MiMedx at Cantor Global Healthcare: Strategic Growth and Optimism

On Wednesday, 03 September 2025, MiMedx Group Inc (NASDAQ:MDXG) presented at the Cantor Global Healthcare Conference 2025, outlining its strategic priorities amid a changing market landscape. The company expressed optimism about its future, highlighting robust growth in both wound and surgical segments, while acknowledging challenges such as shifts in the reimbursement environment.

Key Takeaways

• MiMedx raised its financial guidance following a strong Q2 performance.
• The company is enthusiastic about changes in the Physician Fee Schedule (PFS) and their potential benefits.
• Key products like HelioGen and AmnioFix are driving significant growth in the surgical segment.
• MiMedx is committed to expanding its product portfolio through internal development and M&A opportunities.
• The company is preparing for patient migration from private offices to wound care centers due to PFS changes.

Financial Results

• Q2 Performance: MiMedx reported a successful quarter with broad-based growth across wound and surgical segments.
• Guidance Increase: The company raised its guidance, citing stabilized sales force and strong Q2 results.
• EBITDA Guidance: MiMedx reiterated its 20% adjusted EBITDA target, despite lighter gross margins.
• Surgical Growth: AmnioFix, AmnioFact, and HelioGen saw impressive sales growth.
• Wound Growth: Expansion was fueled by products like Solaren and Emerge.

Operational Updates

• Physician Fee Schedule: MiMedx is positive about the new PFS structure, considering it structurally sound.
• Surgical Business: Continued growth noted in surgical recovery and in-procedure applications.
• Epi Express Launch: Planned for later this year, aimed at addressing fluid retention in wounds.
• Vaprox Partnership: Strategic alliance to enhance wound care offerings from day one.

Future Outlook

• Patient Migration: Anticipating a shift of patients to wound care centers due to PFS changes.
• Sales Force Preparation: Efforts underway to equip sales teams for diverse care settings.
• Long-Term Growth: Optimistic about business potential and reimbursement improvements.
• Key Catalysts: Monitoring patient behavior changes in response to PFS adjustments.

Q&A Highlights

• PFS Impact: MiMedx views the new PFS positively, though minor adjustments are needed.
• Surgical Portfolio Expansion: Plans for internal development and M&A to broaden offerings.
• EpiFACT RCT: Enrollment continues, with an interim analysis publication planned.
• Vaprox Partnership: Seen as a value addition to sales efforts and customer relations.
• Gross Margin Impact: Strategies in place to mitigate potential margin pressures from PFS changes.

MiMedx remains confident in its ability to adapt and thrive within the evolving healthcare landscape. For more detailed insights, please refer to the full transcript below.

Full transcript - Cantor Global Healthcare Conference 2025:

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor Fitzgerald: Alright. Great. We’re going to get started. My name is Ross Osborne. I’m the med tech and diagnostics analyst at Cantor Fitzgerald.

And this afternoon, we have MyMedics. And so to kick things off, we’ll have Matt present some initial slides, then we’ll dive into a fireside chat.

Matt, MyMedics: Awesome. Thanks, Ross, and to the Kantor team for the opportunity to present. So before we get into the fireside portion, and I’m here joined with our Chief Administrative Officer, Butch Hulls, Wanted to take the opportunity to provide just a high level overview of MiMedx for those of you who may be unfamiliar. And so we’ll be talking today about various aspects of the business. So for any discussion of risks, I’d refer you to our SEC filings, our 10 ks and 10 Q.

So who’s MyMedics? We’re a pioneer and leader in an area of med tech focused on wound and surgical opportunities. So think of everything that we do is centered around helping humans heal. This is our why statement, and it really informs the way we think about this business, both today and in the future. And when we think about these market opportunities, what we’re talking about here is a massive need for healing solutions.

It’s a large and growing patient population. So on the wound side of the business, the demographics are pretty staggering, right? At any given time, there’s ten million people suffering with chronic and hard to heal wounds. These include diabetic foot ulcers, venous leg ulcers, pressure ulcers, and it’s a burden that’s especially pronounced in the Medicare population where you see nearly one in five Medicare beneficiaries are impacted by these types of wounds. Now fortunately, these outcomes well unfortunately, when these outcomes these wounds do not heal properly, the outcomes are disastrous, the worst case scenario being amputation.

