0001376339-24-000063 | 10-Q | XBRL Viewer

Accounts Receivable, Net

6 Months Ended

Jun. 30, 2024

Accounts receivable, net, consisted of the following (in thousands):


	June 30, 2024		December 31, 2023
Accounts receivable, gross	$	56,067	$	57,015
Less: allowance for doubtful accounts	(3,269)		(3,144)
Accounts receivable, net	$	52,798	$	53,871

Activity related to the Company’s allowance for doubtful accounts for the three and six months ended June 30, 2024 and 2023 were as follows (in thousands):


	2024		2023
Balance at January 1	$	3,144	$	3,783
Bad debt expense (reversal)	199		(60)
Write-offs	(77)		(122)
Balance at March 31	$	3,266	$	3,601
Bad debt expense	220		349
Write-offs	(217)		(1,754)
Balance at June 30	$	3,269	$	2,196

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies TELA and Regenity Agreements On March 15, 2024, the Company entered into an Asset Purchase Agreement (the “TELA APA”) with TELA Bio, Inc. (“TELA”) to obtain exclusive rights to sell and market a 510(k)-cleared collagen particulate xenograft product in the United States. TELA held these rights pursuant to a Manufacturing and Supply Agreement (the “TELA-Regenity Supply Agreement”) between TELA and Regenity Biosciences, Inc. (“Regenity”), which retains all intellectual property rights and regulatory clearances related to the product. Pursuant to the TELA APA, the Company paid $5.0 million of initial consideration to TELA; additionally, the Company paid $0.4 million to acquire TELA’s remaining product inventory, and will be required to make additional payments (the “Profit Share Payments”) of between a minimum of $3.0 million and a maximum of $7.0 million based on MIMEDX’s net sales of the product over the two years following its commercialization of the product, which occurred during the second quarter of 2024. In connection with the execution of the TELA APA, the Company was able to renegotiate the terms of the TELA-Regenity Supply Agreement, ultimately replacing it with a new Manufacturing and Supply Agreement (the “Supply Agreement”) with Regenity. The Supply Agreement maintains MIMEDX’s exclusive right to sell and market the product in the United States. The transaction was accounted for as an acquisition of assets, as substantially all the fair value of the acquired assets was concentrated in the acquired exclusive distribution rights. The cost to acquire the assets on the transaction date was $8.1 million, reflecting the $5.0 million of initial consideration, $0.4 million to acquire inventory, and $2.7 million, which represented the fair value of the minimum amount of the Profit Share Payments. These costs were allocated amongst the assets acquired. The Company assigned $7.6 million to the distribution rights acquired and $0.5 million to inventory. The amount ascribed to the distribution rights will be amortized over five years, generally reflective of the period of time over which the distribution rights are anticipated to contribute to cash flow generation. Any Profit Share Payments exceeding the $3.0 million minimum will be capitalized in the period incurred as a part of the acquired assets and amortized over the remaining life of such assets. As of June 30, 2024, the fair value for the minimum amount of Profit Share Payments was $2.8 million. This amount reflects the anticipated timing of such Profit Share Payments, discounted to present value at a discount rate approximating the Company’s borrowing rate plus a risk premium, all of which reflect Level 3 inputs. Of the minimum Profit Share Payment, $2.2 million is anticipated to be paid within twelve months of that date. The remaining balance is reflected in other liabilities. Litigation and Regulatory Matters In the ordinary course of business, the Company and its subsidiaries may be a party to pending and threatened legal, regulatory, and governmental actions and proceedings (including those described below). In view of the inherent difficulty of predicting the outcome of such matters, particularly where the plaintiffs or claimants seek very large or indeterminate damages or where the matters present novel legal theories or involve a large number of parties, the Company generally cannot predict what the eventual outcome of the pending matters will be, what the timing of the ultimate resolution of these matters will be, or what the eventual recovery, loss, fines or penalties related to each pending matter may be. The Company's unaudited condensed consolidated balance sheet as of June 30, 2024 reflects the Company's current best estimate of probable losses associated with these matters, including costs to comply with various settlement agreements, where applicable. For more information regarding the Company’s legal proceedings, refer to Note 16, “Commitments and Contingencies” in the 2023 Form 10-K. The Company has accrued $0.3 million for potential losses related to legal matters as of June 30, 2024. The Company made no payments toward the resolution of legal matters involving the Company during the six months ended June 30, 2024. The Company paid $0.2 million during the six months ended June 30, 2023. In addition, the Company received 1.2 million shares of its own common stock in the settlement of certain legal matters. The Company accounted for the repayment of shares as a loss recovery, as the repayment related to the recoupment of legal fees previously incurred, but not in excess of the amount originally recorded. The Company recorded $9.3 million, reflecting the fair value of the returned shares on the date of the prevailing agreement, as a reduction to investigation, restatement and related expense on the unaudited condensed consolidated statements of operations, where the legal fees to which this recovery originally related were recorded as they were incurred, for the three and six months ended June 30, 2024. The following is a description of certain litigation and regulatory matters to which the Company is a party: Welker v. MiMedx, et. al. On November 4, 2022, Troy Welker and Min Turner, former optionholders of the Company, brought a lawsuit in Fulton County State Court against the Company, former directors Terry Dewberry and Charles Evans, and former officers Parker H. “Pete” Petit, William C. Taylor, and Michael Senken alleging violations of the Georgia Racketeer Influenced and Corrupt Organizations (“RICO”) Act against all defendants, and conspiracy to violate the Georgia RICO Act and breach of fiduciary duty against the individual defendants. On motion by the Company, the case was moved to the Fulton County Business Court. The Company and the individual defendants filed answers and motions to dismiss, which were denied on the RICO claims, but granted with respect to the breach of fiduciary duty claims against the individual defendants. The parties have subsequently reached a settlement in principle to resolve all claims. Former Employee Litigation and Related Matters On January 12, 2021, the Company filed suit in the Circuit Court of the Eleventh Judicial District in and for Miami-Dade County, Florida (MiMedx Group, Inc. v. Petit, et. al.) against its former CEO, Parker H. “Pete” Petit, and its former COO, William C. Taylor, seeking a determination of its rights and obligations under indemnification agreements with Petit and Taylor following a federal jury’s guilty verdict against Petit for securities fraud and Taylor for conspiracy to commit securities fraud. On March 26, 2024, the Company filed an amended complaint against only Petit as the Company previously reached a settlement with Taylor. During the three months ended June 30, 2024, Petit and the Company resolved and settled all legal claims against one another. AXIOFILL The Company received a determination letter in March 2024 reaffirming the FDA’s position that AXIOFILL does not meet the regulatory classification requirements of a Human Cell, Tissue or Cellular or Tissue-based Product under Section 361 of the Public Health Service Act. The Company strongly disagrees with this determination and has filed suit in the U.S. District Court for the Northern District of Georgia against the FDA on this matter.

