MIMEDX GROUP, INC.
MDXG · Surgical & Medical Instruments & Apparatus · 148.9M shares · +8%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$7M (gross $10M, SBC $17M)
Reference price $7.42 · est. market cap ~$1.1B — last insider sale, 2025-11-06 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B80Profitable, high-return wound-care leader with top-decile ROA, strong margins and clean balance sheet, but facing a sharp 2026 CMS reimbursement headwind.
Strengths
- Top-decile ROA (14.2%, 94th pct), high ROE (18.9%, 80th pct) and gross margin 82.5% (88th pct) with 20% revenue growth
- Strong cash generation (OCF margin 86th pct), low leverage (debt/equity 24th pct) and ample liquidity
Risks
- 2026 CMS flat-rate skin-substitute policy (~90% cut) is a material headwind to wound revenue and profitability
- Reimbursement dependence, donor-tissue supply reliance and prior internal-control/legal history; not a wide-moat franchise
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $166M cash & investments
- Revenue declineRevenue -50.0% YoY
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, RENAISSANCE TECHNOLOGIES LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
82.6%
Operating margin
15.3%
Net margin
11.6%
Return on equity
18.9%
Return on assets
14.2%
ROIC
18.5%
Revenue growth (QoQ)
-50.0%
Net-income growth
14.5%
Debt / equity
0.1×
Net debt / EBITDA
-1.9×
Current ratio
4.3×
EBITDA
$79M
Tangible book value
$223M
Cash & investments
$166M
Stock comp / revenue
3.9%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-24 | Maersk-Moller Kimberly | Tax withheld | 20K | $3.83 |
| 2026-06-10 | Newton Todd | Grant | 51K | $3.64 |
| 2026-06-10 | HAWKINS WILLIAM A | Grant | 51K | $3.64 |
| 2026-06-10 | BIERMAN JAMES L | Grant | 51K | $3.64 |
| 2026-06-10 | Olson Tiffany | Grant | 51K | $3.64 |
| 2026-06-10 | PUHY DOROTHY E | Grant | 51K | $3.64 |
| 2026-03-13 | Maersk-Moller Kimberly | Tax withheld | 6.8K | $4.38 |
| 2026-03-13 | Hulse William Frank IV | Tax withheld | 20K | $4.38 |
| 2026-03-10 | Hulse William Frank IV | Tax withheld | 61K | $4.50 |
| 2026-03-10 | Maersk-Moller Kimberly | Option exercise | 43K | $4.50 |
| 2026-03-10 | Maersk-Moller Kimberly | Tax withheld | 21K | $4.50 |
| 2026-03-10 | Hulse William Frank IV | Option exercise | 136K | $4.50 |
| 2026-03-10 | DOUG RICE | Option exercise | 243K | $4.50 |
| 2026-03-10 | DOUG RICE | Tax withheld | 96K | $4.50 |
| 2026-03-04 | Maersk-Moller Kimberly | Grant | 74K | — |
| 2026-03-04 | Whitlow Ricci S | Grant | 74K | — |
| 2026-03-04 | Hulse William Frank IV | Grant | 75K | — |
| 2026-03-04 | DOUG RICE | Grant | 74K | — |
| 2026-03-04 | Capper Joseph H | Grant | 371K | — |
| 2026-02-13 | Whitlow Ricci S | Tax withheld | 62K | $5.12 |
| 2025-11-06 | Maersk-Moller Kimberly | Sell | 58K | $7.42 |
| 2025-07-03 | DOUG RICE | Tax withheld | 13K | $6.34 |
| 2025-06-24 | Maersk-Moller Kimberly | Tax withheld | 12K | $5.96 |
