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美國
證券交易委員會
華盛頓特區20549
表格 10-Q
☒根據1934年證券交易法第13或15(d)節的季度報告
時間段爲
季度結束日期
2024年9月30日

或者
☐根據1934年證券交易法第13或15(d)節的轉型報告書
對於從___________________到______________________的過渡期

委員會檔案編號 001-35887
MIMEDX GROUP, INC.
(根據其章程規定的註冊人準確名稱)
（561） 26-2792552
（設立或組織的其他管轄區域） （納稅人識別號碼）
1775 West Oak Commons Ct NE
Marietta, GA
 30062
，（主要行政辦公地址） (郵政編碼)
(770) 651-9100
(註冊人電話號碼，包括區號)

根據法案第12（b）條註冊的證券：
 
每一類的名稱		 
交易標誌		在其上註冊的交易所的名稱
納斯達克證券交易所MDXG股份

根據該法案第12（g）條登記的證券：無。

用複選標記表明註冊人（1）在過去的12個月中（或註冊人需要提交此類報告的較短期限）是否提交了1934年《證券交易法》第13或15（d）條要求提交的所有報告，以及（2）在過去的90天中是否受此類申報要求的約束。
是 x 沒有¨

在檢查標記中表明註冊人是否已經在過去的12個月內（或者爲註冊人需要提交這些文件的較短期間）根據S-T法規405規定，遞交了每個互動數據文件。
是 x 沒有¨
 
用複選標記表明註冊人是大型加速申報人、加速申報人、非加速申報人、小型申報公司還是新興成長型公司。參見《交易法》第12b-2條中 「大型加速申報人」、「加速申報公司」、「小型申報公司」 和 「新興成長型公司」 的定義。


大型加速報告人 x
加速報告人¨
非加速報告人¨
小型報告公司☐
新興成長公司 ☐

如果是新興成長型企業，請勾選複選標記，表明註冊者已選擇不使用延長過渡期來符合根據證券交易法第13(a)條規定提供的任何新財務會計準則。 ¨

請在複選標誌處註明公司是否爲殼公司（根據交易所法令第12b-2條的定義）。
是 ☐ 不是x
 
截至2023年7月31日，續借貸款協議下未償還的借款額爲146,946,213 截至2024年10月21日，註冊人普通股每股面值爲$0.001，流通股份。



目錄
第一部分財務信息 
第 1 項財務報表（未經審計） 
 簡明合併資產負債表
 簡明合併運營報表
股東權益簡明合併報表
 簡明合併現金流量表
簡明合併財務報表附註
第 2 項管理層對財務狀況和經營業績的討論和分析
第 3 項關於市場風險的定量和定性披露
第 4 項控制和程序
第二部分其他信息
第 1 項法律訴訟
第 1A 項風險因素
第 2 項未註冊的股權證券銷售和所得款項的使用
第 3 項優先證券違約
第 4 項礦山安全披露
第 5 項其他信息
第 6 項展品
簽名 

3

關於前瞻性聲明的說明和重要警告聲明
在本文件中，術語"mimedx”公司“公司,” “我們,” “我們的”和“我們「」指的是MiMedx Group, Inc.及其合併附屬公司作爲一個組合實體，除非明確表示這些術語僅指MiMedx Group, Inc。
本季度10-Q表格中的某些陳述是「前瞻性陳述」（forward-looking statement），根據美國證券法第27A條和第1933年修訂案（Securities Act of 1933），以及美國證券交易法第21E條和第1934年修訂案（Securities Exchange Act of 1934）所規定的含義而言。所有涉及未來可能發生事件或結果的陳述都是前瞻性陳述，包括但不限於以下內容：季度報告都是前瞻性陳述，包括但不限於以下內容： 「證券法」）和《證券交易法》第21E條，經修訂。 本處所有涉及可能在未來發生的事件或結果的聲明均屬於前瞻性聲明，包括但不限於，關於以下方面的聲明：
•我們的戰略重點和當前業務優先事項，包括擴大我們的產品組合，並且我們能否實施這些優先事項，包括因爲我們不能再推廣我們產品組合中的某些產品;
•我們對與合規要求相關的成本的預期；
•我們對調查、重述和相關費用的預期；
•我們對資本配置的期望；
•我們對未來增長的期望；
•我們對未決訴訟和調查結果的期望；
•我們對未來所得稅責任的期望；
•人口和市場趨勢；以及

•我們有效競爭的能力。
展望性聲明通常可以通過諸如「預計」、「將」、「改變」、「打算」、「尋求」、「目標」、「未來」、「計劃」、「繼續」、「潛力」、「可能」、「可能」、「估計」、「可能」、「預見」、「將被」等詞語來識別。這些聲明基於許多假設，並涉及已知和未知的風險、不確定性和其他因素，這些因素可能會對公司的運營產生重大影響，並可能導致公司的實際行動、結果、財務狀況、業績或成就與未來的任何行動、結果、財務狀況、業績或成就表達或暗示的任何此類展望性聲明有實質性差異。可能導致這種差異的因素包括，但不限於，在我們於2023年12月31日結束的年度報告10-k的「」部分中討論的那些問題風險因素”在我們於2024年2月28日發佈的年度報告10-k中討論的內容以及第二部分第1A項「風險因素」中討論的內容，如果有的話。2023年10-K表格該報告於2024年2月28日提交給美國證券交易委員會（「交易所」）SEC
除非法律要求，公司無意並且不承擔更新或公開發表任何對前瞻性陳述的修訂的義務，無論是否接收到新信息，發生後續事件，情況發生變化或其他原因。本季度報告中的每個前瞻性陳述都受上述因素的限定。讀者在做出任何結論或做出任何投資決策之前，應仔細閱讀本季度報告並與上述重要免責聲明一併閱讀，不應過度依賴前瞻性陳述，該陳述僅適用於本季度報告在SEC提交之日爲準。
估計和預測
本季度報告包含某些估計、預測和其他統計數據。這些估計和預測反映了管理層根據目前可獲得的信息和認爲合理的某些假設所得出的最佳估計，截至本季度報告的日期。這些估計具有固有的不確定性，受到風險和不確定性的影響，其中許多不在我們的控制範圍內，也未經我們獨立核數師審查，並可能因管理層進一步審查而進行修訂。此外，這些估計和預測不是我們財務結果的全面陳述，而我們的實際結果可能與這些估計和預測有重要差異，這是由於從現在到結果最終確認的時間之間可能出現的情況。不能保證這些估計將實現，而我們的結果可能因我們業務和運營中出現的意外問題而有顯著差異。因此，您不應過分依賴這些信息。對我們未來業績和我們所經營市場的未來業績的預測、假設和估計必然面臨着高度的不確定性和風險。
4