Discontinued Operations - Schedule Of Disposal Groups Including Discontinued Operations Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) from discontinued operations, net of tax	$ 4	$ (8,051)	$ 204	$ (11,092)
Regenerative Medicine \| Disbanded
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Selling, general and administrative expense	(4)	(29)	(4)	0
Research and development expense	0	4,825	(200)	7,837
Restructuring expense	0	3,255	0	3,255
Income (loss) from discontinued operations, net of tax	$ 4	$ (8,051)	$ 204	$ (11,092)

- Definition

Amount after tax of income (loss) from a discontinued operation attributable to the parent. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

Intangible Assets, Net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of intangible assets (Excluding Goodwill)	$ 0	$ 0	$ 54	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 69,037	$ 82,000
Accounts receivable, net	52,798	53,871
Inventory	25,056	21,021
Prepaid expenses	4,030	5,624
Other current assets	3,097	1,745
Total current assets	154,018	164,261
Property and equipment, net	6,822	6,974
Right of use asset	3,175	2,132
Deferred tax asset, net	33,441	40,777
Goodwill	19,441	19,441
Intangible assets, net	12,047	5,257
Other assets	1,239	205
Total assets	230,183	239,047
Current liabilities:
Current portion of long term debt	1,000	1,000
Accounts payable	7,603	9,048
Accrued compensation	17,645	22,353
Accrued expenses	9,281	9,361
Current portion of Profit Share Payments	2,196	0
Current liabilities of discontinued operations	217	1,352
Other current liabilities	2,070	2,894
Total current liabilities	40,012	46,008
Long term debt, net	18,249	48,099
Other liabilities	3,882	2,223
Total liabilities	62,143	96,330
Commitments and contingencies (Note 12)
Stockholders' equity
Common stock; $0.001 par value; 250,000,000 shares authorized; 146,749,402 issued and outstanding at June 30, 2024 and 146,227,639 issued and outstanding at December 31, 2023	147	146
Additional paid-in capital	274,685	276,249
Accumulated deficit	(106,792)	(133,678)
Total stockholders' equity	168,040	142,717
Total liabilities and stockholders’ equity	$ 230,183	$ 239,047

Discontinued Operations

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Disbanding of Regenerative Medicine Business Unit

In the second quarter of 2023, the Company announced the disbanding of its Regenerative Medicine reportable segment and the suspension of its Knee Osteoarthritis clinical trial program. The announcement reflected the abandonment of the Company’s efforts to pursue a Biological License Application for its micronized dehydrated human amnion chorion membrane product and a major definitive strategic shift in the Company’s focus towards its continuing commercial pipeline as its primary source of value creation.

The Company completed the regulatory obligations associated with the clinical trial during the fourth quarter of 2023, at which time material run-off operations had ceased and Regenerative Medicine met the criteria for presentation as a discontinued operation.

Financial Statement Impact of Discontinued Operations

The income and expenses of the discontinued operation have been classified as income (loss) from discontinued operations in the consolidated statements of operations for the three and six months ended June 30, 2024 and 2023 as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023


Selling, general and administrative expense	(4)		(29)		(4)		—
Research and development expense	—		4,825		(200)		7,837
Restructuring expense	—		3,255		—		3,255

Income (loss) from discontinued operations	$	4	$	(8,051)	$	204	$	(11,092)

Inventory

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Inventory

Inventory consisted of the following (in thousands):


	June 30, 2024		December 31, 2023
Raw materials	$	856	$	825
Work in process	9,909		8,521
Finished goods	14,291		11,675


Inventory	$	25,056	$	21,021

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Nature of Business	6 Months Ended
Nature of Business	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	Nature of Business MiMedx Group, Inc. (together with its subsidiaries, except where the context otherwise requires, “MIMEDX,” or the “Company”) is a pioneer and leader focused on helping humans heal. With more than a decade of helping clinicians manage chronic and other hard-to-heal wounds, MIMEDX is dedicated to providing a leading portfolio of products for applications in the wound care, burn, and surgical sectors of healthcare. The Company’s vision is to be the leading global provider of healing solutions through relentless innovation to restore quality of life. All of the Company’s products sold in the United States are regulated by the United States Food and Drug Administration (“FDA”). The Company’s product portfolio and product development focuses on Wound and Surgical markets. The Company’s business is focused primarily on the United States, but the Company also has an emerging commercial presence in several international locations, including Japan.

Commitments and Contingencies (Details) - USD ($) shares in Millions			3 Months Ended	6 Months Ended
	Jun. 30, 2024	Mar. 15, 2024	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Asset Acquisition [Line Items]
Initial consideration paid				$ 5,366,000	$ 0
Fair value of minimum contingent consideration				2,731,000	0
Current portion of Profit Share Payments	$ 2,196,000		$ 2,196,000	2,196,000		$ 0
Legal and settlement expense	$ 300,000		$ 300,000	300,000
Payments for legal settlements				0	200,000
Fair value of shares received in settlement of litigation				$ 9,300,000	$ 0
Settled Litigation
Asset Acquisition [Line Items]
Litigation settlement, share-based payment arrangement, number of shares received (in shares)	1.2		1.2	1.2
Fair value of shares received in settlement of litigation			$ 9,300,000	$ 9,300,000
TELA APA
Asset Acquisition [Line Items]
Initial consideration paid		$ 5,000,000.0
Future payments for remaining product inventory		$ 400,000
Net sales over the period		2 years
Consideration transferred		$ 8,100,000
Fair value of minimum contingent consideration	$ 2,800,000	2,700,000
Asset acquisition, inventory		500,000
TELA APA \| Distribution rights
Asset Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 7,600,000
Estimated useful life (in years)		5 years
TELA APA \| Minimum
Asset Acquisition [Line Items]
Contingent consideration		$ 3,000,000.0
TELA APA \| Maximum
Asset Acquisition [Line Items]
Contingent consideration		$ 7,000,000.0

Intangible Assets, Net

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Intangible assets, net, are summarized as follows (in thousands):


	June 30, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets
Patents and know-how	$	9,989	$	(8,127)	$	1,862	$	10,039	$	(7,818)	$	2,221
Licenses	1,000		(79)		921		1,000		(54)		$	946
Distribution rights	7,653		(382)		7,271		—		—		—

Total amortized intangible assets	$	18,642	$	(8,588)	$	10,054	$	11,039	$	(7,872)	$	3,167

Unamortized intangible assets:
Tradenames and trademarks	$	1,008			$	1,008	$	1,008			$	1,008
Patents in Process	985				985		1,082				1,082
Total intangible assets	$	20,635			$	12,047	$	13,129			$	5,257

The Company recognized $0.1 million of impairment of intangible assets during the six months ended June 30, 2024 related to patents which were abandoned.

Expected future amortization of intangible assets as of June 30, 2024, is as follows (in thousands):


Year ending December 31,	Estimated Amortization Expense
2024 (excluding the six months ended June 30, 2024)	$	1,208
2025	1,883
2026	1,729
2027	1,728
2028	1,726
Thereafter	1,780
Total amortized intangible assets	$	10,054

Net Income (Loss) Per Common Share - Schedule of Basic Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income from continuing operations	$ 17,621	$ 9,251	$ 26,682	$ 7,309
Income (loss) from discontinued operations, net of tax	4	(8,051)	204	(11,092)
Net income (loss)	17,625	1,200	26,886	(3,783)
Accumulated dividend on previously converted Series B Preferred Stock	0	1,728	0	3,411
Net income available to common stockholders from continuing operations	$ 17,621	$ 7,523	$ 26,682	$ 3,898
Weighted average common shares outstanding (in shares)	147,326,273	115,866,371	147,033,879	115,136,646
Basic net income (loss) per common share:
Continuing operations - basic (in dollars per share)	$ 0.12	$ 0.07	$ 0.18	$ 0.04
Discontinued operations - basic (in dollars per share)	0.00	(0.07)	0.00	(0.10)
Basic net income (loss) per common share (in dollars per share)	$ 0.12	$ 0.00	$ 0.18	$ (0.06)

Long Term Debt, Net

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Long Term Debt, Net

Citizens Credit Agreement

On January 19, 2024 (the “Closing Date”), the Company entered into a Credit Agreement (the “Citizens Credit Agreement”) with certain lenders party thereto, and Citizens Bank, N.A., as administrative agent (the “Agent”). The Citizens Credit Agreement provides for senior secured credit facilities in an aggregate principal amount of up to $95.0 million consisting of: (i) a $75.0 million senior secured revolving credit facility (the “Revolving Credit Facility”) with a $10.0 million letter of credit sublimit and a $10.0 million swingline loan sublimit, and (ii) a $20.0 million senior secured term loan facility (the “Term Loan Facility” and, together with the Revolving Credit Facility, the “Credit Facilities”). All obligations are required to be paid in full on January 19, 2029 (the “Maturity Date”). The Company has the option to obtain one or more incremental Term Loan Facilities and/or increase the commitments under the Revolving Credit Facility in an aggregate principal amount equal to the greater of (i) $50.0 million and (ii) 1.00 times the Company’s Consolidated EBITDA (as defined therein), each subject to the existing or any new lenders’ election to extend additional term loans or revolving commitments.

