MiMedx Group, Inc. (Nasdaq: MDXG) (“MIMEDX” or the “Company”),
today announced operating and financial results for the quarter
ended September 30, 2023.
Recent Operating and Financial
Highlights:
- Third quarter 2023 net sales of
$81.7 million, an increase of 20.7% over third quarter 2022.
- GAAP net income of $8.5 million for
third quarter 2023.
- Adjusted EBITDA1 of $17.6 million
for third quarter 2023, representing 21.6% of net sales.
- Launched EPIEFFECT™, the latest
addition to MIMEDX’s portfolio of Advanced Wound Care
products.
- Repurchased
$9.5 million of a portion of Series B Preferred Stock ("Series
B Shares") held by certain funds managed by Hayfin Capital
Management, LLP ("Hayfin"); Hayfin agreed to retain the balance of
its equity position for a period of one-year following the
repurchase.
Joseph H. Capper, MIMEDX Chief Executive
Officer, commented, “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. Once again, our
growth was broad-based, with contributions from each
site-of-service, largely driven by emerging competitive wins and
continued uptake in the products we launched in late-2022.
Additionally, the Company is realizing benefits of scale as
evidenced by the improvement in our Adjusted EBITDA and Free Cash
Flow2.
“With the full commercial launch of EPIEFFECT,
the latest addition to our market-leading placental-derived
allograft portfolio, we look forward to closing out an excellent
2023. As a result, we now expect our full-year 2023 net sales
percentage growth rate to be in the high teens.”
Regarding the share repurchase of the Company’s
Series B Shares, Mr. Capper commented, “We greatly appreciate the
Hayfin partnership and support of MIMEDX that began in 2020. We
view this transaction as opportunistic, as it eliminates the
dividend requirement on the repurchased equity and reduces
potential for liquidation pressure upon a future conversion of the
balance of Hayfin’s Series B Shares.”
_____________________________________1 EBITDA,
Adjusted EBITDA and related margins, Adjusted Net Income and
Adjusted EPS are non-GAAP financial measures. See “Reconciliation
of Non-GAAP Measures” for a reconciliation of EBITDA, Adjusted
EBITDA and Adjusted Net Income to Net income (loss) and Adjusted
EPS to Diluted earnings per share, located in “Selected Unaudited
Financial Information” of this release.2 Free Cash Flow is a
Non-GAAP financial measure. See "Reconciliation of Non-GAAP
Measures" for a reconciliation of Free Cash Flow to cash flows
provided by (used in) operating activities, located in "Selected
Unaudited Financial Information" of this release.
|
|
|
Three Months Ended September 30, |
|
(in thousands) |
|
2023 |
|
2022 |
Net sales |
$ |
81,712 |
|
|
$ |
67,689 |
|
GAAP Net income (loss) |
|
8,534 |
|
|
|
(8,426 |
) |
EBITDA |
|
11,648 |
|
|
|
(6,097 |
) |
Adjusted EBITDA |
|
17,619 |
|
|
|
2,381 |
|
GAAP Net income (loss) per common share - basic |
$ |
0.06 |
|
|
$ |
(0.09 |
) |
GAAP Net income (loss) per common share - diluted |
$ |
0.06 |
|
|
$ |
(0.09 |
) |
Adjusted Earnings (Loss) Per Share |
$ |
0.05 |
|
|
$ |
(0.03 |
) |
|
|
|
|
|
|
|
|
Net Sales
MIMEDX reported net sales for the three months
ended September 30, 2023 of $81.7 million, compared to $67.7
million for the three months ended September 30, 2022, an increase
of 20.7%.
- Net sales from the hospital channel
of $47.4 million reflect an increase of 17.9% compared to the prior
year period,
- Net sales from the physician office
channel of $23.0 million reflect an increase of 17.3% compared to
the prior year period, and
- Net sales derived from other
sites-of-service of $11.4 million reflect an increase of 43.7%
compared to the prior year period.
