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美国
证券交易委员会
华盛顿特区20549
表格 10-Q
☒根据1934年证券交易法第13或15(d)节的季度报告
时间段为
季度结束日期
2024年9月30日

或者
☐根据1934年证券交易法第13或15(d)节的转型报告书
对于从___________________到______________________的过渡期

委员会文件号 001-35887
MIMEDX GROUP, INC.
(根据其章程规定的注册人准确名称)
（561） 26-2792552
（设立或组织的其他管辖区域） （纳税人识别号码）
1775 West Oak Commons Ct NE
Marietta, GA
 30062
，（主要行政办公地址） (邮政编码)
(770) 651-9100
(注册人电话号码，包括区号)

根据法案第12（b）条注册的证券：
 
每一类的名称		 
交易标志		在其上注册的交易所的名称
纳斯达克证券交易所MDXG股份

根据该法案第12（g）条登记的证券：无。

用复选标记表明注册人（1）在过去的12个月中（或注册人需要提交此类报告的较短期限）是否提交了1934年《证券交易法》第13或15（d）条要求提交的所有报告，以及（2）在过去的90天中是否受此类申报要求的约束。
是 x 没有¨

在检查标记中表明注册人是否已经在过去的12个月内（或者为注册人需要提交这些文件的较短期间）根据S-T法规405规定，递交了每个互动数据文件。
是 x 没有¨
 
在交易所法案120亿.2规定的“大型加速交易者”、“加速交易者”、“非加速交易者”、“小型报告公司”或“新兴增长公司”中选择一个选项。


大型加速报告人 x
加速报告人¨
非加速报告人¨
小型报告公司☐
新兴成长公司 ☐

如果是新兴成长型企业，请勾选复选标记，表明注册者已选择不使用延长过渡期来符合根据证券交易法第13(a)条规定提供的任何新财务会计准则。 ¨

请在复选标志处注明公司是否为壳公司（根据交易所法令第12b-2条的定义）。
是 ☐ 不是x
 
截至2023年7月31日，续借贷款协议下未偿还的借款额为146,946,213 截至2024年10月21日，注册人普通股每股面值为$0.001，流通股份。



目录
第一部分财务信息 
第 1 项财务报表（未经审计） 
 简明合并资产负债表
 简明合并运营报表
股东权益简明合并报表
 简明合并现金流量表
简明合并财务报表附注
第 2 项管理层对财务状况和经营业绩的讨论和分析
第 3 项关于市场风险的定量和定性披露
第 4 项控制和程序
第二部分其他信息
第 1 项法律诉讼
第 1A 项风险因素
第 2 项未注册的股权证券销售和所得款项的使用
第 3 项优先证券违约
第 4 项矿山安全披露
第 5 项其他信息
第 6 项展品
签名 

3

关于前瞻性声明的说明和重要警告声明
在本文件中，术语"mimedx”公司“公司,” “我们,” “我们的”和“我们“”指的是MiMedx Group, Inc.及其合并附属公司作为一个组合实体，除非明确表示这些术语仅指MiMedx Group, Inc。
本季度10-Q表格中的某些陈述是“前瞻性陈述”（forward-looking statement），根据美国证券法第27A条和第1933年修订案（Securities Act of 1933），以及美国证券交易法第21E条和第1934年修订案（Securities Exchange Act of 1934）所规定的含义而言。所有涉及未来可能发生事件或结果的陈述都是前瞻性陈述，包括但不限于以下内容：季度报告都是前瞻性陈述，包括但不限于以下内容： “证券法”）和《证券交易法》第21E条，经修订。 本处所有涉及可能在未来发生的事件或结果的声明均属于前瞻性声明，包括但不限于，关于以下方面的声明：
•我们的战略重点和当前业务优先事项，包括扩大我们的产品组合，并且我们能否实施这些优先事项，包括因为我们不能再推广我们产品组合中的某些产品;
•我们对与合规要求相关的成本的预期；
•我们对调查、重述和相关费用的预期；
•我们对资本配置的期望；
•我们对未来增长的期望；
•我们对未决诉讼和调查结果的期望；
•我们对未来所得税责任的期望；
•人口和市场趋势；以及

•我们有效竞争的能力。
展望性声明通常可以通过诸如“预计”、“将”、“改变”、“打算”、“寻求”、“目标”、“未来”、“计划”、“继续”、“潜力”、“可能”、“可能”、“估计”、“可能”、“预见”、“将被”等词语来识别。这些声明基于许多假设，并涉及已知和未知的风险、不确定性和其他因素，这些因素可能会对公司的运营产生重大影响，并可能导致公司的实际行动、结果、财务状况、业绩或成就与未来的任何行动、结果、财务状况、业绩或成就表达或暗示的任何此类展望性声明有实质性差异。可能导致这种差异的因素包括，但不限于，在我们于2023年12月31日结束的年度报告10-k的“”部分中讨论的那些问题风险因素”在我们于2024年2月28日发布的年度报告10-k中讨论的内容以及第二部分第1A项“风险因素”中讨论的内容，如果有的话。2023年10-K表格该报告于2024年2月28日提交给美国证券交易委员会（“交易所”）SEC
除非法律要求，公司无意并且不承担更新或公开发表任何对前瞻性陈述的修订的义务，无论是否接收到新信息，发生后续事件，情况发生变化或其他原因。本季度报告中的每个前瞻性陈述都受上述因素的限定。读者在做出任何结论或做出任何投资决策之前，应仔细阅读本季度报告并与上述重要免责声明一并阅读，不应过度依赖前瞻性陈述，该陈述仅适用于本季度报告在SEC提交之日为准。
估计和预测
本季度报告包含某些估计、预测和其他统计数据。这些估计和预测反映了管理层根据目前可获得的信息和认为合理的某些假设所得出的最佳估计，截至本季度报告的日期。这些估计具有固有的不确定性，受到风险和不确定性的影响，其中许多不在我们的控制范围内，也未经我们独立审计师审查，并可能因管理层进一步审查而进行修订。此外，这些估计和预测不是我们财务结果的全面陈述，而我们的实际结果可能与这些估计和预测有重要差异，这是由于从现在到结果最终确认的时间之间可能出现的情况。不能保证这些估计将实现，而我们的结果可能因我们业务和运营中出现的意外问题而有显著差异。因此，您不应过分依赖这些信息。对我们未来业绩和我们所经营市场的未来业绩的预测、假设和估计必然面临着高度的不确定性和风险。
4

第一部分 - 财务信息
项目1.基本报表
美国美迈医疗集团股份有限公司及其子公司
简明合并资产负债表
(以千为单位，除股票数据外)
(未经审计)
 2020年9月30日
2024		12月31日
2023
资产 
流动资产：  
现金及现金等价物$88,801 $82,000 
2,687,823 54,030 53,871 
库存24,249 21,021 
预付款项 2,907 5,624 
其他资产2,152 1,745 
总流动资产172,139 164,261 
资产和设备，净值6,451 6,974 
使用权资产2,843 2,132 
递延所得税资产净额30,636 40,777 
商誉19,441 19,441 
无形资产, 净额11,201 5,257 
其他1,180 205 
总资产$243,891 $239,047 
负债和股东权益
  
流动负债:  
长期负债的流动部分$1,000 $1,000 
应付账款6,924 9,048 
应计的薪资20,170 22,353 
应计费用8,396 9,361 
利润分享支付的当前部分 (附注12)2,860 — 
已停止运营的流动负债— 1,352 
其他流动负债2,591 2,894 
流动负债合计41,941 46,008 
长期债务，净额18,018 48,099 
其他负债2,924 2,223 
负债合计$62,883 $96,330 
100亿股认可，分别于2024年5月3日和2024年2月2日拥有发行并流通的股份数量
股东权益
普通股; $0.001每股面值; 250,000,000 146,962,812 于2024年9月30日发行并流通 146,227,639 2023年12月31日时已发行和流通的股票为
147 146 
额外实收资本279,558 276,249 
累积赤字(98,697)(133,678)
股东权益合计
181,008 142,717 
负债和股东权益总额
$243,891 $239,047 
请参见未经审计的简明合并财务报表附注
5

