MiMedx Group, Inc. (Nasdaq: MDXG) (“MIMEDX” or the “Company”), a
transformational placental biologics company, today announced
operating and financial results for the third quarter 2022, which
ended September 30, 2022.
Todd Newton, MIMEDX interim Chief Executive
Officer ("CEO"), commented, “The third quarter 2022 represented the
first year-over-year growth in net sales in six quarters and
included several important achievements that we expect to build
upon. In September, we launched two new products tailored for the
Surgical Recovery market, AXIOFILL™ and AMNIOEFFECT™; secured
reimbursement approval in Japan for our EPIFIX® product; and the
first patients in Japan were treated with our product. Also, we
made recent progress toward our goal of commencing patient
enrollment in our registrational study for the treatment of knee
osteoarthritis.”
Mr. Newton continued, “However, there is no
denying that we must also focus on becoming profitable. The
executive team and I have set goals to continue delivering
year-over-year revenue growth, while at the same time generating
profitability. We are now forming detailed plans across the
organization to realize our goals. Beginning this quarter, we are
reporting our financial results by segment to better highlight the
underlying revenue trends, cost structure and progress against the
growth and profitability initiatives we are implementing. We
clearly have much to do and I look forward to reporting back to
shareholders on these initiatives.”
Recent Operating and Financial
Highlights:
- Reported third quarter net sales of
$67.7 million, an increase of 7.3%.
- Appointed Todd Newton interim
CEO.
- Obtained reimbursement approval
from the Japanese Ministry of Health, Labour and Welfare for the
use of EPIFIX to treat refractory or hard-to-heal lower extremity
diabetic and venous ulcers.
- Launched AMNIOEFFECT, a tri-layer
PURION® processed human tissue allograft offering superior handling
characteristics for surgeons when addressing certain surgical
wounds.
- Launched AXIOFILL, a versatile
human placental-derived particulate product that can be used as a
particulate or paste in large, complex or irregular surgical
wounds.
- Advanced engagement with the U.S.
Food and Drug Administration (“FDA”) for the Company’s next knee
osteoarthritis (“KOA”) registrational study with its micronized
dehydrated human amnion chorion membrane (“mdHACM”)
product. This engagement included the filing with FDA
of its proposed study protocol, amendments to its chemistry,
manufacturing, and controls (“CMC”) activities, and holding a Type
B RMAT meeting with FDA to review and discuss the plans.
- Appointed Matt Notarianni Head of
Investor Relations.
- Introduced segment reporting of
financial results for Wound & Surgical and Regenerative
Medicine business units, with the aim of providing additional
insights into the growth, expense profile and cash generation of
our business units.
Key Third
Quarter 2022 Financial
Metrics
- Net sales of $67.7
million for third quarter 2022, compared to $63.1 million for the
prior year period.
- Net loss of $8.4
million for third quarter 2022, compared to a net loss of $2.3
million for the prior year period.
- Adjusted EBITDA1
loss of $0.7 million for third quarter 2022, compared to a
gain of $7.0 million for the prior year period.
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
(in thousands) |
|
(in thousands) |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net sales |
$ |
67,689 |
|
|
$ |
63,074 |
|
|
$ |
193,466 |
|
|
$ |
191,206 |
|
Net loss |
|
(8,426 |
) |
|
|
(2,339 |
) |
|
|
(29,783 |
) |
|
|
(12,500 |
) |
EBITDA1 |
|
(6,097 |
) |
|
|
41 |
|
|
|
(22,971 |
) |
|
|
(4,302 |
) |
Adjusted EBITDA1 |
|
(724 |
) |
|
|
7,022 |
|
|
|
(3,402 |
) |
|
|
15,117 |
|
Net loss per common share - basic |
$ |
(0.09 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.31 |
) |
|
$ |
(0.15 |
) |
Net loss per common share - diluted |
$ |
(0.09 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.31 |
) |
|
$ |
(0.15 |
) |
- EBITDA and Adjusted EBITDA are
non-GAAP financial measures. See “Reconciliation of Non-GAAP
Measures” for a reconciliation of EBITDA and Adjusted EBITDA to Net
loss, located in “Selected Unaudited Financial Information” of this
release.
