MiMedx Group, Inc - MDXG STOCK NEWS

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.

MIMEDX Group, Inc. (Nasdaq: MDXG) has announced the commercial launch of HELIOGEN™ Fibrillar Collagen Matrix, a particulate xenograft product designed for complex wounds in surgical settings. This shelf-stable offering contains Type I and Type III collagen, mimicking the native composition of structural connective tissue. HELIOGEN marks MIMEDX's first xenograft option and 510(k) cleared product, complementing their existing placental-based solutions in the surgical market.

CEO Joseph H. Capper stated that this launch aligns with the company's strategic initiative to expand its surgical footprint, following the introduction of two new surgical products in late 2022. Eric Smith, SVP of Marketing & International, highlighted HELIOGEN's potential to improve patient outcomes in various surgical settings, backed by initial case studies and real-world evidence.

MIMEDX Group (NASDAQ: MDXG) reported Q2 2024 financial results with net sales of $87 million, up 7% year-over-year. The company achieved GAAP net income of $18 million and Adjusted EBITDA of $20 million (23% of net sales). Key highlights include:

- Launch of HELIOGEN™, a Fibrillar Collagen Matrix and first xenograft product
- Commencement of Randomized Controlled Trial for EPIEFFECT®
- Publication in Nature – Scientific Reports on surgical applications of placental-based allografts

Despite strong results, MIMEDX faced commercial challenges due to competitive behavior in the skin substitute market. The company expects mid-to-high single-digit net sales growth for 2024, with long-term projections of low double-digit growth and Adjusted EBITDA margin above 20%.

MIMEDX Group, Inc. (Nasdaq: MDXG) announced the publication of a peer-reviewed study in Nature – Scientific Reports, focusing on how placental-based allografts may modulate scarring and fibrosis in surgical procedures. The study, titled "Human amniotic membrane modulates collagen production and deposition in vitro," is MIMEDX's first publication in this prestigious journal.

The research evaluated two configurations of PURION processed placental-based allografts: dehydrated human amnion chorion membrane (DHACM) and lyophilized human amnion chorion membrane (LHACM). Both demonstrated modulation of collagen production, deposition, and maturation, supporting the hypothesis that amniotic membranes may interrupt pathological fibrosis and restore tissue homeostasis.

This study adds to MIMEDX's growing body of evidence and expands the understanding of their allografts' regulatory capabilities in the fibrotic process, potentially leading to improved patient outcomes in procedures where pathological fibrosis results in detrimental scarring and dysfunctional tissue.

MIMEDX Group, Inc. (Nasdaq: MDXG) has announced that it will release its second quarter 2024 operating and financial results on Wednesday, July 31, 2024, after the market closes. The company's senior management team will host a webcast and conference call to discuss the results at 4:30 p.m. Eastern Time on the same day.

Investors can access the conference call using the following information:

• U.S. Investors: 877-407-6184
• International Investors: 201-389-0877
• Conference ID: 13747365

MIMEDX has appointed Kim Moller as Chief Commercial Officer (CCO), effective June 26, 2024. Moller, previously Senior Vice President of Sales since August 2020, will now oversee marketing and international commercial operations. CEO Joseph H. Capper praised Moller's leadership in transforming MIMEDX's commercial organization into a high-performing team. Moller brings nearly 30 years of sales leadership experience from reputable firms such as 3M, Acelity, and KCI. She holds a BSN from the University of Phoenix and an MBA from Colorado Christian University.

MiMedx Group (Nasdaq: MDXG) announced participation in two upcoming investor conferences. Senior management will attend the Craig-Hallum 21st Annual Institutional Investor Conference on May 29, 2024, at the Renaissance Minneapolis Hotel in Minneapolis, MN. They will also be present at the Northland Growth Conference 2024 on June 25, which will be held virtually. Investors can arrange meetings with senior management by contacting their respective Craig-Hallum or Northland representatives.

MiMedx Group, Inc. (Nasdaq: MDXG) announced first quarter 2024 results with net sales of $85 million, 18% growth year-over-year, GAAP net income of $9 million, adjusted EBITDA of $19 million, and other notable achievements like portfolio expansion and new directors.