Third quarter net sales growth benefited from
strong demand for the Company’s Wound & Surgical product
offering across all of its sites-of-service, continued uptake of
new products launched in the last twelve months, which primarily
impacted the hospital channel, and a contribution associated with
the wind-down of a product line related to the end of a
contract.
Gross Profit and Margin
Gross profit for the three months ended
September 30, 2023, was $66.9 million, an increase of $11.4 million
as compared to the prior year period.
Gross profit margin for the three months ended
September 30, 2023, was 81.9% compared to 82.0% for the three
months ended September 30, 2022. Third quarter gross profit margin
was roughly flat versus the prior year period due to improvements
in yield, partially offset by production variances and the
unfavorable impact of the product line related to the end of a
contract referenced above.
Operating Expenses
Selling, general and administrative expenses for
the three months ended September 30, 2023, were $52.6 million,
compared to $53.5 million for the three months ended September 30,
2022. The decrease primarily reflects disciplined expense
management, more than offsetting higher commissions associated with
increased sales.
Research and development expenses were $3.2
million for the three months ended September 30, 2023 compared to
$6.0 million for the three months ended September 30, 2022. The
decrease was primarily driven by the Company’s strategic
realignment disbanding its Regenerative Medicine business unit
announced in June 2023.
Restructuring expense and investigation,
restatement, and related expenses for the three months ended
September 30, 2023 were immaterial. Investigation, restatement and
related expenses were $3.0 million for the three months ended
September 30, 2022.
Net income for the three months ended September
30, 2023, was $8.5 million, compared to a net loss of $8.4 million
for the three months ended September 30, 2022.
Liquidity
As of September 30, 2023, the Company had
$81.2 million of cash and cash equivalents, compared to $68.7
million as of June 30, 2023 and $66.0 million as of December 31,
2022. Also as of September 30, 2023, the Company had $49.0
million in long term debt, essentially flat versus the prior year
period.
For the third quarter 2023, the Company
generated operating cash flows of $12.8 million, compared to
operating cash flow usage of $1.0 million in the prior year
period. Also, for the third quarter 2023, the Company generated
Free Cash Flow of $12.2 million, compared to negative Free Cash
Flow of $0.6 million in the prior year period.
On October 27, 2023, MIMEDX repurchased 5,000 of
its 100,000 shares of Series B Preferred Stock outstanding held by
Hayfin for a lump sum cash payment of $9.5 million, or $6.13
per common share on an as-converted basis. Under the terms of the
transaction, Hayfin agreed to customary lock-up provisions for the
remainder of its MIMEDX equity position including any shares of
common stock issued upon conversion of any remaining Series B
Shares held by Hayfin for a one-year period following the
repurchase.
Financial Goals
Based upon the strong commercial momentum in the
business on a year-to-date basis, MIMEDX expects full year 2023 net
sales percentage growth to be in the high teens, driven by
continued demand for the Company’s Wound & Surgical product
offering across its sites of service, and ongoing uptake of new
products launched in the last twelve months.
Additionally, the Company continues to expect
Adjusted EBITDA margin in the second half of 2023 to exceed
20%.
Following the $9.5 million Hayfin preferred
share repurchase, the Company anticipates cash on the balance sheet
at December 31, 2023 to be above $80 million.
Conference Call and Webcast
MIMEDX will host a conference call and webcast
to review its third quarter 2023 results on Monday, October 30,
2023, beginning at 4:30 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:
13741654
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 2023 financial goals and expectations for future financial
results, including levels of net sales, Adjusted EBITDA, Adjusted
EBITDA margin, corporate expenses and cash; (iii) our expectations
regarding our new products, including EPIEFFECT; and (iv) demand
for our products. 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, the reimbursement environment and many other
factors; (ii) the Company may change its plans due to unforeseen
circumstances; (iii) the results of scientific research are
uncertain and may have little or no value; (iv) 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; (v) the
effectiveness of amniotic tissue as a therapy for particular
indications or conditions is the subject of further scientific and
clinical studies; and (vi) 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 MIMEDX
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. The
Company’s vision is to be the leading global provider of healing
solutions through relentless innovation to restore quality of life.
