MiMedx Group, Inc.
MDXGHealthcare|Biotechnology|US
$3.31
+0.03 (+0.91%)
DCF Value
$3.75
Tangible Book / Share
$1.24
Cash / Share
$0.83
Financials
Financial Snapshot
Market Cap
$483.0M
Enterprise Value
$362.2M
Revenue (TTM)
$303.7M
Net Income (TTM)
-$19.2M
Cash & Investments
$120.8M
Net Cash
$120.8M
Free Cash Flow (TTM)
$20.4M
Operating CF (TTM)
$20.7M
Debt/Equity
0.00
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $34.4M | $27.5M | $45.1M | $69.1M | $95.8M | $87.1M | $66.0M | $82.0M | $104.4M | $166.1M | $120.8M | |
| Operating Cash Flow | $23.8M | $62.9M | $35.8M | -$39.4M | -$30.3M | -$2.0M | -$17.9M | $26.8M | $66.2M | $74.0M | $20.7M | |
| Free Cash Flow | $17.6M | $57.8M | $26.4M | -$41.2M | -$34.5M | -$5.2M | -$19.4M | $24.8M | $64.5M | $73.0M | $20.4M | |
| Capital Expenditure | -$6.2M | -$5.1M | -$9.4M | -$1.8M | -$4.2M | -$3.2M | -$1.5M | -$2.0M | -$1.7M | -$1.0M | -$377.0K | |
| Financing Cash Flow | -$8.2M | -$60.4M | -$8.9M | $62.9M | $61.6M | -$3.4M | -$580.0K | -$8.6M | -$34.2M | -$5.4M | -$35.2M |
R&D Spending
R&D (TTM)
$14.5M
R&D Intensity
4.8%
R&D Growth vs Prior
-4.1%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $245.0M | $321.1M | $359.1M | $299.3M | $248.2M | $242.0M | $267.8M | $321.5M | $348.9M | $418.6M | $303.7M | |
| R&D Expense | $14.3M | $17.9M | $15.8M | $11.1M | $11.7M | $9.9M | $12.7M | $12.7M | $12.3M | $15.1M | $14.5M | |
| R&D % of Revenue | 5.9% | 5.6% | 4.4% | 3.7% | 4.7% | 4.1% | 4.7% | 3.9% | 3.5% | 3.6% | 4.8% | |
| SG&A | $172.3M | $219.5M | $295.3M | $264.7M | $240.5M | $194.8M | $220.8M | $216.3M | $216.4M | $266.2M | $244.4M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $245.0M | $321.1M | $359.1M | $299.3M | $248.2M | $242.0M | $267.8M | $321.5M | $348.9M | $418.6M | $303.7M | |
| Cost of Revenue | $32.4M | $35.2M | $36.4M | $43.1M | $39.3M | $39.6M | $48.3M | $54.6M | $60.1M | $73.0M | $69.0M | |
| Gross Profit | $212.6M | $285.9M | $322.7M | $256.2M | $208.9M | $202.4M | $219.5M | $266.8M | $288.8M | $345.6M | $234.7M | |
| R&D | $14.3M | $17.9M | $15.8M | $11.1M | $11.7M | $9.9M | $12.7M | $12.7M | $12.3M | $15.1M | $14.5M | |
| SG&A | $172.3M | $219.5M | $295.3M | $264.7M | $240.5M | $194.8M | $220.8M | $216.3M | $216.4M | $266.2M | $244.4M | |
| Operating Income | $884.0K | $46.2M | -$3.9M | -$21.2M | -$45.4M | -$7.1M | -$14.7M | $37.1M | $58.9M | $63.9M | -$25.1M | |
| Interest Expense | $339.0K | $87.0K | $0.00 | $4.7M | $7.9M | $5.0M | $5.0M | $6.5M | $1.0M | $1.8M | $1.1M | |
| Pretax Income | $545.0K | $45.1M | -$3.4M | -$25.6M | -$61.5M | -$12.1M | -$19.7M | $30.6M | $57.3M | $66.3M | -$22.4M | |