第一部分 - 財務信息
項目1.基本報表
美國美邁醫療集團股份有限公司及其子公司
簡明合併資產負債表
(以千爲單位，除股票數據外)
(未經審計)
 2020年9月30日
2024		12月31日
2023
資產 
流動資產：  
現金及現金等價物$88,801 $82,000 
2,687,823 54,030 53,871 
庫存24,249 21,021 
預付款項 2,907 5,624 
其他資產2,152 1,745 
總流動資產172,139 164,261 
資產和設備，淨值6,451 6,974 
使用權資產2,843 2,132 
遞延所得稅資產淨額30,636 40,777 
商譽19,441 19,441 
無形資產, 淨額11,201 5,257 
其他1,180 205 
總資產$243,891 $239,047 
負債和股東權益
  
流動負債:  
長期負債的流動部分$1,000 $1,000 
應付賬款6,924 9,048 
應計的薪資20,170 22,353 
應計費用8,396 9,361 
利潤分享支付的當前部分 (附註12)2,860 — 
已停止運營的流動負債— 1,352 
其他流動負債2,591 2,894 
流動負債合計41,941 46,008 
長期債務，淨額18,018 48,099 
其他負債2,924 2,223 
負債合計$62,883 $96,330 
100億股認可，分別於2024年5月3日和2024年2月2日擁有發行並流通的股份數量
股東權益
普通股; $0.001每股面值; 250,000,000 146,962,812 於2024年9月30日發行並流通 146,227,639 2023年12月31日時已發行和流通的股票爲
147 146 
額外實收資本279,558 276,249 
累積赤字(98,697)(133,678)
股東權益合計
181,008 142,717 
負債和股東權益總額
$243,891 $239,047 
請參見未經審計的簡明合併財務報表附註
5

美國美邁醫療集團股份有限公司及其子公司
簡明合併利潤表
（以千爲單位，除股份數和每股數據外）
(未經審計)
 截至9月30日的三個月截至9月30日的九個月
 2024202320242023
淨銷售額$84,057 $81,712 $255,972 $234,645 
銷售成本15,322 14,790 43,164 40,792 
毛利潤68,735 66,922 212,808 193,853 
營業費用：
銷售、一般及行政費用53,516 52,571 164,044 156,773 
研發2,918 3,075 8,770 10,232 
調查，重新陳述及相關649 (38)(8,741)4,652 
無形資產攤銷192 190 572 570 
無形資產減值損失298 — 352 — 
營業利潤11,162 11,124 47,811 21,626 
其他費用，淨額
利息收益（費用），淨額278 (1,680)(1,409)(4,864)
其他費用，淨額(21)(11)(357)(42)
持續經營業務稅前收入11,419 9,433 46,045 16,720 
持續經營稅費準備 (3,541)(591)(11,485)(569)
持續經營活動的淨利潤7,878 8,842 34,560 16,151 
非繼續經營部門的淨收益（虧損）稅後217 (308)421 (11,400)
淨收入$8,095 $8,534 $34,981 $4,751 
可供普通股股東持續經營的淨利潤 $7,878 $7,069 $34,560 $10,967 
每股基本淨收益：
持續經營業務0.05 0.06 0.24 0.09 
已停業的業務0.00 (0.00)0.00 (0.09)
每股基本淨利潤$0.05 $0.06 $0.24 $0.00 
每股攤薄淨收益：
持續經營業務0.05 0.06 0.23 0.09 
已停業的業務0.00 (0.00)0.00 (0.09)
每股稀釋淨利潤$0.05 $0.06 $0.23 $0.00 
基本每股加權平均股份146,958,986 116,298,146 147,008,732 115,528,067 
流通股加權平均數-攤薄148,373,631 149,773,706 148,964,788 116,893,270 

請參見未經審計的簡明合併財務報表附註
6

美國美邁醫療集團股份有限公司及其子公司
股東權益的簡明合併報表
(以千爲單位，除股票數據外)
(未經審計)
已發行普通股額外已付款國庫股累積的
股票金額資本股票金額赤字總計
截至 2024 年 6 月 30 日的餘額146,749,402 $147 $274,685 — $— $(106,792)$168,040 
基於股份的薪酬支出— — 3,810 — — — 3,810 
行使股票期權61,666 — 387 — — — 387 
員工股票購買計劃123,857 — 785 — — — 785 
限制性股票的發行，淨額27,887 — (109)— — — (109)
淨收入— — — — — 8,095 8,095 
截至 2024 年 9 月 30 日的餘額146,962,812 $147 $279,558 — $— $(98,697)$181,008 