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 30,2023 |
|
December 31, 2022 |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash |
$ |
81,164 |
|
|
$ |
65,950 |
|
Accounts receivable, net |
|
49,005 |
|
|
|
43,084 |
|
Inventory |
|
19,068 |
|
|
|
13,183 |
|
Prepaid expenses |
|
2,954 |
|
|
|
8,646 |
|
Other current assets |
|
2,311 |
|
|
|
3,335 |
|
Total current assets |
|
154,502 |
|
|
|
134,198 |
|
Property and equipment, net |
|
7,094 |
|
|
|
7,856 |
|
Right of use asset |
|
2,441 |
|
|
|
3,400 |
|
Goodwill |
|
19,441 |
|
|
|
19,976 |
|
Intangible assets, net |
|
5,395 |
|
|
|
5,852 |
|
Other assets |
|
149 |
|
|
|
148 |
|
Total assets |
$ |
189,022 |
|
|
$ |
171,430 |
|
LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ EQUITY
(DEFICIT) |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
9,170 |
|
|
$ |
8,847 |
|
Accrued compensation |
|
23,159 |
|
|
|
21,852 |
|
Accrued expenses |
|
9,444 |
|
|
|
11,024 |
|
Other current liabilities |
|
1,854 |
|
|
|
1,834 |
|
Total current liabilities |
|
43,627 |
|
|
|
43,557 |
|
Long term debt, net |
|
48,966 |
|
|
|
48,594 |
|
Other liabilities |
|
2,605 |
|
|
|
4,773 |
|
Total liabilities |
|
95,198 |
|
|
|
96,924 |
|
Convertible preferred stock |
|
92,494 |
|
|
|
92,494 |
|
Total stockholders' equity (deficit) |
|
1,330 |
|
|
|
(17,988 |
) |
Total liabilities, convertible preferred stock, and stockholders’
equity (deficit) |
$ |
189,022 |
|
|
$ |
171,430 |
|
|
|
|
|
|
|
|
|
|
MiMedx Group, Inc. |
Condensed Consolidated Statements of
Operations |
(in thousands, except share data) Unaudited |
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net sales |
$ |
81,712 |
|
|
$ |
67,689 |
|
|
$ |
234,645 |
|
|
$ |
193,466 |
|
Cost of sales |
|
14,790 |
|
|
|
12,188 |
|
|
|
40,792 |
|
|
|
33,947 |
|
Gross profit |
|
66,922 |
|
|
|
55,501 |
|
|
|
193,853 |
|
|
|
159,519 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Selling, general and administrative |
|
52,571 |
|
|
|
53,475 |
|
|
|
156,773 |
|
|
|
158,838 |
|
Research and development |
|
3,175 |
|
|
|
5,953 |
|
|
|
18,168 |
|
|
|
17,429 |
|
Restructuring |
|
208 |
|
|
|
— |
|
|
|
3,464 |
|
|
|
— |
|
Investigation, restatement and related |
|
(38 |
) |
|
|
3,001 |
|
|
|
4,652 |
|
|
|
8,771 |
|
Amortization of intangible assets |
|
190 |
|
|
|
175 |
|
|
|
570 |
|
|
|
519 |
|
Operating income (loss) |
|
10,816 |
|
|
|
(7,103 |
) |
|
|
10,226 |
|
|
|
(26,038 |
) |
|
|
|
|
|
|
|
|
Other expense, net |
|
|
|
|
|
|
|
Interest expense, net |
|
(1,680 |
) |
|
|
(1,270 |
) |
|
|
(4,864 |
) |
|
|
(3,566 |
) |
Other expense, net |
|
(11 |
) |
|
|
— |
|
|
|
(42 |
) |
|
|
(1 |
) |
Income (loss) before income tax provision |
|
9,125 |
|
|
|
(8,373 |
) |
|
|
5,320 |
|
|
|
(29,605 |
) |
Income tax provision expense |
|
(591 |
) |
|
|
(53 |
) |
|
|
(569 |
) |
|
|
(178 |
) |
Net income (loss) |
$ |
8,534 |
|
|
$ |
(8,426 |
) |
|
$ |
4,751 |
|
|
$ |
(29,783 |
) |
|
|
|
|
|
|
|
|
Net income (loss) available to common shareholders |
$ |
6,761 |
|
|
$ |
(10,096 |
) |
|
$ |
(433 |
) |
|
$ |
(34,667 |
) |
|
|
|
|
|
|
|
|
Net income (loss) per common share - basic |
$ |
0.06 |
|
|
$ |