美国美迈医疗集团股份有限公司及其子公司
简明合并利润表
（以千为单位，除股份数和每股数据外）
(未经审计)
 截至9月30日的三个月截至9月30日的九个月
 2024202320242023
净销售额$84,057 $81,712 $255,972 $234,645 
销售成本15,322 14,790 43,164 40,792 
毛利润68,735 66,922 212,808 193,853 
营业费用：
销售、一般及行政费用53,516 52,571 164,044 156,773 
研发2,918 3,075 8,770 10,232 
调查，重新陈述及相关649 (38)(8,741)4,652 
无形资产摊销192 190 572 570 
无形资产减值损失298 — 352 — 
营业利润11,162 11,124 47,811 21,626 
其他费用，净额
利息收益（费用），净额278 (1,680)(1,409)(4,864)
其他费用，净额(21)(11)(357)(42)
持续经营业务税前收入11,419 9,433 46,045 16,720 
持续经营税费准备 (3,541)(591)(11,485)(569)
持续经营活动的净利润7,878 8,842 34,560 16,151 
非继续经营部门的净收益（亏损）税后217 (308)421 (11,400)
净收入$8,095 $8,534 $34,981 $4,751 
可供普通股股东持续经营的净利润 $7,878 $7,069 $34,560 $10,967 
每股基本净收益：
持续经营业务0.05 0.06 0.24 0.09 
已停业的业务0.00 (0.00)0.00 (0.09)
每股基本净利润$0.05 $0.06 $0.24 $0.00 
每股摊薄净收益：
持续经营业务0.05 0.06 0.23 0.09 
已停业的业务0.00 (0.00)0.00 (0.09)
每股稀释净利润$0.05 $0.06 $0.23 $0.00 
基本每股加权平均股份146,958,986 116,298,146 147,008,732 115,528,067 
流通股加权平均数-摊薄148,373,631 149,773,706 148,964,788 116,893,270 

请参见未经审计的简明合并财务报表附注
6

美国美迈医疗集团股份有限公司及其子公司
股东权益的简明合并报表
(以千为单位，除股票数据外)
(未经审计)
已发行普通股额外已付款国库股累积的
股票金额资本股票金额赤字总计
截至 2024 年 6 月 30 日的余额146,749,402 $147 $274,685 — $— $(106,792)$168,040 
基于股份的薪酬支出— — 3,810 — — — 3,810 
行使股票期权61,666 — 387 — — — 387 
员工股票购买计划123,857 — 785 — — — 785 
限制性股票的发行，净额27,887 — (109)— — — (109)
净收入— — — — — 8,095 8,095 
截至 2024 年 9 月 30 日的余额146,962,812 $147 $279,558 — $— $(98,697)$181,008 

已发行普通股额外已付款国库股累积的
股票金额资本股票金额赤字总计
截至 2023 年 6 月 30 日的余额116,109,125 $116 $182,907 — $— $(195,689)$(12,666)
基于股份的薪酬支出— — 4,388 — — — 4,388 
行使股票期权41,233 — 274 (17,032)112 — 386 
发行限制性股票— — (73)(11,080)73 — — 
限制性股票被取消/没收— — 185 28,112 (185)— — 
员工股票购买计划 209,390 — 688 — — — 688 
净收入— — — — — 8,534 8,534 
截至 2023 年 9 月 30 日的余额116,359,748 $116 $188,369 — $— $(187,155)$1,330 


7

已发行普通股额外付费-
在		国库股累积的
股票金额资本股票金额赤字总计
截至2023年12月31日的余额146,227,639 $146 $276,249 — $— $(133,678)$142,717 
基于股份的薪酬支出— — 12,240 — — — 12,240 
员工股票购买计划245,640 — 1,583 — — — 1,583 
限制性股票的发行，净额1,481,847 2 (2,613)— — — (2,611)
行使股票期权207,686 — 1,398 — — — 1,398 
诉讼和解中收到的股份(1,200,000)(1)(9,299)— — — (9,300)
净收入— — — — — 34,981 34,981 
截至 2024 年 9 月 30 日的余额146,962,812 $147 $279,558 — $— $(98,697)$181,008 

已发行普通股额外付费-
在		国库股累积的
股票金额资本股票金额赤字总计
截至2022年12月31日的余额113,705,447 $114 $173,804 — $— $(191,906)$(17,988)
基于股份的薪酬支出— — 12,793 — — — 12,793 
行使股票期权45,567 — 294 (17,032)112 — 406 
限制性股票被取消/没收— — 378 90,367 (378)— — 
员工股票购买计划 444,809 — 1,368 — — — 1,368 
发行限制性股票2,163,925 2 (268)(73,335)266 — — 
净收入— — — — — 4,751 4,751 
截至 2023 年 9 月 30 日的余额116,359,748 $116 188,369 — $— $(187,155)$1,330 

请参见未经审计的简明合并财务报表附注
8

美国美迈医疗集团股份有限公司及其子公司
现金流量表简明综合报表（以千为单位）
(未经审计)
 截至9月30日的九个月
 20242023
经营活动现金流量：  
持续经营活动的净利润（亏损）$34,560 $16,151 
调整以协调净利润(续营业务)和继续运营活动提供的现金流量  
股权酬金12,240 12,573 
诉讼结算中收到的股份公允价值（附注12）(9,300)— 
递延所得税负债变动10,142 — 
折旧费用1,715 2,054 
债务清偿损失1,401 — 
无形资产摊销1,336 570 
非现金租赁费用972 959 
无形资产减值损失352 — 
推迟融资成本的摊销219 373 
坏账费用141 737 
其他 430 70 
由于以下变化导致现金的增加(减少):  
应收账款(299)(6,659)
库存(2,797)(5,885)
预付费用2,717 4,361 
其他(521)1,024 
应付账款(2,123)716 
应计的薪资(600)1,932 
应计费用(931)(2,268)
其他负债(1,307)(1,041)
来自持续经营业务的经营活动现金流量净额。48,347 25,667 
来自停止经营活动的净现金流出(931)(9,149)
经营活动产生的净现金流量 47,416 16,518 
投资活动产生的现金流量:  
根据TELA APA（注12）支付的代价(5,366)— 
设备购买(1,420)(1,560)
专利申请费用(30)(114)
投资活动产生的净现金流量(6,816)(1,674)
筹集资金的现金流量：  
公民循环信贷额度的收益30,000 — 
公民期限贷款额度的收益19,783 — 
Hayfin期限贷款的预付费(500)— 
递延融资成本(1,101)— 
Hayfin期限贷款的偿还(50,000)— 
公民循环信贷额度的偿还(30,000)— 
公民期限贷款额度的本金偿还(750)— 
行使股票期权所得1,398 406 
股票回购以便支付限制性股票解禁的税款(2,611)— 
融资租赁的应付本金(18)(36)
筹资活动提供的净现金流出（入）(33,799)370 
现金净变化6,801 15,214 
现金及现金等价物期初余额82,000 65,950 
现金及现金等价物期末余额$88,801 $81,164 
请参见未经审计的简明合并财务报表附注
9

MIMEDX GROUP, INC.
未经审计的摘要合并财务报表注释
截至2024年和2023年9月30日的三个月和九个月

1.业务性质
MiMedx集团以及其子公司（除非上下文另有要求，“”MIMEDX，“”）是一家致力于帮助人类康复的先驱和领导者。通过十多年来帮助临床医生处理慢性和其他难以愈合伤口的经验，MIMEDX致力于为伤口护理、烧伤和外科保健领域提供领先的产品组合。公司的愿景是通过不懈的创新成为全球领先的康复解决方案提供商，以恢复生活质量。所有在美国销售的公司产品都受到美国食品和药物管理局（“FDA”）的监管。 “MIMEDX” 是一家致力于帮助人类康复的先驱和领导者。通过十多年来帮助临床医生处理慢性和其他难以愈合伤口的经验，MIMEDX致力于为伤口护理、烧伤和外科保健领域提供领先的产品组合。公司的愿景是通过不懈的创新成为全球领先的康复解决方案提供商，以恢复生活质量。或“公司”MiMedx集团以及其子公司是一家致力于帮助人类康复的先驱和领导者。通过十多年来帮助临床医生处理慢性和其他难以愈合伤口的经验，MiMedx集团致力于为伤口护理、烧伤和外科保健领域提供领先的产品组合。公司的愿景是通过不懈的创新成为全球领先的康复解决方案提供商，以恢复生活质量。所有在美国销售的公司产品都受到美国食品和药物管理局监管。美国食品和药物管理局（“FDA”）).
公司的产品组合和产品开发专注于伤口和手术市场。
公司的业务主要集中在美国，但公司在日本等国际地点也有新兴的商业存在。
2.重要会计政策
请参阅《注2》，以获取包含在公司年度报告的合并财务报表中的注解 重要会计政策于2023年12月31日结束的年度报告（称为“基本报表”）中，详细介绍了所有重要的会计政策2023年10-K表格该报告于2024年2月28日提交给美国证券交易委员会（“交易所”）SEC请参考上述报告了解所有重要的会计政策的描述
报告范围
未经审计的简明合并财务报表根据美国公认会计原则（“GAAP”）编制，符合《10-Q表格》和《S-X法规第10条》的指示。因此，它们不包括所有GAAP要求的完整财务报表所需的所有信息和附注。据管理层所知，已纳入了为公平陈述报告期间经营业绩所需的所有必要调整。截至2024年6月30日和2023年6月30日的三个月和六个月的经营业绩不一定能反映整个财务年度的业绩。截至2023年12月31日的资产负债表根据该日期的审计合并财务报表编制，但不包括所有GAAP要求的完整财务报表所需的所有信息和注解。通用会计原则(GAAP)根据基本报表的形式10-Q和《S-X条例》第10条的规定，本文所提供的是中期基本财务信息，并且不包含所有GAAP要求的完整财务报表的信息和注释。在管理层的意见中，已纳入了为公平呈现所述期间运营结果所需的所有调整。截至2024年和2023年9月30日三个月和九个月的经营成果并不一定代表可能预期到的全财政年度的结果。截至2023年12月31日的资产负债表是从该日期的审计合并财务报表派生的，但不包含所有GAAP要求的完整财务报表的信息和注释。
这些未经审计的简明综合财务报表应与2023年10-k表中包含的公司历史综合财务报表一同阅读。
重新分类
2023年12月31日的长期债务偿还金额为$________，在之前发布的财务报表中列于其他流动负债中，已被重新分类，现在在2024年6月30日的资产负债表中作为一个单独的项目列于流动负债中。1.0截至2023年12月31日，以日元表达的5000万，在先前发布的财务报表中列为其他流动负债，经重分类将其列为一个单独的项目，仍在2024年9月30日资产负债表中列为流动负债内。
合并原则
综合简明的基本报表包括MiMedx Group, Inc.及其全资子公司的账目。所有公司间的余额和交易在合并时已予以清除。
使用估计
根据通用会计原则（GAAP），管理层需要进行估计和假设，这些估计和假设会影响资产和负债的报告金额、和披露在基本报表的资产和负债附注，以及在报告期内收入基本报表上的报告。实际结果可能与这些估计不一致。重要的估计包括预计使用寿命和潜在的固定资产和设备减值，良好意向减值估计和无形资产，无形资产预计使用寿命估计，潜在责任减值估计，坏账准备计提估计，以及基于股份支付奖励性能条件的公允价值和可实现性的估计，退货和津贴估计，股权奖励计划中关于利润分配支付的公允价值估计（如下定义），和递延税资产的估值。
10