At the Company’s option, borrowings under the Citizens Credit Agreement (other than any swingline loan) will bear interest at a rate per annum equal to (i) the Alternate Base Rate, as defined therein, or (ii) a Term SOFR as defined therein, in each case plus an applicable margin ranging from 1.25% and 2.50% with respect to Alternate Base Rate borrowings and 2.25% and 3.50% for Term SOFR borrowings, plus a fallback provision of 0.1%. Swingline loans will bear interest at a rate per annum equal to one-month Term SOFR plus the applicable margin. The applicable margin will be determined based on the Company’s consolidated total net leverage ratio.

The Company is required to pay a quarterly commitment fee on any unused portion of the Revolving Credit Facility, letter of credit fees, and other customary fees to the Agent and the Lenders. The Term Loan Facility will amortize on a quarterly basis at 1.25% (for year one and two), 1.88% (for year three and four), and 2.5% (for year five) based on the aggregate principal amount outstanding under the Term Loan Facility on the Closing Date, with the remainder due on the Maturity Date. The Company must make mandatory prepayments in connection with certain asset dispositions and casualty events, subject in each case to customary reinvestment rights. The Company may prepay borrowings under the Credit Facilities at any time, without premium or penalty, and may, at its option, reduce the aggregate unused commitments under the Revolving Credit Facility in whole or in part, in each case subject to the terms of the Credit Agreement. The Company must also comply with certain

financial covenants, including a maximum total net leverage ratio and a minimum consolidated fixed charge coverage ratio, as well as other customary restrictive covenants. As of June 30, 2024, the Company is in compliance with all covenants under the Citizens Credit Agreement.

On the Closing Date, the Company borrowed $30.0 million under the Revolving Credit Facility and $20.0 million under the Term Loan Facility. Proceeds from the initial drawings under the Credit Facilities together with cash on hand were used to repay in full the $50.0 million principal amount and other outstanding obligations under the Company’s prior senior secured term loan with Hayfin (the “Hayfin Term Loan”) and to pay related fees, premiums, costs and expenses. The Company recorded a loss on extinguishment of debt of $1.4 million. This amount is reflected as a part of interest expense, net on the unaudited condensed consolidated statement of operations for the six months ended June 30, 2024. The composition of the loss on extinguishment of debt was as follows (amounts in thousands):


	January 19, 2024
Unamortized deferred financing costs	$	781
Unamortized original issue discount	120
Prepayment premium	500
Loss on extinguishment of debt	$	1,401

In addition, on February 27, 2024, the Company repaid the initial $30.0 million drawing under the Revolving Credit Facility and had no outstanding borrowings under this facility as of June 30, 2024. Deferred financing costs and original issue discount allocated to the Revolving Credit Facility are amortized straight-line through the expiration of the commitment term. The Revolving Credit Facility is currently subject to a commitment fee of 0.25% per annum of the amount undrawn, which is recognized as interest expense.

Original issue discount and deferred financing costs incurred as part of the Credit Facilities were allocated between the Term Loan Facility and the Revolving Credit Facility on the basis of the maximum potential principal outstanding permitted under the Citizens Credit Agreement. The allocation of the deferred financing costs and original issue discount between the Term Loan Facility and the Revolving Credit Facility were as follows (in thousands):


	January 19, 2024
	Term Loan Facility		Revolving Credit Facility		Total
	Long term debt, net		Other assets
Original issue discount	$	224	$	839	$	1,063
Deferred financing costs	54		202		256

The balances of the Term Loan Facility as of June 30, 2024 and the Hayfin Term Loan as of December 31, 2023 were as follows (in thousands):


	June 30, 2024				December 31, 2023
	Current portion of long term debt		Long term debt, net		Current portion of long term debt		Long term debt, net
Outstanding principal	$	1,000	$	18,500	$	1,000	$	49,000
Deferred financing costs	—		(47)		—		(781)
Original issue discount	—		(204)		—		(120)
Long term debt, net	$	1,000	$	18,249	$	1,000	$	48,099

The Term Loan Facility bears interest at a rate per annum equal to (i) the Alternate Base Rate, as defined therein, or (ii) a Term SOFR, as defined therein, in each case plus an applicable margin ranging from 1.25% and 2.50% with respect to Alternate Base Rate borrowings and 2.25% and 3.50% for Term SOFR borrowings, plus a fallback provision of 0.1%. The applicable margin is determined based on the Company’s consolidated total net leverage ratio. The Term Loan Facility carried an interest rate of 7.9% as of June 30, 2024. Interest expense related to the Term Loan Facility and the Hayfin Term Loan included in interest expense, net in the unaudited condensed consolidated statements of operations, was as follows (amounts in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Stated interest	$	396	$	1,505	1,057		$	2,956
Amortization of deferred financing costs	4		108		34		212
Accretion of original issue discount	11		17		24		33
Interest expense	$	411	$	1,630	$	1,115	$	3,201

Interest expense related to the Revolving Credit Facility included in Interest income (expense), net in the unaudited condensed consolidated statements of operations, was as follows (amounts in thousands):


	Three Months Ended June 30,		Six Months Ended June 30,
	2024		2024
Commitment fee	$	47	$	78
Amortization of deferred financing costs	16		32
Accretion of original issue discount	42		84
Interest expense	$	105	$	194

A summary of principal payments due on the Term Loan Facility, by year, from June 30, 2024 through maturity are as follows (in thousands):


Year ending December 31,	Principal
2024 (excluding the six months ended June 30, 2024)	$	500
2025	1,000
2026	1,500
2027	1,500
2028	2,000
Thereafter	13,000
Outstanding principal	$	19,500

As of June 30, 2024, the fair value of the Term Loan Facility was $19.1 million. This valuation was calculated based on a series of Level 2 and Level 3 inputs, including a discount rate based on the credit risk spread of debt instruments of similar risk character in reference to U.S. Treasury instruments with similar maturities, with an incremental risk premium for risk factors specific to the Company. Fair value was calculated by discounting the remaining cash flows associated with the Term Loan Facility to June 30, 2024 using this discount rate.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-35887
Entity Registrant Name	MIMEDX GROUP, INC.
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	26-2792552
Entity Address, Address Line One	1775 West Oak Commons Ct NE
Entity Address, City or Town	Marietta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30062
City Area Code	770
Local Phone Number	651-9100
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	MDXG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		146,809,007
Entity Central Index Key	0001376339
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Long Term Debt, Net - Schedule of Term Loan Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jan. 19, 2024	Dec. 31, 2023
Current portion of long term debt
Long term debt, net	$ 1,000		$ 1,000
Long term debt, net
Long term debt, net	18,249		48,099
Line of Credit \| Citizens Credit Agreement \| Term Loan
Current portion of long term debt
Outstanding principal	1,000
Deferred financing costs	0
Original issue discount	0
Long term debt, net	1,000
Long term debt, net
Outstanding principal	18,500
Deferred financing costs	(47)	$ (54)
Original issue discount	(204)	$ (224)
Long term debt, net	$ 18,249
Term loan \| Hayfin Loan Agreement Term Loan
Current portion of long term debt
Outstanding principal			1,000
Deferred financing costs			0
Original issue discount			0
Long term debt, net			1,000
Long term debt, net
Outstanding principal			49,000
Deferred financing costs			(781)
Original issue discount			(120)
Long term debt, net			$ 48,099

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	24.10%	(0.80%)	22.90%	(0.30%)