That’s a catastrophic outcome for the patient, for their loved ones, and it carries an alarming mortality rate. But the fortunate thing is in the literature, so patients who receive our products have shown reductions in these outcomes and achieved wound closure. So as we grow our business, we found additional areas of medicine that could benefit from the use of these products. These are namely what we call in the surgical setting, and we’ll talk a little bit about that later. So today, most, but not all of our business is derived from products that are made from birth tissue, primarily the placenta from healthy C section deliveries.

And our business is vertically integrated. We begin with an expansive donor network, a hospital partners, and we bring the tissue to our facilities in Marietta, Georgia. They undergo our proprietary processing technology and they result in a dehydrated shelf stable product that’s ready to ship. We protect this technology with a robust IP portfolio, and we’re currently a single shift. So we’ve got considerable headroom to scale.

Our wound products can be found basically wherever a patient is going to present with an issue. We’ve got a very large direct sales force that call on all these sites of care and then wherever necessary, we’ll supplement them with agents. And likewise, in surgical, this is just a flavor of some of the ways in which we’ve tried to build the body of evidence for using these products in a variety of surgical procedures. We see this as being something that we’re in the very early innings of, and it’s a side of the business that’s grown very nicely, particularly over the last few quarters. From a revenue standpoint, this is just a glimpse at our LTM breakout for both wound and surgical.

So you think about us as two thirds wound, one third surgical, both growing nicely. I’m going to turn to our strategic priorities here just to kind of help inform the way we answer these questions. So our CEO, Joe Capper, starts every earnings call with sort of a checkup on how we’re doing against these strategic imperatives. We believe if we do all three of these properly, we’ll be able to reach more patients, obviously grow the business and unlock shareholder value over the long term. And then finally, just to wrap up before we go into questions with a glimpse at the team here.

We’ve been together for a few years now and have pretty deep med tech experience to drive this strategy forward. With that, happy to kick over to you, Ross.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor Fitzgerald: Great. Thanks, Matt. Jumping right into everyone’s favorite question on the physician fee schedule. Just high level thoughts, has anything changed in your view since it’s come out, whether that’s a probability of it going through as is, do you expect pricing to increase, etcetera?

Butch Hulls, Chief Administrative Officer, MyMedics: High level views are that we were thrilled to see them go with the structure that they did. We had been advocating for quite some time that CMS needed to go away from the ASP plus six methodology, it’s a drug and biologic methodology, these products aren’t drugs nor biologics so square peg round hole to begin with. CMS had talked about going to a bundle much like they had in the wound care center and we were not proponents of that. A bundle you tend to overpay for small wounds and underpay for the larger wounds then we saw that in the wound care center when they originally went to the bundle so when they went to a flat price per square centimeter along with an application fee, we were thrilled to see them get it structurally correct. We were even more excited to see that they not only changed reimbursement methodology in the private office through the physician fee schedule but they also made changes or proposed changes in the wound care center with the OPPS, the outpatient perspective payment system and so they kind of fixed what we thought that they had gotten wrong the first time and so there too they went with the price per square centimeter which means you’re buying the right size product, you’re not overpaying for small wounds and underpaying for large wounds.

So structurally we like where they went. There’s a couple of things we would like to see tweaked here and there within the rules, but our comments which are due in a couple of weeks will largely be supportive of what CMS has done.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor Fitzgerald: Great. And then ahead of Jan one assuming it goes through as is, what is MyMedics doing today to prepare for that?

Matt, MyMedics: Yes, so look, we’ve a couple of different things, right? We talk about, on the one hand, our surgical business has been growing very nicely and that obviously helps contribute to growth. If you think about in the wound markets, we’ve brought in some additional products for the time being to help remain competitive in the space and we’ve talked a little bit about Solara and Emerge. So certainly those were a part of what drove the wound side of the business in Q1 and Q2. I think to the extent behavior doesn’t change over the back half of the year, that’s likely to continue to be the case.

On the other side of GN1, there’s likely to be a reversion back to products that are more reasonably priced and fit under the constraints of the new world order, so to speak, and we’re ready dial up our manufacturing. Like I said, we have plenty of headroom to take advantage of the volume that may exist in that market regardless of where those patients end up going for their care.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor Fitzgerald: Great. Then you’ve alluded to the surgical business a couple of times and although it’s a smaller piece of the overall pie, it’s still a decent top line contributor there. So maybe could you walk through the current use cases in the surgical portfolio and some of the exciting opportunities in the pipeline?