无形资产净值
无形资产是指缺乏实物形态的资产，（a）授予公司法定权利或（b）能够分离并出售。在非业务组合外获得的无形资产按获取资产的成本计入资本，在取得的各个资产的公允价值比例基础上进行分配。与资产收购有关的任何待定对价，在解决有关其支付的所有待定事项的时间点上计入为资本。公司按照一般反映预期现金流量贡献的周期摊销有限寿命无形资产的资本成本。无形资产的摊销根据底层无形资产的性质及其在公司业务中的使用情况，在未经审计的简明合并利润表中作为销售成本或营业费用的一部分记录。
尚未采用最近发布的会计标准
2023年11月，财务会计准则委员会（“FASB”）发布了《会计准则更新》（“ASU”）。FASB它改善了有关上市实体报告的部门的披露，并满足投资者对有关报告部门费用的额外、更详细信息的要求。会计准则更新”) 2023-07, “此外，ASU 2023-07将会计准则编码（“ASC”）第280号主题的披露要求扩展到具有单个报告部门的实体。ASU 2023-07自2023年12月15日后开始的年度报告期间和2024年12月15日后开始的财政年度插值期间生效。ASC”) 主题280适用于只有一个可报告部门的实体。ASU 2023-07将于2023年12月15日后开始的年度报告期间生效，并于2024年12月15日后开始的财政年度的中期生效。截至2024年9月30日，公司正在评估该标准对其合并基本报表的影响。
2023年12月，FASB发布了ASU 2023-09，“”，该法规要求上市公司披露特定的税率对账类别，以及按司法管辖区细分的支付的所得税等其他披露增强要求。ASU适用于2024年12月15日后开始的年度财务报表，允许提前采用。这项ASU的修订应以前瞻性方式应用。允许回溯应用。公司正在评估此ASU对其合并财务报表的影响。《所得税披露改进（话题740）》该标准要求额外披露所得税率调整、已支付所得税和某些其他税收信息。ASU 2023-09旨在加强所得税披露的透明度和决策实用性。ASU 2023-09中的修订主要通过对税率调整和已支付所得税信息的变更来满足投资者对增强所得税信息的要求。2024年12月15日后开始的年度报告期要求采用。公司目前正在评估该准则对其合并财务报表和相关披露的影响。
所有其他ASU标准发布后截至2024年9月30日尚未生效，并在本报告日期之前进行了评估确定，被认定为不适用或预计对公司当前和未来的财务状况和经营业绩影响较小。
11

3. 应收账款净额
应收账款净额包括以下内容（以千为单位）：
 2024年9月30日2023年12月31日
应收账款，毛额$56,797 $57,015 
减：坏账准备(2,767)(3,144)
2,687,823 $54,030 $53,871 
2024年9月30日和2023年结束的三个月内，公司应收帐款准备金的相关活动如下（单位：千美元）：
20242023
7月1日余额$3,269 $2,196 
坏账（冲销）费用(279)447 
冲销(223)(69)
截至9月30日的余额$2,767 $2,574 
2024年和2023年截至9月30日止的关于公司应收账款准备的活动如下（单位：千美元）：
20242023
1月1日结余$3,144 3,783 
坏账费用141 737 
冲销(518)(1,946)
截至9月30日的余额$2,767 $2,574 
4.     库存
库存包括以下项目（以千为单位）：
 2024年9月30日2023年12月31日
原材料$781 $825 
在制品9,279 8,521 
成品14,189 11,675 
库存$24,249 $21,021 
5.    固定资产，净值
以下为固定资产净值（以千美元计）：
 2024年9月30日2023 年 12 月 31 日
实验室和洁净室设备$15,568 $13,954 
家具和设备1,972 1,989 
租赁权改进8,199 8,141 
在建工程910 1,791 
资产报废成本881 938 
融资租赁使用权资产189 189 
财产和设备，毛额27,719 27,002 
减去：累计折旧和摊销(21,268)(20,028)
财产和设备，净额$6,451 $6,974 
12

6.     无形资产净值
无形资产净额如下（以千美元为单位）：
2024年9月30日2023 年 12 月 31 日
总账面金额累计摊销净账面金额总账面金额累计摊销净账面金额
摊销的无形资产
专利和专有技术$10,207 $(8,307)$1,900 $10,039 $(7,818)$2,221 
许可证1,000 (92)908 1,000 (54)$946 
发行权7,659 (765)6,894 — — — 
摊销的无形资产总额$18,866 $(9,164)$9,702 $11,039 $(7,872)$3,167 
未摊销的无形资产：
商标和商标$1,008 $1,008 $1,008 $1,008 
正在处理的专利491 491 1,082 1,082 
无形资产总额$20,365 $11,201 $13,129 $5,257 
本公司于2023年12月31日和2022年12月31日的三个月内确认的股权奖励支出为0.3万美元和0.4在截至2024年9月30日的三个月和九个月内，分别与废弃的专利相关的无形资产减值金额为数百万美元。
截至2024年9月30日，预计未来无形资产摊销如下（以千为单位）：
截至12月31日，预计
摊销
费用
2024年（不包括2024年9月30日结束的九个月）
$577 
20251,912 
20261,757 
20271,757 
20281,755 
此后1,944 
已摊销的无形资产总额$9,702 
7. 应计费用
应计费用包括以下项（以千为单位）：
2024年9月30日2023 年 12 月 31 日
给销售代理的佣金$3,154 $4,136 
应计返利1,806 745 
预计销售回报912 1,096 
法律和和解费用756 834 
应计团体采购组织费用688 1,338 
应计差旅费587 433 
其他493 779 
应计费用$8,396 $9,361 
8.    净长期负债
13