| Net Income | $12.0M | $64.7M | -$30.0M | -$25.6M | -$49.3M | -$12.3M | -$30.2M | $67.4M | $42.4M | $48.6M | -$19.2M | |
| EPS (Diluted) | 0.00 | 0.56 | -0.28 | -0.24 | -0.46 | -0.09 | -0.27 | 0.38 | 0.28 | 0.32 | -0.13 | |
| EBITDA | $8.9M | $52.6M | $17.6M | -$13.1M | -$37.5M | -$1.9M | -$10.7M | $40.5M | $65.4M | $82.9M | -$14.5M | |
| Shares Out. (M) | 112.65 | 116.11 | 105.60 | 106.95 | 108.26 | 110.35 | 112.91 | 145.96 | 149.05 | 149.72 | 145.87 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $34.4M | $27.5M | $45.1M | $69.1M | $95.8M | $87.1M | $66.0M | $82.0M | $104.4M | $166.1M | $120.8M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $126.5M | $48.7M | $74.0M | $123.2M | $160.6M | $148.5M | $134.2M | $164.3M | $191.9M | $277.5M | $187.2M | |
| Total Assets | $193.3M | $121.3M | $122.8M | $167.2M | $202.0M | $187.9M | $171.4M | $239.0M | $263.9M | $342.7M | $264.6M | |
| Total Current Liabilities | $50.7M | $45.8M | $71.5M | $67.3M | $59.2M | $42.4M | $43.6M | $46.0M | $45.6M | $64.3M | $43.0M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $61.9M | $47.7M | $48.1M | $48.6M | $48.1M | $17.8M | $16.5M | $0.00 | |
| Total Liabilities | $60.3M | $47.5M | $73.2M | $132.8M | $110.6M | $95.4M | $96.9M | $96.3M | $70.8M | $86.1M | $53.5M | |
| Stockholders' Equity | $133.0M | $73.8M | $49.7M | $34.4M | $91.4M | $92.6M | $74.5M | $142.7M | $193.1M | $256.5M | $211.1M | |
| Retained Earnings | -$26.2M | -$46.6M | -$76.6M | -$102.1M | -$151.4M | -$161.7M | -$191.9M | -$133.7M | -$91.3M | -$42.7M | -$77.1M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $23.8M | $62.9M | $35.8M | -$39.4M | -$30.3M | -$2.0M | -$17.9M | $26.8M | $66.2M | $74.0M | $20.7M | |
| Capital Expenditure | -$6.2M | -$5.1M | -$9.4M | -$1.8M | -$4.2M | -$3.2M | -$1.5M | -$2.0M | -$1.7M | -$1.0M | -$377.0K | |
| Free Cash Flow | $17.6M | $57.8M | $26.4M | -$41.2M | -$34.5M | -$5.2M | -$19.4M | $24.8M | $64.5M | $73.0M | $20.4M | |
| Investing Cash Flow | -$11.7M | -$5.4M | -$9.2M | $504.0K | -$4.6M | -$3.4M | -$2.7M | -$2.2M | -$9.6M | -$6.9M | -$6.8M | |
| Financing Cash Flow | -$8.2M | -$60.4M | -$8.9M | $62.9M | $61.6M | -$3.4M | -$580.0K | -$8.6M | -$34.2M | -$5.4M | -$35.2M | |
| Issuance of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.4M | $651.0K | $997.0K | $1.4M | $0.00 | $0.00 | |
| Repurchase of Stock | -$11.5M | -$72.3M | -$12.5M | -$1.5M | -$2.3M | -$4.8M | -$1.2M | -$9.5M | -$2.6M | -$3.1M | -$14.9M | |
| Net Debt Issuance | -$102.0K | -$29.0K | -$3.0K | $70.9M | -$25.8M | -$38.0K | -$41.0K | -$52.0K | -$31.7M | -$1.0M | -$18.3M | |