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock Issued	Additional Paid - In Capital	Treasury Stock	Accumulated Deficit
Balance beginning of period (in shares) at Dec. 31, 2022		113,705,447
Balance, beginning of period at Dec. 31, 2022	$ (17,988)	$ 114	$ 173,804	$ 0	$ (191,906)
Treasury stock, beginning balance (in shares) at Dec. 31, 2022				0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	8,405		8,405
Exercise of stock options (in shares)		4,334
Exercise of stock options	20		20
Employee stock purchase plan (in shares)		235,419
Employee stock purchase plan	680		680
Issuance of restricted stock (in shares)		2,163,925		(62,255)
Issuance of restricted stock	0	$ 2	(195)	$ 193
Restricted stock shares canceled/forfeited	0		193	$ (193)
Restricted stock canceled/forfeited (in shares)				62,255
Net income (loss)	(3,783)				(3,783)
Balance end of period (in shares) at Jun. 30, 2023		116,109,125
Balance, end of period at Jun. 30, 2023	(12,666)	$ 116	182,907	$ 0	(195,689)
Treasury stock, ending balance (in shares) at Jun. 30, 2023				0
Balance beginning of period (in shares) at Mar. 31, 2023		115,380,542
Balance, beginning of period at Mar. 31, 2023	(17,946)	$ 115	178,829	$ (1)	(196,889)
Treasury stock, beginning balance (in shares) at Mar. 31, 2023				334
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	4,060		4,060
Exercise of stock options (in shares)		4,334
Exercise of stock options	20		20
Issuance of restricted stock (in shares)		724,249		(4,485)
Issuance of restricted stock	0	$ 1	(16)	$ 15
Restricted stock shares canceled/forfeited	0		14	$ (14)
Restricted stock canceled/forfeited (in shares)				4,151
Net income (loss)	1,200				1,200
Balance end of period (in shares) at Jun. 30, 2023		116,109,125
Balance, end of period at Jun. 30, 2023	$ (12,666)	$ 116	182,907	$ 0	(195,689)
Treasury stock, ending balance (in shares) at Jun. 30, 2023				0
Balance beginning of period (in shares) at Dec. 31, 2023	146,227,639	146,227,639
Balance, beginning of period at Dec. 31, 2023	$ 142,717	$ 146	276,249	$ 0	(133,678)
Treasury stock, beginning balance (in shares) at Dec. 31, 2023				0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	8,431		8,431
Exercise of stock options (in shares)		146,020
Exercise of stock options	1,010		1,010
Employee stock purchase plan (in shares)		121,783
Employee stock purchase plan	797		797
Issuance of restricted stock, net	(2,501)	$ 2	(2,503)
Issuance of restricted stock, net (in shares)		1,453,960
Shares received in settlement of litigation (in shares)		(1,200,000)
Shares received in settlement of litigation	(9,300)	$ (1)	(9,299)
Net income (loss)	$ 26,886				26,886
Balance end of period (in shares) at Jun. 30, 2024	146,749,402	146,749,402
Balance, end of period at Jun. 30, 2024	$ 168,040	$ 147	274,685	$ 0	(106,792)
Treasury stock, ending balance (in shares) at Jun. 30, 2024				0
Balance beginning of period (in shares) at Mar. 31, 2024		147,528,596
Balance, beginning of period at Mar. 31, 2024	155,731	$ 148	280,000	$ 0	(124,417)
Treasury stock, beginning balance (in shares) at Mar. 31, 2024				0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense	4,091		4,091
Exercise of stock options (in shares)		36,100
Exercise of stock options	244		244
Issuance of restricted stock, net			(351)
Issuance of restricted stock, net (in shares)		384,706
Shares received in settlement of litigation (in shares)		(1,200,000)
Shares received in settlement of litigation	(9,300)	$ (1)	(9,299)
Net income (loss)	$ 17,625				17,625
Balance end of period (in shares) at Jun. 30, 2024	146,749,402	146,749,402
Balance, end of period at Jun. 30, 2024	$ 168,040	$ 147	$ 274,685	$ 0	$ (106,792)
Treasury stock, ending balance (in shares) at Jun. 30, 2024				0

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment, net, consisted of the following (in thousands):


	June 30, 2024		December 31, 2023
Laboratory and clean room equipment	$	15,321	$	13,954
Furniture and equipment	1,977		1,989
Leasehold improvements	8,150		8,141
Construction in progress	1,093		1,791
Asset retirement cost	885		938
Finance lease right-of-use asset	189		189
Property and equipment, gross	27,615		27,002
Less: accumulated depreciation and amortization	(20,793)		(20,028)
Property and equipment, net	$	6,822	$	6,974

Revenue

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Net Sales by Site of Service

MIMEDX has three main sites of service for its products (1) Hospital settings and wound care clinics, which are stable reimbursement settings in which products are used for both wound and surgical applications, (2) Private offices, which generally represents doctors and practitioners with independent operations treating wound patients, and (3) Other, which includes federal facilities, international sales, and other sites of service using products for both wound and surgical applications.

Below is a summary of net sales by site of service (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Hospital	$	47,382	$	46,588	$	91,139	$	88,758
Private Office	26,956		23,750		57,288		45,237
Other	12,869		10,919		23,488		18,938
Total	$	87,207	$	81,257	$	171,915	$	152,933

Net Sales by Product Category

MIMEDX has two product categories: (1) Wound, which reflects products typically used in Advanced Wound Care settings, including the treatment of chronic, non-healing wounds, and (2) Surgical, which reflects products principally used in surgical settings, including the closure of acute wounds or to protect and reinforce tissues and/or regions of interest. The Company manages its product portfolio and pipeline, based upon opportunities in each of these settings.

Below is a summary of net sales by product line (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Wound	$	57,547	$	53,318	$	114,595	$	98,526
Surgical	29,660		27,939		57,320		54,407
Total	$	87,207	$	81,257	$	171,915	$	152,933

The Company did not have significant foreign operations or a single external customer from which 10% or more of revenues were derived during the three or six months ended June 30, 2024 or 2023.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Net Income (Loss) Per Common Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Basic Net Income (Loss) Per Common Share

The following table provides a reconciliation of net income (loss) to net income (loss) available to common stockholders and calculation of basic net income (loss) per common share for each of the three and six months ended June 30, 2024 and 2023 (in thousands, except share and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income from continuing operations	$	17,621	$	9,251	$	26,682	$	7,309
Income (loss) from discontinued operations, net of tax	4		(8,051)		204		(11,092)
Net income (loss)	17,625		1,200		26,886		(3,783)

Accumulated dividend on previously converted Series B Preferred Stock	—		1,728		—		3,411




Net income available to common stockholders from continuing operations	$	17,621	$	7,523	$	26,682	$	3,898
Weighted average common shares outstanding	147,326,273		115,866,371		147,033,879		115,136,646
Basic net income (loss) per common share:
Continuing operations	$	0.12	$	0.07	$	0.18	$	0.04
Discontinued operations	0.00		(0.07)		0.00		(0.10)
Basic net income (loss) per common share	$	0.12	$	0.00	$	0.18	$	(0.06)

Diluted Net Income (Loss) Per Common Share

The following table sets forth the computation of diluted net income (loss) per common share (in thousands, except share and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income available to common stockholders from continuing operations	$	17,621	$	7,523	$	26,682	$	3,898
Adjustments:
Dividends on Series B Preferred Stock	—		1,728		—		3,411

Less: antidilutive adjustments	—		—		—		(3,411)
Total adjustments	—		1,728		—		—
Numerator
Net income available to common stockholders from continuing operations	17,621		9,251		26,682		3,898
Income (loss) from discontinued operations, net of tax	4		(8,051)		204		(11,092)
Weighted average shares outstanding	147,326,273		115,866,371		147,033,879		115,136,646
Adjustments:
Potential common shares (a)
Series B Preferred Stock	—		29,997,271		—		—
Restricted stock unit awards	1,076,243		943,659		1,635,983		674,215
Outstanding stock options	423,756		5,190		477,572		65
Performance stock unit awards	59,092		16,189		57,335		11,486
Employee stock purchase plan	12,556		—		6,243		2,870
Restricted stock awards	—		34,244		—		24,572
Total adjustments	1,571,647		30,996,553		2,177,133		713,208
Weighted average shares outstanding adjusted for potential common shares	148,897,920		146,862,924		149,211,012		115,849,854
Diluted net income (loss) per common share:
Continuing operations	$	0.12	$	0.06	$	0.18	$	0.04
Discontinued operations	0.00		(0.05)		0.00		(0.10)
Diluted net income (loss) per common share	$	0.12	$	0.01	$	0.18	$	(0.06)

