Revenue peaked at $118.1M in 2025Q4 before collapsing to $59.0M in 2026Q1, and operating margin deteriorated from 17.8% to negative 27.2% even as gross margin remained above 69%, suggesting that operating costs are not scaling down with lower sales.
MiMedx Group, Inc. (MDXG) annual income statement — 20-year revenue, gross profit & net income history
| 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 | 303.73M | 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 % | -22.8% | 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 | 68.98M | 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 | 234.75M | 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 % | 77.29% | 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 | 259.76M | 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 | 244.4M | 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 | 14.48M | 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 | 887K | 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 | -25.14M | 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 % | -8.28% | 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 | -17.31M | 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 % | -5.7% | 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 % | -125.26% | 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) | 7.83M | 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 | -22.36M | 68.05M | 59.31M | 37.09M | -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 | 1.97M | 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 | 3.07M | 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 | 1.11M | 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 | 2.76M | 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 | -22.38M | 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 % | -7.37% | 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 | -3.19M | 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 % | 14.23% | 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 | -19.19M | 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 % | -6.32% | 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 % | -147.01% | 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) | -19.19M | 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) | -0.13 | 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 % | -147.41% | 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 | 145.87M | 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 | 145.87M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Recent operating losses deepening
Metrics are mathematically derived from official filings.
Revenue Rebounded Then Reversed Sharply
As reported in the supplied quarterly income statements, MDXG's revenue rose to $118.1M in 2025Q4 before falling to $59.0M in 2026Q1, a sequential decline of roughly 50% that signals a sharp break in demand momentum.
The 2025 run-up, with year-over-year growth of 27.1% in Q4 and 35.3% in Q3, looked durable on the surface, but the abrupt contraction into 2026 suggests either a timing reversal, a one-time revenue component, or a demand shock that the reported figures alone cannot distinguish. Investors should monitor whether the 2026 quarters stabilize near the $60M level or continue declining, as the ambiguity materially affects how the 2025 growth should be valued.
Gross Margin Holds While Operating Margin Collapses
Based on reported figures, MDXG's gross margin remained above 69% through 2026, yet operating margin fell from 17.8% in 2025Q4 to a negative 27.2% in 2026Q1, indicating that the cost base is not flexing with revenue.
Gross margin stability in the 69% to 84% range suggests product-level pricing and mix remain intact, which points away from a commodity-style margin problem. The operating margin deterioration therefore appears to originate below gross profit, in an operating expense base that was sized for a higher revenue level, warranting further investigation of SG&A composition.
Negative Operating Leverage Emerging in 2026
According to the reported income statements, SG&A of $59.8M in 2026Q2 exceeded gross profit of $44.4M, meaning operating expenses now consume more than the entire gross profit pool.
Operating leverage that worked in reverse during the 2026 quarters implies that fixed-like overhead is not scaling down with revenue, which is the core mechanism behind the swing to operating losses. Whether this reflects temporary cost stickiness or a structurally oversized organization cannot be determined from the supplied data, and should be treated as an open question for further diligence.
Reported Earnings Swing Driven by Volatility
Per the supplied figures, MDXG's diluted EPS moved from $0.10 in 2025Q4 to a loss of $0.10 in 2026Q2, with stock-based compensation of $3.2M in 2026Q3 representing a meaningful share of quarterly operating costs.
The magnitude of the EPS swing relative to modest changes in share-based compensation suggests that quality-of-earnings concerns center on revenue recognition timing rather than non-cash charges. Net income of $15.2M in 2025Q4 versus a net loss of $8.7M in 2026Q3 raises questions about the sustainability of prior-period profitability that warrant review of underlying revenue drivers.
Bear Case Centers on Revenue Durability
The strongest challenge to the bull narrative is that MDXG's 2025 growth may not repeat, as revenue fell roughly 50% sequentially and operating losses have persisted for consecutive 2026 quarters.
A short-seller would argue that the 2025 surge reflected non-recurring or front-loaded demand, and that the 2026 contraction is the more representative run-rate. Continued negative operating margins combined with SG&A exceeding gross profit would, if sustained, imply the business requires either a revenue rebound or a cost restructuring to restore profitability, and neither outcome is evidenced in the supplied data.