| Stock Based Comp. | $17.7M | $21.2M | $14.8M | $12.1M | $15.4M | $14.2M | $11.3M | $17.0M | $16.9M | $16.4M | $4.9M | |
| Net Change in Cash | $4.0M | -$2.8M | $17.6M | $24.0M | $26.7M | -$8.7M | -$21.1M | $16.1M | $22.4M | $61.7M | -$21.3M |
Dilution Tracker
Shares outstanding grew 38.3% over 5 years — significant dilution
Shares Outstanding
146M
5-Year Share Growth
+38.3%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 112.65 | 116.11 | 105.60 | 106.95 | 108.26 | 110.35 | 112.91 | 145.96 | 149.05 | 149.72 | 145.87 | |
| Change vs Prior % | — | 3.1% | -9.1% | 1.3% | 1.2% | 1.9% | 2.3% | 29.3% | 2.1% | 0.5% | -2.6% | |
| Stock Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.4M | $651.0K | $997.0K | $1.4M | $0.00 | $0.00 | |
| Stock Repurchase | -$11.5M | -$72.3M | -$12.5M | -$1.5M | -$2.3M | -$4.8M | -$1.2M | -$9.5M | -$2.6M | -$3.1M | -$14.9M | |
| Stock Based Comp. | $17.7M | $21.2M | $14.8M | $12.1M | $15.4M | $14.2M | $11.3M | $17.0M | $16.9M | $16.4M | $4.9M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 86.8% | 89.0% | 89.9% | 85.6% | 84.2% | 83.6% | 82.0% | 83.0% | 82.8% | 82.6% | 77.3% | |
| Operating Margin % | 0.4% | 14.4% | -1.1% | -7.1% | -18.3% | -2.9% | -5.5% | 11.5% | 16.9% | 15.3% | -8.3% | |
| Net Margin % | 4.9% | 20.2% | -8.3% | -8.5% | -19.9% | -5.1% | -11.3% | 21.0% | 12.2% | 11.6% | -6.3% | |
| EBITDA Margin % | 3.6% | 16.4% | 4.9% | -4.4% | -15.1% | -0.8% | -4.0% | 12.6% | 18.7% | 19.8% | -4.8% | |
| FCF Margin % | 7.2% | 18.0% | 7.3% | -13.8% | -13.9% | -2.1% | -7.2% | 7.7% | 18.5% | 17.4% | 6.7% | |
| ROE % | 9.0% | 87.7% | -60.4% | -74.4% | -53.9% | -13.3% | -40.5% | 47.3% | 22.0% | 18.9% | -8.3% | |
| ROA % | 6.2% | 53.4% | -24.4% | -15.3% | -24.4% | -6.5% | -17.6% | 28.2% | 16.1% | 14.2% | -7.3% | |
| ROIC % | -6.4% | 61.3% | -7.6% | -20.2% | -25.2% | -4.8% | -11.4% | 19.2% | 19.6% | 16.7% | -9.7% | |
| R&D / Revenue % | 5.9% | 5.6% | 4.4% | 3.7% | 4.7% | 4.1% | 4.7% | 3.9% | 3.5% | 3.6% | 4.8% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 30.8% | 31.1% | 11.8% | -16.7% | -17.0% | -2.5% | 10.7% | 20.0% | 8.5% | 20.0% | |
| Gross Profit | 27.2% | 34.5% | 12.9% | -20.6% | -18.5% | -3.1% | 8.5% | 21.6% | 8.2% | 19.7% | |
| Operating Income | -96.4% | 5128.8% | -108.5% | -439.2% | -114.5% | 84.5% | -108.9% | 352.0% | 58.6% | 8.5% | |
| Net Income | -59.3% | 440.6% | -146.3% | 14.7% | -92.7% | 75.0% | -145.5% | 323.3% | -37.1% | 14.5% | |
| EPS (Diluted) | -98.7% | 15900.0% | -150.0% | 14.3% | -91.7% | 79.7% | -189.7% | 240.7% | -26.3% | 14.3% | |
| Operating Cash Flow | 26.8% | 163.9% | -43.1% | -210.1% | 23.2% | 93.5% | -802.8% | 249.6% | 147.2% | 11.8% | |
