicine business unit, which was disbanded beginning in June 2023. For a full discussion of the impact of these discontinued operations, please refer to our Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2023.
Gross Profit and Margin
Gross profit for the three months ended December 31, 2023, was
For the full year 2023, gross profit was
Operating Expenses
Selling, general and administrative ("SG&A") expenses for the three months ended December 31, 2023, were
For the full year 2023, SG&A expenses totaled
Research and development expenses were
Investigation, restatement and related expense for the three months ended December 31, 2023 was
Net income from continuing operations for the three months and full year ended December 31, 2023, were
Cash and Cash Equivalents
As of December 31, 2023, the Company had
Financial Goals
The Company's goal is to deliver net sales percentage growth in the low double-digits annually.
In 2024, the Company expects to see continued growth in both the Wound and Surgical end markets, despite more difficult prior year growth comparisons. In particular, the Company continues to anticipate solid growth in the private office setting driven by the recent launch of EPIEFFECT and ongoing changes in purchasing behaviors related to Medicare reimbursement. Additionally, the Company expects to continue to drive growth across a variety of Surgical use cases as the body of evidence for utilization of its Surgical products, such as AMNIOEFFECT, continues to grow.
For the full year 2024, the Company expects its Adjusted EBITDA as a percent of net sales to be above
Conference Call and Webcast
MIMEDX will host a conference call and webcast to review its fourth quarter and full year 2023 results on Wednesday, February 28, 2024, beginning at 4:30 p.m., Eastern Time. The call can be accessed using the following information:
Webcast: Click here
U.S. Investors: 877-407-6184
International Investors: 201-389-0877
Conference ID: 13743067
A replay of the webcast will be available for approximately 30 days on the Company’s website at www.mimedx.com following the conclusion of the event.
Important Cautionary Statement
This press release includes forward-looking statements. Statements regarding: (i) future sales or sales growth; (ii) our 2024 financial goals and expectations for future financial results, including levels of net sales, Adjusted EBITDA, and Adjusted EBITDA margin; (iii) our cash flows; (iv)our expectations regarding the use of our products, including EPIEFFECT and AMNIOEFFECT; and (v) continued growth in different care settings. Additional forward-looking statements may be identified by words such as "believe," "expect," "may," "plan," “goal,” “outlook,” "potential," "will," "preliminary," and similar expressions, and are based on management's current beliefs and expectations.
Forward-looking statements are subject to risks and uncertainties, and the Company cautions investors against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ from expectations include: (i) future sales are uncertain and are affected by competition, access to customers, patient access to healthcare providers, the reimbursement environment and many other factors; (ii) the Company may change its plans due to unforeseen circumstances; (iii) the results of scientific research are uncertain and may have little or no value; (iv) our ability to sell our products in other countries depends on a number of factors including adequate levels of reimbursement, market acceptance of novel therapies, and our ability to build and manage a direct sales force or third party distribution relationship; (v) the effectiveness of amniotic tissue as a therapy for particular indications or conditions is the subject of further scientific and clinical studies; and (vi) we may alter the timing and amount of planned expenditures for research and development based on regulatory developments. The Company describes additional risks and uncertainties in the Risk Factors section of its most recent annual report and quarterly reports filed with the Securities and Exchange Commission. Any forward-looking statements speak only as of the date of this press release and the Company assumes no obligation to update any forward-looking statement.
About MIMEDX
MIMEDX is a pioneer and leader focused on helping humans heal. With more than a decade of helping clinicians manage chronic and other hard-to-heal wounds, MIMEDX is dedicated to providing a leading portfolio of products for applications in the wound care, burn, and surgical sectors of healthcare. The Company’s vision is to be the leading global provider of healing solutions through relentless innovation to restore quality of life. For additional information, please visit www.mimedx.com.