(a) Weighted average common shares outstanding for the calculation of diluted net income (loss) per common share does not include the following adjustments for potential common shares below because their effects were determined to be antidilutive for the periods presented.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Series B Preferred Stock	—	—	—	29,559,946

Intangible Assets, Net (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets Activity Summary - Indefinite-lived

Intangible assets, net, are summarized as follows (in thousands):


	June 30, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets
Patents and know-how	$	9,989	$	(8,127)	$	1,862	$	10,039	$	(7,818)	$	2,221
Licenses	1,000		(79)		921		1,000		(54)		$	946
Distribution rights	7,653		(382)		7,271		—		—		—

Total amortized intangible assets	$	18,642	$	(8,588)	$	10,054	$	11,039	$	(7,872)	$	3,167

Unamortized intangible assets:
Tradenames and trademarks	$	1,008			$	1,008	$	1,008			$	1,008
Patents in Process	985				985		1,082				1,082
Total intangible assets	$	20,635			$	12,047	$	13,129			$	5,257

Schedule of Estimated Future Amortization Expense for Intangible Assets

Expected future amortization of intangible assets as of June 30, 2024, is as follows (in thousands):


Year ending December 31,	Estimated Amortization Expense
2024 (excluding the six months ended June 30, 2024)	$	1,208
2025	1,883
2026	1,729
2027	1,728
2028	1,726
Thereafter	1,780
Total amortized intangible assets	$	10,054

Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 856	$ 825
Work in process	9,909	8,521
Finished goods	14,291	11,675
Inventory	$ 25,056	$ 21,021

Intangible Assets, Net - Schedule of Intangible Assets Activity Summary - Indefinite-lived (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 18,642	$ 11,039
Accumulated Amortization	(8,588)	(7,872)
Total amortized intangible assets	10,054	3,167
Indefinite-lived Intangible Assets [Line Items]
Intangible assets, gross carrying amount	20,635	13,129
Intangible assets, net carrying amount	12,047	5,257
Tradenames and trademarks
Indefinite-lived Intangible Assets [Line Items]
Gross carrying value, indefinite lived	1,008	1,008
Patents in Process
Indefinite-lived Intangible Assets [Line Items]
Gross carrying value, indefinite lived	985	1,082
Patents and know-how
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	9,989	10,039
Accumulated Amortization	(8,127)	(7,818)
Total amortized intangible assets	1,862	2,221
Licenses
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,000	1,000
Accumulated Amortization	(79)	(54)
Total amortized intangible assets	921	946
Distribution rights
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	7,653	0
Accumulated Amortization	(382)	0
Total amortized intangible assets	$ 7,271	$ 0

Revenue (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

Below is a summary of net sales by site of service (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Hospital	$	47,382	$	46,588	$	91,139	$	88,758
Private Office	26,956		23,750		57,288		45,237
Other	12,869		10,919		23,488		18,938
Total	$	87,207	$	81,257	$	171,915	$	152,933

Below is a summary of net sales by product line (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Wound	$	57,547	$	53,318	$	114,595	$	98,526
Surgical	29,660		27,939		57,320		54,407
Total	$	87,207	$	81,257	$	171,915	$	152,933

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes On a continuing operations basis, the effective tax rates for the Company were 24.1% and (0.8)% for the three months ended June 30, 2024 and 2023, respectively. On a continuing operating basis, the effective tax rates for the Company were 22.9% and (0.3)% for the six months ended June 30, 2024 and 2023. Effective tax rates for the three and six months ended June 30, 2023 were impacted by a full valuation allowance against its deferred tax assets. During the fourth quarter of 2023, the Company noted that it was no longer in a cumulative three-year loss on a continuing operations basis, after excluding the effects of permanent book-tax differences. The absence of such negative evidence, coupled with its expectations for future taxable income generation, led to a change in the Company’s assessment of the realizability of its deferred tax assets. Consequently, effective tax rates for the three and six months ended June 30, 2024 were not influenced by a valuation allowance. Restricted stock vestings favorably impacted the effective tax rate for each of the three and six months ended June 30, 2024, partially offset by the executive compensation deduction limitation.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Revenue - Schedule of Revenue by Site Of Service (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue, Major Customer [Line Items]
Total	$ 87,207	$ 81,257	$ 171,915	$ 152,933
Hospital
Revenue, Major Customer [Line Items]
Total	47,382	46,588	91,139	88,758
Private Office
Revenue, Major Customer [Line Items]
Total	26,956	23,750	57,288	45,237
Other
Revenue, Major Customer [Line Items]
Total	$ 12,869	$ 10,919	$ 23,488	$ 18,938

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations for the periods presented have been included. The operating results for the three and six months ended June 30, 2024 and 2023 are not necessarily indicative of the results that may be expected for the full fiscal year. The balance sheet as of December 31, 2023 was derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the historical consolidated financial statements of the Company included in the 2023 Form 10-K.
Reclassifications	Reclassifications Current portion of long term debt of $1.0 million as of December 31, 2023, which was presented in other current liabilities in previously-issued financial statements, has been reclassified to be presented in a separate line item, still within current liabilities, in the June 30, 2024 balance sheet presentation.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of MiMedx Group, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation.
Use of Estimates	Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported consolidated statements of operations during the reporting period. Actual results could differ from those estimates. Significant estimates include estimated useful lives and potential impairment of property and equipment, estimates of impairment for goodwill and intangible assets, estimates of useful lives for intangible assets, estimates of loss for contingent liabilities, estimate of allowance for doubtful accounts, estimates of fair value and the probable achievement of share-based payments, estimates of returns and allowances, estimate of fair value of Profit Share Payments (as defined below), and valuation of deferred tax assets.
Intangible Assets, Net	Intangible Assets, Net Intangible assets are assets which lack physical substance and grant the Company with a legal right or are capable of being separated and sold. Intangible assets acquired outside of a business combination are capitalized based on the cost to acquire the assets, allocated pro rata based on the fair value of the individual assets acquired. Any contingent consideration issued in connection with the acquisition of assets is capitalized at the time at which all contingencies regarding its payment are resolved. The Company amortizes the capitalized cost of finite-lived intangible assets over a period generally reflective of the anticipated contributions to cash flow generation. Amortization of intangible assets is recorded as part of cost of sales or operating expenses in the unaudited condensed consolidated statements of operations depending on the nature of the underlying intangible asset and its use in the Company’s operations.
Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting: Improvements to Reportable Segment Disclosures (Topic 280)”. The standard improves disclosures about a public entity’s reportable segments and addresses requests from investors for additional, more detailed information about a reportable segment’s expenses. Additionally, ASU 2023-07 extends the disclosure requirements under Accounting Standards Codification (“ASC”) Topic 280 to entities with a single reportable segment. ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024. As of June 30, 2024, the Company is evaluating the impact of this standard on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Improvement to Income Tax Disclosures (Topic 740)”, which requires additional disclosures for income tax rate reconciliations, income taxes paid, and certain other tax disclosures. ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. Adoption is required for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures. All other ASUs issued and not yet effective as of June 30, 2024, and through the date of this report, were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s current and future financial position and results of operations.

