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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, Inc. (MDXG) has secured a $4.6 million award to evaluate the PURION processed Dehydrated Human Amnion Chorion Membrane (DHACM) for treating combat wounds and burns. Sponsored by the Medical Technology Enterprise Consortium (MTEC) and the U.S. Army, the funding aims to improve outcomes for military personnel facing acute injuries. Clinical trials will be led by the University of Arizona and University of Miami, focusing on the safety and efficacy of DHACM. This initiative underscores a commitment to addressing critical medical needs in military settings.
MiMedx Group, Inc. (NASDAQ: MDXG) announced decisive actions aimed at stabilizing its operations and fostering growth. The company filed an investor presentation for its 2022 Annual Meeting on June 7, 2022, emphasizing a strategy for long-term value creation. MiMedx reported its third consecutive quarter of double-digit growth in Advanced Wound Care & Surgical Recovery products. The Board of Directors has been entirely reconstituted since 2019, implementing 70 corporate governance reforms. Shareholders are encouraged to vote for director nominees on the WHITE proxy card.
Prescience Point Capital Management, owning 6.7% of MiMedx Group (MDXG), expressed disappointment over the Board's disinformation tactics regarding shareholder discontent. Ahead of the June 7, 2022, annual meeting, Prescience Point claims multiple shareholders share concerns about management's actions and executive compensation. They intend to withhold votes against Board members Phyllis Gardner and James Bierman, criticizing the Board's governance and executive stock awards while calling for transparency from the management about shareholder feedback.
MiMedx Group, Inc. (NASDAQ: MDXG) has urged shareholders to vote in favor of its director nominees, James L. Bierman and Phyllis Gardner, during the upcoming Annual Meeting on June 7, 2022. The company highlights its successful execution of a transformation strategy under CEO Tim Wright, overcoming past litigation and accounting issues. MiMedx recorded its third consecutive quarter of double-digit revenue growth and is poised to advance its Knee Osteoarthritis clinical trial program, which has significant revenue potential. The Board emphasizes ongoing governance reforms and a commitment to enhancing shareholder value.
MIMEDX Group, Inc. (NASDAQ: MDXG) urges shareholders to vote "FOR" directors Dr. Phyllis Gardner and James L. Bierman against accusations from Prescience Point Capital Management. The company highlights its improved governance and ongoing transformation since June 2019, reporting three consecutive quarters of double-digit growth. MIMEDX emphasizes a long-term strategy focusing on sustainable growth, while expressing concerns about Prescience Point's potential short-term motivations and history of destabilizing efforts. The Annual Meeting of Shareholders is scheduled for June 7, 2022.
Prescience Point Capital Management, owning approximately 6.7% of MiMedx Group's stock (MDXG), intends to WITHHOLD votes against Directors Phyllis Gardner and James Bierman at the June 7, 2022, Annual Meeting. The firm criticizes the Board for poor governance, excessive executive compensation, and mismanaged clinical trials that caused a 60% share price drop. Prescience believes MDXG has potential in regenerative medicine, citing promising results for its Amniofix product, but emphasizes the need for accountability and better communication from management to enhance shareholder value.
Marietta, Ga., May 5, 2022 - MiMedx Group (Nasdaq: MDXG) announced participation in two upcoming investor conferences. The Bank of America Securities 2022 Healthcare Conference will feature a fireside chat on May 10 at 12:15 PM PT / 3:15 PM ET, accessible via webcast. The H.C. Wainwright Global Investment Conference will occur on May 24 at 10:00 AM ET, also available via webcast.
MiMedx Group reported first quarter 2022 net sales of $58.9 million, reflecting a 1.8% decline from the prior year. However, the continuing portfolio of tissue and cord products achieved a 13% year-over-year growth.
The company reported a net loss of $10.5 million, worsening from a net loss of $8.4 million in the previous year. The gross profit margin stood at 83.1%, slightly down from 83.9% year-over-year.
MiMedx maintained its 2022 sales outlook, expecting growth of 11% to 14% for its Advanced Wound Care products.
MIMEDX Group, Inc. (NASDAQ: MDXG) has responded to Prescience Point Capital's Schedule 13D filing, urging shareholders to support its Board of Directors. The Company emphasizes its commitment to governance, citing 46 engagements with Prescience Point since June 2019. Allegations against the Board, including attempts by Mr. Asbahi to replace directors, are rejected. The Board asserts its dedication to enhancing shareholder value through strategic initiatives in the placental biologics market. Shareholders are encouraged to vote for the Board's nominees in the upcoming Annual Meeting on June 7, 2022.
MiMedx Group, Inc. (Nasdaq: MDXG) will announce its first-quarter financial results on May 3, 2022, after market close. Senior management will review these results in a conference call on May 4, 2022, at 8:30 a.m. Eastern Time. MiMedx specializes in placental tissue allografts for treating chronic wounds and musculoskeletal conditions, employing proprietary methods like the PURION® process. Since inception, over two million allografts have been distributed.
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