| 2025-06-18 | PUHY DOROTHY E | Grant | 29K | $6.47 |
| 2025-06-18 | BEHRENS M KATHLEEN | Grant | 29K | $6.47 |
| 2025-06-18 | BIERMAN JAMES L | Grant | 29K | $6.47 |
| 2025-06-18 | HAWKINS WILLIAM A | Grant | 29K | $6.47 |
| 2025-06-18 | LAURENCIN CATO T | Grant | 29K | $6.47 |
| 2025-06-18 | Olson Tiffany | Grant | 29K | $6.47 |
| 2025-05-08 | Hulse William Frank IV | Tax withheld | 8.9K | $7.42 |
| 2025-05-02 | Capper Joseph H | Buy | 200K | $6.34 |
| 2025-04-23 | Hulse William Frank IV | Tax withheld | 8.9K | $6.76 |
| 2025-04-08 | Hulse William Frank IV | Tax withheld | 8.9K | $6.86 |
| 2025-04-01 | Maersk-Moller Kimberly | Tax withheld | 1.8K | $7.50 |
| 2025-03-17 | Maersk-Moller Kimberly | Sell | 1.8K | $8.04 |
| 2025-03-13 | Hulse William Frank IV | Sell | 34K | $7.89 |
| 2025-03-13 | Hulse William Frank IV | Sell | 20K | $7.89 |
| 2025-03-13 | Maersk-Moller Kimberly | Sell | 4.1K | $7.89 |
| 2025-03-10 | Hulse William Frank IV | Sell | 81K | $7.80 |
| 2025-03-03 | Capper Joseph H | Grant | 223K | — |
| 2025-03-03 | Maersk-Moller Kimberly | Grant | 46K | — |
| 2025-03-03 | Whitlow Ricci S | Grant | 46K | — |
| 2025-03-03 | Hulse William Frank IV | Grant | 77K | — |
| 2025-03-03 | Hulse William Frank IV | Grant | 46K | — |
| 2025-03-03 | DOUG RICE | Grant | 46K | — |
| 2025-02-28 | Maersk-Moller Kimberly | Sell | 2.1K | $8.40 |
| 2025-02-13 | Whitlow Ricci S | Sell | 61K | $8.28 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06236750 ↗ | Post-Marketing Surveillance of Dehydrated Human Amnion/Chorion Membrane (DHACM) in Non-Ischemic Chronic Wounds Diabetic Foot Ulcer, Venous Leg Ulcer | NA | Recruiting | 2027-01-01 |
| NCT06600724 ↗ | Modified Platform Trial Evaluating PpLHACM and SOC Versus SOC Alone in the Treatment of Nonhealing DFUs Diabetic Foot Ulcer, Diabetic Foot | NA | Recruiting | 2026-08-01 |
| NCT05796765 ↗ | Phase 2B Micronized DHACM vs. Saline in the Treatment of Knee Osteoarthritis Knee Osteoarthritis | PHASE2 | Terminated | 2023-12-15 |
| NCT03485157 ↗ | Micronized dHACM vs. Saline in the Treatment of Osteoarthritis of the Knee Knee Osteoarthritis | PHASE2 | Completed | 2022-04-19 |
| NCT03414255 ↗ | Micronized dHACM Injectable for the Treatment of Achille Tendonitis Tendonitis;Achilles | PHASE3 | Completed | 2021-03-30 |
| NCT03414268 ↗ | Micronized dHACM Injectable for the Treatment of Plantar Fasciitis Fasciitis, Plantar | PHASE3 | Completed | 2021-03-17 |
| NCT03529578 ↗ | A Single Center, Prospective, Case Series of the Treatment of Pressure Ulcers and Decubitus Ulcers. Pressure Ulcer | NA | Completed | 2019-06-01 |
| NCT03479463 ↗ | Use of Human Dehydrated Amnion Chorion Allograft in Laryngectomy/Pharyngectomy Larynx Cancer, Pharynx Cancer | — | Terminated | 2019-03-30 |
| NCT03323021 ↗ | Use of Human Dehydrated Amnion/Chorion (DHACM) Allograft in Partial Nephrectomy Partial Nephrectomy, Kidney Cancer | NA | Completed | 2019-02-21 |
