MiMedx surges ~30% after Q1 revenue growth, cost controls drive down net loss
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MiMedx (NASDAQ:MDXG) stock rose ~28% on Wednesday after Q1 results beat estimates.
Net sales grew +21.7% Y/Y to $71.68M. Meanwhile, net loss narrowed to -$4.98M, compared to -$10.49M in Q1 2022.
The company said revenue growth and cost controls helped improvements in net loss, EBITDA and adjusted EBITDA.
"Our double-digit net sales growth this quarter was driven by robust demand for our new products in the surgical market and an accelerated growth rate in the private physician office setting," said MiMedx CEO Joseph Capper.
Adjusted EBITDA was $5.54M, compared to an adjusted EBITDA loss of -$1.72M in Q1 2022.
As of March 31, the company had $61.2M of cash and cash equivalents, compared to $66M as of Dec. 31, 2022,
Outlook:
The company said it is capable of delivering sales growth in the low double-digits as a percentage annually, due to continued uptake of new products, solid demand across its sites of service and ramping contributions from sales in Japan.
MiMedx expects to achieve a Wound & Surgical segment contribution margin at or above 30% of segment net sales and corporate expenses as a percentage of sales below 20%.