Long Term Debt, Net - Schedule of Extinguishment of Debt (Details) - USD ($) $ in Thousands		6 Months Ended
	Jan. 19, 2024	Jun. 30, 2024	Jun. 30, 2023
Debt Disclosure [Abstract]
Unamortized deferred financing costs	$ 781
Unamortized original issue discount	120
Prepayment premium on Hayfin term loan	500
Loss on extinguishment of debt	$ 1,401	$ 1,401	$ 0

Accounts Receivable, Net (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivable, net, consisted of the following (in thousands):


	June 30, 2024		December 31, 2023
Accounts receivable, gross	$	56,067	$	57,015
Less: allowance for doubtful accounts	(3,269)		(3,144)
Accounts receivable, net	$	52,798	$	53,871

Schedule of Activity Related to the Allowance for Doubtful Accounts

Activity related to the Company’s allowance for doubtful accounts for the three and six months ended June 30, 2024 and 2023 were as follows (in thousands):


	2024		2023
Balance at January 1	$	3,144	$	3,783
Bad debt expense (reversal)	199		(60)
Write-offs	(77)		(122)
Balance at March 31	$	3,266	$	3,601
Bad debt expense	220		349
Write-offs	(217)		(1,754)
Balance at June 30	$	3,269	$	2,196

Revenue - Narrative (Details)	6 Months Ended
Revenue - Narrative (Details)	Jun. 30, 2024 service_site product_line
Revenue from Contract with Customer [Abstract]
Number of sites of service \| service_site	3
Number of product lines \| product_line	2

Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Finance lease right-of-use asset	$ 189	$ 189
Property and equipment, gross	27,615	27,002
Less: accumulated depreciation and amortization	(20,793)	(20,028)
Property and equipment, net	6,822	6,974
Laboratory and clean room equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	15,321	13,954
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,977	1,989
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,150	8,141
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,093	1,791
Asset retirement cost
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 885	$ 938

Accrued Expenses

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	June 30, 2024		December 31, 2023
Commissions to sales agents	$	3,068	$	4,136
Accrued rebates	1,327		745
Legal and settlement costs	1,483		834
Estimated sales returns	1,043		1,096
Accrued group purchasing organization fees	626		1,338
Accrued travel	858		433

Other	876		779
Accrued expenses	$	9,281	$	9,361

Accounts Receivable, Net - Schedule of Activity Related to the Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Allowance for Doubtful Accounts
Beginning balance	$ 3,266	$ 3,144	$ 3,601	$ 3,783	$ 3,144	$ 3,783
Bad debt expense (reversal)	220	199	349	(60)	419	289
Write-offs	(217)	(77)	(1,754)	(122)
Ending balance	$ 3,269	$ 3,266	$ 2,196	$ 3,601	$ 3,269	$ 2,196

Accounts Receivable, Net - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Accounts receivable, gross	$ 56,067		$ 57,015
Less: allowance for doubtful accounts	(3,269)	$ (3,266)	(3,144)	$ (2,196)	$ (3,601)	$ (3,783)
Accounts receivable, net	$ 52,798		$ 53,871

Long Term Debt, Net - Schedule of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Term loan \| Term Loan Facility and Hayfin Loan Agreement
Debt Instrument [Line Items]
Stated interest	$ 396	$ 1,505	$ 1,057	$ 2,956
Amortization of deferred financing costs	4	108	34	212
Accretion of original issue discount	11	17	24	33
Interest expense	411	$ 1,630	1,115	$ 3,201
Line of Credit \| Citizens Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Amortization of deferred financing costs	16		32
Accretion of original issue discount	42		84
Commitment fee	47		78
Interest expense	$ 105		$ 194

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	146,749,402	146,227,639
Common stock, shares outstanding (in shares)	146,749,402	146,227,639

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income from continuing operations	$ 26,682	$ 7,309
Adjustments to reconcile net income (loss) from continuing operations to net cash flows provided by operating activities from continuing operations:
Fair value of shares received in settlement of litigation	(9,300)	0
Share-based compensation	8,431	8,185
Change in deferred income taxes	7,337	0
Loss on extinguishment of debt	1,401	0
Depreciation	1,135	1,401
Amortization of intangible assets	761	380
Non-cash lease expenses	641	658
Bad debt expense	419	289
Other	507	289
Increase (decrease) in cash resulting from changes in:
Accounts receivable	654	(6,170)
Inventory	(3,604)	(3,633)
Prepaid expenses	1,594	3,632
Other assets	(1,464)	226
Accounts payable	(1,078)	263
Accrued compensation	(4,709)	77
Accrued expenses	751	239
Other liabilities	(1,436)	(578)
Net cash flows provided by operating activities from continuing operations	28,722	12,567
Net cash flows used in operating activities from discontinued operations	(930)	(8,840)
Net cash flows provided by operating activities	27,792	3,727
Cash flows from investing activities:
Consideration paid pursuant to TELA APA (Note 12)	(5,366)	0
Purchases of equipment	(1,249)	(932)
Patent application costs	(314)	(93)
Net cash flows used in investing activities	(6,929)	(1,025)
Cash flows from financing activities:
Proceeds from Citizens Revolving Credit Facility	30,000	0
Proceeds from Citizens Term Loan Facility	19,783	0
Prepayment premium on Hayfin term loan	(500)	0
Deferred financing cost	(1,101)	0
Repayment of Hayfin term loan	(50,000)	0
Repayment of Citizens Revolving Credit Facility	(30,000)	0
Principal payments on Citizens Term Loan Facility	(500)	0
Proceeds from exercise of stock options	1,010	20
Stock repurchased for tax withholdings on vesting of restricted stock	(2,501)	0
Principal payments on finance lease	(17)	(20)
Net cash flows used in financing activities	(33,826)	0
Net change in cash	(12,963)	2,702
Cash and cash equivalents, beginning of period	82,000	65,950
Cash and cash equivalents, end of period	$ 69,037	$ 68,652

Property and Equipment, Net

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net, consisted of the following (in thousands):


	June 30, 2024		December 31, 2023
Laboratory and clean room equipment	$	15,321	$	13,954
Furniture and equipment	1,977		1,989
Leasehold improvements	8,150		8,141
Construction in progress	1,093		1,791
Asset retirement cost	885		938
Finance lease right-of-use asset	189		189
Property and equipment, gross	27,615		27,002
Less: accumulated depreciation and amortization	(20,793)		(20,028)
Property and equipment, net	$	6,822	$	6,974

Inventory (Tables)

6 Months Ended

Jun. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following (in thousands):


	June 30, 2024		December 31, 2023
Raw materials	$	856	$	825
Work in process	9,909		8,521
Finished goods	14,291		11,675


Inventory	$	25,056	$	21,021

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Assets And Liabilities of the Discontinued Operations


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023


Selling, general and administrative expense	(4)		(29)		(4)		—
Research and development expense	—		4,825		(200)		7,837
Restructuring expense	—		3,255		—		3,255

Income (loss) from discontinued operations	$	4	$	(8,051)	$	204	$	(11,092)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 10
-Topic 360
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483475/205-20-45-11

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3A

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4A

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-4B

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5A

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5B

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5C

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-5D

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482099/360-10-50-3A

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 20
-Topic 205
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-1

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-3

+ Details

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Commissions to sales agents	$ 3,068	$ 4,136
Accrued rebates	1,327	745
Legal and settlement costs	1,483	834
Estimated sales returns	1,043	1,096
Accrued group purchasing organization fees	626	1,338
Accrued travel	858	433
Other	876	779
Accrued expenses	$ 9,281	$ 9,361

Net Income (Loss) Per Common Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

Net income (loss) per common share is calculated using two methods: basic and diluted.