已發行普通股額外已付款國庫股累積的
股票金額資本股票金額赤字總計
截至 2023 年 6 月 30 日的餘額116,109,125 $116 $182,907 — $— $(195,689)$(12,666)
基於股份的薪酬支出— — 4,388 — — — 4,388 
行使股票期權41,233 — 274 (17,032)112 — 386 
發行限制性股票— — (73)(11,080)73 — — 
限制性股票被取消/沒收— — 185 28,112 (185)— — 
員工股票購買計劃 209,390 — 688 — — — 688 
淨收入— — — — — 8,534 8,534 
截至 2023 年 9 月 30 日的餘額116,359,748 $116 $188,369 — $— $(187,155)$1,330 


7

已發行普通股額外付費-
在		國庫股累積的
股票金額資本股票金額赤字總計
截至2023年12月31日的餘額146,227,639 $146 $276,249 — $— $(133,678)$142,717 
基於股份的薪酬支出— — 12,240 — — — 12,240 
員工股票購買計劃245,640 — 1,583 — — — 1,583 
限制性股票的發行，淨額1,481,847 2 (2,613)— — — (2,611)
行使股票期權207,686 — 1,398 — — — 1,398 
訴訟和解中收到的股份(1,200,000)(1)(9,299)— — — (9,300)
淨收入— — — — — 34,981 34,981 
截至 2024 年 9 月 30 日的餘額146,962,812 $147 $279,558 — $— $(98,697)$181,008 

已發行普通股額外付費-
在		國庫股累積的
股票金額資本股票金額赤字總計
截至2022年12月31日的餘額113,705,447 $114 $173,804 — $— $(191,906)$(17,988)
基於股份的薪酬支出— — 12,793 — — — 12,793 
行使股票期權45,567 — 294 (17,032)112 — 406 
限制性股票被取消/沒收— — 378 90,367 (378)— — 
員工股票購買計劃 444,809 — 1,368 — — — 1,368 
發行限制性股票2,163,925 2 (268)(73,335)266 — — 
淨收入— — — — — 4,751 4,751 
截至 2023 年 9 月 30 日的餘額116,359,748 $116 188,369 — $— $(187,155)$1,330 

請參見未經審計的簡明合併財務報表附註
8

美國美邁醫療集團股份有限公司及其子公司
現金流量表簡明綜合報表（以千爲單位）
(未經審計)
 截至9月30日的九個月
 20242023
經營活動現金流量：  
持續經營活動的淨利潤（虧損）$34,560 $16,151 
調整以協調淨利潤(續營業務)和繼續運營活動提供的現金流量  
股權酬金12,240 12,573 
訴訟結算中收到的股份公允價值（附註12）(9,300)— 
遞延所得稅負債變動10,142 — 
折舊費用1,715 2,054 
債務清償損失1,401 — 
無形資產攤銷1,336 570 
非現金租賃費用972 959 
無形資產減值損失352 — 
推遲融資成本的攤銷219 373 
壞賬費用141 737 
其他 430 70 
由於以下變化導致現金的增加(減少):  
應收賬款(299)(6,659)
庫存(2,797)(5,885)
預付費用2,717 4,361 
其他(521)1,024 
應付賬款(2,123)716 
應計的薪資(600)1,932 
應計費用(931)(2,268)
其他負債(1,307)(1,041)
來自持續經營業務的經營活動現金流量淨額。48,347 25,667 
來自停止經營活動的淨現金流出(931)(9,149)
經營活動產生的淨現金流量 47,416 16,518 
投資活動產生的現金流量:  
根據TELA APA（注12）支付的代價(5,366)— 
設備購買(1,420)(1,560)
專利申請費用(30)(114)
投資活動產生的淨現金流量(6,816)(1,674)
籌集資金的現金流量：  
公民循環信貸額度的收益30,000 — 
公民期限貸款額度的收益19,783 — 
Hayfin期限貸款的預付費(500)— 
遞延融資成本(1,101)— 
Hayfin期限貸款的償還(50,000)— 
公民循環信貸額度的償還(30,000)— 
公民期限貸款額度的本金償還(750)— 
行使股票期權所得1,398 406 
股票回購以便支付限制性股票解禁的稅款(2,611)— 
融資租賃的應付本金(18)(36)
籌資活動提供的淨現金流出（入）(33,799)370 
現金淨變化6,801 15,214 
現金及現金等價物期初餘額82,000 65,950 
現金及現金等價物期末餘額$88,801 $81,164 
請參見未經審計的簡明合併財務報表附註
9

