Released on October 30, 2023, MiMedx Group Inc (MDXG, Financial) announced its financial results for the third quarter of 2023, which ended on September 30, 2023. The company reported a significant increase in net sales and a return to profitability.
Financial Highlights
Net sales for the third quarter of 2023 were $81.7 million, a 20.7% increase compared to $67.7 million for the same period in 2022. The GAAP Net income for Q3 2023 was $8.5 million, a significant improvement from a net loss of $8.4 million in Q3 2022. Adjusted EBITDA for the quarter stood at $17.6 million, compared to $2.4 million in Q3 2022.
CEO's Commentary
Joseph H. Capper, MiMedx Chief Executive Officer, commented on the results,
We are delighted to report another excellent quarter as the Company continues to execute across the board - commercially, operationally and financially. Net sales growth exceeded 20%, with an Adjusted EBITDA margin of 21.6% and a $12.5 million increase in our cash balance."
Financial Tables Summary
The company's balance sheet as of September 30, 2023, showed $81.2 million in cash and cash equivalents, compared to $68.7 million as of June 30, 2023, and $66.0 million as of December 31, 2022. The company's long-term debt remained essentially flat at $49.0 million compared to the prior year period.
Outlook
Based on the strong commercial momentum, MiMedx expects full year 2023 net sales percentage growth to be in the high teens. The company also anticipates its cash on the balance sheet at December 31, 2023, to be above $80 million.
About MiMedx Group Inc (MDXG, Financial)
MiMedx is a pioneer and leader focused on helping humans heal. With more than a decade of helping clinicians manage chronic and other hard-to-heal wounds, MiMedx is dedicated to providing a leading portfolio of products for applications in the wound care, burn, and surgical sectors of healthcare.
Explore the complete 8-K earnings release (here) from MiMedx Group Inc for further details.