Basic Net Income (Loss) Per Common Share


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income from continuing operations	$	17,621	$	9,251	$	26,682	$	7,309
Income (loss) from discontinued operations, net of tax	4		(8,051)		204		(11,092)
Net income (loss)	17,625		1,200		26,886		(3,783)

Accumulated dividend on previously converted Series B Preferred Stock	—		1,728		—		3,411




Net income available to common stockholders from continuing operations	$	17,621	$	7,523	$	26,682	$	3,898
Weighted average common shares outstanding	147,326,273		115,866,371		147,033,879		115,136,646
Basic net income (loss) per common share:
Continuing operations	$	0.12	$	0.07	$	0.18	$	0.04
Discontinued operations	0.00		(0.07)		0.00		(0.10)
Basic net income (loss) per common share	$	0.12	$	0.00	$	0.18	$	(0.06)

Diluted Net Income (Loss) Per Common Share

The following table sets forth the computation of diluted net income (loss) per common share (in thousands, except share and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income available to common stockholders from continuing operations	$	17,621	$	7,523	$	26,682	$	3,898
Adjustments:
Dividends on Series B Preferred Stock	—		1,728		—		3,411

Less: antidilutive adjustments	—		—		—		(3,411)
Total adjustments	—		1,728		—		—
Numerator
Net income available to common stockholders from continuing operations	17,621		9,251		26,682		3,898
Income (loss) from discontinued operations, net of tax	4		(8,051)		204		(11,092)
Weighted average shares outstanding	147,326,273		115,866,371		147,033,879		115,136,646
Adjustments:
Potential common shares (a)
Series B Preferred Stock	—		29,997,271		—		—
Restricted stock unit awards	1,076,243		943,659		1,635,983		674,215
Outstanding stock options	423,756		5,190		477,572		65
Performance stock unit awards	59,092		16,189		57,335		11,486
Employee stock purchase plan	12,556		—		6,243		2,870
Restricted stock awards	—		34,244		—		24,572
Total adjustments	1,571,647		30,996,553		2,177,133		713,208
Weighted average shares outstanding adjusted for potential common shares	148,897,920		146,862,924		149,211,012		115,849,854
Diluted net income (loss) per common share:
Continuing operations	$	0.12	$	0.06	$	0.18	$	0.04
Discontinued operations	0.00		(0.05)		0.00		(0.10)
Diluted net income (loss) per common share	$	0.12	$	0.01	$	0.18	$	(0.06)


	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
Series B Preferred Stock	—	—	—	29,559,946

Revenue - Schedule of Revenue by Product Type (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue, Major Customer [Line Items]
Total	$ 87,207	$ 81,257	$ 171,915	$ 152,933
Wound
Revenue, Major Customer [Line Items]
Total	57,547	53,318	114,595	98,526
Surgical
Revenue, Major Customer [Line Items]
Total	$ 29,660	$ 27,939	$ 57,320	$ 54,407

- Definition

+ References

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 17,625	$ 1,200	$ 26,886	$ (3,783)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Net Income (Loss) Per Common Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Series B Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares (in shares)	0	0	0	29,559,946

Supplemental Disclosure of Cash Flow and Non-cash Investing and Financing Activities (Tables)

6 Months Ended

Jun. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Disclosure of Cash Flow and Non-cash Investing and Financing Activities

Selected cash payments, receipts, and non-cash activities are as follows (in thousands):


	Six Months Ended June 30,
	2024		2023
Cash paid for interest	$	1,853	$	2,960
Cash paid for income taxes	1,979		210
Non-cash activities:
Fair value of shares received in settlement of litigation	9,300		—
Minimum Profit Share Payments pursuant to TELA APA	2,731		—
Right of use assets arising from operating lease liabilities	1,820		—
Issuance of shares pursuant to employee stock purchase plan	797		680
Purchases of equipment in accounts payable	—		252

Long Term Debt, Net - Narrative (Details)			6 Months Ended
Long Term Debt, Net - Narrative (Details)	Feb. 27, 2024 USD ($)	Jan. 19, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Proceeds from revolving credit facility			$ 30,000,000	$ 0
Proceeds from term loan			19,783,000	0
Repayments of term loan			50,000,000	0
Loss on extinguishment of debt		$ 1,401,000	1,401,000	0
Repayments of initial line of credit draw			30,000,000	$ 0
Citizens Credit Agreement \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 95,000,000
Citizens Credit Agreement \| Line of Credit \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		1.25%
Citizens Credit Agreement \| Line of Credit \| Minimum \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		2.25%
Citizens Credit Agreement \| Line of Credit \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		2.50%
Citizens Credit Agreement \| Line of Credit \| Maximum \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		3.50%
Citizens Credit Agreement \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 75,000,000
Line of credit facility, optional increase		$ 50,000,000
Line of credit facility, optional increase, EBITDA multiplier		1.00
Proceeds from revolving credit facility		$ 30,000,000
Repayments of initial line of credit draw	$ 30,000,000
Undrawn commitment fee percentage	0.25%
Citizens Credit Agreement \| Line of Credit \| Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		10,000,000
Citizens Credit Agreement \| Line of Credit \| Bridge Loan
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 10,000,000
Citizens Credit Agreement \| Line of Credit \| Bridge Loan \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		0.10%
Citizens Credit Agreement \| Line of Credit \| Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 20,000,000
Proceeds from term loan		$ 20,000,000
Fair value of term loan			$ 19,100,000
Citizens Credit Agreement \| Line of Credit \| Term Loan \| Debt Amortization, Year One
Debt Instrument [Line Items]
Interest rate		1.25%
Citizens Credit Agreement \| Line of Credit \| Term Loan \| Debt Amortization, Year Two
Debt Instrument [Line Items]
Interest rate		1.25%
Citizens Credit Agreement \| Line of Credit \| Term Loan \| Debt Amortization, Year Three
Debt Instrument [Line Items]
Interest rate		1.88%
Citizens Credit Agreement \| Line of Credit \| Term Loan \| Debt Amortization, Year Four
Debt Instrument [Line Items]
Interest rate		1.88%
Citizens Credit Agreement \| Line of Credit \| Term Loan \| Debt Amortization, Year Five
Debt Instrument [Line Items]
Interest rate		2.50%
Citizens Credit Agreement \| Line of Credit \| Term Loan \| SOFR Fallback Provision
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		0.10%
Citizens Credit Agreement \| Line of Credit \| Term Loan \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		1.25%
Citizens Credit Agreement \| Line of Credit \| Term Loan \| Minimum \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		2.25%
Interest rate, effective percentage (percent)			7.90%
Citizens Credit Agreement \| Line of Credit \| Term Loan \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		2.50%
Citizens Credit Agreement \| Line of Credit \| Term Loan \| Maximum \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)		3.50%
Hayfin Loan Agreement Term Loan \| Term loan
Debt Instrument [Line Items]
Repayments of term loan		$ 50,000,000

Long Term Debt, Net (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Extinguishment of Debt

The composition of the loss on extinguishment of debt was as follows (amounts in thousands):


	January 19, 2024
Unamortized deferred financing costs	$	781
Unamortized original issue discount	120
Prepayment premium	500
Loss on extinguishment of debt	$	1,401

Schedule of Original Discount and Deferred Financing Costs


	January 19, 2024
	Term Loan Facility		Revolving Credit Facility		Total
	Long term debt, net		Other assets
Original issue discount	$	224	$	839	$	1,063
Deferred financing costs	54		202		256

Schedule of the Balances of the Loan Facility and Agreement

The balances of the Term Loan Facility as of June 30, 2024 and the Hayfin Term Loan as of December 31, 2023 were as follows (in thousands):


	June 30, 2024				December 31, 2023
	Current portion of long term debt		Long term debt, net		Current portion of long term debt		Long term debt, net
Outstanding principal	$	1,000	$	18,500	$	1,000	$	49,000
Deferred financing costs	—		(47)		—		(781)
Original issue discount	—		(204)		—		(120)
Long term debt, net	$	1,000	$	18,249	$	1,000	$	48,099

Schedule of Interest Expense

Interest expense related to the Term Loan Facility and the Hayfin Term Loan included in interest expense, net in the unaudited condensed consolidated statements of operations, was as follows (amounts in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Stated interest	$	396	$	1,505	1,057		$	2,956
Amortization of deferred financing costs	4		108		34		212
Accretion of original issue discount	11		17		24		33
Interest expense	$	411	$	1,630	$	1,115	$	3,201


	Three Months Ended June 30,		Six Months Ended June 30,
	2024		2024
Commitment fee	$	47	$	78
Amortization of deferred financing costs	16		32
Accretion of original issue discount	42		84
Interest expense	$	105	$	194

Schedule of Principal Payments for the Term Loan Facility

A summary of principal payments due on the Term Loan Facility, by year, from June 30, 2024 through maturity are as follows (in thousands):


Year ending December 31,	Principal
2024 (excluding the six months ended June 30, 2024)	$	500
2025	1,000
2026	1,500
2027	1,500
2028	2,000
Thereafter	13,000
Outstanding principal	$	19,500