MIMEDX GROUP, INC.
未經審計的摘要合併財務報表註釋
截至2024年和2023年9月30日的三個月和九個月

1.業務性質
MiMedx集團以及其子公司（除非上下文另有要求，「」MIMEDX，「」）是一家致力於幫助人類康復的先驅和領導者。通過十多年來幫助臨床醫生處理慢性和其他難以癒合傷口的經驗，MIMEDX致力於爲傷口護理、燒傷和外科保健領域提供領先的產品組合。公司的願景是通過不懈的創新成爲全球領先的康復解決方案提供商，以恢復生活質量。所有在美國銷售的公司產品都受到美國食品和藥物管理局（「FDA」）的監管。 「MIMEDX」 是一家致力於幫助人類康復的先驅和領導者。通過十多年來幫助臨床醫生處理慢性和其他難以癒合傷口的經驗，MIMEDX致力於爲傷口護理、燒傷和外科保健領域提供領先的產品組合。公司的願景是通過不懈的創新成爲全球領先的康復解決方案提供商，以恢復生活質量。或「公司」MiMedx集團以及其子公司是一家致力於幫助人類康復的先驅和領導者。通過十多年來幫助臨床醫生處理慢性和其他難以癒合傷口的經驗，MiMedx集團致力於爲傷口護理、燒傷和外科保健領域提供領先的產品組合。公司的願景是通過不懈的創新成爲全球領先的康復解決方案提供商，以恢復生活質量。所有在美國銷售的公司產品都受到美國食品和藥物管理局監管。美國食品和藥物管理局（「FDA」）).
公司的產品組合和產品開發專注於傷口和手術市場。
公司的業務主要集中在美國，但公司在日本等國際地點也有新興的商業存在。
2.重要會計政策
請參閱《注2》，以獲取包含在公司年度報告的合併財務報表中的註解 重要會計政策於2023年12月31日結束的年度報告（稱爲「基本報表」）中，詳細介紹了所有重要的會計政策2023年10-K表格該報告於2024年2月28日提交給美國證券交易委員會（「交易所」）SEC請參考上述報告了解所有重要的會計政策的描述
報告範圍
未經審計的簡明合併財務報表根據美國公認會計原則（「GAAP」）編制，符合《10-Q表格》和《S-X法規第10條》的指示。因此，它們不包括所有GAAP要求的完整財務報表所需的所有信息和附註。據管理層所知，已納入了爲公平陳述報告期間經營業績所需的所有必要調整。截至2024年6月30日和2023年6月30日的三個月和六個月的經營業績不一定能反映整個財務年度的業績。截至2023年12月31日的資產負債表根據該日期的審計合併財務報表編制，但不包括所有GAAP要求的完整財務報表所需的所有信息和註解。通用會計原則(GAAP)根據基本報表的形式10-Q和《S-X條例》第10條的規定，本文所提供的是中期基本財務信息，並且不包含所有GAAP要求的完整財務報表的信息和註釋。在管理層的意見中，已納入了爲公平呈現所述期間運營結果所需的所有調整。截至2024年和2023年9月30日三個月和九個月的經營成果並不一定代表可能預期到的全財政年度的結果。截至2023年12月31日的資產負債表是從該日期的審計合併財務報表派生的，但不包含所有GAAP要求的完整財務報表的信息和註釋。
這些未經審計的簡明綜合財務報表應與2023年10-k表中包含的公司歷史綜合財務報表一同閱讀。
重新分類
2023年12月31日的長期債務償還金額爲$________，在之前發佈的財務報表中列於其他流動負債中，已被重新分類，現在在2024年6月30日的資產負債表中作爲一個單獨的項目列於流動負債中。1.0截至2023年12月31日，以日元表達的5000萬，在先前發佈的財務報表中列爲其他流動負債，經重分類將其列爲一個單獨的項目，仍在2024年9月30日資產負債表中列爲流動負債內。
合併原則
綜合簡明的基本報表包括MiMedx Group, Inc.及其全資子公司的賬目。所有公司間的餘額和交易在合併時已予以清除。
使用估計
根據通用會計原則（GAAP），管理層需要進行估計和假設，這些估計和假設會影響資產和負債的報告金額、和披露在基本報表的資產和負債附註，以及在報告期內收入基本報表上的報告。實際結果可能與這些估計不一致。重要的估計包括預計使用壽命和潛在的固定資產和設備減值，良好意向減值估計和無形資產，無形資產預計使用壽命估計，潛在責任減值估計，壞賬準備計提估計，以及基於股份支付獎勵性能條件的公允價值和可實現性的估計，退貨和津貼估計，股權獎勵計劃中關於利潤分配支付的公允價值估計（如下定義），和遞延稅資產的估值。
10

無形資產淨值
無形資產是指缺乏實物形態的資產，（a）授予公司法定權利或（b）能夠分離並出售。在非業務組合外獲得的無形資產按獲取資產的成本計入資本，在取得的各個資產的公允價值比例基礎上進行分配。與資產收購有關的任何待定對價，在解決有關其支付的所有待定事項的時間點上計入爲資本。公司按照一般反映預期現金流量貢獻的週期攤銷有限壽命無形資產的資本成本。無形資產的攤銷根據底層無形資產的性質及其在公司業務中的使用情況，在未經審計的簡明合併利潤表中作爲銷售成本或營業費用的一部分記錄。
尚未採用最近發佈的會計標準
2023年11月，財務會計準則委員會（「FASB」）發佈了《會計準則更新》（「ASU」）。FASB它改善了有關上市實體報告的部門的披露，並滿足投資者對有關報告部門費用的額外、更詳細信息的要求。會計準則更新”) 2023-07, “此外，ASU 2023-07將會計準則編碼（「ASC」）第280號主題的披露要求擴展到具有單個報告部門的實體。ASU 2023-07自2023年12月15日後開始的年度報告期間和2024年12月15日後開始的財政年度插值期間生效。ASC”) 主題280適用於只有一個可報告部門的實體。ASU 2023-07將於2023年12月15日後開始的年度報告期間生效，並於2024年12月15日後開始的財政年度的中期生效。截至2024年9月30日，公司正在評估該標準對其合併基本報表的影響。
2023年12月，FASB發佈了ASU 2023-09，「」，該法規要求上市公司披露特定的稅率對賬類別，以及按司法管轄區細分的支付的所得稅等其他披露增強要求。ASU適用於2024年12月15日後開始的年度財務報表，允許提前採用。這項ASU的修訂應以前瞻性方式應用。允許回溯應用。公司正在評估此ASU對其合併財務報表的影響。《所得稅披露改進（話題740）》該標準要求額外披露所得稅率調整、已支付所得稅和某些其他稅收信息。ASU 2023-09旨在加強所得稅披露的透明度和決策實用性。ASU 2023-09中的修訂主要通過對稅率調整和已支付所得稅信息的變更來滿足投資者對增強所得稅信息的要求。2024年12月15日後開始的年度報告期要求採用。公司目前正在評估該準則對其合併財務報表和相關披露的影響。
所有其他ASU標準發佈後截至2024年9月30日尚未生效，並在本報告日期之前進行了評估確定，被認定爲不適用或預計對公司當前和未來的財務狀況和經營業績影響較小。
11