Contact:
Matt Notarianni
Investor Relations
470.304.7291
mnotarianni@mimedx.com
Selected Unaudited Financial Information
| MiMedx Group, Inc. | ||||||
| Condensed Consolidated Balance Sheets | ||||||
| (in thousands) Unaudited | ||||||
| December 31, 2023 | December 31, 2022 | |||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 82,000 | $ | 65,950 | ||
| Accounts receivable, net | 53,871 | 43,084 | ||||
| Inventory | 21,021 | 13,183 | ||||
| Prepaid expenses | 5,624 | 7,315 | ||||
| Current assets of discontinued operations | — | 1,331 | ||||
| Other current assets | 1,745 | 3,335 | ||||
| Total current assets | 164,261 | 134,198 | ||||
| Property and equipment, net | 6,974 | 7,856 | ||||
| Right of use asset | 2,132 | 3,400 | ||||
| Goodwill | 19,441 | 19,441 | ||||
| Intangible assets, net | 5,257 | 5,852 | ||||
| Deferred tax asset | 40,777 | — | ||||
| Other assets | 205 | 148 | ||||
| Noncurrent assets of discontinued operations | — | 535 | ||||
| Total assets | $ | 239,047 | $ | 171,430 | ||
| LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 9,048 | $ | 8,454 | ||
| Accrued compensation | 22,353 | 20,856 | ||||
| Accrued expenses | 9,361 | 10,934 | ||||
| Current liabilities of discontinued operations | 1,352 | 1,479 | ||||
| Other current liabilities | 3,894 | 1,834 | ||||
| Total current liabilities | 46,008 | 43,557 | ||||
| Long term debt, net | 48,099 | 48,594 | ||||
| Other liabilities | 2,223 | 4,773 | ||||
| Total liabilities | 96,330 | 96,924 | ||||
| Convertible preferred stock | — | 92,494 | ||||
| Total stockholders' equity (deficit) | 142,717 | (17,988 | ) | |||
| Total liabilities, convertible preferred stock, and stockholders’ equity (deficit) | $ | 239,047 | $ | 171,430 | ||
| MiMedx Group, Inc. | |||||||||||||||
| Condensed Consolidated Statements of Operations | |||||||||||||||
| (in thousands, except share and per share amounts) Unaudited | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Net sales | $ | 86,832 | $ | 74,375 | $ | 321,477 | $ | 267,841 | |||||||
| Cost of sales | 13,841 | 14,369 | 54,634 | 48,316 | |||||||||||
| Gross profit | 72,991 | 60,006 | 266,843 | 219,525 | |||||||||||
| Operating expenses: | |||||||||||||||
| Selling, general and administrative | 54,352 | 49,922 | 211,124 | 208,673 | |||||||||||
| Research and development | 2,434 | 2,955 | 12,665 | 12,701 | |||||||||||
| Investigation, restatement and related | 524 | 3,406 | 5,176 | 12,177 | |||||||||||
| Amortization of intangible assets | 192 | 182 | 762 | 701 | |||||||||||
| Operating income (loss) | 15,489 | 3,541 | 37,116 | (14,727 | ) | ||||||||||
| Other expense, net | |||||||||||||||
| Interest expense, net | (1,593 | ) | (1,450 | ) | (6,457 | ) | (5,016 | ) | |||||||
| Other income (expense), net | 16 | (3 | ) | (26 | ) | (4 | ) | ||||||||
| Income (loss) from continuing operations before income tax provision | 13,912 | 2,088 | 30,633 | (19,747 | ) | ||||||||||
| Income tax provision benefit (expense) | 37,375 | (28 | ) | 36,806 | (206 | ) | |||||||||
| Net income (loss) from continuing operations | $ | 51,287 | $ | 2,060 | $ | 67,439 | $ | (19,953 | ) | ||||||
| Income (loss) from discontinued operations, net of tax | 2,189 | (2,475 | ) | (9,211 | ) | (10,244 | ) | ||||||||
| Net income (loss) | $ | 53,476 | $ | (415 | ) | $ | 58,228 | $ | (30,197 | ) | |||||
| Net income (loss) from continuing operations available to common shareholders | $ | 44,829 | $ | 390 | $ | 55,796 | $ | (26,533 | ) | ||||||
| Basic net income (loss) per common share: | |||||||||||||||
| Continuing operations | $ | 0.38 | $ | 0.00 | $ | 0.48 | $ | (0.24 | ) | ||||||
| Discontinued operations | $ | 0.02 | $ | (0.02 | ) | $ | (0.08 | ) | $ | (0.09 | ) | ||||
| Basic net income (loss) per common share: | $ | 0.40 | $ | (0.02 | ) | $ | 0.40 | $ | (0.33 | ) | |||||
| Diluted net income (loss) per common share: | |||||||||||||||
| Continuing operations | $ | 0.31 | $ | 0.00 | $ | 0.43 | $ | (0.24 | ) | ||||||
| Discontinued operations | $ | 0.01 | $ | (0.02 | ) | $ | (0.06 | ) | $ | (0.09 | ) | ||||
| Diluted net income (loss) per common share: | $ | 0.32 | $ | (0.02 | ) | $ | 0.37 | $ | (0.33 | ) | |||||
| Weighted average common shares outstanding - basic | 119,367,482 | 113,676,496 | 116,495,810 | 112,909,266 | |||||||||||
| Weighted average common shares outstanding - diluted | 148,076,079 | 114,233,567 | 145,962,462 | 112,909,266 | |||||||||||
| MiMedx Group, Inc. | |||||||||||||||
| Condensed Consolidated Statements of Cash Flows | |||||||||||||||
| (in thousands) Unaudited | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Net cash flows provided by (used in) operating activities | 10,257 | (5,624 | ) | 26,775 | (17,893 | ) | |||||||||
