MiMedx Group, Inc. develops and distributes placental tissue allografts for various sectors of healthcare. It processes the human placental tissues utilizing its patented and proprietary PURION process to produce allografts that retains the tissue's inherent biological properties and regulatory proteins. The company's patented and proprietary processing method employs aseptic processing techniques in addition to terminal sterilization. Its products include EpiFix, a semi-permeable protective barrier membrane product used for the treatment of chronic wounds, including diabetic foot ulcers, venous leg ulcers, and pressure ulcers; AmnioFix, a semi-permeable protective barrier allograft, which comprises dehydrated human amnion/chorion membrane for use in surgical recovery applications; EpiCord and AmnioCord are dehydrated human umbilical cord allografts that are used to provide a protective environment for the healing process, as well as used in the advanced wound care and surgical recovery applications; and AMNIOBURN a semi-permeable protective barrier allograft used in the treatment of partial-thickness and full-thickness burns, as well as lead product includes mdHACM, a micronized form of AMNIOFIX, supplied in powder form. The company's products have applications primarily in the areas of wound care, burn, surgical, and non-operative sports medicine sectors of healthcare. It also sells allografts for dental applications on an original equipment manufacturer basis. The company sells its products through direct sales force and independent sales agents, as well as through independent distributors primarily in the United States. MiMedx Group, Inc. is headquartered in Marietta, Georgia.
AI Generated Analysis | Feedback
Here are 1-2 brief analogies for MiMedx (MDXG):
A specialized Johnson & Johnson, exclusively dedicated to developing advanced regenerative biomaterials for wound healing and surgical repair.
Think of Stryker, but specialized in regenerative biomaterials for complex wound healing and soft tissue repair, rather than orthopedic hardware.
AI Generated Analysis | Feedback
```html
- AmnioFix: A placental tissue allograft used in surgical applications and wound management to promote healing and reduce inflammation.
- EpiFix: A placental tissue allograft primarily utilized for the treatment of chronic and acute wounds, such as diabetic foot ulcers and venous leg ulcers.
- EpiBurn: A placental tissue allograft specifically indicated for the management and healing of burn wounds.
- AmnioCord: An umbilical cord allograft providing regenerative properties for various wound care applications.
```
AI Generated Analysis | Feedback
MiMedx (MDXG) primarily sells its products to other companies and organizations within the healthcare industry, rather than directly to individuals.
The company's primary customers are various healthcare institutions. While MiMedx enters into contracts with Group Purchasing Organizations (GPOs) and works with third-party distributors to facilitate sales, its ultimate customers (the end-users of its products) are a diverse group of healthcare providers. Financial disclosures by MiMedx do not identify any single specific public company or private company as a major customer that accounts for a significant portion of its revenue, indicating a broad customer base. Therefore, specific names of major customer companies or their symbols cannot be provided.
MiMedx's products are sold to the following types of institutions:
- Hospitals
- Ambulatory Surgical Centers (ASCs)
- Physician Offices
- Wound Care Centers
- Long-term care facilities
AI Generated Analysis | Feedback
Joseph H. Capper, Chief Executive Officer
Mr. Capper joined MiMedx in January 2023. He is an accomplished healthcare executive with nearly 30 years of experience in MedTech and Life Sciences leadership roles. Mr. Capper successfully led several organizations, most recently serving as CEO of BioTelemetry, which was acquired by Royal Philips for $2.8 billion. Prior to BioTelemetry, he served as President and CEO of both Home Diagnostics and CCS Medical, which were also acquired at substantial premiums. Earlier in his career, he held several leadership roles during a decade with Bayer AG and served as an officer in the U.S. Navy.
Doug Rice, Chief Financial Officer
Mr. Rice joined MiMedx in July 2023. He brings over a decade of experience in the MedTech industry, having served in various executive leadership positions. Most recently, he was the CFO of Orthofix Medical. Before Orthofix, Mr. Rice served as CFO at Vision Source and held several finance leadership roles at McAfee and Concentra. He began his career at PricewaterhouseCoopers and is a Certified Public Accountant.
Ricci Whitlow, Chief Operating Officer
Ms. Whitlow joined MiMedx in January 2023. She brings more than 30 years of Life Sciences and Pharmaceutical experience to her role. Prior to MiMedx, she served as President, Clinical Supply Services at Catalent Pharma Solutions. Her extensive career also includes leadership positions at Optinose, LifeCell, Kinetic Concepts, and Johnson & Johnson.
Kim Moller, Chief Commercial Officer
Ms. Moller joined MiMedx in August 2020 as Senior Vice President, Sales and was appointed Chief Commercial Officer in June 2024.