(0.09 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.31 |
) |
Net income (loss) per common share - diluted |
$ |
0.06 |
|
|
$ |
(0.09 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.31 |
) |
|
|
|
|
|
|
|
|
Weighted average common shares outstanding - basic |
|
116,298,146 |
|
|
|
113,448,251 |
|
|
|
115,528,067 |
|
|
|
112,650,713 |
|
Weighted average common shares outstanding - diluted |
|
119,327,709 |
|
|
|
113,448,251 |
|
|
|
115,528,067 |
|
|
|
112,650,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MiMedx Group, Inc. |
Condensed Consolidated Statements of Cash
Flows |
(in thousands) Unaudited |
|
Nine Months Ended September 30, |
|
2023 |
|
2022 |
Net cash flows provided by (used in) operating activities |
$ |
16,518 |
|
|
$ |
(12,269 |
) |
Net cash flows used in investing activities |
|
(1,674 |
) |
|
|
(951 |
) |
Net cash flows provided by (used in) financing activities |
|
370 |
|
|
|
(646 |
) |
Net change in cash |
$ |
15,214 |
|
|
$ |
(13,866 |
) |
|
|
|
|
|
|
|
|
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”), Adjusted EBITDA, related
margins, Free Cash Flow, Adjusted Net Income, and Adjusted Earnings
Per Share ("Adjusted EPS"). 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.
These non-GAAP financial measures reflect the
exclusion of the following items:
- Share-based
compensation expense - expense recognized related to awards to
various employees pursuant to our share-based compensation plans.
This expense is reflected amongst cost of sales, research and
development expense, and selling, general, and administrative
expense in the unaudited condensed consolidated statements of
operations. Refer to Note 10, Equity, in our Quarterly Report on
Form 10-Q for the three months ended September 30, 2023 for
details.
- Investigation,
restatement, and related (benefit) expense - expenses incurred
toward the legal defense of certain former officers and directors,
net of negotiated reductions and settlements of amounts previously
advanced. This expense is reflected in the line of the same name in
our unaudited condensed consolidated statements of operations.
- Expenses related
to the Disbanding of Regenerative Medicine - incremental expenses
recognized or incurred directly as a result of our announcement to
disband our Regenerative Medicine segment. This reflects (i)
write-downs of clinical trial assets, (ii) charges associated with
the wind-down of contracts associated with our clinical trial
program, (iii) severance expenses incurred which were directly
attributable to the disbanding, and (iv) impairment of goodwill.
Severance expenses are reflected in research and development
expense on the unaudited condensed consolidated statements of
operations. All other charges are reflected in restructuring
expense in the unaudited condensed consolidated statements of
operations.
- Reorganization
expense - expenses incurred toward the realignment of our operating
strategy. These expenses primarily relate to severance expenses
related to certain officers. These expenses are reflected as a
component of selling, general, and administrative expense in the
unaudited condensed consolidated statements of operations.
