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 reported first quarter 2021 net sales of $60.0 million, a decrease from $61.7 million year-over-year. Adjusted net sales rose to $59.7 million from $57.2 million, driven by growth in the EpiFix® sheet portfolio. The net loss for the quarter was $8.4 million, compared to $4.8 million in Q1 2020. The company anticipates ongoing increases in research and development spending to support late-stage clinical trials, with significant data readouts expected in Q3 2021. MiMedx is committed to executing strategic initiatives to enhance stakeholder value amidst these developments.
MiMedx Group, Inc. (MDXG) has appointed Dirk Stevens, Ph.D., as Senior Vice President of Quality Assurance and Regulatory Affairs, effective May 3, 2021. Dr. Stevens brings over 35 years of experience in regulatory compliance from his previous role at Smith & Nephew, plc. CEO Timothy R. Wright stated that Stevens' expertise will enhance quality standards and support the advancement of MiMedx's late-stage pipeline. Dr. Stevens expressed enthusiasm about contributing to the company's mission in regenerative medicine, particularly in amniotic tissue biologics.
MiMedx Group, a leader in regenerative medicine utilizing amniotic tissue, will release its financial results for Q1 2021 after market close on April 28, 2021. A conference call and webcast will follow on April 29, 2021, at 8:30 AM ET, featuring CEO Timothy R. Wright and CFO Peter M. Carlson. MiMedx focuses on placental tissue allografts aimed at non-healing wounds and musculoskeletal conditions, having supplied over two million allografts. For more details, visit www.mimedx.com.
MiMedx Group, Inc. (NASDAQ: MDXG) announced the completion of patient visits for Phase 3 clinical trials of AmnioFix® Injectable, aimed at treating Plantar Fasciitis and Achilles Tendonitis. Additionally, the Phase 2B study for Knee Osteoarthritis has concluded. The company is now preparing for data analysis and plans to report top-line results in Q3 2021. MiMedx is also planning to submit a Biologics License Application (BLA) for Plantar Fasciitis in early 2022, while no BLA is anticipated for Achilles Tendonitis.
MiMedx Group, Inc. (NASDAQ: MDXG) announced that Prescience Point Capital Management has nominated four candidates for its Board of Directors ahead of the 2021 Annual Meeting on May 27, 2021. The current Board defends its leadership, highlighting a 148% stock price increase since the election of several board members in 2019. The management team asserts ongoing strategic initiatives to enhance shareholder value, despite Prescience Point's potential proxy contest. Shareholders are advised to await the definitive proxy statement for further details.
Prescience Point Capital Management, which holds about 8.1% of MiMedx Group's shares, has nominated four director candidates for the Board at the upcoming Annual Meeting on May 27, 2021. They assert that MiMedx is undervalued, primarily due to ineffective communication regarding its Amniofix product. The firm criticizes the current Board for concentrating power and failing to represent all shareholders' interests. Prescience Point believes that effective leadership is essential for realizing the Company's potential, particularly in relation to the growth opportunities presented by Amniofix.
MiMedx Group, Inc. (Nasdaq: MDXG) has secured a Group Purchasing Agreement with Premier Inc. to supply its amniotic tissue products through the SURPASS program, effective April 1, 2021. This agreement enables SURPASS members to access special pricing on MiMedx's placental-based wound care products. CEO Timothy R. Wright emphasized the commitment to improving patient access and quality of life for those with chronic wounds. The contract establishes a specific amniotic tissue category that reinforces MiMedx's market leadership in advanced wound care, supported by robust clinical evidence.
MiMedx Group, Inc. (Nasdaq: MDXG) has appointed Phyllis Gardner, M.D., a renowned figure in academia and biotechnology, to its Board of Directors. Dr. Gardner brings over 35 years of experience in cell biology, gene therapy, and clinical research. CEO Timothy R. Wright expressed that her expertise will enhance MiMedx’s efforts in advancing its late-stage pipeline. M. Kathleen Behrens, Chair of the Board, emphasized the importance of diverse expertise in guiding the company's future. Dr. Gardner aims to leverage her knowledge to improve patient outcomes in regenerative medicine.
MiMedx Group, Inc. (Nasdaq: MDXG) reported fourth quarter net sales of $68.5 million and full-year net sales of $248.2 million for 2020, down from $299.3 million in 2019. The company faced a net loss of $49.3 million for the year, influenced by $59.5 million in investigation and restatement expenses. MiMedx anticipates a 10% increase in adjusted net sales for 2021, contingent on regulatory approvals, particularly for its biologic AmnioFix® Injectable. The company will host a conference call on March 9, 2021, to discuss these results.
MiMedx Group, Inc. (Nasdaq: MDXG) announced its participation in two upcoming virtual investor conferences. The H.C. Wainwright Global Life Sciences Conference will feature a presentation on March 10, 2021, viewable on-demand starting at 2:00 PM ET. Key management participants include Timothy R. Wright and Peter M. Carlson. The Oppenheimer 31st Annual Healthcare Conference will include a fireside chat on March 16, 2021, at 3:50 PM ET, with Wright and Robert B. Stein, M.D., Ph.D. Webcast details for both conferences are available on the company’s website.
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