| NCT03084068 ↗ | Use of Human Dehydrated Umbilical Cord Allograft in Supraspinatus Tendon Repair Shoulder Injury, Shoulder Sprain | NA | Completed | 2019-01-17 |
| NCT02765737 ↗ | Dehydrated Human Amnion Chorion Membrane (dHACM) vs. Control in the Treatment of Partial Thickness Burns. Treatment of Partial Thickness Burns | NA | Terminated | 2019-01-01 |
| NCT03479489 ↗ | Use of Human Dehydrated Amnion Chorion Allograft in Closed Hemorroidectomy External Hemorrhoid, External Hemorrhoid Thrombosed | NA | Completed | 2018-12-30 |
| NCT02427191 ↗ | Micronized dHACM Injectable for the Treatment of Plantar Fasciitis Fasciitis, Plantar | PHASE2/PHASE3 | Completed | 2018-08-01 |
| NCT02844660 ↗ | Dehydrated Human Umbilical Cord Allograft in the Management of Diabetic Foot Ulcers Diabetic Foot Ulcers | NA | Completed | 2018-07-01 |
| NCT02526173 ↗ | DHACM in Robotic Assisted Laparoscopic Prostatectomy (RALP) Erectile Dysfunction | NA | Completed | 2018-06-21 |
| NCT02300909 ↗ | dHACM in Lumbar Decompression and Microdiscectomy Surgery Scarring, Spinal Stenosis | NA | Completed | 2018-06-01 |
| NCT01693133 ↗ | Trial of Dehydrated Human Amnion/Chorion Membrane (dHACM) In the Management of Diabetic Foot Ulcers Diabetic Foot Ulcer | NA | Completed | 2018-06-01 |
| NCT02033824 ↗ | Amniotic Membrane in Decompressive Craniectomy to Reduce Scarring Scarring | NA | Completed | 2018-06-01 |
| NCT02861560 ↗ | Case Series of Weekly Applications of dHACM in Treatment of Pressure Ulcers Pressure Ulcer | NA | Completed | 2018-05-01 |
| NCT03074526 ↗ | Protocol for the Clinical Evaluation of Lyophilized Amniotic Fluid in the Treatment of Knee Osteoarthritis Osteoarthritis, Knee | NA | Completed | 2018-04-25 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-16 | 5.03Shareholder vote | filing ↗ |
| 2026-04-29 | ResultsReg FDExhibits | filing ↗ |
| 2026-04-16 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-02-25 | ResultsReg FDExhibits | filing ↗ |
| 2026-01-12 | Reg FDExhibits | filing ↗ |
| 2025-10-29 | ResultsReg FDExhibits | filing ↗ |
| 2025-09-03 | Reg FD | filing ↗ |
| 2025-07-30 | ResultsReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-16 | 2026-06-10 | 0001376339-26-000052 ↗ |
| 10-Q | 2026-04-29 | 2026-03-31 | 0001376339-26-000031 ↗ |
| 8-K | 2026-04-29 | 2026-04-29 | 0001376339-26-000032 ↗ |
| 8-K | 2026-04-16 | 2026-04-14 | 0001376339-26-000021 ↗ |
| 8-K | 2026-02-25 | 2026-02-25 | 0001376339-26-000012 ↗ |
| 10-K | 2026-02-25 | 2025-12-31 | 0001376339-26-000011 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001376339-26-000003 ↗ |
| 8-K | 2025-10-29 | 2025-10-29 | 0001376339-25-000104 ↗ |
| 10-Q | 2025-10-29 | 2025-09-30 | 0001376339-25-000103 ↗ |
| 8-K | 2025-09-03 | 2025-09-03 | 0001376339-25-000093 ↗ |
| 8-K | 2025-07-30 | 2025-07-30 | 0001376339-25-000087 ↗ |
| 10-Q | 2025-07-30 | 2025-06-30 | 0001376339-25-000085 ↗ |