Segment Information
MIMEDX operates as two reportable segments:
Wound & Surgical and Regenerative Medicine. A summary of the
Company’s performance for the three months ended September 30, 2022
and three months ended September 30, 2021 by segment is summarized
below (amounts in thousands):
Three Months Ended September 30,
2022
|
Wound & Surgical |
|
Regenerative Medicine |
|
Corporate & Other |
|
Consolidated |
Net sales |
$ |
66,873 |
|
$ |
— |
|
|
$ |
816 |
|
$ |
67,689 |
|
Cost of sales |
|
11,159 |
|
|
— |
|
|
|
1,029 |
|
|
12,188 |
|
Selling, general and administrative expense |
|
35,531 |
|
|
— |
|
|
|
17,944 |
|
|
53,475 |
|
Research and development expense |
|
1,680 |
|
|
4,273 |
|
|
|
— |
|
|
5,953 |
|
Amortization of intangible assets |
|
— |
|
|
— |
|
|
|
175 |
|
|
175 |
|
Segment contribution |
$ |
18,503 |
|
$ |
(4,273 |
) |
|
|
|
|
Investigation, restatement and related expense |
|
|
|
|
|
|
|
|
3,001 |
|
Operating loss |
|
|
|
|
|
|
$ |
(7,103 |
) |
Supplemental information |
|
|
|
|
|
|
|
Depreciation expense |
$ |
451 |
|
$ |
36 |
|
|
$ |
344 |
|
$ |
831 |
|
Share-based compensation |
$ |
1,945 |
|
$ |
347 |
|
|
$ |
80 |
|
$ |
2,372 |
|
Note: Net sales in Corporate & Other reflect
the Company's only sales of Dental products, from a contract under
which sales will terminate in 2023.
Three Months Ended September 30,
2021
|
Wound & Surgical |
|
Regenerative Medicine |
|
Corporate & Other |
|
Consolidated |
Net sales |
$ |
62,138 |
|
$ |
76 |
|
|
$ |
860 |
|
$ |
63,074 |
|
Cost of sales |
|
8,924 |
|
|
16 |
|
|
|
1,189 |
|
|
10,129 |
|
Selling, general and administrative expense |
|
32,104 |
|
|
1,285 |
|
|
|
12,900 |
|
|
46,289 |
|
Research and development expense |
|
1,423 |
|
|
2,945 |
|
|
|
— |
|
|
4,368 |
|
Amortization of intangible assets |
|
— |
|
|
— |
|
|
|
193 |
|
|
193 |
|
Segment contribution |
$ |
19,687 |
|
$ |
(4,170 |
) |
|
|
|
|
Investigation, restatement and related expense |
|
|
|
|
|
|
|
|
3,170 |
|
Operating loss |
|
|
|
|
|
|
$ |
(1,075 |
) |
Supplemental information |
|
|
|
|
|
|
|
Depreciation expense |
$ |
511 |
|
$ |
34 |
|
|
$ |
378 |
|
$ |
923 |
|
Share-based compensation |
$ |
1,435 |
|
$ |
322 |
|
|
$ |
2,054 |
|
$ |
3,811 |
|
Note: Net sales in Corporate & Other reflect
the Company's only sales of Dental products, from a contract under
which sales will terminate in 2023.
Net Sales
MIMEDX reported net sales for the three months
ended September 30, 2022, of $67.7 million, compared to $63.1
million for the three months ended September 30, 2021, an increase
of 7.3%. Growth in net sales was led by demand for the Company's
products in the Surgical Recovery market and included contributions
from its two newest products, AMNIOEFFECT and AXIOFILL, which
launched in the third quarter of 2022.
Gross Profit and Margin
Gross profit for the three months ended
September 30, 2022, was $55.5 million an increase of $2.6 million
as compared to the prior year.