John Harper, Ph. D., Chief Technology Officer and Senior Vice President of Research and Product Development
Dr. Harper joined MiMedx in June 2021. Most recently, he served as a Senior Medical Scientist in the Medical Solutions Division of 3M Health Care and as Chief Technology Officer for 3M affiliate KCI. At KCI, he was responsible for all early-stage research, innovation, and technology development, as well as the study of the mechanism of action of the company's negative pressure wound care technology. He also led KCI's Clinical Development and Regulatory Affairs organization.
AI Generated Analysis | Feedback
The addressable markets for MiMedx's main products and services are as follows:
- For the **U.S. Advanced Wound Care** market, the addressable market size is estimated at $0.9 billion. This market is addressed by products such as EPIFIX, EPICORD, EPIEFFECT, and CELERA.
- For the **U.S. Surgical Recovery** market, the addressable market size is estimated at $0.5 billion. MiMedx's products in this area include AMNIOFIX, AMNIOCORD, AMNIOBURN, AMNIOEFFECT, AXIOFILL, and HELIOGEN.
- In **Japan**, the addressable market MiMedx is targeting, particularly with products like EPIFIX, is estimated at $1.1 billion.
AI Generated Analysis | Feedback
Here are the expected drivers of future revenue growth for MiMedx (MDXG) over the next 2-3 years:
-
Sustained Growth in Wound and Surgical Franchises: MiMedx has demonstrated consistent strong performance in both its Wound and Surgical divisions. The company's CEO, Joseph Capper, reported "strong top line growth in both our Wound and Surgical franchises" in Q3 2025. Specifically, wound product sales increased by 40% year-over-year, and surgical product sales grew by 26% in Q3 2025. This continued momentum across its core business segments is a key driver for future revenue.
-
Launch and Expansion of New Products: The introduction and scaling of new products are expected to contribute significantly to revenue growth. MiMedx has highlighted the successful launch and progress of several new products, including EPIEFFECT, HELIOGEN, CELERA, EMERGE, and EPIXPRESS. The full market release of EPIXPRESS is underway with positive early feedback, and the company is seeing accelerated contributions from products like HELIOGEN in the surgical market. This expansion of the product portfolio provides multiple avenues for market share gains.
-
Expansion of the Surgical Market Footprint: MiMedx is actively focusing on increasing its presence in the surgical market. The surgical business has shown significant growth, with a 26% year-over-year increase in Q3 2025. The company's strategy includes enhancing customer intimacy through initiatives like MiMedx Connect and continuing to develop innovative products specifically for the surgical market.
-
Benefits from Medicare Reimbursement Reforms: While upcoming Medicare reimbursement reforms in 2026 may introduce some initial market choppiness, MiMedx's management anticipates these changes will ultimately bring stability and predictability to the industry. The company views these reforms as a "net positive" that could create opportunities as some competitors may exit the market due to the evolving policy landscape. MiMedx believes it is well-positioned to adapt and lead the market post-reform.
-
Growth in International Business: MiMedx's international business has shown strong performance, with Q3 2024 marking the "highest level of international net sales" in many years. Continued expansion in international markets represents an additional driver for overall revenue growth.
AI Generated Analysis | Feedback
Share Repurchases
- In October 2023, MiMedx repurchased $9.5 million of its Series B Convertible Preferred Stock.
- In 2022, the company repurchased common stock worth approximately $1.2 million, corresponding to 249,442 shares, to satisfy employee tax withholding obligations upon the vesting of restricted stock awards and the exercise of stock options.
- In 2021, MiMedx repurchased common stock totaling approximately $4.8 million, representing 469,239 shares, for employee tax withholding obligations related to equity awards.
Share Issuance
- MiMedx's common stock outstanding significantly increased from 113,705,447 shares at December 31, 2022, to 146,227,639 shares at December 31, 2023.
- This increase in shares outstanding in 2023 was primarily due to the conversion of all 95,000 outstanding shares of Series B Convertible Preferred Stock into common stock on December 22, 2023.
- The company's additional paid-in capital increased from $173.804 million at December 31, 2022, to $276.249 million at December 31, 2023, indicating significant equity-related transactions, including share issuances for compensation and the preferred stock conversion.
Inbound Investments
- MiMedx refinanced its existing indebtedness in January 2024 by obtaining new senior secured credit facilities totaling $95 million, comprised of a $75 million revolving credit facility and a $20 million term loan facility, to support future growth objectives.
Outbound Investments
- No significant outbound investments in other companies by MiMedx were identified within the last 3-5 years.
Capital Expenditures
- For the nine months ended September 30, 2025, capital expenditures, including purchases of equipment, totaled approximately $0.748 million.
- Capital expenditures, including purchases of equipment, were approximately $1.683 million for the full year 2024 and $1.987 million for the full year 2023.
- Capital expenditures are primarily focused on supporting the development and launch of new products and ongoing investments in the company's product pipeline, such as the randomized controlled trial for EPIEFFECT.
