MiMedx Group, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing notable growth in revenue and profitability compared to the same periods in 2023. For Q3 2024, net sales reached $84.1 million, a 2.9% increase from $81.7 million in Q3 2023. For the nine-month period, net sales totaled $256.0 million, up 9.1% from $234.6 million in the prior year. The growth was primarily driven by a strong performance in the Wound product category, which saw sales increase by 7.6% to $55.1 million in Q3 and by 13.3% to $169.6 million for the nine months.
Gross profit for Q3 2024 was $68.7 million, compared to $66.9 million in Q3 2023, resulting in a gross profit margin of 81.8%. However, net income from continuing operations for Q3 2024 was $7.9 million, a decrease of 10.9% from $8.8 million in Q3 2023. For the nine months, net income from continuing operations increased significantly to $34.6 million from $16.2 million in the same period last year.
The company’s total assets increased to $243.9 million as of September 30, 2024, from $239.0 million at the end of 2023. Total current assets also rose to $172.1 million, while total current liabilities decreased to $41.9 million, resulting in a current ratio of 4.1. Long-term debt saw a significant reduction to $18.0 million from $48.1 million at the end of 2023, reflecting the repayment of a prior senior secured term loan.
Strategically, MiMedx entered into a Credit Agreement with Citizens Bank in January 2024, providing senior secured credit facilities totaling up to $95.0 million. The company utilized $30.0 million from the Revolving Credit Facility and $20.0 million from the Term Loan Facility to repay a previous loan. Additionally, in March 2024, MiMedx acquired exclusive rights to sell a collagen particulate xenograft product from TELA Bio, Inc., with an initial payment of $5.0 million and potential future payments based on sales performance.
Despite challenges such as turnover in the sales team and declines in AXIOFILL® sales, MiMedx showcased its allograft portfolio at industry events and received positive media coverage, which may enhance its market presence. The company remains focused on healing solutions for chronic and hard-to-heal wounds, with a growing footprint in both domestic and international markets.
About MIMEDX GROUP, INC.
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