MiMedx Group, Inc. announced its Q1 2023 results, featuring a 21.7% increase in net sales to $71.7 million compared to the prior year period. The company reported a net loss of $5.0 million and an Adjusted EBITDA of $5.5 million, driven by demand for new products and improved cost controls.
Net sales increased by 21.7% year-over-year to $71.7 million.
Net loss improved to $5.0 million, compared to $10.5 million in the prior year period.
Adjusted EBITDA was $5.5 million, a substantial increase from the prior year period's loss of $1.7 million.
Gross margin improved sequentially, reversing the trend from 2022.
The Company anticipates sales growth in the low double-digits annually, driven by new product uptake, demand across service sites, and sales in Japan. They aim for a Wound & Surgical segment contribution margin at or above 30% of segment net sales and corporate expenses below 20% of sales.
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