| Free Cash Flow | 35.9% | 227.7% | -54.4% | -256.1% | 16.2% | 84.9% | -273.2% | 227.7% | 160.3% | 13.1% | |
| R&D Expense | 70.5% | 24.8% | -11.9% | -29.3% | 5.2% | -15.2% | 27.9% | -0.3% | -2.6% | 22.3% | |
| SG&A Expense | 29.2% | 27.4% | 34.5% | -10.3% | -9.2% | -19.0% | 13.3% | -2.1% | 0.0% | 23.0% | |
| Total Assets | 42.2% | -37.3% | 1.3% | 36.1% | 20.9% | -7.0% | -8.8% | 39.4% | 10.4% | 29.8% | |
| Book Value / Share | 23.2% | -44.6% | -32.4% | -31.6% | 162.5% | -0.7% | -21.3% | 85.7% | 7.2% | 32.1% | |
| Debt | -76.7% | 822.6% | -19.9% | 30355.5% | -25.7% | 2.8% | -1.5% | -8.3% | -48.4% | -9.3% | |
| Diluted Shares | -0.9% | 3.1% | -9.1% | 1.3% | 1.2% | 1.9% | 2.3% | 29.3% | 2.1% | 0.5% |
Valuation
P/E (TTM)At Loss
10Y Low / Med / High18.27 / 20.67 / 2394.59
P/S1.59
10Y Low / Med / High0.53 / 3.18 / 4.17
P/B2.29
10Y Low / Med / High3.81 / 7.20 / 23.57
EV/EBITDAAt Loss
10Y Low / Med / High8.19 / 24.38 / 101.28
EV/Revenue1.19
10Y Low / Med / High0.40 / 3.07 / 4.08
P/FCF23.72
10Y Low / Med / High7.17 / 23.15 / 53.19
Intrinsic Value Models (per share)
DCF Value
$3.75
Tangible Book / Share
$1.24
Net Current Assets / Share
$0.92
Graham Net-Net
$0.73
Cash / Share
$0.83
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | 2394.59 | 20.67 | -6.39 | -31.58 | -19.74 | -64.81 | -10.30 | 18.27 | 33.17 | 20.52 | -25.46 | |
| P/S Ratio | 3.83 | 4.17 | 0.53 | 2.71 | 3.96 | 2.75 | 1.17 | 3.18 | 4.05 | 2.39 | 1.59 | |
| P/B Ratio | 7.06 | 18.13 | 3.81 | 23.57 | 10.75 | 7.20 | 4.21 | 7.16 | 7.32 | 3.90 | 2.29 | |
| EV/EBITDA | 101.28 | 24.93 | 8.19 | -61.80 | -25.03 | -334.61 | -28.12 | 24.38 | 20.42 | 10.33 | -24.93 | |
| EV/Revenue | 3.69 | 4.08 | 0.40 | 2.71 | 3.78 | 2.61 | 1.12 | 3.07 | 3.82 | 2.05 | 1.19 |
Analyst Estimates & Quality
Altman Z-Score
6.54
Safe
Piotroski F-Score
4
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $255.9M | $302.4M | $373.6M |
| Net Income | -$17.3M | $10.9M | $26.6M |
| EPS | $-0.12 | $0.07 | $0.18 |
| # Analysts (EPS) | 1 | 2 | 1 |
Revenue Segments
By Product
| Segment | 2016 | 2021 | 2022 | 2024 | 2025 |
|---|---|---|---|---|---|
| Surgical, Sports Medicine & Orthopedics (SSO) | $61.0M | — | — | — | — |
| Wound Care | $184.0M | — | — | — | — |
| Advanced Wound Care, Tissue And Other | — | $216.4M | $242.0M | — | — |
| Advanced Wound Care, Umbilical Cord-Derived | — | $23.6M | $23.2M | — | — |
| Health Care | — | $240.0M | $265.2M | — | — |
| Product and Service, Other | — | $988.0K | $259.0K | — | — |
| Section 351 | — | $17.6M | $2.4M | — | — |
| Surgical | — | — | — | $117.9M | $142.3M |