Butch Hulls, Chief Administrative Officer, MyMedics: Surgical for us started with what I’ll call surgical recovery so it was our products being used principally with clean closed incisions, they’re wounds, they were just intentionally created wounds and so in patients that compromised for one reason or another, one comorbidity or another, the folks that tended to need our products in the chronic wound care setting would benefit from them in the acute care setting and so that’s where we saw the kind of the first initial use cases, think about somebody who just had a hernia repair surgery and has diabetes is going to have a hard time peeling. So we started to see utilization there. More recently we’ve started to see our products actually being used in the procedure itself, so not just on top of or just below the clean closed incision but any place where you’ve got an opening and you’re trying to put something back together so think of a bowel rescission or a colon rescission and so we’ve seen an uptick there. Frankly in any procedure where you have a compromised patient I think our product would beneficial. And how are

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor Fitzgerald: you feeling about your product portfolio from a competitive standpoint with recurrent surgical?

Butch Hulls, Chief Administrative Officer, MyMedics: Well right now most of our products tend to be sort of ancillary to the surgery as opposed to the primary driver of the procedure so there are definitely some things we could do either from an internal development standpoint or from an M and A standpoint where you become a bigger part of the procedure where you’re there not just selling either the amniotic tissue or the xenograft which we added to the portfolio a year ago, but become a bigger part of the surgery. We’re selling more than one product and so certainly things like that are exciting because you’re already in the OR.

Matt, MyMedics: As it relates to the existing product portfolio, I think the other simultaneous mandate for us is to go out and generate evidence for why these products make sense. We talked about presenting at DDW, Digestive Disease Week, earlier this year, meeting clinicians, specific surgeons, where they are to help show that, Listen, wrapping an anastomosis with our tissue helps show us a statistically significant reduction in leaks. Leaks are catastrophic, they’re expensive, they impact accreditations. There’s a whole host of reasons why you’d want to kind of take on maybe an incremental cost to avoid those downstream complications. With Amnio Effect, with Amnio Fix, and certainly with HelioGen, our xenograft that Butch alluded to, I think there’s a lot of wood to chop, so to speak, to build out that evidence base and continue to tap more surgical disciplines, and we’ll be doing that in the coming years.

Butch Hulls, Chief Administrative Officer, MyMedics: That makes a great point. With the different form factors, so HelioGen is a particulate product and particulates just provide a much greater flexibility in the surgical procedures than the sheets do and so while it’s early days and a small base, particulates like HelioGen and Axiofil have demonstrated great efficacy in the OR.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor Fitzgerald: Great. Then lastly on the surgical portfolio, do you guys have any preference in terms of return on investment and time between developing internally versus M and A?

Matt, MyMedics: We have expertise in human tissue, right? When we made the decision to go outside with a xenograft and add that to the portfolio, we went outside. In that case, we partnered up with Virginity and obviously are looking to build out that product portfolio, that xenograft portfolio. So think about the technology verticals, human xenograft and synthetic. Right?

Those latter two, whether it’s partnership or acquisition, would be the preference because it’s the fastest way to sort of build out a product portfolio, the know how, the manufacturing scale, etcetera. And we’re flexible, I think, on what that all looks like for the right target.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor Fitzgerald: Makes sense. Alright. Switching gears, you’re scheduled to launch Epi Express later this year. Would you walk through that product offering, how it fits in your product portfolio and the related market opportunity there?

Matt, MyMedics: Yes. I I don’t necessarily think that we really go down a path, especially within wound versus surgical, of breaking down like specific market opportunity verticals. But our R and D group looks for ways constantly to improve the widgets, so to speak, bring in new features and benefits. You saw that with the effect line a couple of years back and that’s done incredibly well. Epi Express is yet another one of these examples where when really fluid retention is kind of an issue, you’ve got now a fenestrated sheet that can actually be laid down on the surface of the wound, and we’ve got others in the hopper.

I mean, I want to stress that, yes, we’ve looked outside for certain products, and HelioGen is a great example of that, but our R and D team has been hard at work, and we’ve got a pretty robust pipeline of similar sort of iterations on the product that bring forth different benefits.