- Long-Term Income Tax Rate
Adjustment - for purposes of calculating Adjusted Net Income (Loss)
and Adjusted Earnings Per Share, reflects our expectation of a
long-term effective tax rate, which is normalized and balance
sheet-agnostic. Actual reporting tax expense will be based on GAAP
earnings, and may differ from the expected long-term effective tax
rate due to a variety of factors, including the utilization of,
availability of and ability to use various deferred tax assets, the
tax treatment of various transactions included in GAAP net income
and other reconciling items that are excluded in determining
Adjusted Net Income (Loss) and Adjusted EPS. The long-term
normalized effective tax rate was 25% for both years ended December
31, 2023 and 2022.
EBITDA, Adjusted EBITDA and Adjusted EBITDA
margin
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 income (loss) excluding: (i) depreciation, (ii) amortization of
intangibles, (iii) interest expense, net, (iv) income tax
provision, (v) investigation, restatement and related expenses,
(vi) reorganization expenses related to severance charges for
certain officers (vii) expenses related to disbanding of the
Regenerative Medicine business unit and (viii) share-based
compensation.
A reconciliation of GAAP net income (loss) to
EBITDA and Adjusted EBITDA appears in the table below (in
thousands):
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net income (loss) |
$ |
8,534 |
|
|
$ |
(8,426 |
) |
|
$ |
4,751 |
|
|
$ |
(29,783 |
) |
Net margin |
|
10.4 |
% |
|
(12.4 |
)% |
|
|
2.0 |
% |
|
(15.4 |
)% |
Non-GAAP Adjustments: |
|
|
|
|
|
|
|
Depreciation expense |
|
653 |
|
|
|
831 |
|
|
|
2,054 |
|
|
|
2,549 |
|
Amortization of intangible assets |
|
190 |
|
|
|
175 |
|
|
|
570 |
|
|
|
519 |
|
Interest expense, net |
|
1,680 |
|
|
|
1,270 |
|
|
|
4,864 |
|
|
|
3,566 |
|
Income tax provision expense (benefit) |
|
591 |
|
|
|
53 |
|
|
|
569 |
|
|
|
178 |
|
EBITDA |
|
11,648 |
|
|
|
(6,097 |
) |
|
|
12,808 |
|
|
|
(22,971 |
) |
EBITDA margin |
|
14.3 |
% |
|
(9.0 |
)% |
|
|
5.5 |
% |
|
(11.9 |
)% |
Additional Non-GAAP Adjustments |
|
|
|
|
|
|
|
Investigation, restatement and related expenses |
|
(38 |
) |
|
|
3,001 |
|
|
|
4,652 |
|
|
|
8,771 |
|
Share-based compensation |
|
4,389 |
|
|
|
2,372 |
|
|
|
12,793 |
|
|
|
10,798 |
|
Reorganization expenses |
|
1,412 |
|
|
|
3,105 |
|
|
|
1,412 |
|
|
|
3,105 |
|
Expenses related to disbanding of Regenerative Medicine business
unit |
|
208 |
|
|
|
— |
|
|
|
5,599 |
|
|
|
— |
|
Adjusted EBITDA |
$ |
17,619 |
|
|
$ |
2,381 |
|
|
$ |
37,264 |
|
|
$ |
(297 |
) |
Adjusted EBITDA margin |
|
21.6 |
% |
|
|
3.5 |
% |
|
|
15.9 |
% |
|
(0.2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
We are not able to provide a reconciliation of
our Adjusted EBITDA margin expectation to the corresponding GAAP
measure without unreasonable effort because of the uncertainty and
variability of the nature and amount of the non-recurring and other
items that are excluded from such non-GAAP financial measures. Such
adjustments in future periods are generally expected to be similar
to the kinds of charges excluded from such non-GAAP financial
measures in prior periods. The exclusion of these charges and costs
in future periods could have a significant impact on our non-GAAP
financial measures.
Free Cash Flow
Free Cash Flow is intended to provide a measure
of our ability to generate cash in excess of capital investments.
It provides management with a view of cash flows which can be used
to finance operational and strategic investments.
Free Cash Flow is defined as net cash provided
by (used in) operating activities less capital expenditures,
including purchases of equipment.