市民信贷协议
2024 年 1 月 19 日（”截止日期”），公司签订了信贷协议（”公民信贷协议”）与某些贷款方合作，北卡罗来纳州公民银行作为行政代理人（”代理人”）。《公民信贷协议》规定了优先担保信贷额度，本金总额不超过 $95.0百万美元包括：(i) a 美元75.0百万美元优先担保循环信贷额度（”循环信贷额度”) 用 $10.0百万份信用证次级限额和一美元10.0百万美元的swingline贷款限额，以及（ii）一美元20.0百万美元优先担保定期贷款额度（”定期贷款机制” 以及，连同循环信贷额度，”信贷设施”）。所有债务都必须在2029年1月19日全额偿还（”到期日”）。公司可以选择获得 一 或增加增量定期贷款额度和/或增加循环信贷额度下的承付额，使本金总额等于 (i) 美元中较大者50.0百万和 (ii) 1.00 乘以公司的合并息税折旧摊销前利润（定义见其中），每项都取决于现有或任何新的贷款机构选择延长额外定期贷款或循环承诺。
根据公司的选择，Citizens信贷协议下的借款（除任何摆动线贷款外）将按年利率计息，利率等于（i）其中定义的备用基准利率，或（ii）其中定义的一个Term SOFR，加上适用的范围从 1.25%和2.50%涉及备用基准利率借款和 2.25%和3.50%的Term SOFR借款，加上回退条款 0.1%。摆动线贷款的利息按照每月Term SOFR利率加上适用利差计息。适用的利差将基于公司的综合净杠杆比率确定。
公司需按季度支付未使用的循环信贷额度、信用证费用和其他惯例费用给代理人和放贷方。 1.25年度一和二为百分之%、年度三和四为百分之%、年度五为百分之%根据签署日期下贷款合同总金额为基础。到期日时余额需一次还清。 1.88公司在不可抗力因素和某些资产处置情况下，应作出合规的强制还款，且需遵守再投资权益的习惯性规定。 2.5基于中期贷款设施下截止日期时未偿还本金总额，年（第五年）%，其余部分应于到期日支付。公司必须在特定资产处置和意外事件的情况下进行强制性预付款，但需遵守惯例再投资权利。公司可以随时提前偿还信贷设施下的借款，无需溢价或罚款，并可自行选择全额或部分减少循环信贷设施下未使用承诺总额，但须遵守信贷协议条款。公司还必须遵守特定的财务契约，包括最大总净杠杆比率和最低的合并固定费用支付保障比率，以及其他惯例限制性契约。截至2024年9月30日，公司符合Citizens信贷协议下的所有财务契约。
在截止日期，公司借了$万的可循环信贷和$万的定期贷款。通过先期提取信贷设施的收益和现金，全额偿还了$万的主要金额和公司在海菲融资前的优先担保期贷款及其他未偿还的债务以及支付相关费用、溢价、成本和开支。公司计入了$万的债务灭失损失。这一金额在2024年6月30日未经审计的简明综合利润表的利息费用中得到反映。30.0在截止日期，公司借了$万的可循环信贷和$万的定期贷款。通过先期提取信贷设施的收益和现金，全额偿还了$万的主要金额和公司在海菲融资前的优先担保期贷款及其他未偿还的债务以及支付相关费用、溢价、成本和开支。公司计入了$万的债务灭失损失。这一金额在2024年6月30日未经审计的简明综合利润表的利息费用中得到反映。20.0在截止日期，公司借了$万的可循环信贷和$万的定期贷款。通过先期提取信贷设施的收益和现金，全额偿还了$万的主要金额和公司在海菲融资前的优先担保期贷款及其他未偿还的债务以及支付相关费用、溢价、成本和开支。公司计入了$万的债务灭失损失。这一金额在2024年6月30日未经审计的简明综合利润表的利息费用中得到反映。50.0在截止日期，公司借了$万的可循环信贷和$万的定期贷款。通过先期提取信贷设施的收益和现金，全额偿还了$万的主要金额和公司在海菲融资前的优先担保期贷款及其他未偿还的债务以及支付相关费用、溢价、成本和开支。公司计入了$万的债务灭失损失。这一金额在2024年6月30日未经审计的简明综合利润表的利息费用中得到反映。 在截止日期，公司借了$万的可循环信贷和$万的定期贷款。通过先期提取信贷设施的收益和现金，全额偿还了$万的主要金额和公司在海菲融资前的优先担保期贷款及其他未偿还的债务以及支付相关费用、溢价、成本和开支。公司计入了$万的债务灭失损失。这一金额在2024年6月30日未经审计的简明综合利润表的利息费用中得到反映。在截止日期，公司借了$万的可循环信贷和$万的定期贷款。通过先期提取信贷设施的收益和现金，全额偿还了$万的主要金额和公司在海菲融资前的优先担保期贷款及其他未偿还的债务以及支付相关费用、溢价、成本和开支。公司计入了$万的债务灭失损失。这一金额在2024年6月30日未经审计的简明综合利润表的利息费用中得到反映。1.4百万美元。 这个金额反映在2024年9月30日结束的未经审计的简明综合损益表上作为利息费用的一部分。 债务灭失损失的组成如下（金额以千为单位）：
2024年1月19日
未摊销的融资成本
$781 
未摊销的原始发行折扣
120 
预付款溢价
500 
债务清偿损失
$1,401 
此外，在2024年2月27日，公司偿还了初始$30.0万美元的提款，并截至2024年9月30日，在此贷款额度下没有未偿借款。透过承诺期限到期时，摊销分配给可循环信贷额度的延期融资成本和原始折价。目前，可循环信贷额度受承诺费用的约束。 0.25的承诺费，该费用被视为利息费用。
作为信贷合同的一部分，原始发行折扣和延期融资费用被分配给到期贷款设施和循环信贷设施，按照公民信贷协议允许的最大潜在未偿本金为基础。延期融资成本和原始发行折扣在到期贷款设施和循环信贷设施之间的分配如下（以千为单位）：
14

2024年1月19日
贷款设施期限
循环授信设施
总费用
长期债务，净额
其他
原始发行贴现。
$224 $839 $1,063 
递延融资成本54 202 256 
2024年9月30日期贷款设施和2023年12月31日Hayfin贷款余额如下（以千计）：
2024年9月30日2023 年 12 月 31 日
长期债务的流动部分
长期债务，净额长期债务的流动部分长期债务，净额
未偿本金$1,000 $18,250 $1,000 $49,000 
递延融资成本— (42)— (781)
原始发行折扣— (190)— (120)
长期债务，净额$1,000 $18,018 $1,000 $48,099 
贷款设施的利率为年利率，等于（i）备用基准利率，如定义之中，或（ii）期限SOFR，如定义之中，加上适用的幅度，范围为% 1.25%和2.50%涉及备用基准利率借款和 2.25%和3.50%的Term SOFR借款，加上回退条款 0.1适用的幅度根据公司的合并总净杠杆比率确定。贷款设施的利率为 7.9截至2024年9月30日为止，% 与贷款设施以及Hayfin贷款相关的利息费用包括在未经审计的简明合并利润表中的利息费用，净额如下（金额以千为单位）：
截至9月30日的三个月截至9月30日的九个月
2024202320242023
申报利息$393 $1,554 1,451 $4,498 
递延融资成本的摊销5 111 38 323 
原始发行折扣的增加12 17 36 50 
利息支出$410 $1,682 $1,525 $4,871 
未经审计的简明合并利润表中包含的与流动信贷设施相关的利息费用列于利息收入（费用），净额如下（金额以千计）：
截至9月30日的三个月截至9月30日的九个月
20242024
承诺费
$47 $125 
推迟融资成本的摊销16 47 
原始发行折扣的增值42 126 
利息支出$105 $298 
15

2024年9月30日至到期日，按年分类列出的合同贷款本金偿付摘要如下（以千元计）：
截至12月31日，主要
2024年（不包括2024年9月30日前的九个月）
$250 
2025
1,000 
2026
1,500 
2027
1,500 
2028
2,000 
此后13,000 
56,063$19,250 
                                                                                
截至2024年9月30日，贷款期限设施的公允价值为$19.7百万美元。此估值是基于一系列二级和三级输入计算的，包括基于与美国国债具有类似风险特征的债务工具信用风险利差的折现率，以及对公司特定风险因素的增量风险溢价。公允价值是通过按照这一折现率对与贷款期限设施相关的剩余现金流折现到2024年9月30日进行计算的。
9. 基本普通股每股净收益
每股净利润是使用两种方法计算的：基本和摊薄。
每股普通股基本净利润
以下表格提供了 继续经营净利润的调解和2024年和2023年9月30日结束的三个和九个月的基本净收入（损失）每股普通股的计算（以千为单位，不包括股份和每股金额）：
 截至9月30日的三个月截至9月30日的九个月
 2024202320242023
来自持续经营业务的净收益$7,878 $8,842 $34,560 $16,151 
已终止业务的收益（亏损），扣除税款217 (308)421 (11,400)
净收入8,095 8,534 34,981 4,751 
先前转换的b系列优先股的累计股息— 1,773 — 5,184 
普通股股东可从持续经营中获得的净收益 $7,878 $7,069 $34,560 $10,967 
已发行普通股的加权平均值146,958,986 116,298,146 147,008,732 115,528,067 
普通股每股基本净收益（亏损）：
持续运营$0.05 $0.06 $0.24 $0.09 
已终止的业务0.00 (0.00)0.00 (0.09)
普通股每股基本净收益$0.05 $0.06 $0.24 $0.00 
16