Gross margin for the three months ended
September 30, 2022, was 82.0% compared to 83.9% for the three
months ended September 30, 2021. Gross profit margins were
negatively impacted in the third quarter by lower production
levels.
Operating Expenses
Selling, general and administrative expenses for
the three months ended September 30, 2022 were $53.5 million
compared to $46.3 million for the three months ended September 30,
2021. The increase reflects higher commissions and increased levels
of travel compared to 2021, which saw lower travel activity due to
the COVID-19 pandemic. Additionally, the third quarter of 2022
included higher personnel costs associated with the severance
expense, net of stock forfeitures, related to our former CEO, and
consulting expenses related to various market assessments conducted
as part of the Company's strategic planning process.
Research and development expenses were $6.0
million for the three months ended September 30, 2022 compared to
$4.4 million for the three months ended September 30, 2021. The
increase reflects higher costs associated with our KOA clinical
program as well as higher development and testing costs incurred in
anticipation and support of the AMNIOEFFECT and AXIOFILL new
product launches.
Investigation, restatement and related expenses
for the three months ended September 30, 2022 were $3.0 million
compared to $3.2 million for the three months ended September 30,
2021.
Net loss for the three months ended September
30, 2022, was $8.4 million compared to a net loss of $2.3 million
for the three months ended September 30, 2021.
Cash and Cash Equivalents
As of September 30, 2022, the Company had
$73.2 million of cash and cash equivalents compared to $87.1
million as of December 31, 2021 and $72.5 million as of June 30,
2022.
Outlook for Q4:22 and 2022The
Company expects net sales for the fourth quarter 2022 to be in a
range of $73 to $76 million, which reflects year over year growth
in a range of 8% to 15%. As a result, for the full year 2022, the
Company expects net sales to be in a range of $266 to $269 million,
which reflects 11% to 12% growth on its 2021 net sales of its
continuing portfolio of Advanced Wound Care products.
Conference Call and
WebcastMIMEDX will host a conference call and webcast to
review its third quarter 2022 results on Wednesday, November 2,
2022, beginning at 5:00 p.m., Eastern Time. The call can be
accessed using the following information:
Webcast: Click here U.S. Investors:
877-407-6184International Investors: 201-389-0877Conference ID:
13733025
A replay of the webcast will be available for
approximately 30 days on the Company’s website at
www.mimedx.com following the conclusion of the event.
Important Cautionary Statement
This press release includes forward-looking statements. Statements
regarding: (i) future sales or sales growth; (ii) our 2022
financial outlook and expectations for future financial results,
including net sales and levels of selling, general and
administrative expense; (iii) our expectations regarding the timing
of clinical programs and trials; (iv) our expectations regarding
the timing and impact of new product launches; and (v) the
effectiveness of amniotic tissue as a therapy for any particular
indication or condition. Additional forward-looking statements may
be identified by words such as "believe," "expect," "may," "plan,"
“goal,” “outlook,” "potential," "will," "preliminary," and similar
expressions, and are based on management's current beliefs and
expectations.
Forward-looking statements are subject to risks
and uncertainties, and the Company cautions investors against
placing undue reliance on such statements. Actual results may
differ materially from those set forth in the forward-looking
statements. Factors that could cause actual results to differ from
expectations include: (i) future sales are uncertain and are
affected by competition, access to customers, patient access to
healthcare providers, and many other factors; (ii) the status,
timing, results and expected results of the Company’s clinical
trials and planned regulatory submissions, and our expectations
regarding our ability to potentially accelerate the timing of any
trial or regulatory submission, depend on a number of factors
including favorable trial results, patient access, and our ability
to manufacture in accordance with Current Good Manufacturing
Practices (“CGMP”) and appropriate CMC; (iii) the Company may
change its plans due to unforeseen circumstances, or delays in
analyzing and auditing results, and may delay or alter the timeline
for future trials, analyses, or public announcements; (iv) our
access to hospitals and health care provider facilities could be
restricted as a result of the ongoing COVID-19 pandemic or other
factors; (v) the results of scientific research are uncertain and
may have little or no value; (vi) our ability to sell our products
in other countries depends on a number of factors including
adequate levels of reimbursement, market acceptance of novel
therapies, and our ability to build and manage a direct sales force
or third party distribution relationship; (vii) the effectiveness
of amniotic tissue as a therapy for particular indications or
conditions is the subject of further scientific and clinical
studies; and (viii) we may alter the timing and amount of planned
expenditures for research and development based on the results of
clinical trials and other regulatory developments. The Company
describes additional risks and uncertainties in the Risk Factors
section of its most recent annual report and quarterly reports
filed with the Securities and Exchange Commission. Any
forward-looking statements speak only as of the date of this press
release and the Company assumes no obligation to update any
forward-looking statement.