3. 應收賬款淨額
應收賬款淨額包括以下內容（以千爲單位）：
 2024年9月30日2023年12月31日
應收賬款，毛額$56,797 $57,015 
減：壞賬準備(2,767)(3,144)
2,687,823 $54,030 $53,871 
2024年9月30日和2023年結束的三個月內，公司應收帳款準備金的相關活動如下（單位：千美元）：
20242023
7月1日餘額$3,269 $2,196 
壞賬（沖銷）費用(279)447 
沖銷(223)(69)
截至9月30日的餘額$2,767 $2,574 
2024年和2023年截至9月30日止的關於公司應收賬款準備的活動如下（單位：千美元）：
20242023
1月1日結餘$3,144 3,783 
壞賬費用141 737 
沖銷(518)(1,946)
截至9月30日的餘額$2,767 $2,574 
4.     庫存
庫存包括以下項目（以千爲單位）：
 2024年9月30日2023年12月31日
原材料$781 $825 
在製品9,279 8,521 
成品14,189 11,675 
庫存$24,249 $21,021 
5.    固定資產，淨值
以下爲固定資產淨值（以千美元計）：
 2024年9月30日2023 年 12 月 31 日
實驗室和潔淨室設備$15,568 $13,954 
傢俱和設備1,972 1,989 
租賃權改進8,199 8,141 
在建工程910 1,791 
資產報廢成本881 938 
融資租賃使用權資產189 189 
財產和設備，毛額27,719 27,002 
減去：累計折舊和攤銷(21,268)(20,028)
財產和設備，淨額$6,451 $6,974 
12

6.     無形資產淨值
無形資產淨額如下（以千美元爲單位）：
2024年9月30日2023 年 12 月 31 日
總賬面金額累計攤銷淨賬面金額總賬面金額累計攤銷淨賬面金額
攤銷的無形資產
專利和專有技術$10,207 $(8,307)$1,900 $10,039 $(7,818)$2,221 
許可證1,000 (92)908 1,000 (54)$946 
發行權7,659 (765)6,894 — — — 
攤銷的無形資產總額$18,866 $(9,164)$9,702 $11,039 $(7,872)$3,167 
未攤銷的無形資產：
商標和商標$1,008 $1,008 $1,008 $1,008 
正在處理的專利491 491 1,082 1,082 
無形資產總額$20,365 $11,201 $13,129 $5,257 
本公司於2023年12月31日和2022年12月31日的三個月內確認的股權獎勵支出爲0.3萬美元和0.4在截至2024年9月30日的三個月和九個月內，分別與廢棄的專利相關的無形資產減值金額爲數百萬美元。
截至2024年9月30日，預計未來無形資產攤銷如下（以千爲單位）：
截至12月31日，預計
攤銷
費用
2024年（不包括2024年9月30日結束的九個月）
$577 
20251,912 
20261,757 
20271,757 
20281,755 
此後1,944 
已攤銷的無形資產總額$9,702 
7. 應計費用
應計費用包括以下項（以千爲單位）：
2024年9月30日2023 年 12 月 31 日
給銷售代理的佣金$3,154 $4,136 
應計返利1,806 745 
預計銷售回報912 1,096 
法律和和解費用756 834 
應計團體採購組織費用688 1,338 
應計差旅費587 433 
其他493 779 
應計費用$8,396 $9,361 
8.    淨長期負債
13