Butch Hulls, Chief Administrative Officer, MyMedics: Either unique handling characteristics or some other unmet need, the Express line is a great example. A lot of our products are being used in conjunction with negative pressure wound therapy where you’ve got obviously a vacuum that’s trying to draw fluid from the wound as well as bring the wound sites together and so a perforated product makes a tremendous amount of sense so input from the clinical community and then the R and D team gets to work.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor Fitzgerald: Great And then switching to EpiFACT RCT, any update on enrollment there and when should we expect to see data?

Matt, MyMedics: Yeah. Enrollment continues to go. I think we’ll the plan is going to be publish an interim analysis to the extent the LCDs are still a component of reimbursement reform. We want to make sure that EpiEffects are part of that conversation, and so I would say stay tuned. But even if that’s not the case, right, if the LCD’s in this new world where PFS and OPPS take the place of that aspect of reform, think it makes total sense, and what you’ll see us do is continue to try to generate evidence with any of these innovations, so EpiEffect, EpiExpress, any of these that we bring to market, is normal med tech behavior.

Butch Hulls, Chief Administrative Officer, MyMedics: I was just going to make the same comment. Evidence matters in this space whether you’re trying to convince a payer or a clinician and so this is a space that got away with no data for frankly far too long and everybody’s up in arms that CMS is asking for data. Sophisticated payers and clinicians have been asking for data for a lot longer than CMS has as it relates to skin substitutes. All right.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor Fitzgerald: And then maybe next touch on Vaprox. How does that fit in the overall commercial strategy? Where does that overlap there in leverage?

Matt, MyMedics: I think about Vaprox as one example. As we talk about innovating and diversifying our wound offering, there are lots of different innovations along the healing continuum but the same clinician we call on treating the same patients is going to reach into their proverbial storage shelf or pull off the shelf to use. Vaprox is really interesting adjunctive therapy. The data on its own looked very promising, when they approached us and we started talking about moving towards some sort of collaboration, it turned out that their real world experience looked even better when Epifix was involved with the patient. There again, you’re thinking about, Okay, what are other ways we can bring value to these wound patients with products that could potentially benefit their sort of care pathway.

And so a strategic alliance, you know, kinda made sense. You know, we’re excited to kinda see where that goes. This is a pretty early stage start up that has, you know, been belt and suspenders building out out, demand and so I think our commercial infrastructure could certainly be helpful to them over time.

Butch Hulls, Chief Administrative Officer, MyMedics: Yes. Vaprox is nice because it’s not, as Matt alluded to, not competitive too but beneficial in conjunction with our product but the other thing that’s so nice about Vaprox is most of our products at least in the acute care setting, or sorry the post acute care setting have to, the wound has to reach chronicity so you’re not getting reimbursed for a product, you can’t use our products till you’ve reached twenty eight days of tried and failed with conservative therapies where Vaprox can be used from day one so it’s another way to get a hold of the patient early and live with them through that wound care continuum cycle.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor Fitzgerald: Got it. And then assuming the partnership continues and you guys potentially invest more time and money into the company, where is there leverage in that business? What was attractive about Vaporogs from, I guess, the side of service mix?

Matt, MyMedics: Yeah. I mean, I think adding to the bag, to the sales rep bag, especially with stuff, as Butch mentioned, that’s going to be complementary as an adjunctive therapy, is good all the way around. It makes our sales reps more impactful as we think about building customer and becoming a more valuable, reliable partner with those clinicians. Well, you’ve to have stuff that they rely on in order to do that. We’ve done it to some degree with One of MyMedics, we’ve done it obviously with our organic portfolio, but certainly with innovations like Vaporox, it’s kind of a different way to think about how to go about treating these patients, and so I think that’s exciting.

Now as it relates to sites of care, I think in a similar way to our products being used across a wide range of care settings, over time I think there’s a case to be made very similarly for vape

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor Fitzgerald: Great. And then maybe turning to your 2Q results. Yeah. You guys had a really nice quarter and raised guidance. Yeah.

Anyway, looking at guidance, you know, what gave you guys confidence, you know, to raise? What’s your confidence level in hitting that guidance if not exceeding?

Matt, MyMedics: Yes. So was. Q2 was a great quarter for us. Growth was broad based, both with wound and surgical. So on the wound side, as I mentioned, you saw the impacts from bringing in Solaren emerge, obviously.