每股普通股摊薄净利润
以下表格详细列出了每普通股摊薄净利润的计算（以千为单位，除每股和每股金额外）。
 截至9月30日的三个月截至9月30日的九个月
 2024202320242023
普通股股东可从持续经营中获得的净收益 $7,878 $7,069 $34,560 $10,967 
调整：
b系列优先股的股息— 1,773 — 5,184 
减去：反稀释调整— — — (5,184)
调整总额— 1,773 — — 
分子
普通股股东可从持续经营中获得的净收益 7,878 8,842 34,560 10,967 
已终止业务的收益（亏损），扣除税款217 (308)421 (11,400)
加权平均已发行股数146,958,986 116,298,146 147,008,732 115,528,067 
调整：
潜在普通股 (a)
B 系列优先股 — 30,445,997 — — 
限制性股票单位奖励881,237 1,845,832 1,433,335 1,219,776 
未偿还的股票期权394,767 1,131,410 450,168 107,897 
绩效股单位奖励114,050 35,441 57,629 13,425 
员工股票购买计划24,591 1,113 14,924 372 
限制性股票奖励— 15,767 — 23,733 
调整总额1,414,645 33,475,560 1,956,056 1,365,203 
经潜在普通股调整后的加权平均已发行股数148,373,631 149,773,706 148,964,788 116,893,270 
每股普通股摊薄后的净收益（亏损）：
持续运营$0.05 $0.06 $0.23 $0.09 
已终止的业务0.00 (0.00)$0.00 (0.09)
摊薄后的每股普通股净收益$0.05 $0.06 $0.23 $0.00 
用于计算每股摊薄净利润的加权平均普通股份在以下调整中不包括潜在的普通股份，因为它们的影响被确定为对报告期不产生摊薄效应。
截至9月30日的三个月截至9月30日的九个月
2024202320242023
Series B优先股— — — 29,559,946 
10. 所得税
按照持续经营方式计算，公司的有效税率为__%。 31.0%和6.3分别为截至2024年和2023年9月30日的三个月。根据持续运营基础，公司的有效税率为 24.9%和3.4分别为截至2024年和2023年9月30日的九个月。
截至2023年9月30日的三个月和九个月的有效税率受到充分计提的对公司递延税款资产的影响。2023年第四季度，公司得出结论，根据继续经营基础上的累计三年亏损，不再存在，排除永久性账簿税差异的影响。这种负面证据的缺乏，以及对未来应税所得的预期，导致了公司对递延税款资产可实现性的评估发生变化。因此，截至2024年9月30日的三个月和九个月的有效税率未受计提准备金的影响。
17

受限股票的归属股释放有利于2024年9月30日结束的每个季度的有效税率，部分抵消了高管薪酬扣除限制。
11.    现金流补充披露及非现金投融资活动
所选的现金支付、收款和非现金活动如下（单位：千美元）：
截至9月30日的九个月
 20242023
支付利息的现金$2,297 $4,496 
为所得税支付的现金4,833 210 
非现金活动：
诉讼和解中收到的股份的公允价值9,300 — 
根据TELA APA的最低利润分成支付额2,731 — 
经营租赁负债产生的使用权资产1,820 — 
根据员工股票购买计划发行股票1,583 1,368 
购买应付账款中的设备— 126 
        
12. 承诺和事后约定
TELA和Regenity协议
2024年3月15日，公司与TELA Bio, Inc.（下称“TELA APA”）签订了资产购买协议。TELA APA”)与TELA Bio, Inc.（“TELA”）获得在美国销售和推广获得510(k)许可的胶原颗粒异种移植产品的独家权利。根据TELA与Regenity Biosciences, Inc.（“ “TELA-Regenity Supply Agreement””之间的制造和供应协议，TELA保留了这些权利Regenity），保留所有与产品相关的知识产权和监管许可。根据TELA APA，公司向TELA支付了$5.0 百万美元的初始费用；此外，公司支付了$0.4百万美元以收购TELA剩余的产品库存，并将需要支付额外款项（“利润分成支付”），其范围为固定的最低$3.0 百万和最高$7.0 百万，具体金额基于mimedx的产品净销售额变动情况 发生 该产品于2024年第二季度商业化后推出。
在执行TELA APA的过程中，公司得以重新协商TELA-Regenity供应协议的条款，最终用新的制造和供应协议（简称“供应协议”）与Regenity替换。供应协议保留了mimedx在美国独家销售和推广该产品的权利。
该交易被视为资产收购，因为获得的资产的几乎全部公允价值集中在获得的排他经销权上。交易日购买资产的成本为 $8.1 百万美元，反映了初始购买金额 $5.0 百万美元用于购买库存，以及 $0.4百万美元，代表最低利润分成支付的公允价值。这些成本分配给已获得的资产。公司将 $2.7百万美元分配给已获得的经销权，将 $7.6 百万美元分配给库存。归属于经销权的金额将在0.5 上按摊销。 月内。2023年和2022年的三个和九个月期权授予均以授予日公司普通股的公允价值相等的行权价格授予，并且是非法定股票期权。通常反映出授权期内预计对现金流产生贡献的时间段。
任何超过100万美元的利润分成支付将被资本化为已获取资产的一部分，并在其余生命周期内分摊。3.0在所涉及资产的剩余寿命周期内，将对超过100万美元的利润分成支付进行分摊。
截至2024年9月30日，最低利润分成支付金额的公允价值为$2.8百万。该金额反映了预期的利润分成支付时间，按照公司借款利率加风险溢价折现的现值，所有这些反映了三级输入。该金额被反映在未经审计的简明合并资产负债表的利润分成支付当前部分中 。
诉讼和监管事项
在正常业务过程中，公司及其子公司可能涉及正在进行中和威胁的法律、监管和政府行动和诉讼（包括下文描述的事项）。鉴于预测此类事项结果的困难性，特别是原告或索赔人寻求极大或不定数额损害赔偿或事项涉及新颖的法律理论或涉及大量当事人的情况下，公司通常无法预测待处理事项的最终结果，这些事项最终解决的时间，或
18

关于每起未决事项涉及的最终赔偿、损失、罚款或处罚可能。截至2024年9月30日，公司未经审计的简明综合资产负债表反映了公司对这些事项相关潜在损失的当前最佳估计，包括遵守各种和解协议所需的成本。有关公司法律诉讼的更多信息，请参阅第16条“承诺和事后约定” 2023年10-K表格中的附注16。
公司在加利福尼亚州为其办公空间租赁了一个子租约，该租约于2023年11月开始，最初租约期至2026年1月。该租约替代了同一地址于2022年1月开始的租约，最初租约期至2024年1月（于2024年1月结束）。此外，该公司还租用其他租期少于十二个月的空间；因此，在资产负债表上不承认此租约为营运租约。否 截至2024年9月30日，公司为潜在法律事项准备了损失准备金。公司支付了$0.6在截至2024年9月30日的九个月内，公司支付了$百万用于解决涉及公司的法律事项。0.2在截至2023年9月30日的九个月内，公司支付了$百万用于解决法律事项。
此外，在2024年6月30日结束的季度，公司收到 1.2公司在解决某些法律事项时，以回收先前发生的法律费用的金额为依据进行了100万股自有普通股的偿还。在未经审计的简明合并利润表上，这次偿还被视为损失恢复，并按照协议当天的股票的公允价值($XXX万)计为调查、重述和相关费用的减少项。这些法律费用原本是因为早先发生而被记录的，截至2024年6月30日的三个月和六个月。9.3百万，反映了在协议生效日期的返回股票的公允价值，作为未经审计的简明合并利润表中调查、重述和相关费用的减少，原始相关法律费用与此次回收有关的费用在发生时被记录，截至2024年9月30日的九个月。
以下是公司参与的某些诉讼和监管事项的描述：
Welker诉mimedx及其他
2022年11月4日，该公司前期权持有人特洛伊·韦尔克和明·特纳在富尔顿县州法院对该公司、前董事特里·杜伯里和查尔斯·埃文斯以及前高管帕克·H· “皮特” 佩蒂特、威廉·泰勒和迈克尔·森肯提起诉讼，指控他们违反了受佐治亚州敲诈勒索影响和腐败的组织（”RICO”）对所有被告采取行动，串谋违反佐治亚州RICO法案和违反对个别被告的信托义务。2024年8月，双方达成和解，问题得到解决。

AXIOFILL
公司于2024年3月收到一份裁定函，重申FDA的立场，即AXIOFILL不符合公共卫生服务法第361条规定的人类细胞、组织或细胞或基于组织的产品的监管分类要求。公司对此裁定强烈不同意。 2024年3月25日，mimedx在美国乔治亚州北部地区法院针对FDA、美国卫生与公众服务部、负责卫生和公众服务部长职务的哈维尔•贝塞拉，以及负责FDA食品和药物专员职务的罗伯特•卡利夫提起诉讼，声称违反行政程序法，并要求法院撤销FDA的指定，宣布FDA的指定为武断、恣意行使职权且违反法律，并宣布AXIOFILL符合在公共卫生服务法第361条下受监管的标准。 各方在该案件中各自提出了判决书; 预计对动议的陈述将于2024年11月7日完成。

