MiMedx Group, Inc. Q3 2026 Earnings Recap

MiMedx reported mixed third-quarter trends: Surgical sales grew, while Wound Care remained pressured by Medicare reimbursement changes. The stock rose 0.5% after earnings, a roughly flat reaction.

Key Takeaways

• Net sales were $62 million; Surgical revenue increased 9% year over year, with volume up in the mid-teens.
• Management said Surgical growth would have been in the mid-teens excluding nearly $1 million of prior-year opportunistic sales that did not recur and higher rebate adjustments tied to promotional activity.
• Wound Care continued to face pricing pressure, lower market volume and disruption from 2026 Medicare reimbursement changes; Wound Care Center volume grew 7% sequentially.
• GAAP gross margin was 80%, up 11 percentage points sequentially; adjusted EBITDA was $2 million, a $10 million sequential improvement.
• MiMedx announced a $25 million settlement and licensing agreement with one party it says infringed its patents, while two other cases remain in litigation; the Sanara acquisition faces an extended FTC review.