About MIMEDXMIMEDX is a
transformational placental biologics company, developing and
distributing placental tissue allografts with patent-protected,
proprietary processes for multiple sectors of healthcare. As a
pioneer in placental tissue engineering, we have both a commercial
business, focused on addressing the needs of patients with acute
and chronic non-healing wounds, and a promising late-stage pipeline
targeted at decreasing pain and improving function for patients
with degenerative musculoskeletal conditions. We derive our
products from human placental tissues and process these tissues
using our proprietary methods, including the PURION® process. We
employ Current Good Tissue Practices, Current Good Manufacturing
Practices, and terminal sterilization to produce our allografts.
MIMEDX has supplied over two million allografts, through both
direct and consignment shipments. For additional information,
please visit www.mimedx.com.
Contact:Matt NotarianniInvestor
Relations470.304.7291mnotarianni@mimedx.com
Selected Unaudited Financial
Information
MiMedx Group, Inc. |
Condensed Consolidated Balance Sheets |
(in thousands) Unaudited |
|
September 30,2022 |
|
December 31, 2021 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
73,217 |
|
|
$ |
87,083 |
Accounts receivable, net |
|
40,830 |
|
|
|
40,353 |
Inventory |
|
13,976 |
|
|
|
11,389 |
Prepaid expenses |
|
4,679 |
|
|
|
6,146 |
Income tax receivable |
|
756 |
|
|
|
743 |
Other current assets |
|
2,582 |
|
|
|
2,809 |
Total current assets |
|
136,040 |
|
|
|
148,523 |
Property and equipment, net |
|
7,912 |
|
|
|
9,165 |
Right of use asset |
|
3,728 |
|
|
|
4,696 |
Goodwill |
|
19,976 |
|
|
|
19,976 |
Intangible assets, net |
|
4,992 |
|
|
|
5,383 |
Other assets |
|
150 |
|
|
|
186 |
Total assets |
$ |
172,798 |
|
|
$ |
187,929 |
LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’
(DEFICIT) EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
8,820 |
|
|
$ |
7,385 |
Accrued compensation |
|
24,090 |
|
|
|
23,595 |
Accrued expenses |
|
10,986 |
|
|
|
9,812 |
Other current liabilities |
|
1,962 |
|
|
|
1,565 |
Total current liabilities |
|
45,858 |
|
|
|
42,357 |
Long term debt, net |
|
48,475 |
|
|
|
48,127 |
Other liabilities |
|
5,491 |
|
|
|
4,869 |
Total liabilities |
|
99,824 |
|
|
|
95,353 |
Convertible preferred stock |
|
92,494 |
|
|
|
92,494 |
Total stockholders' (deficit) equity |
|
(19,520 |
) |
|
|
82 |
Total liabilities, convertible preferred stock, and stockholders’
(deficit) equity |
$ |
172,798 |
|
|
$ |
187,929 |
MiMedx Group, Inc. |
Condensed Consolidated Statements of
Operations |