13.     营业收入
Net Sales by Site of Service
MIMEDX has three main sites of service for its products (1) Hospital settings and wound care clinics, which are stable reimbursement settings in which products are used for both wound and surgical applications, (2) Private offices, which generally represents doctors and practitioners with independent operations treating wound patients, and (3) Other, which includes federal facilities, international sales, and other sites of service using products for both wound and surgical applications.
Below is a summary of net sales by site of service (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Hospital$46,034 $47,350 $137,174 $136,108 
Private Office25,58522,95182,87468,188
Other12,43811,41135,92430,349
Total$84,057 $81,712 $255,972 234,645
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Net Sales by Product Category
MIMEDX has two product categories: (1) Wound, which reflects products typically used in Advanced Wound Care settings, including the treatment of chronic, non-healing wounds, and (2) Surgical, which reflects products principally used in surgical settings, including the closure of acute wounds or to protect and reinforce tissues and/or regions of interest. The Company manages its product portfolio and pipeline based upon opportunities in each of these settings.
Below is a summary of net sales by product line (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Wound
$55,052 $51,156 $169,647 $149,681 
Surgical
29,005 30,556 86,325 84,964 
Total$84,057 $81,712 $255,972 $234,645 
The Company did not have significant foreign operations or a single external customer from which 10% or more of revenues were derived during the three or nine months ended September 30, 2024 or 2023.
14. Discontinued Operations
Disbanding of Regenerative Medicine Business Unit
In the second quarter of 2023, the Company announced the disbanding of its Regenerative Medicine reportable segment and the suspension of its Knee Osteoarthritis clinical trial program. The announcement reflected the abandonment of the Company’s efforts to pursue a Biological License Application for its micronized dehydrated human amnion chorion membrane product and a major definitive strategic shift in the Company’s focus towards its continuing commercial pipeline as its primary source of value creation.
The Company completed the regulatory obligations associated with the clinical trial during the fourth quarter of 2023, at which time material run-off operations had ceased and Regenerative Medicine met the criteria for presentation as a discontinued operation.
Financial Statement Impact of Discontinued Operations
The income and expenses of the discontinued operation have been classified as income (loss) from discontinued operations in the consolidated statements of operations for the three and nine months ended September 30, 2024 and 2023 as follows (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Selling, general and administrative expense$(217)$— $(221)$— 
Research and development expense— 100 (200)7,937 
Restructuring expense
— 208 — 3,463 
Income (loss) from discontinued operations$217 $(308)$421 $(11,400)
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Overview
Executive Summary
During the third quarter of 2024, the Company delivered 2.9% growth in net sales year-over-year. Growth in the third quarter was seen in private office sites and was relatively balanced between Wound & Surgical products. In particular, the Company saw growth of its EPIEFFECT® and AMNIOEFFECT® products and initial contributions associated with sales of our recently launched HELIOGEN® product, partially offset by commercial challenges associated with recent turnover of certain of our sales team and customers, declines in sales of AXIOFILL® and the conclusion of sales of our dental product during the third quarter 2023.

Operational and financial highlights during the quarter included:
•Net sales of $84.1 million, reflecting 2.9% growth over the prior year period.
•GAAP net income from continuing operations and net income margin for the third quarter of 2024 of $7.9 million and 9.4%, respectively.
•Showcased leading allograft portfolio and latest scientific and clinical evidence at Symposium on Advanced Wound Care (SAWC) Fall.

•Highlighted the publication of a feature article on placental allografts for patients with hard-to-heal, acute and chronic wounds in The New York Times.

Overview
MIMEDX is a pioneer and leader focused on helping humans heal. With more than a decade of experience helping clinicians manage acute and chronic wounds, MIMEDX has been dedicated to providing a leading portfolio of products for applications in the wound care, burn, and surgical sectors of healthcare. All of our products sold in the United States are regulated by the U.S. Food & Drug Administration (“FDA”). We apply Current Good Tissue Practices (“CGTP”) and other applicable quality standards in addition to terminal sterilization to produce our allografts.
This discussion, which presents our results for the three and nine months ended September 30, 2024 and 2023, should be read in conjunction with the financial statements and accompanying notes included in this Form 10-Q and the financial statements and accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
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Results of Operations
Three Months Ended September 30, 2024 Compared to the Three Months Ended September 30, 2023
Three Months Ended September 30,
(in thousands)
20242023$ Change% Change
Net sales$84,057 $81,712 $2,345 2.9 %
Cost of sales15,322 14,790 532 3.6 %
Gross profit68,735 66,922 1,813 2.7 %
Selling, general and administrative53,516 52,571 945 1.8 %
Research and development2,918 3,075 (157)(5.1)%
Investigation, restatement and related649 (38)687 nm
Amortization of intangible assets192 190 2 1.1 %
Impairment of intangible assets298 — 298 nm
Interest income (expense), net278 (1,680)1,958 nm
Other expense, net(21)(11)(10)90.9 %
Income tax provision (3,541)(591)(2,950)nm
Net income from continuing operations7,878 8,842 (964)(10.9)%
Changes noted as “nm” in the table above indicate that the percentage change is not meaningful.
Net Sales
We recorded net sales for the three months ended September 30, 2024 of $84.1 million, a $2.3 million, or 2.9%, increase compared to the three months ended September 30, 2023, in which we recognized net sales of $81.7 million.
Our sales by product line were as follows (amounts in thousands):
Three Months Ended September 30,Change
20242023$%
Wound
$55,052 $51,156 $3,896 7.6 %
Surgical
29,005 30,556 (1,551)(5.1)%
Total$84,057 $81,712 $2,345 2.9 %
Net sales of our Wound product portfolio were $55.1 million for the three months ended September 30, 2024, a $3.9 million or 7.6% increase compared to $51.2 million for the three months ended September 30, 2023. The increase was primarily driven by contributions from EPIEFFECT, partially offset by commercial challenges associated with competitive behavior in the marketplace as well as headwinds relating to turnover of certain of our sales team and customers.
Net sales of our Surgical products totaled $29.0 million for the three months ended September 30, 2024, reflecting a decrease of $1.6 million, or 5.1%, compared to $30.6 million for the three months ended September 30, 2023. Sales growth from certain Surgical products, particularly AMNIOEFFECT, as well as initial contributions associated with sales of our recently launched HELIOGEN product, were more than offset by challenges in certain regions where we have recently experienced higher than normal employee turnover and, to a lesser degree, by declines in sales of AXIOFILL during the quarter. In addition, Surgical sales for the three months ended September 30, 2023 includes $1.4 million of sales of our dental product which we have since discontinued.

Cost of Sales and Gross Profit Margin
Cost of sales for the three months ended September 30, 2024 and 2023 was $15.3 million and $14.8 million, respectively, an increase of $0.5 million, or 3.6%, year-over-year. Gross profit margin for the three months ended September 30, 2024 was 81.8% compared to 81.9% for the three months ended September 30, 2023. Increases in cost of sales were driven by increases in sales volume. The year-over-year reduction in gross margin was driven by the amortization of distribution rights stemming from the TELA Asset Purchase Agreement entered into during the first quarter of 2024, as described below. This was partially offset by favorable product mix and our continued execution on yield and scrap improvement projects.
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Selling, General and Administrative Expense
Selling, general and administrative (“SG&A”) expense for the three months ended September 30, 2024 was $53.5 million, compared to $52.6 million for the three months ended September 30, 2023, an increase of $0.9 million, or 1.8%, year-over-year. The increase in SG&A expense was driven by year-over-year increases in compensation related to higher salary and benefit costs from merit raises and promotions, as well as commissions driven by increases in sales volumes and proportionally higher sales through sales agents. Incremental spend from legal and regulatory disputes in the current period also contributed to the increase, including our ongoing litigation with a competitor and several former employees.
Research and Development Expense
Our research and development (“R&D”) expense for the three months ended September 30, 2024 was $2.9 million, compared to $3.1 million for the three months ended September 30, 2023, an decrease of $0.2 million. R&D spend in the quarter was driven, in part, by the randomized controlled trial for EPIEFFECT and ongoing investments in the development of future products in our pipeline.

