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Dec 31, 2021
Mimedx Q4 2021 Earnings Report
Reported net sales of $67.4 million and net income of $2.2 million.
Key Takeaways
MiMedx Group, Inc. reported Q4 2021 net sales of $67.4 million and a net income of $2.2 million. The company's Advanced Wound Care products saw a 13% increase in sales, driven by growth in the AMNIOFIX® sheet portfolio and the EPICORD® Expandable product line. Looking ahead, MiMedx is well-poised for continued growth, with plans for the EPIFIX launch in Japan and new product innovations in the U.S.
Fourth quarter net sales reached $67.4 million.
Net income for the fourth quarter was $2.2 million.
Advanced Wound Care products experienced a 13% sales increase.
The company is preparing for the EPIFIX launch in Japan and new product innovations in the U.S.
Forward Guidance
The Company expects net sales of its continuing portfolio of products to grow 11% to 14% in 2022; we expect mid-single digit growth in the first quarter, building to a high-teens or 20% growth in the fourth quarter. The Company expects gross margin for 2022 to be slightly lower than 2021. Management anticipates beginning the Phase 3 KOA clinical trial program in 2022, and expects the cost to be approximately $30 million, representing $15 million per trial for two trials incurred over the next three years. The Company expects research and development expenses to increase over 2021 as it plans and begins these new clinical trials and executes other product development initiatives.
Positive Outlook
- Net sales of its continuing portfolio of products are expected to grow 11% to 14% in 2022
- Mid-single digit growth is expected in the first quarter of 2022.
- High-teens or 20% growth is expected in the fourth quarter of 2022.
- Phase 3 KOA clinical trial program is anticipated to begin in 2022.
- Gross margin for 2022 is expected to be slightly lower than 2021.
Challenges Ahead
- Clinical trials may face delays or alterations.
Historical Earnings Impact
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