And The surgical side saw incredible growth out of AmnioFix, AmnioFact and then a real start to kind of inflection ramp in HelioGen sales as well. And similar to sort of the dynamics being thought of as a 2026 event, right, we’re in a scenario where we’re continuing to just execute in the market environment that’s been handed to us, right? You’ll recall last year we saw some growth hiccups along the way. We had a considerable amount of disruption and turnover within the sales force. And so having stabilized that group and bolstered them with a toolkit that makes them more competitive in the marketplace is really what gave us confidence in nudging that guidance up for the balance of this year.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor Fitzgerald: Great. And then you reiterated EBITDA guidance of 20%, although gross margin came in a bit light. How big of a lever is the gross margin? Does that need to be in order to hit your EBITDA guidance?

Matt, MyMedics: Yes. I mean, look, I think just more broadly speaking about the P and L, there are opportunities to be mindful. I think, you know, one of the first three strategic priorities a couple of years ago when when Joe, and team arrived was to bring forth some expense discipline. There were some real dramatic examples of that in the first, call it, twelve months, but the behavior has continued to permeate throughout the organization. And so I think there are levers, and certainly you know, the the gross margin is a big one because it starts with an eight, right?

We’re gonna continue to obviously try to find ways to to scale that, that manufacturing, footprint. Our sales and marketing kind of is what it is from a commission structure standpoint, but G and A we’ve demonstrated a considerable amount of leverage over the years and that’s likely to continue. I don’t think we’re all the way there yet. So net net net we feel good about what that looks like on an adjusted EBITDA basis.

Butch Hulls, Chief Administrative Officer, MyMedics: Great.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor Fitzgerald: And then looking at next year on gross margin, how big of a deal is the PFS to gross margin?

Matt, MyMedics: Depends on where the number comes in.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor Fitzgerald: If it stays the same or

Matt, MyMedics: goes up. Yeah. Yeah. Yeah. I mean, right at a hundred and twenty five thirty eight, that’s the number we all know right now.

Right? There’s there’s probably downward pressure to the tune of, you know, a few 100 points from a gross margin perspective irrespective of benefits of scale, right, to help offset that. But are there below the line, below the gross margin line opportunities to also kind of help soften that blow, think the answer is yes. So we don’t guide to gross margin, we don’t feed our families with gross margin dollars, so we’re trying to manage the P and L holistically and make sure that we’re a cash flow, adjusted EBITDA enterprise. Great.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor Fitzgerald: And then looking into next year, what are the key catalysts or milestones we should be looking out for?

Matt, MyMedics: Do you want to take it?

Butch Hulls, Chief Administrative Officer, MyMedics: Yes. I think the first couple of months are going to be interesting to see the patient flow. I think with the physician fee schedule changing the way it’s changed and then OPPS changing the way it has, I think you’re going to see pretty significant patient migration out of the private office back into the wound care center. So I think being ready for that, being structured for that, having the sales force ready to go one armed with the tools they need to serve those patients in a different care setting is going to be important, but I think kind of where that lands will be pretty telling.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor Fitzgerald: Definitely. Alright. Any questions from the audience? Nope. If not, I’ll leave you guys some time for closing remarks.

Anything we missed you wanna highlight?

Matt, MyMedics: No. I just obviously wanna thank you for the opportunity to get out and tell the story. We we’re very excited about, you know, what this business has been able to do even in pretty choppy waters. And, you know, in the face of reform, we think that reform is great for this category, we’ve kind of leaned into trying to position the business so that we are the best positioned in an environment where things get right sized. And we’re living through these kind of three different chapters here in short order.

The back half of this year is people try and figure out what the final rules look like, Butch mentioned, the first half of next year, what happens to the patient, what behaviors really change once this rule gets finalized, and then the long term. We’re super bullish about the long term for this business, for this space becoming investable in a bigger way without the overhang of all the negative headlines that this reimbursement environment has brought about for the space. We appreciate the opportunity and certainly look forward to continuing the dialogue.

Ross Osborne, Med Tech and Diagnostics Analyst, Cantor Fitzgerald: Perfect. Thanks for being here, guys.

Matt, MyMedics: Thank you.

Butch Hulls, Chief Administrative Officer, MyMedics: Thanks, Ross.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.