Revenue growth remains inconsistent, with a sharp 33.1% decline in 2026Q1 contributing to a gross margin compression to 70.6% from the 80%+ levels maintained in 2025.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Sales/Revenue | 389.42M | 418.63M | 348.88M | 321.48M | 267.84M | 242.02M | 248.23M | 299.25M | 359.11M | 321.14M | 245.01M | 187.3M | 118.22M | 59.18M | 27.05M | 7.76M | 788.87K | 0 | 0 | 0 | 0 |
| Revenue Growth % | 10.51% | 19.99% | 8.52% | 20.03% | 10.67% | -2.5% | -17.05% | -16.67% | 11.82% | 31.07% | 30.82% | 58.43% | 99.77% | 118.75% | 248.61% | 883.74% | - | - | - | - | - |
| Cost of Goods Sold | 73.82M | 73.01M | 60.07M | 54.63M | 48.32M | 39.63M | 39.33M | 43.08M | 36.39M | 35.22M | 32.41M | 20.2M | 12.66M | 9.33M | 5.19M | 3.15M | 1.72M | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 17.44% | 17.22% | 16.99% | 18.04% | 16.37% | 15.84% | 14.4% | 10.13% | 10.97% | 13.23% | 10.79% | 10.71% | 15.76% | 19.18% | 40.65% | 218.04% | - | - | - | - |
| Gross Profit | 315.59M | 345.62M | 288.81M | 266.84M | 219.53M | 202.39M | 208.9M | 256.17M | 322.73M | 285.92M | 212.61M | 167.09M | 105.56M | 49.85M | 21.87M | 4.61M | -931.19K | 0 | 0 | 0 | 0 |
| Gross Margin % | 81.04% | 82.56% | 82.78% | 83.01% | 81.96% | 83.63% | 84.16% | 85.6% | 89.87% | 89.03% | 86.77% | 89.21% | 89.29% | 84.24% | 80.82% | 59.35% | -118.04% | - | - | - | - |
| Gross Profit Growth % | - | 19.67% | 8.23% | 21.55% | 8.47% | -3.12% | -18.45% | -20.62% | 12.87% | 34.48% | 27.24% | 58.3% | 111.74% | 128% | 374.73% | 594.62% | - | - | - | - | - |
| Operating Expenses | 275.88M | 281.29M | 229.94M | 229.73M | 234.25M | 209.44M | 254.3M | 277.33M | 326.65M | 239.7M | 191.38M | 142.73M | 98.46M | 52.49M | 27.22M | 14.37M | 9.6M | 11.98M | 10.67M | 36.81K | 16.15K |
| OpEx % of Revenue | - | 67.19% | 65.91% | 71.46% | 87.46% | 86.54% | 102.44% | 92.67% | 90.96% | 74.64% | 78.11% | 76.21% | 83.28% | 88.7% | 100.62% | 185.13% | 1217.11% | - | - | - | - |
| Selling, General & Admin | 259.46M | 266.19M | 216.39M | 216.3M | 220.85M | 194.85M | 240.49M | 264.71M | 295.25M | 219.53M | 172.32M | 133.38M | 90.48M | 46.2M | 19.59M | 11.76M | 6.85M | 7.96M | 8.66M | 36.81K | 16.15K |
| SG&A % of Revenue | - | 63.59% | 62.02% | 67.28% | 82.46% | 80.51% | 96.88% | 88.46% | 82.22% | 68.36% | 70.33% | 71.22% | 76.53% | 78.06% | 72.41% | 151.59% | 868.09% | - | - | - | - |
| Research & Development | 15.91M | 15.1M | 12.34M | 12.66M | 12.7M | 9.93M | 11.71M | 11.14M | 15.77M | 17.9M | 14.34M | 8.41M | 7.05M | 4.84M | 2.88M | 2.6M | 2.75M | 4.02M | 2.01M | 0 | 0 |
| R&D % of Revenue | - | 3.61% | 3.54% | 3.94% | 4.74% | 4.1% | 4.72% | 3.72% | 4.39% | 5.57% | 5.85% | 4.49% | 5.96% | 8.18% | 10.66% | 33.54% | 349.02% | - | - | - | - |
| Other Operating Expenses | 513K | 0 | 1.21M | 762K | 701K | 4.66M | 2.1M | 1.49M | 15.63M | 2.27M | 4.71M | 933K | 928K | 1.45M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 39.59M | 63.89M | 58.87M | 37.12M | -14.73M | -7.05M | -45.4M | -21.16M | -3.92M | 46.22M | 884K | 24.36M | 7.1M | -2.64M | -1.99M | -9.76M | -10.53M | -11.98M | -17.85M | -36.81K | -16.15K |
| Operating Margin % | 10.17% | 15.26% | 16.87% | 11.55% | -5.5% | -2.91% | -18.29% | -7.07% | -1.09% | 14.39% | 0.36% | 13.01% | 6.01% | -4.46% | -7.36% | -125.78% | -1335.15% | - | - | - | - |
| Operating Income Growth % | - | 8.53% | 58.6% | 352.03% | -108.86% | 84.47% | -114.55% | -439.25% | -108.49% | 5128.85% | -96.37% | 243.15% | 369.04% | -32.55% | 79.6% | 7.33% | 12.07% | 32.89% | -48391.96% | -127.95% | - |
| EBITDA | 52.86M | 78.77M | 64.91M | 40.54M | -10.68M | -1.87M | -38.54M | -13.57M | 2.99M | 51.99M | 6.35M | 27.1M | 9.22M | -948K | -146K | -7.98M | -9.42M | -10.89M | -17.35M | -36.81K | -16.15K |