Investigation, Restatement and Related Expense (Benefit)
Investigation, restatement and related expense for the three months ended September 30, 2024 was an expense of $0.6 million compared to an immaterial benefit for the three months ended September 30, 2023. The increase resulted from a negotiated reductions in legal fees previously incurred under indemnification agreements with certain former members of management during the three months ended September 30, 2023. This was offset by the last material payment towards the resolution of the historical Audit Committee investigation during the three months ended September 30, 2024. We do not expect activity to be material in future periods.
Amortization of Intangible Assets
Amortization expense related to intangible assets was $0.2 million for each of the three months ended September 30, 2024 and 2023.
Impairment of Intangible Assets
Impairment for the three months ended September 30, 2024 was $0.3 million, which relates to abandoned patents.
Interest Income (Expense), Net
Interest income, net was $0.3 million for the three months ended September 30, 2024 compared to a net interest expense of $1.7 million for the three months ended September 30, 2023. The decrease in interest expense was the result of a reduction in outstanding debt, lower interest rates under the new Citizens Credit Facilities compared to our previous borrowings, and improvements in our treasury management.
Income Tax Provision Expense
The effective tax rates for the Company were 31.0% and 6.3% for the three months ended September 30, 2024 and September 30, 2023, respectively.
The effective tax rate for the three months ended September 30, 2023 reflected a valuation allowance against all of the Company’s deferred tax assets. During the fourth quarter of 2023, we concluded that we were no longer in a cumulative three-year loss on a continuing operations basis, after excluding the effects of permanent book-tax differences. The absence of such negative evidence, coupled with our expectations for future taxable income generation, led to a change in our assessment of the realizability of our deferred tax assets. The effective tax rate for the three months ended September 30, 2024 was not influenced by a valuation allowance against deferred tax assets, which had an unfavorable impact on the effective tax rate.
The effective tax rate for the three months ended September 30, 2024 was favorably impacted by restricted stock vestings, offset by executive compensation deduction limitations.
Nine Months Ended September 30, 2024 Compared to the Nine Months Ended September 30, 2023
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Nine Months Ended September 30,
(in thousands)
20242023$ Change% Change
Net sales$255,972 $234,645 $21,327 9.1 %
Cost of sales43,164 40,792 2,372 5.8 %
Gross profit212,808 193,853 18,955 9.8 %
Selling, general and administrative164,044 156,773 7,271 4.6 %
Research and development8,770 10,232 (1,462)(14.3)%
Investigation, restatement and related(8,741)4,652 (13,393)nm
Amortization of intangible assets572 570 2 0.4 %
Impairment of intangible assets352 — 352 nm
Interest expense, net(1,409)(4,864)3,455 (71.0)%
Other expense, net(357)(42)(315)nm
Income tax provision expense(11,485)(569)(10,916)nm
Net income from continuing operations$34,560 $16,151 $18,409 nm
Changes noted as “nm” in the table above indicate that the percentage change is not meaningful.
Net Sales
We recorded net sales for the nine months ended September 30, 2024 of $256.0 million, a $21.3 million, or 9.1%, increase compared to the nine months ended September 30, 2023, for which we recorded net sales of $234.6 million.
Our sales by product were as follows (amounts in thousands):
Nine Months Ended September 30,Change
20242023$%
Wound $169,647 $149,681 $19,966 13.3 %
Surgical86,32584,9641,361 1.6 %
Total$255,972 $234,645 $21,327 9.1 %
Net sales of our Wound product portfolio were $169.6 million for the nine months ended September 30, 2024, a $20.0 million or 13.3% increase compared to $149.7 million for the nine months ended September 30, 2023. The increase was primarily driven by contributions from EPIEFFECT, which did not have comparative sales for the nine months ended September 30, 2023, partially offset by commercial challenges associated with competitive behavior in the marketplace.
Net sales of our Surgical products totaled $86.3 million, reflecting growth of $1.4 million, or 1.6%, compared to the nine months ended September 30, 2023. The increase was primarily driven by growing volume contributions from AMNIOEFFECT and AMNIOFIX, as well as initial contributions associated with sales of our recently launched HELIOGEN product, partially offset by lower sales of AXIOFILL compared to the prior year period. In addition, Surgical sales for the nine months ended September 30, 2023 reflects approximately $3 million of sales of our dental product which we have since discontinued.
Cost of Sales and Gross Profit Margin
Cost of sales for the nine months ended September 30, 2024 was $43.2 million, an increase of $2.4 million, or 5.8%, compared to $40.8 million for the nine months ended September 30, 2023. Gross profit margin for the nine months ended September 30, 2024 was 83.1% compared to 82.6% for the nine months ended September 30, 2023. Increases in cost of sales were driven by increases in sales volume. The year-over-year improvement in gross margin was driven by favorable product mix and our continued execution on yield and scrap improvement projects, partially offset by the amortization of distribution rights stemming from the TELA Asset Purchase Agreement entered into during the first quarter of 2024.
Selling, General and Administrative Expense
Selling, general and administrative expenses for the nine months ended September 30, 2024 increased $7.3 million, or 4.6%, to $164.0 million, compared to $156.8 million for the nine months ended September 30, 2023. The increase in SG&A expenses
24

was driven by year-over-year increases in compensation related to higher salary and benefit costs from merit raises and promotions, as well as commissions driven by increases in sales volumes and proportionally higher sales through sales agents. Incremental spend from legal and regulatory disputes in the current period also contributed to the increase, including our ongoing litigation with a competitor and several former employees.
Research and Development Expense
Our research and development expenses decreased $1.5 million, or 14.3%, to $8.8 million for the nine months ended September 30, 2024, compared to $10.2 million for the nine months ended September 30, 2023. This decrease was driven primarily by lower headcount and the timing of R&D activities compared to the prior year.
Investigation, Restatement and Related Expense
Investigation, restatement and related expenses for the nine months ended September 30, 2024 was a benefit of $8.7 million compared to expense of $4.7 million for the nine months ended September 30, 2023. The benefit resulted from various settlements related to former officers and other related matters as well as negotiated reductions in legal fees previously incurred under indemnification agreements with certain former members of management during the nine months ended September 30, 2023. This was offset by the last material payment towards the resolution of our historical Audit Committee investigation during the nine months ended September 30, 2024. We do not expect activity to be material in future periods .
Amortization of Intangible Assets
Amortization expense related to intangible assets was $0.6 million for each of the nine months ended September 30, 2023 and 2023.
Impairment of Intangible Assets
Impairment for the nine months ended September 30, 2024 was $0.4 million, which relates to abandoned patents.
Interest Expense, Net
Interest expense, net was $1.4 million for the nine months ended September 30, 2024 compared to $4.9 million for the nine months ended September 30, 2023. The decrease was the result of a decrease in outstanding debt, lower interest rates under the Citizens Credit Facilities, and improvements in our treasury management. The decrease was partially offset by a loss on extinguishment of debt due to repaying and terminating a previous loan agreement during the first quarter of 2024 ($1.4 million).
Income Tax Provision Expense
The effective tax rates for the Company were 24.9% and 3.4% for the nine months ended September 30, 2024 and 2023, respectively.
During the fourth quarter of 2023, we noted that we were no longer in a cumulative three-year loss on a continuing operations basis, after excluding the effects of permanent book-tax differences. The absence of such negative evidence, coupled with our expectations for future taxable income generation, led to a change in our assessment of the realizability of our deferred tax assets. Consequently, the effective tax rate for the nine months ended September 30, 2024 was not influenced by a valuation allowance reflected against deferred tax assets, which had an unfavorable impact on the effective tax rate.
The effective tax rate for the nine months ended September 30, 2024 was favorably impacted by vestings of restricted stock units, offset by executive compensation deduction limitations.
Discussion of Cash Flows
Operating Activities
Net cash provided by operating activities from continuing operations during the nine months ended September 30, 2024 was $47.4 million, compared to cash provided by operating activities from continuing operations of $16.5 million for the nine months ended September 30, 2023. The change was primarily the result of year-over-year increases in net sales, which drove increases in collections from customers.
Investing Activities
25