(in thousands) Unaudited |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net sales |
$ |
67,689 |
|
|
$ |
63,074 |
|
|
$ |
193,466 |
|
|
$ |
191,206 |
|
Cost of sales |
|
12,188 |
|
|
|
10,129 |
|
|
|
33,947 |
|
|
|
32,530 |
|
Gross profit |
|
55,501 |
|
|
|
52,945 |
|
|
|
159,519 |
|
|
|
158,676 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Selling, general and administrative |
|
53,475 |
|
|
|
46,289 |
|
|
|
158,838 |
|
|
|
145,291 |
|
Research and development |
|
5,953 |
|
|
|
4,368 |
|
|
|
17,429 |
|
|
|
12,770 |
|
Investigation, restatement and related |
|
3,001 |
|
|
|
3,170 |
|
|
|
8,771 |
|
|
|
8,304 |
|
Amortization of intangible assets |
|
175 |
|
|
|
193 |
|
|
|
519 |
|
|
|
647 |
|
Operating loss |
|
(7,103 |
) |
|
|
(1,075 |
) |
|
|
(26,038 |
) |
|
|
(8,336 |
) |
|
|
|
|
|
|
|
|
Other expense, net |
|
|
|
|
|
|
|
Interest expense, net |
|
(1,270 |
) |
|
|
(963 |
) |
|
|
(3,566 |
) |
|
|
(3,806 |
) |
Other expense, net |
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
(3 |
) |
Loss before income tax provision |
|
(8,373 |
) |
|
|
(2,038 |
) |
|
|
(29,605 |
) |
|
|
(12,145 |
) |
Income tax provision expense |
|
(53 |
) |
|
|
(301 |
) |
|
|
(178 |
) |
|
|
(355 |
) |
Net loss |
$ |
(8,426 |
) |
|
$ |
(2,339 |
) |
|
$ |
(29,783 |
) |
|
$ |
(12,500 |
) |
|
|
|
|
|
|
|
|
Net loss available to common shareholders |
$ |
(10,096 |
) |
|
$ |
(3,913 |
) |
|
$ |
(34,667 |
) |
|
$ |
(17,039 |
) |
|
|
|
|
|
|
|
|
Net loss per common share - basic |
$ |
(0.09 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.31 |
) |
|
$ |
(0.15 |
) |
Net loss per common share - diluted |
$ |
(0.09 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.31 |
) |
|
$ |
(0.15 |
) |
|
|
|
|
|
|
|
|
Weighted average common shares outstanding - basic |
|
113,448,251 |
|
|
|
110,717,073 |
|
|
|
112,650,713 |
|
|
|
110,136,517 |
|
Weighted average common shares outstanding - diluted |
|
113,448,251 |
|
|
|
110,717,073 |
|
|
|
112,650,713 |
|
|
|
110,136,517 |
|
MiMedx Group, Inc. |
Condensed Consolidated Statements of Cash
Flows |
(in thousands) Unaudited |
|
Nine Months Ended September 30, |
|
|
2022 |
|
|
|
2021 |
|
Cash flows from operating activities: |
|
|
|
Net loss |
$ |
(29,783 |
) |
|
$ |
(12,500 |
) |
Adjustments to reconcile net loss to net cash flows (used in)
provided by operating activities: |
|
|
|
Share-based compensation |
|
10,798 |
|
|
|
11,115 |
|
Depreciation |
|
2,549 |
|
|
|
3,390 |
|
Bad debt expense |
|
2,817 |
|
|
|
— |
|
Amortization of intangible assets |
|
519 |
|
|
|
647 |
|
Amortization of deferred financing costs |
|
348 |
|
|
|
943 |
|
Non-cash lease expenses |
|
931 |
|
|