| EBITDA Margin % | 13.57% | 18.82% | 18.6% | 12.61% | -3.99% | -0.77% | -15.53% | -4.54% | 0.83% | 16.19% | 2.59% | 14.47% | 7.8% | -1.6% | -0.54% | -102.81% | -1194.17% | - | - | - | - |
| EBITDA Growth % | -15.31% | 21.36% | 60.09% | 479.58% | -471.79% | 95.15% | -183.93% | -553.71% | -94.24% | 718.19% | -76.55% | 193.72% | 1073.1% | -549.32% | 98.17% | 15.31% | 13.47% | 37.25% | -47032.89% | -127.95% | - |
| D&A (Non-Cash Add-back) | 13.27M | 14.88M | 6.04M | 3.43M | 4.05M | 5.18M | 6.86M | 7.58M | 6.92M | 5.76M | 5.47M | 2.73M | 2.13M | 1.69M | 1.84M | 1.78M | 1.11M | 1.09M | 500.26K | 0 | 0 |
| EBIT | 42.15M | 68.05M | 59.31M | 37.12M | -14.73M | -7.07M | -44.37M | -20.71M | 10.68M | 46.81M | 3.46M | 24.36M | 7.1M | -2.24M | -1.99M | -9.76M | -10.53M | -11.98M | -11.92M | -17.37M | -650.78K |
| Net Interest Income | 1.74M | 2.93M | -1.01M | -6.46M | -5.02M | -4.98M | -7.94M | -4.71M | 527K | -87K | -339K | -86K | -48K | -1.37M | -2.31M | -432.97K | -887.1K | 0 | 0 | 0 | 0 |
| Interest Income | 3.41M | 4.72M | 0 | 0 | 0 | 0 | 0 | 0 | 527K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 59.55K | 519.71K | 0 | 0 |
| Interest Expense | 1.67M | 1.78M | 1.01M | 6.46M | 5.02M | 4.98M | 7.94M | 4.71M | 0 | 87K | 339K | 86K | 48K | 1.37M | 2.31M | 432.97K | 599.65K | 0 | 0 | 2.05K | 590 |
| Other Income/Expense | 2.73M | 2.38M | -1.57M | -6.48M | -5.02M | -5M | -16.14M | -4.42M | 527K | -1.14M | -339K | -86K | -48K | -1.37M | -2.31M | -432.97K | -887.1K | 59.55K | -5.39M | -2.05K | -634.63K |
| Pretax Income | 42.32M | 66.26M | 57.29M | 30.63M | -19.75M | -12.05M | -61.54M | -25.59M | -3.4M | 45.09M | 545K | 24.28M | 7.05M | -4.01M | -7.66M | -10.19M | -11.42M | -11.92M | -17.37M | -38.86K | -16.74K |
| Pretax Margin % | 10.87% | 15.83% | 16.42% | 9.53% | -7.37% | -4.98% | -24.79% | -8.55% | -0.95% | 14.04% | 0.22% | 12.96% | 5.96% | -6.78% | -28.33% | -131.36% | -1447.6% | - | - | - | - |
| Income Tax | 11.62M | 17.68M | 15.3M | -36.81M | 206K | 247K | -12.26M | -5K | 26.58M | -19.64M | 6.13M | -5.17M | 832K | 99.61K | 0 | 0 | 0 | 59.55K | -477.93K | 0 | 0 |
| Effective Tax Rate % | 27.47% | 26.69% | 26.7% | -120.15% | -1.04% | -2.05% | 19.92% | 0.02% | -782.51% | -43.56% | 1125.32% | -21.29% | 11.8% | -2.48% | 0% | 0% | 0% | -0.5% | 2.75% | 0% | 0% |
| Net Income | 30.7M | 48.58M | 42.42M | 67.44M | -30.2M | -12.3M | -49.28M | -25.58M | -29.98M | 64.73M | 11.97M | 29.45M | 6.22M | -4.11M | -7.66M | -10.19M | -11.42M | -11.92M | -17.37M | -38.86K | -16.74K |
| Net Margin % | 7.88% | 11.6% | 12.16% | 20.98% | -11.27% | -5.08% | -19.85% | -8.55% | -8.35% | 20.16% | 4.89% | 15.72% | 5.26% | -6.95% | -28.32% | -131.36% | -1447.6% | - | - | - | - |
| Net Income Growth % | -23.61% | 14.52% | -37.1% | 323.33% | -145.48% | 75.04% | -92.67% | 14.67% | -146.32% | 440.56% | -59.34% | 373.41% | 251.27% | 46.34% | 24.83% | 10.73% | 4.19% | 31.39% | -44602.71% | -132.17% | - |
| Net Income (Continuing) | 30.7M | 48.58M | 42M | 67.44M | -19.95M | -12.3M | -49.28M | -25.58M | -29.98M | 64.73M | 390K | 29.45M | 6.22M | -4.11M | -7.66M | -10.19M | -11.42M | -11.92M | -11.92M | -38.86K | -16.74K |
| Discontinued Operations | 0 | 0 | 421K | 0 | -10.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.21 | 0.32 | 0.28 | 0.38 | -0.27 | -0.09 | -0.46 | -0.24 | -0.28 | 0.56 | 0.00 | 0.26 | 0.05 | -0.04 | -0.09 | -0.14 | -0.19 | -0.32 | -3.00 | -0.01 | -0.00 |
| EPS Growth % | -25.51% | 14.29% | -26.32% | 240.74% | -189.7% | 79.74% | -91.67% | 14.29% | -150% | - | -98.65% | 420% | 217.1% | 54.48% | 33% | 26.32% | 40.63% | 89.33% | - | - | - |
| EPS (Basic) | - | 0.33 | 0.29 | 0.48 | -0.27 | -0.09 | -0.46 | -0.24 | -0.28 | 0.61 | 0.00 | 0.28 | 0.06 | -0.04 | -0.09 | -0.14 | -0.19 | -0.32 | -3.00 | -0.01 | -0.00 |