市民信貸協議
2024 年 1 月 19 日（”截止日期”），公司簽訂了信貸協議（”公民信貸協議”）與某些貸款方合作，北卡羅來納州公民銀行作爲行政代理人（”代理人”）。《公民信貸協議》規定了優先擔保信貸額度，本金總額不超過 $95.0百萬美元包括：(i) a 美元75.0百萬美元優先擔保循環信貸額度（”循環信貸額度”) 用 $10.0百萬份信用證次級限額和一美元10.0百萬美元的swingline貸款限額，以及（ii）一美元20.0百萬美元優先擔保定期貸款額度（”定期貸款機制” 以及，連同循環信貸額度，”信貸設施”）。所有債務都必須在2029年1月19日全額償還（”到期日”）。公司可以選擇獲得 一 或增加增量定期貸款額度和/或增加循環信貸額度下的承付額，使本金總額等於 (i) 美元中較大者50.0百萬和 (ii) 1.00 乘以公司的合併息稅折舊攤銷前利潤（定義見其中），每項都取決於現有或任何新的貸款機構選擇延長額外定期貸款或循環承諾。
根據公司的選擇，Citizens信貸協議下的借款（除任何擺動線貸款外）將按年利率計息，利率等於（i）其中定義的備用基準利率，或（ii）其中定義的一個Term SOFR，加上適用的範圍從 1.25%和2.50%涉及備用基準利率借款和 2.25%和3.50%的Term SOFR借款，加上回退條款 0.1%。擺動線貸款的利息按照每月Term SOFR利率加上適用利差計息。適用的利差將基於公司的綜合淨槓桿比率確定。
公司需按季度支付未使用的循環信貸額度、信用證費用和其他慣例費用給代理人和放貸方。 1.25年度一和二爲百分之%、年度三和四爲百分之%、年度五爲百分之%根據簽署日期下貸款合同總金額爲基礎。到期日時餘額需一次還清。 1.88公司在不可抗力因素和某些資產處置情況下，應作出合規的強制還款，且需遵守再投資權益的習慣性規定。 2.5基於中期貸款設施下截止日期時未償還本金總額，年（第五年）%，其餘部分應於到期日支付。公司必須在特定資產處置和意外事件的情況下進行強制性預付款，但需遵守慣例再投資權利。公司可以隨時提前償還信貸設施下的借款，無需溢價或罰款，並可自行選擇全額或部分減少循環信貸設施下未使用承諾總額，但須遵守信貸協議條款。公司還必須遵守特定的財務契約，包括最大總淨槓桿比率和最低的合併固定費用支付保障比率，以及其他慣例限制性契約。截至2024年9月30日，公司符合Citizens信貸協議下的所有財務契約。
在截止日期，公司借了$萬的可循環信貸和$萬的定期貸款。通過先期提取信貸設施的收益和現金，全額償還了$萬的主要金額和公司在海菲融資前的優先擔保期貸款及其他未償還的債務以及支付相關費用、溢價、成本和開支。公司計入了$萬的債務滅失損失。這一金額在2024年6月30日未經審計的簡明綜合利潤表的利息費用中得到反映。30.0在截止日期，公司借了$萬的可循環信貸和$萬的定期貸款。通過先期提取信貸設施的收益和現金，全額償還了$萬的主要金額和公司在海菲融資前的優先擔保期貸款及其他未償還的債務以及支付相關費用、溢價、成本和開支。公司計入了$萬的債務滅失損失。這一金額在2024年6月30日未經審計的簡明綜合利潤表的利息費用中得到反映。20.0在截止日期，公司借了$萬的可循環信貸和$萬的定期貸款。通過先期提取信貸設施的收益和現金，全額償還了$萬的主要金額和公司在海菲融資前的優先擔保期貸款及其他未償還的債務以及支付相關費用、溢價、成本和開支。公司計入了$萬的債務滅失損失。這一金額在2024年6月30日未經審計的簡明綜合利潤表的利息費用中得到反映。50.0在截止日期，公司借了$萬的可循環信貸和$萬的定期貸款。通過先期提取信貸設施的收益和現金，全額償還了$萬的主要金額和公司在海菲融資前的優先擔保期貸款及其他未償還的債務以及支付相關費用、溢價、成本和開支。公司計入了$萬的債務滅失損失。這一金額在2024年6月30日未經審計的簡明綜合利潤表的利息費用中得到反映。 在截止日期，公司借了$萬的可循環信貸和$萬的定期貸款。通過先期提取信貸設施的收益和現金，全額償還了$萬的主要金額和公司在海菲融資前的優先擔保期貸款及其他未償還的債務以及支付相關費用、溢價、成本和開支。公司計入了$萬的債務滅失損失。這一金額在2024年6月30日未經審計的簡明綜合利潤表的利息費用中得到反映。在截止日期，公司借了$萬的可循環信貸和$萬的定期貸款。通過先期提取信貸設施的收益和現金，全額償還了$萬的主要金額和公司在海菲融資前的優先擔保期貸款及其他未償還的債務以及支付相關費用、溢價、成本和開支。公司計入了$萬的債務滅失損失。這一金額在2024年6月30日未經審計的簡明綜合利潤表的利息費用中得到反映。1.4百萬美元。 這個金額反映在2024年9月30日結束的未經審計的簡明綜合損益表上作爲利息費用的一部分。 債務滅失損失的組成如下（金額以千爲單位）：
2024年1月19日
未攤銷的融資成本
$781 
未攤銷的原始發行折扣
120 
預付款溢價
500 
債務清償損失
$1,401 
此外，在2024年2月27日，公司償還了初始$30.0萬美元的提款，並截至2024年9月30日，在此貸款額度下沒有未償借款。透過承諾期限到期時，攤銷分配給可循環信貸額度的延期融資成本和原始折價。目前，可循環信貸額度受承諾費用的約束。 0.25的承諾費，該費用被視爲利息費用。
作爲信貸合同的一部分，原始發行折扣和延期融資費用被分配給到期貸款設施和循環信貸設施，按照公民信貸協議允許的最大潛在未償本金爲基礎。延期融資成本和原始發行折扣在到期貸款設施和循環信貸設施之間的分配如下（以千爲單位）：
14

2024年1月19日
貸款設施期限
循環授信設施
總費用
長期債務，淨額
其他
原始發行貼現。
$224 $839 $1,063 
遞延融資成本54 202 256 
2024年9月30日期貸款設施和2023年12月31日Hayfin貸款餘額如下（以千計）：
2024年9月30日2023 年 12 月 31 日
長期債務的流動部分
長期債務，淨額長期債務的流動部分長期債務，淨額
未償本金$1,000 $18,250 $1,000 $49,000 
遞延融資成本— (42)— (781)
原始發行折扣— (190)— (120)
長期債務，淨額$1,000 $18,018 $1,000 $48,099 
貸款設施的利率爲年利率，等於（i）備用基準利率，如定義之中，或（ii）期限SOFR，如定義之中，加上適用的幅度，範圍爲% 1.25%和2.50%涉及備用基準利率借款和 2.25%和3.50%的Term SOFR借款，加上回退條款 0.1適用的幅度根據公司的合併總淨槓桿比率確定。貸款設施的利率爲 7.9截至2024年9月30日爲止，% 與貸款設施以及Hayfin貸款相關的利息費用包括在未經審計的簡明合併利潤表中的利息費用，淨額如下（金額以千爲單位）：
截至9月30日的三個月截至9月30日的九個月
2024202320242023
申報利息$393 $1,554 1,451 $4,498 
遞延融資成本的攤銷5 111 38 323 
原始發行折扣的增加12 17 36 50 
利息支出$410 $1,682 $1,525 $4,871 
未經審計的簡明合併利潤表中包含的與流動信貸設施相關的利息費用列於利息收入（費用），淨額如下（金額以千計）：
截至9月30日的三個月截至9月30日的九個月
20242024
承諾費
$47 $125 
推遲融資成本的攤銷16 47 
原始發行折扣的增值42 126 
利息支出$105 $298 
15