|
724 |
|
Accretion of asset retirement obligation |
|
69 |
|
|
|
57 |
|
(Gain) loss on fixed asset disposal |
|
(17 |
) |
|
|
236 |
|
Increase (decrease) in cash resulting from changes in: |
|
|
|
Accounts receivable |
|
(3,295 |
) |
|
|
(1,113 |
) |
Inventory |
|
(2,586 |
) |
|
|
(835 |
) |
Prepaid expenses |
|
1,467 |
|
|
|
3,527 |
|
Income taxes |
|
(13 |
) |
|
|
9,420 |
|
Other assets |
|
(287 |
) |
|
|
1,990 |
|
Accounts payable |
|
1,090 |
|
|
|
(828 |
) |
Accrued compensation |
|
495 |
|
|
|
2,085 |
|
Accrued expenses |
|
1,724 |
|
|
|
(16,768 |
) |
Other liabilities |
|
905 |
|
|
|
(840 |
) |
Net cash flows (used in) provided by operating activities |
|
(12,269 |
) |
|
|
1,250 |
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
Purchases of equipment |
|
(847 |
) |
|
|
(2,893 |
) |
Patent application costs |
|
(128 |
) |
|
|
(263 |
) |
Proceeds from sale of equipment |
|
24 |
|
|
|
— |
|
Principal payments from note receivable |
|
— |
|
|
|
75 |
|
Net cash flows used in investing activities |
|
(951 |
) |
|
|
(3,081 |
) |
|
|
|
|
Cash flows from financing activities: |
|
|
|
Stock repurchased for tax withholdings on vesting of restricted
stock |
|
(1,191 |
) |
|
|
(4,751 |
) |
Proceeds from exercise of stock options |
|
574 |
|
|
|
1,404 |
|
Principal payments on finance lease |
|
(29 |
) |
|
|
(27 |
) |
Net cash flows used in financing activities |
|
(646 |
) |
|
|
(3,374 |
) |
|
|
|
|
Net change in cash |
|
(13,866 |
) |
|
|
(5,205 |
) |
|
|
|
|
Cash and cash equivalents, beginning of period |
|
87,083 |
|
|
|
95,812 |
|
Cash and cash equivalents, end of period |
$ |
73,217 |
|
|
$ |
90,607 |
|
MiMedx Group, Inc.
Segment Reporting for the Nine Months
Ended September 30, 2022(in thousands)
Unaudited
|
Wound & Surgical |
|
Regenerative Medicine |
|
Corporate & Other |
|
Consolidated |
Net sales |
$ |
191,297 |
|
$ |
— |
|
|
$ |
2,169 |
|
$ |
193,466 |
|
Cost of sales |
|
31,126 |
|
|
— |
|
|
|
2,821 |
|
|
33,947 |
|
Selling, general and administrative expense |
|
108,256 |
|
|
— |
|
|
|
50,582 |
|
|
158,838 |
|
Research and development expense |
|
6,068 |
|
|
11,361 |
|
|
|
— |
|
|
17,429 |
|
Amortization of intangible assets |
|
— |
|
|
— |
|
|
|
519 |
|
|
519 |
|
Segment contribution |
$ |
45,847 |
|
$ |
(11,361 |
) |
|
|
|
|
Investigation, restatement and related expense |
|
|
|
|
|
|
|
|
8,771 |
|
Operating loss |
|
|
|
|
|
|
$ |
(26,038 |
) |
Supplemental information |
|
|
|
|
|
|
|
Depreciation expense |
$ |
1,364 |
|
$ |
120 |
|
|
$ |
1,065 |
|
$ |
2,549 |
|
Share-based compensation |
$ |
5,609 |
|
$ |
910 |
|
|
$ |
4,279 |
|
$ |
10,798 |
|
MiMedx Group, Inc.