Net cash used for investing activities during the nine months ended September 30, 2024 was $6.8 million, compared to $1.7 million for the nine months ended September 30, 2023. This increase was largely the result of our investment to expand our product portfolio through the TELA and Regenity agreements, as described below in “Liquidity and Capital Resources.”
Financing Activities
Net cash used for financing activities during the nine months ended September 30, 2024 was $33.8 million. Cash provided by financing activities was $0.4 million during the nine months ended September 30, 2023. The cash used during the nine months ended September 30, 2024 was due to the repayment of the initial $30.0 million drawing under the Revolving Credit Facility, as described below in “Liquidity and Capital Resources,” deferred financing costs and other payments made as part of the Debt Refinancing Transactions, as defined below, and stock repurchases for tax withholdings upon vesting of employee stock awards.
Liquidity and Capital Resources
We require capital for our operating activities, including costs associated with the sale of product through direct and indirect sales channels, research and development activities, compliance costs, costs to sell and market our products, regulatory fees, and legal and consulting fees in connection with ongoing litigation and other matters. We generally fund our operating capital requirements through our operating activities and cash reserves. We expect to use capital to invest in the broadening of our product portfolio, including through potential acquisitions, licensing agreements or other arrangements, the international expansion of our business and certain capital projects.
As of September 30, 2024, we had $88.8 million of cash and cash equivalents, total current assets of $172.1 million and total current liabilities of $41.9 million, reflecting a current ratio of 4.1. We had no borrowings outstanding and $75 million of availability under our Revolving Credit Facility (as defined below).
The Company is currently paying its obligations in the ordinary course of business. We believe that our cash from operating activities, existing cash and cash equivalents, and available credit under the Citizens Credit Agreement, as defined below, will enable us to meet our operational liquidity needs for the twelve months following the filing date of this Quarterly Report.
Citizens Credit Facilities
On January 19, 2024, we entered into a Credit Agreement (the “Citizens Credit Agreement”) with a syndicate of banks comprised of Citizens Bank, N.A. as administrative agent (the “Agent”), and Bank of America, N.A. The Citizens Credit Agreement was designed to simultaneously improve our capital structure, providing the ability to refinance our prior $50 million senior secured term loan under the Hayfin Loan Agreement (as defined below) at lower interest rates and have access to additional borrowing capacity that could be deployed in the future in support of our organic and potential inorganic growth objectives.
The Citizens Credit Agreement provides for senior secured credit facilities in an aggregate principal amount of up to $95.0 million consisting of: (i) a $75.0 million senior secured revolving credit facility (the “Revolving Credit Facility”) with a $10.0 million letter of credit sublimit and a $10.0 million swingline loan sublimit, and (ii) a $20.0 million senior secured term loan facility (the “Term Loan Facility” and, together with the Revolving Credit Facility, the “Credit Facilities”). All obligations are required to be paid in full on January 19, 2029 (the “Maturity Date”), and are guaranteed by certain of our subsidiaries, and secured by substantially all of the assets of the Company and the guarantors pursuant to a customary security agreement. Subject to the terms of the Citizens Credit Agreement, we have the option to obtain one or more incremental term loan facilities and/or increase the commitments under the Revolving Credit Facility in an aggregate principal amount equal to the greater of (i) $50.0 million and (ii) 1.00 times our Consolidated EBITDA as defined therein, each subject to the existing or any new lenders’ election to extend additional term loans or revolving commitments.
At our option, borrowings under the Citizens Credit Agreement (other than any swingline loan) will bear interest at a rate per annum equal to (i) the Alternate Base Rate, as defined therein, or (ii) a Term SOFR as defined therein, in each case plus an applicable margin ranging from 1.25% and 2.50% with respect to Alternate Base Rate borrowings and 2.25% and 3.50% for Term SOFR borrowings. Swingline loans will bear interest at a rate per annum equal to one-month Term SOFR plus the applicable margin. The applicable margin will be determined based on the Company’s consolidated total net leverage ratio.
We are required to pay a quarterly commitment fee on any unused portion of the Revolving Credit Facility, letter of credit fees, and other customary fees to the Agent and the Lenders. The Term Loan Facility will amortize on a quarterly basis at 1.25% (for year one and two), 1.875% (for year three and four), and 2.5% (for year five) based on the aggregate principal amount outstanding under the Term Loan Facility at inception, with the remainder due on the Maturity Date. We must make mandatory prepayments in connection with certain asset dispositions and casualty events, subject in each case to customary reinvestment
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rights. We may prepay borrowings under the Credit Facilities at any time, without premium or penalty, and may, at its option, reduce the aggregate unused commitments under the Revolving Credit Facility in whole or in part, in each case subject to the terms of the Credit Agreement. We must also comply with certain financial covenants, including a maximum total net leverage ratio and a minimum consolidated fixed charge coverage ratio, as well as other customary restrictive covenants. As of September 30, 2024, the Company is in compliance with all financial covenants under the Credit Facilities.
On January 19, 2024, we borrowed $30.0 million under the Revolving Credit Facility and $20.0 million under the Term Loan Facility. Proceeds from the initial drawings under the Credit Facilities, together with cash on hand, were used to repay in full the $50.0 million principal amount and other obligations under that certain Loan Agreement, dated as of June 30, 2020 (as amended from time to time), by and among the Company, the guarantors party thereto, the lenders party thereto and Hayfin Services LLP, as administrative and collateral agent (as amended from time to time, the “Hayfin Loan Agreement”) and to pay related fees, premiums, costs and expenses (collectively with the entry into the Citizens Credit Agreement and the initial borrowings thereunder, the “Debt Refinancing Transactions”).
On February 27, 2024, we repaid the initial $30.0 million drawing under the Revolving Credit Facility.
Contractual Obligations
Except as described below, there were no significant changes to our contractual obligations during the nine months ended September 30, 2024 from those disclosed in the section Item 7, “Management’s Discussion and Analysis of Financial Condition and Results from Operations”, in our 2023 Form 10-K.
TELA and Regenity Agreements
On March 15, 2024, the Company entered into an Asset Purchase Agreement (the “TELA APA”) with TELA Bio, Inc. (“TELA”) and a manufacturing and supply agreement (the “Supply Agreement”) with Regenity Biosciences, Inc. (“Regenity”), adding to the Company’s product portfolio a 510(k)-cleared collagen particulate xenograft product now marketed as HELIOGEN (“HELIOGEN”) indicated for the management of moderately to heavily exudating wounds and to control minor bleeding. Under the terms of the TELA APA, the Company made an initial $5.0 million payment to TELA and will be required to make additional future payments aggregating between a minimum of $3.0 million and a maximum of $7.0 million, based on net sales of HELIOGEN over the next two years from June 2024.
The Supply Agreement maintains MIMEDX’s exclusive right to sell and market HELIOGEN in the United States and requires MIMEDX to purchase a minimum amount of HELIOGEN from Regenity annually through December 31, 2033. Should MIMEDX fail to meet a purchasing minimum in any one period, it has the option (among others) to amend its distribution rights under the Supply Agreement to be non-exclusive.
Critical Accounting Estimates
In preparing financial statements, we follow accounting principles generally accepted in the United States, which require us to make certain estimates and apply judgments that affect our financial position and results of operations. We regularly review our accounting policies and financial information disclosures. A summary of critical accounting estimates in preparing the financial statements was provided in our 2023 Form 10-K.
Recent Accounting Pronouncements
For the effect of recent accounting pronouncements, see Note 2, Significant Accounting Policies, to the unaudited condensed consolidated financial statements contained herein.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
We are exposed to risks associated with changes in interest rates that could adversely affect our results of operations and financial condition. We do not hedge against interest rate risk.
The interest rate on our Term Loan Facility is determined quarterly based on the 1-month term SOFR. As of September 30, 2024, the interest rate on our Term Loan Facility was 7.9%. A 100 basis point change in SOFR would change our interest expense by $0.2 million on an annualized basis.
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Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, or the Exchange Act) as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures as of the end of the period covered by this report were effective at a reasonable assurance level in ensuring that information required to be disclosed by us in reports that we file or submit under the Exchange Act (i) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely discussions regarding required disclosure. We believe that a control system, no matter how well designed and operated, cannot provide absolute assurance that the objectives of the control system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected.
Changes in Internal Control over Financial Reporting
There was no change in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the fiscal quarter ended September 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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PART II – OTHER INFORMATION

Item 1. Legal Proceedings
The Company and its subsidiaries are parties to numerous claims and lawsuits arising in the ordinary course of its business activities, some of which involve claims for substantial amounts. The ultimate outcome of these suits cannot be ascertained at this time. The description of the Welker v. MiMedx, et. Al case, which was settled in August 2024, contained in Note 12, “Commitments and Contingencies,” to the unaudited condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report, is incorporated herein by reference.
Item 1A. Risk Factors
There have been no material changes to the Company’s risk factors included in its 2023 Form 10-K.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
(a) None.

(b) None.

(c) The following table sets forth information regarding the purchases of the Company’s equity securities made by or on behalf of the Company or any affiliated purchases (as defined in Exchange Act Rule 10b-18) during the three month period ended September 30, 2024:
Total number of shares purchased1
Average price paid per shareTotal number of shares purchased under publicly announced planApproximate dollar value of shares that may yet be purchased under plans or programs
July 1 - July 31, 202431,380 $7.18 — $— 
August 1 - August 31, 2024— — — — 
September 1 - September 30, 2024— — — — 
Total for the quarter31,380 $7.18 $— $— 
(1) Reflect repurchases of shares by the Company upon vesting of employee restricted stock units in order to satisfy tax withholding obligations.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Insider Trading Arrangements and Policies
During the three months ended September 30, 2024, no director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.






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Item 6. Exhibits
Exhibit
Number		Description
31.1 #
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2 #
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1 #
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2 #
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS #XBRL Instance Document
101.SCH #XBRL Taxonomy Extension Schema Document
101.CAL #XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF #XBRL Taxonomy Extension Definition Linkbase Document
101.LAB #XBRL Taxonomy Extension Label Linkbase Document
101.PRE #XBRL Taxonomy Extension Presentation Linkbase Document
*Previously filed and incorporated herein by reference
#Filed or furnished herewith


SIGNATURES
    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
October 30, 2024
MIMEDX GROUP, INC.
   
 By:/s/ Doug Rice
  Doug Rice
  Chief Financial Officer
(duly authorized officer)
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