2024年9月30日至到期日，按年分類列出的合同貸款本金償付摘要如下（以千元計）：
截至12月31日，主要
2024年（不包括2024年9月30日前的九個月）
$250 
2025
1,000 
2026
1,500 
2027
1,500 
2028
2,000 
此後13,000 
56,063$19,250 
                                                                                
截至2024年9月30日，貸款期限設施的公允價值爲$19.7百萬美元。此估值是基於一系列二級和三級輸入計算的，包括基於與美國國債具有類似風險特徵的債務工具信用風險利差的折現率，以及對公司特定風險因素的增量風險溢價。公允價值是通過按照這一折現率對與貸款期限設施相關的剩餘現金流折現到2024年9月30日進行計算的。
9. 基本普通股每股淨收益
每股淨利潤是使用兩種方法計算的：基本和攤薄。
每股普通股基本淨利潤
以下表格提供了 繼續經營淨利潤的調解和2024年和2023年9月30日結束的三個和九個月的基本淨收入（損失）每股普通股的計算（以千爲單位，不包括股份和每股金額）：
 截至9月30日的三個月截至9月30日的九個月
 2024202320242023
來自持續經營業務的淨收益$7,878 $8,842 $34,560 $16,151 
已終止業務的收益（虧損），扣除稅款217 (308)421 (11,400)
淨收入8,095 8,534 34,981 4,751 
先前轉換的b系列優先股的累計股息— 1,773 — 5,184 
普通股股東可從持續經營中獲得的淨收益 $7,878 $7,069 $34,560 $10,967 
已發行普通股的加權平均值146,958,986 116,298,146 147,008,732 115,528,067 
普通股每股基本淨收益（虧損）：
持續運營$0.05 $0.06 $0.24 $0.09 
已終止的業務0.00 (0.00)0.00 (0.09)
普通股每股基本淨收益$0.05 $0.06 $0.24 $0.00 
16

每股普通股攤薄淨利潤
以下表格詳細列出了每普通股攤薄淨利潤的計算（以千爲單位，除每股和每股金額外）。
 截至9月30日的三個月截至9月30日的九個月
 2024202320242023
普通股股東可從持續經營中獲得的淨收益 $7,878 $7,069 $34,560 $10,967 
調整：
b系列優先股的股息— 1,773 — 5,184 
減去：反稀釋調整— — — (5,184)
調整總額— 1,773 — — 
分子
普通股股東可從持續經營中獲得的淨收益 7,878 8,842 34,560 10,967 
已終止業務的收益（虧損），扣除稅款217 (308)421 (11,400)
加權平均已發行股數146,958,986 116,298,146 147,008,732 115,528,067 
調整：
潛在普通股 (a)
B 系列優先股 — 30,445,997 — — 
限制性股票單位獎勵881,237 1,845,832 1,433,335 1,219,776 
未償還的股票期權394,767 1,131,410 450,168 107,897 
績效股單位獎勵114,050 35,441 57,629 13,425 
員工股票購買計劃24,591 1,113 14,924 372 
限制性股票獎勵— 15,767 — 23,733 
調整總額1,414,645 33,475,560 1,956,056 1,365,203 
經潛在普通股調整後的加權平均已發行股數148,373,631 149,773,706 148,964,788 116,893,270 
每股普通股攤薄後的淨收益（虧損）：
持續運營$0.05 $0.06 $0.23 $0.09 
已終止的業務0.00 (0.00)$0.00 (0.09)
攤薄後的每股普通股淨收益$0.05 $0.06 $0.23 $0.00 
用於計算每股攤薄淨利潤的加權平均普通股份在以下調整中不包括潛在的普通股份，因爲它們的影響被確定爲對報告期不產生攤薄效應。
截至9月30日的三個月截至9月30日的九個月
2024202320242023
Series B優先股— — — 29,559,946 
10. 所得稅
按照持續經營方式計算，公司的有效稅率爲__%。 31.0%和6.3分別爲截至2024年和2023年9月30日的三個月。根據持續運營基礎，公司的有效稅率爲 24.9%和3.4分別爲截至2024年和2023年9月30日的九個月。
截至2023年9月30日的三個月和九個月的有效稅率受到充分計提的對公司遞延稅款資產的影響。2023年第四季度，公司得出結論，根據繼續經營基礎上的累計三年虧損，不再存在，排除永久性賬簿稅差異的影響。這種負面證據的缺乏，以及對未來應稅所得的預期，導致了公司對遞延稅款資產可實現性的評估發生變化。因此，截至2024年9月30日的三個月和九個月的有效稅率未受計提準備金的影響。
17

受限股票的歸屬股釋放有利於2024年9月30日結束的每個季度的有效稅率，部分抵消了高管薪酬扣除限制。
11.    現金流補充披露及非現金投融資活動
所選的現金支付、收款和非現金活動如下（單位：千美元）：
截至9月30日的九個月
 20242023
支付利息的現金$2,297 $4,496 
爲所得稅支付的現金4,833 210 
非現金活動：
訴訟和解中收到的股份的公允價值9,300 — 
根據TELA APA的最低利潤分成支付額2,731 — 
經營租賃負債產生的使用權資產1,820 — 
根據員工股票購買計劃發行股票1,583 1,368 
購買應付賬款中的設備— 126 
        