| Diluted Shares Outstanding | 148.45M | 149.72M | 149.05M | 145.96M | 112.91M | 110.35M | 108.26M | 106.95M | 105.6M | 116.11M | 112.65M | 113.63M | 113.3M | 96.29M | 81.65M | 72.45M | 59.14M | 37.74M | 5.79M | 7.4M | 5.68M |
| Basic Shares Outstanding | 148.45M | 147.79M | 146.98M | 116.5M | 112.91M | 110.35M | 108.26M | 106.95M | 105.6M | 106.12M | 105.93M | 105.93M | 105.79M | 96.29M | 81.65M | 72.45M | 59.14M | 37.74M | 5.79M | 7.4M | 5.68M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory reimbursement policy shifts
As reported in recent financial statements, MDXG experienced a sharp revenue contraction to $59.0M in 2026Q1, representing a 33.1% decline, which contrasts significantly with the 27.1% growth observed in 2025Q4 and suggests that the company's top-line trajectory remains highly sensitive to quarterly procurement cycles and clinical demand.
The dramatic swing in quarterly revenue suggests that the company's transactional sales model is susceptible to significant period-over-period volatility. Investors should monitor whether this contraction reflects a structural shift in market demand or merely the expected seasonal unwinding of year-end insurance benefit utilization.
Based on the provided income statement data, gross margins fell to 70.6% in 2026Q1, a notable departure from the 80%+ levels maintained throughout 2025, indicating that the company's pricing power or cost-of-goods efficiency may be facing unexpected pressure in the current operating environment.
The sudden erosion of gross margin suggests that either input costs for tissue processing have escalated or that competitive pricing pressures are forcing concessions. This trend warrants further investigation into whether the company can sustain its premium positioning against lower-cost alternatives in the wound care market.
According to the latest quarterly figures, SG&A expenses remained elevated at $53.2M despite the significant revenue decline, resulting in a negative operating margin of 27.2% and highlighting the difficulty of scaling fixed personnel costs during periods of top-line weakness in the company's current operating model.
The lack of flexibility in the cost structure suggests that the company's heavy investment in its direct sales force creates significant operating risk when revenue growth stalls. This fixed-cost burden appears to amplify the impact of revenue fluctuations on the bottom line, leading to rapid swings in profitability.
As evidenced by the shift from a $15.2M net profit in 2025Q4 to a $10.9M net loss in 2026Q1, the company's path to consistent profitability appears fragile, raising questions about whether the recent operational improvements are durable or merely a function of temporary expense management and timing.
Short-term profitability metrics may be masking underlying challenges related to the company's reliance on specific reimbursement codes. The rapid transition to a net loss suggests that the business model may lack the necessary scale to absorb even moderate revenue volatility without compromising its bottom-line performance.
Quick answers to the most common questions about buying MDXG stock.
For fiscal year 2025, MiMedx Group, Inc. (MDXG) reported total revenue of $418.6M.
MiMedx Group, Inc. (MDXG) is profitable, generating $48.6M in net income for the fiscal year ending 2025 with a net profit margin of 11.6%.
MiMedx Group, Inc. (MDXG) reported an operating income of $63.9M, resulting in an operating profit margin of 15.3%. This margin reflects the operational efficiency of the business before interest and taxes.
MiMedx Group, Inc. (MDXG) generated $345.6M in gross profit for the year, representing a gross profit margin of 82.6%. This demonstrates the company's core pricing power and production efficiency.