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    Bradley Bowers • Mizuho Securities USA LLC

    Bradley Bowers's questions to MiMedx Group Inc (MDXG) leadership

    Bradley Bowers's questions to MiMedx Group Inc (MDXG) leadership • Q4 2024

    Question

    Bradley Bowers, on behalf of Anthony Petrone at Mizuho Securities, asked about the expected business dynamics upon the finalization of the LCDs, including potential stockpiling, and inquired about the path to reducing wasteful spending in the skin substitute market.

    Answer

    CFO Doug Rice confirmed that MiMedx is prepared from an inventory standpoint and has contingency plans for the LCD rollout, though some unknowns remain regarding reimbursement for certain wound types. CEO Joe Capper emphasized that reform is overdue to address what he termed 'wild overspend' in the market, and he believes regulators are motivated to implement the changes to root out fraud, waste, and abuse, making further delays unlikely.

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    Bradley Bowers's questions to MiMedx Group Inc (MDXG) leadership • Q3 2024

    Question

    Speaking for Anthony Petrone, Bradley Bowers questioned the R&D spending trajectory and potential study delays, the drivers behind the long-term adjusted EBITDA margin outlook of over 20%, and the sales force's experience with the new HELIOGEN product launch.

    Answer

    CEO Joseph Capper acknowledged a slight delay in the EPIEFFECT RCT, with spending expected to shift into Q4 and Q1 2025. CFO Douglas Rice added that R&D could increase by 0.5 to 1.5 percentage points of revenue by the end of next year. Regarding margins, both executives explained the business is built to scale, which will drive operating leverage. CEO Capper also noted that HELIOGEN is opening new doors and receiving positive physician feedback, with the main task being to navigate hospital value analysis committees.

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