12. 承諾和事後約定
TELA和Regenity協議
2024年3月15日，公司與TELA Bio, Inc.（下稱「TELA APA」）簽訂了資產購買協議。TELA APA”)與TELA Bio, Inc.（「TELA」）獲得在美國銷售和推廣獲得510(k)許可的膠原顆粒異種移植產品的獨家權利。根據TELA與Regenity Biosciences, Inc.（“ 「TELA-Regenity Supply Agreement」”之間的製造和供應協議，TELA保留了這些權利Regenity），保留所有與產品相關的知識產權和監管許可。根據TELA APA，公司向TELA支付了$5.0 百萬美元的初始費用；此外，公司支付了$0.4百萬美元以收購TELA剩餘的產品庫存，並將需要支付額外款項（“利潤分成支付”），其範圍爲固定的最低$3.0 百萬和最高$7.0 百萬，具體金額基於mimedx的產品淨銷售額變動情況 發生 該產品於2024年第二季度商業化後推出。
在執行TELA APA的過程中，公司得以重新協商TELA-Regenity供應協議的條款，最終用新的製造和供應協議（簡稱“供應協議”）與Regenity替換。供應協議保留了mimedx在美國獨家銷售和推廣該產品的權利。
該交易被視爲資產收購，因爲獲得的資產的幾乎全部公允價值集中在獲得的排他經銷權上。交易日購買資產的成本爲 $8.1 百萬美元，反映了初始購買金額 $5.0 百萬美元用於購買庫存，以及 $0.4百萬美元，代表最低利潤分成支付的公允價值。這些成本分配給已獲得的資產。公司將 $2.7百萬美元分配給已獲得的經銷權，將 $7.6 百萬美元分配給庫存。歸屬於經銷權的金額將在0.5 上按攤銷。 月內。2023年和2022年的三個和九個月期權授予均以授予日公司普通股的公允價值相等的行權價格授予，並且是非法定股票期權。通常反映出授權期內預計對現金流產生貢獻的時間段。
任何超過100萬美元的利潤分成支付將被資本化爲已獲取資產的一部分，並在其餘生命週期內分攤。3.0在所涉及資產的剩餘壽命週期內，將對超過100萬美元的利潤分成支付進行分攤。
截至2024年9月30日，最低利潤分成支付金額的公允價值爲$2.8百萬。該金額反映了預期的利潤分成支付時間，按照公司借款利率加風險溢價折現的現值，所有這些反映了三級輸入。該金額被反映在未經審計的簡明合併資產負債表的利潤分成支付當前部分中 。
訴訟和監管事項
在正常業務過程中，公司及其子公司可能涉及正在進行中和威脅的法律、監管和政府行動和訴訟（包括下文描述的事項）。鑑於預測此類事項結果的困難性，特別是原告或索賠人尋求極大或不定數額損害賠償或事項涉及新穎的法律理論或涉及大量當事人的情況下，公司通常無法預測待處理事項的最終結果，這些事項最終解決的時間，或
18

關於每起未決事項涉及的最終賠償、損失、罰款或處罰可能。截至2024年9月30日，公司未經審計的簡明綜合資產負債表反映了公司對這些事項相關潛在損失的當前最佳估計，包括遵守各種和解協議所需的成本。有關公司法律訴訟的更多信息，請參閱第16條“承諾和事後約定” 2023年10-K表格中的附註16。
公司在加利福尼亞州爲其辦公空間租賃了一個子租約，該租約於2023年11月開始，最初租約期至2026年1月。該租約替代了同一地址於2022年1月開始的租約，最初租約期至2024年1月（於2024年1月結束）。此外，該公司還租用其他租期少於十二個月的空間；因此，在資產負債表上不承認此租約爲營運租約。否 截至2024年9月30日，公司爲潛在法律事項準備了損失準備金。公司支付了$0.6在截至2024年9月30日的九個月內，公司支付了$百萬用於解決涉及公司的法律事項。0.2在截至2023年9月30日的九個月內，公司支付了$百萬用於解決法律事項。
此外，在2024年6月30日結束的季度，公司收到 1.2公司在解決某些法律事項時，以回收先前發生的法律費用的金額爲依據進行了100萬股自有普通股的償還。在未經審計的簡明合併利潤表上，這次償還被視爲損失恢復，並按照協議當天的股票的公允價值($XXX萬)計爲調查、重述和相關費用的減少項。這些法律費用原本是因爲早先發生而被記錄的，截至2024年6月30日的三個月和六個月。9.3百萬，反映了在協議生效日期的返回股票的公允價值，作爲未經審計的簡明合併利潤表中調查、重述和相關費用的減少，原始相關法律費用與此次回收有關的費用在發生時被記錄，截至2024年9月30日的九個月。
以下是公司參與的某些訴訟和監管事項的描述：
Welker訴mimedx及其他
2022年11月4日，該公司前期權持有人特洛伊·韋爾克和明·特納在富爾頓縣州法院對該公司、前董事特里·杜伯裏和查爾斯·埃文斯以及前高管帕克·H· 「皮特」 佩蒂特、威廉·泰勒和邁克爾·森肯提起訴訟，指控他們違反了受佐治亞州敲詐勒索影響和腐敗的組織（”RICO”）對所有被告採取行動，串謀違反佐治亞州RICO法案和違反對個別被告的信託義務。2024年8月，雙方達成和解，問題得到解決。

AXIOFILL
公司於2024年3月收到一份裁定函，重申FDA的立場，即AXIOFILL不符合公共衛生服務法第361條規定的人類細胞、組織或細胞或基於組織的產品的監管分類要求。公司對此裁定強烈不同意。 2024年3月25日，mimedx在美國喬治亞州北部地區法院針對FDA、美國衛生與公衆服務部、負責衛生和公衆服務部長職務的哈維爾•貝塞拉，以及負責FDA食品和藥物專員職務的羅伯特•卡利夫提起訴訟，聲稱違反行政程序法，並要求法院撤銷FDA的指定，宣佈FDA的指定爲武斷、恣意行使職權且違反法律，並宣佈AXIOFILL符合在公共衛生服務法第361條下受監管的標準。 各方在該案件中各自提出了判決書; 預計對動議的陳述將於2024年11月7日完成。

13.     營業收入
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
19

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)
20

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.
21

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.
22

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
23

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
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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
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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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