| Net cash flows used in investing activities | (481 | ) | (1,709 | ) | (2,155 | ) | (2,660 | ) | |||||||
| Net cash flows used in financing activities | (8,940 | ) | 66 | (8,570 | ) | (580 | ) | ||||||||
| Net change in cash | $ | 836 | $ | (7,267 | ) | $ | 16,050 | $ | (21,133 | ) | |||||
Reconciliation of Non-GAAP Measures
In addition to our GAAP results, we provide certain non-GAAP metrics including Adjusted EBITDA, related margins, Free Cash Flow, Adjusted Net Income, and Adjusted Earnings Per Share ("Adjusted EPS"). We believe that the presentation of these measures provides important supplemental information to management and investors regarding our performance. These measurements are not a substitute for GAAP measurements. Company management uses these Non-GAAP measurements as aids in monitoring our ongoing financial performance from quarter-to-quarter and year-to-year on a regular basis and for benchmarking against comparable companies.
These non-GAAP financial measures reflect the exclusion of the following items:
- Share-based compensation expense - expense recognized related to awards to various employees pursuant to our share-based compensation plans. This expense is reflected amongst cost of sales, research and development expense, and selling, general, and administrative expense in the unaudited condensed consolidated statements of operations. Refer to Note 11, Equity, in our Form 10-K for the year ended December 31, 2023 for details.
- Investigation, restatement, and related (benefit) expense - expenses incurred toward the legal defense of certain former officers and directors, net of negotiated reductions and settlements of amounts previously advanced. This expense is reflected in the line of the same name in our unaudited condensed consolidated statements of operations.
- Expenses related to the Disbanding of Regenerative Medicine - incremental expenses recognized or incurred directly as a result of our announcement to disband our Regenerative Medicine segment. This reflects (i) write-downs of clinical trial assets, (ii) charges associated with the wind-down of contracts associated with our clinical trial program, (iii) severance expenses incurred which were directly attributable to the disbanding, and (iv) impairment of goodwill. Severance expenses are reflected in research and development expense on the unaudited condensed consolidated statements of operations. All other charges are reflected in restructuring expense in the unaudited condensed consolidated statements of operations.
- Reorganization expense - expenses incurred toward the realignment of our operating strategy. These expenses primarily relate to severance expenses related to certain officers. These expenses are reflected as a component of selling, general, and administrative expense in the unaudited condensed consolidated statements of operations.
- Effects of antidilution - reflects the impact of reflecting certain transactions which are dilutive for purposes of calculating EPS on a GAAP basis, but are antidilutive for purposes of calculating Adjusted EPS. For Q4 and FY 2023, this reflects the adjustment for dividends on the Company's Series B Preferred Stock to the numerator and incremental shares which would have been issued if the Series B Preferred Stock were converted at the beginning of the relevant period, weighted for the portion of the period that the shares were not converted, to the denominator. The reflection of this reduced the denominator by 25.3 million and 27.5 million shares, respectively.
- Income Tax Adjustment - for purposes of calculating Adjusted Net Income (Loss) and Adjusted Earnings Per Share, reflects our expectation of a long-term effective tax rate, which is normalized and balance sheet-agnostic. Actual reporting tax expense will be based on GAAP earnings, and may differ from the expected long-term effective tax rate due to a variety of factors, including the tax treatment of various transactions included in GAAP net income and other reconciling items that are excluded in determining Adjusted Net Income (Loss) and Adjusted EPS. The long-term normalized effective tax rate was
25% for each of the years ended December 31, 2023 and 2022.
Adjusted EBITDA and Adjusted EBITDA margin
Adjusted EBITDA consists of GAAP net income (loss) excluding: (i) depreciation, (ii) amortization of intangibles, (iii) interest expense, net, (iv) income tax provision, (v) investigation, restatement and related expenses, (vi) reorganization expenses related to severance charges for certain officers (vii) expenses related to disbanding of the Regenerative Medicine business unit and (viii) share-based compensation.
Please refer to the tables at the beginning of this press release for reconciliation to GAAP net income (loss).
