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Jun 30, 2023
Mimedx Q2 2023 Earnings Report
Reported net sales of $81.3 million, net income of $1.2 million, and Adjusted EBITDA of $14.1 million.
Key Takeaways
MiMedx Group, Inc. announced strong second quarter 2023 results, with net sales of $81.3 million and a net income of $1.2 million. The company's top-line growth was 21.5% compared to the prior year. They are increasing full-year 2023 net sales growth guidance to the mid to high teens.
Net sales increased by 21.5% over second quarter 2022.
GAAP net income was $1.2 million, compared to a net loss of $10.9 million for the prior year period.
Adjusted EBITDA was $14.1 million, compared to an Adjusted EBITDA loss of $1.0 million for the prior year period.
Increased full-year 2023 net sales percentage growth rate to be in the mid to high teens.
Forward Guidance
MiMedx expects full year 2023 net sales growth in the mid-to-upper teens as a percentage. Adjusted EBITDA margin in the second half of 2023 is expected to exceed 20%.
Positive Outlook
- Continued demand for the Company’s Wound & Surgical product offering across its sites of service.
- Ongoing uptake of new products launched in the last twelve months.
- Financial benefits associated with the Company’s recently announced strategic realignment.
- Expects full year 2023 net sales growth in the mid-to-upper teens as a percentage.
- Adjusted EBITDA margin in the second half of 2023 is expected to exceed 20%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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