A reconciliation of GAAP net cash provided by
(used in) operating activities to Free Cash Flow appears in the
table below (in thousands):
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net cash flows provided by (used in) operating activities |
$ |
12,791 |
|
|
$ |
959 |
|
|
$ |
16,518 |
|
|
$ |
(12,269 |
) |
Purchases of equipment |
|
(628 |
) |
|
|
(349 |
) |
|
|
(1,560 |
) |
|
|
(847 |
) |
Free Cash Flow |
$ |
12,163 |
|
|
$ |
610 |
|
|
$ |
14,958 |
|
|
$ |
(13,116 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income (Loss)
Adjusted Net Income is intended to provide a
normalized view of net income by removing items that may be
irregular, one-time, or non-recurring from net income. This enables
us to identify underlying trends in our business that could
otherwise be masked by such items. Adjusted Net Income (Loss)
consists of GAAP net income (loss) excluding: (i) investigation,
restatement and related expenses, (ii) reorganization expenses
related to severance charges for certain officers, (iii) expenses
related to disbanding of the Regenerative Medicine business unit
and (iv) long-term income tax rate adjustment.
A reconciliation of GAAP net income (loss) to
Adjusted Net Income (Loss) appears in the table below (in
thousands):
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net income (loss) |
$ |
8,534 |
|
|
$ |
(8,426 |
) |
|
$ |
4,751 |
|
|
$ |
(29,783 |
) |
Investigation, restatement and
related (benefit) expense |
|
(38 |
) |
|
|
3,001 |
|
|
|
4,652 |
|
|
|
8,771 |
|
Restructuring expense |
|
208 |
|
|
|
— |
|
|
|
5,599 |
|
|
|
— |
|
Reorganization expenses |
|
1,412 |
|
|
|
3,105 |
|
|
|
1,412 |
|
|
|
3,105 |
|
Income tax adjustment (based
on long term tax rate of 25%) |
|
(2,086 |
) |
|
|
620 |
|
|
|
(3,677 |
) |
|
|
4,610 |
|
Adjusted Net Income
(Loss) |
$ |
8,030 |
|
|
$ |
(1,700 |
) |
|
$ |
12,737 |
|
|
$ |
(13,297 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Earnings Per Share
Adjusted Earnings Per Share is intended to
provide a normalized view of earnings per share by removing items
that may be irregular, one-time, or non-recurring from net income.
This enables us to identify underlying trends in our business that
could otherwise be masked by such items. Adjusted Earnings Per
Share consists of GAAP diluted earnings per share including
adjustments for: (i) investigation, restatement and related
expenses, (ii) reorganization expenses related to severance charges
for certain officers, (iii) expenses related to disbanding of the
Regenerative Medicine business unit and (iv) long-term income tax
rate adjustment.
A reconciliation of GAAP diluted earnings per
share to Adjusted Earnings Per Share appears in the table below
(per diluted share):
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
GAAP net income (loss) per common share - diluted |
$ |
0.06 |
|
|
$ |
(0.09 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.31 |
) |
Investigation, restatement and
related (benefit) expense |
|
— |
|
|
|
0.03 |
|
|
|
0.04 |
|
|
|
0.08 |
|
Restructuring expense |
|
— |
|
|
|
— |
|
|
|
0.05 |
|
|
|
— |
|
Reorganization expenses |
|
0.01 |
|
|
|
0.03 |
|
|
|
0.01 |
|
|
|
0.03 |
|
Income tax adjustment (based
on long term tax rate of 25%) |
|
(0.02 |
) |
|
|
0.01 |
|
|
|
(0.03 |
) |
|
|
0.04 |
|
Adjusted Earnings Per
Share |
$ |
0.05 |
|
|
$ |
(0.03 |
) |
|
$ |
0.06 |
|
|
$ |
(0.16 |
) |
Weighted average common shares
outstanding - adjusted (in millions) |
|
119.3 |
|
|
|
113.5 |
|
|
|
116.9 |
|
|
|
112.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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