Adjusted Net Income (Loss)
Adjusted Net Income (Loss) provides a view of our operating performance, exclusive of certain items which are non-recurring or not reflective of our core operations. Management uses Adjusted Net Income to assess Company financial performance.
Adjusted Net Income is defined as GAAP net income (loss) plus (i) investigation restatement and related expenses, (ii) expenses related to disbanding our Regenerative Medicine business unit, (iii) reorganization expenses related to severance charges for certain officers, and (iv) the long-term adjusted effective income tax rate.
A reconciliation of GAAP Net Income to Adjusted Net Income appears in the table below (in thousands):
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Net income (loss) | $ | 53,476 | $ | (415 | ) | $ | 58,228 | $ | (30,197 | ) | |||||
| Investigation, restatement and related expenses | 524 | 3,406 | 5,176 | 12,177 | |||||||||||
| Expenses related to disbanding of Regenerative Medicine business unit | 785 | — | 6,384 | — | |||||||||||
| Reorganization expenses | — | — | 1,412 | 3,105 | |||||||||||
| Long-term adjusted effective income tax rate | (43,958 | ) | (726 | ) | (47,635 | ) | 3,883 | ||||||||
| Adjusted net income (loss) | $ | 10,827 | $ | 2,265 | $ | 23,565 | $ | (11,032 | ) | ||||||
Adjusted Earnings Per Share
Adjusted Earnings Per Share is intended to provide a normalized view of earnings per share by removing items that may be irregular, one-time, or non-recurring from net income. This enables us to identify underlying trends in our business that could otherwise be masked by such items. Adjusted Earnings Per Share consists of GAAP diluted earnings per share including adjustments for: (i) effects of antidilution, (ii) investigation, restatement and related expenses, (iii) reorganization expenses related to severance charges for certain officers and (iv) long-term adjusted effective income tax rate.
A reconciliation of GAAP diluted earnings per share to Adjusted Earnings Per Share appears in the table below (per diluted share):
| For the Three Months Ended December 31, | For the Year Ended December 31, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| GAAP net income (loss) per common share - diluted | $ | 0.32 | $ | (0.02 | ) | $ | 0.37 | $ | (0.33 | ) | |||||
| Effects of antidilution | $ | 0.07 | $ | 0.00 | $ | 0.03 | $ | 0.00 | |||||||
| Investigation, restatement and related (benefit) expense | $ | 0.00 | $ | 0.03 | $ | 0.04 | $ | 0.11 | |||||||
| Reorganization expenses | $ | 0.00 | $ | 0.00 | $ | 0.01 | $ | 0.03 | |||||||
| Expenses related to disbanding of Regenerative Medicine business unit | $ | 0.01 | $ | 0.00 | $ | 0.05 | $ | 0.00 | |||||||
| Long-term adjusted effective income tax rate | $ | (0.36 | ) | $ | 0.00 | $ | (0.40 | ) | $ | 0.03 | |||||
| Adjusted Earnings Per Share | $ | 0.04 | $ | 0.01 | $ | 0.10 | $ | (0.16 | ) | ||||||
| Weighted average common shares outstanding - adjusted (in millions) | 122.7 | 114.2 | 118.5 | 112.9 | |||||||||||
Free Cash Flow
Free Cash Flow is intended to provide a measure of our ability to generate cash in excess of capital investments. It provides management with a view of cash flows which can be used to finance operational and strategic investments.
Free Cash Flow is defined as net cash provided by (used in) operating activities less capital expenditures, including purchases of equipment.
A reconciliation of GAAP net cash flows provided by (used in) operating activities to Free Cash Flow appears in the table below (in thousands):
| For the Three Months Ended December 31, | For the Year Ended December 31, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Net cash flows provided by (used in) operating activities | 10,257 | (5,624 | ) | 26,775 | (17,893 | ) | |||||||||
| Capital expenditures, including purchases of equipment | (427 | ) | (667 | ) | (1,987 | ) | (1,514 | ) | |||||||
| Free Cash Flow | $ | 9,830 | $ | (6,291 | ) | $ | 24,788 | $ | (19,407 | ) | |||||
FAQ
What was the year-over-year growth in net sales for MiMedx Group, Inc. (MDXG) in the fourth quarter and full year 2023?
What was the GAAP net income for MiMedx Group, Inc. (MDXG) in the fourth quarter and full year 2023?
What was the Adjusted EBITDA for MiMedx Group, Inc. (MDXG) in the fourth quarter of 2023?
What new product did MiMedx Group, Inc. (MDXG) launch?
What does MiMedx Group, Inc. (MDXG) expect in terms of net sales growth for 2024?