Segment Reporting for the Nine Months
Ended September 30, 2021(in thousands)
Unaudited
|
Wound & Surgical |
|
Regenerative Medicine |
|
Corporate & Other |
|
Consolidated |
Net sales |
$ |
172,401 |
|
$ |
16,584 |
|
|
$ |
2,221 |
|
$ |
191,206 |
|
Cost of sales |
|
25,646 |
|
|
3,652 |
|
|
|
3,232 |
|
|
32,530 |
|
Selling, general and administrative expense |
|
87,392 |
|
|
11,127 |
|
|
|
46,772 |
|
|
145,291 |
|
Research and development expense |
|
4,080 |
|
|
8,690 |
|
|
|
— |
|
|
12,770 |
|
Amortization of intangible assets |
|
— |
|
|
— |
|
|
|
647 |
|
|
647 |
|
Segment contribution |
$ |
55,283 |
|
$ |
(6,885 |
) |
|
|
|
|
Investigation, restatement and related expense |
|
|
|
|
|
|
|
|
8,304 |
|
Operating loss |
|
|
|
|
|
|
$ |
(8,336 |
) |
Supplemental information |
|
|
|
|
|
|
|
Depreciation expense |
$ |
1,172 |
|
$ |
213 |
|
|
$ |
2,005 |
|
$ |
3,390 |
|
Share-based compensation |
$ |
3,827 |
|
$ |
1,147 |
|
|
$ |
6,141 |
|
$ |
11,115 |
|
Reconciliation of Non-GAAP
Measures
In addition to our GAAP results, we provide
certain non-GAAP metrics including Earnings Before Interest, Taxes,
Depreciation and Amortization (“EBITDA”), and Adjusted EBITDA. We
believe that the presentation of these measures provides important
supplemental information to management and investors regarding our
performance. These measurements are not a substitute for GAAP
measurements. Company management uses these Non-GAAP measurements
as aids in monitoring our ongoing financial performance from
quarter-to-quarter and year-to-year on a regular basis and for
benchmarking against comparable companies.
EBITDA is intended to provide a measure of the
Company’s operating performance as it eliminates the effects of
financing and capital expenditures. EBITDA consists of GAAP net
loss excluding: (i) depreciation, (ii) amortization of intangibles,
(iii) interest expense, net, and (iv) income tax provision.
Adjusted EBITDA is intended to provide a normalized view of EBITDA
and our broader business operations that we expect to experience on
an ongoing basis by removing certain non-cash items and items that
may be irregular, one-time, or non-recurring from EBITDA. This
enables us to identify underlying trends in our business that could
otherwise be masked by such items. Adjusted EBITDA consists of GAAP
net loss excluding: (i) depreciation, (ii) amortization of
intangibles, (iii) interest expense, net, (iv) income tax
provision, (v) costs incurred in connection with the Audit
Committee Investigation and Restatement (as defined in our most
recent Annual Report on Form 10-K), and (vi) share-based
compensation.
A reconciliation of GAAP net loss to EBITDA and
Adjusted EBITDA appears in the table below (in thousands):
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net loss |
$ |
(8,426 |
) |
|
$ |
(2,339 |
) |
|
$ |
(29,783 |
) |
|
$ |
(12,500 |
) |
Net margin |
(12.4)% |
|
(3.7)% |
|
(15.4)% |
|
(6.5)% |
Non-GAAP Adjustments: |
|
|
|
|
|
|
|
Depreciation expense |
|
831 |
|
|
|
923 |
|
|
|
2,549 |
|
|
|
3,390 |
|
Amortization of intangible assets |
|
175 |
|
|
|
193 |
|
|
|
519 |
|
|
|
647 |
|
Interest expense, net |
|
1,270 |
|
|
|
963 |
|
|
|
3,566 |
|
|
|
3,806 |
|
Income tax provision expense, net |
|
53 |
|
|
|
301 |
|
|
|
178 |
|
|
|
355 |
|
EBITDA |
|
(6,097 |
) |
|
|
41 |
|
|
|
(22,971 |
) |
|
|
(4,302 |
) |
EBITDA margin |
(9.0)% |
|
|
0.1 |
% |
|
(11.9)% |
|
(2.2)% |
Additional Non-GAAP Adjustments |
|
|
|
|
|
|
|
Costs incurred in connection with Audit Committee Investigation and
Restatement |
|
3,001 |
|
|
|
3,170 |
|
|
|
8,771 |
|
|
|
8,304 |
|
Share-based compensation |
|
2,372 |
|
|
|
3,811 |
|
|
|
10,798 |
|
|
|
11,115 |
|
Adjusted EBITDA |
$ |
(724 |
) |
|
$ |
7,022 |
|
|
$ |
(3,402 |
) |
|
$ |
15,117 |
|
Adjusted EBITDA margin |
(1.1)% |
|
|
11.1 |
% |
|
(1.8)% |
|
|
7.9 |
% |
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