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Please see Note 2, Significant Accounting Policies, to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”), filed with the Securities and Exchange Commission (“SEC”) on February 28, 2024 for a description of all significant accounting policies. Basis of Presentation The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations for the periods presented have been included. The operating results for the three and six months ended June 30, 2024 and 2023 are not necessarily indicative of the results that may be expected for the full fiscal year. The balance sheet as of December 31, 2023 was derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the historical consolidated financial statements of the Company included in the 2023 Form 10-K. Reclassifications Current portion of long term debt of $1.0 million as of December 31, 2023, which was presented in other current liabilities in previously-issued financial statements, has been reclassified to be presented in a separate line item, still within current liabilities, in the June 30, 2024 balance sheet presentation. Principles of Consolidation The consolidated financial statements include the accounts of MiMedx Group, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. Use of Estimates GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported consolidated statements of operations during the reporting period. Actual results could differ from those estimates. Significant estimates include estimated useful lives and potential impairment of property and equipment, estimates of impairment for goodwill and intangible assets, estimates of useful lives for intangible assets, estimates of loss for contingent liabilities, estimate of allowance for doubtful accounts, estimates of fair value and the probable achievement of share-based payments, estimates of returns and allowances, estimate of fair value of Profit Share Payments (as defined below), and valuation of deferred tax assets. Intangible Assets, Net Intangible assets are assets which lack physical substance and grant the Company with a legal right or are capable of being separated and sold. Intangible assets acquired outside of a business combination are capitalized based on the cost to acquire the assets, allocated pro rata based on the fair value of the individual assets acquired. Any contingent consideration issued in connection with the acquisition of assets is capitalized at the time at which all contingencies regarding its payment are resolved. The Company amortizes the capitalized cost of finite-lived intangible assets over a period generally reflective of the anticipated contributions to cash flow generation. Amortization of intangible assets is recorded as part of cost of sales or operating expenses in the unaudited condensed consolidated statements of operations depending on the nature of the underlying intangible asset and its use in the Company’s operations. Recently Issued Accounting Standards Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting: Improvements to Reportable Segment Disclosures (Topic 280)”. The standard improves disclosures about a public entity’s reportable segments and addresses requests from investors for additional, more detailed information about a reportable segment’s expenses. Additionally, ASU 2023-07 extends the disclosure requirements under Accounting Standards Codification (“ASC”) Topic 280 to entities with a single reportable segment. ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024. As of June 30, 2024, the Company is evaluating the impact of this standard on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Improvement to Income Tax Disclosures (Topic 740)”, which requires additional disclosures for income tax rate reconciliations, income taxes paid, and certain other tax disclosures. ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. Adoption is required for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures. All other ASUs issued and not yet effective as of June 30, 2024, and through the date of this report, were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s current and future financial position and results of operations.

Significant Accounting Policies (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Other current liabilities	$ (2,070)	$ (2,894)
Current portion of long term debt	$ 1,000	1,000
Revision of Prior Period, Reclassification, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Other current liabilities		1,000
Current portion of long term debt		$ 1,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Supplemental Disclosure of Cash Flow and Non-cash Investing and Financing Activities

6 Months Ended

Jun. 30, 2024

Supplemental Cash Flow Elements [Abstract]

Supplemental Disclosure of Cash Flow and Non-cash Investing and Financing Activities

Selected cash payments, receipts, and non-cash activities are as follows (in thousands):


	Six Months Ended June 30,
	2024		2023
Cash paid for interest	$	1,853	$	2,960
Cash paid for income taxes	1,979		210
Non-cash activities:
Fair value of shares received in settlement of litigation	9,300		—
Minimum Profit Share Payments pursuant to TELA APA	2,731		—
Right of use assets arising from operating lease liabilities	1,820		—
Issuance of shares pursuant to employee stock purchase plan	797		680
Purchases of equipment in accounts payable	—		252

Long Term Debt, Net - Schedule of Principal Payments for the Term Loan Facility (Details) - Term Loan - Citizens Credit Agreement - Line of Credit $ in Thousands	Jun. 30, 2024 USD ($)
Debt Instrument [Line Items]
2024 (excluding the six months ended June 30, 2024)	$ 500
2025	1,000
2026	1,500
2027	1,500
2028	2,000
Thereafter	13,000
Outstanding principal	$ 19,500

Intangible Assets, Net - Schedule of Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Estimated future amortization expense [Abstract]
2024 (excluding the six months ended June 30, 2024)	$ 1,208
2025	1,883
2026	1,729
2027	1,728
2028	1,726
Thereafter	1,780
Total amortized intangible assets	$ 10,054	$ 3,167

Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued expenses consisted of the following (in thousands):


	June 30, 2024		December 31, 2023
Commissions to sales agents	$	3,068	$	4,136
Accrued rebates	1,327		745
Legal and settlement costs	1,483		834
Estimated sales returns	1,043		1,096
Accrued group purchasing organization fees	626		1,338
Accrued travel	858		433

Other	876		779
Accrued expenses	$	9,281	$	9,361

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 87,207	$ 81,257	$ 171,915	$ 152,933
Cost of sales	14,855	13,583	27,841	26,002
Gross profit	72,352	67,674	144,074	126,931
Operating expenses:
Selling, general and administrative	55,401	51,955	110,530	104,203
Research and development	3,012	3,672	5,852	7,156
Investigation, restatement and related	(9,701)	1,017	(9,390)	4,690
Amortization of intangible assets	190	191	379	380
Impairment of intangible assets	0	0	54	0
Operating income	23,450	10,839	36,649	10,502
Other expense, net
Interest income (expense), net	3	(1,630)	(1,687)	(3,184)
Other expense, net	(237)	(32)	(336)	(32)
Income from continuing operations before income tax provision	23,216	9,177	34,626	7,286
Income tax provision (expense) benefit from continuing operations	(5,595)	74	(7,944)	23
Net income from continuing operations	17,621	9,251	26,682	7,309
Income (loss) from discontinued operations, net of tax	4	(8,051)	204	(11,092)
Net income (loss)	17,625	1,200	26,886	(3,783)
Net income available to common stockholders from continuing operations	$ 17,621	$ 7,523	$ 26,682	$ 3,898
Basic net income (loss) per common share:
Continuing operations - basic (in dollars per share)	$ 0.12	$ 0.07	$ 0.18	$ 0.04
Discontinued operations - basic (in dollars per share)	0.00	(0.07)	0.00	(0.10)
Basic net income (loss) per common share (in dollars per share)	0.12	0.00	0.18	(0.06)
Diluted net income (loss) per common share:
Continuing operations- diluted(in dollars per share)	0.12	0.06	0.18	0.04
Discontinued operations- diluted (in dollars per share)	0.00	(0.05)	0.00	(0.10)
Diluted net (loss) income per common share (in dollars per share)	$ 0.12	$ 0.01	$ 0.18	$ (0.06)
Weighted average common shares outstanding - basic (in shares)	147,326,273	115,866,371	147,033,879	115,136,646
Weighted average shares outstanding - diluted (in shares)	148,897,920	146,862,924	149,211,012	115,849,854

Long Term Debt, Net - Schedule of Term Loan Facility Balances (Details) - Line of Credit - Citizens Credit Agreement - USD ($) $ in Thousands	Jun. 30, 2024	Jan. 19, 2024
Long term debt, net
Original issue discount		$ 1,063
Deferred financing costs		256
Term Loan
Long term debt, net
Original issue discount, noncurrent	$ 204	224
Deferred financing costs, noncurrent	47	54
Current portion of long term debt
Original issue discount, current	0
Deferred financing costs, current	$ 0
Revolving Credit Facility
Current portion of long term debt
Original issue discount, current		839
Deferred financing costs, current		$ 202

Supplemental Disclosure of Cash Flow and Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ 1,853	$ 2,960
Cash paid for income taxes	1,979	210
Non-cash activities:
Fair value of shares received in settlement of litigation	9,300	0
Minimum Profit Share Payments pursuant to TELA APA	2,731	0
Right of use assets arising from operating lease liabilities	1,820	0
Issuance of shares pursuant to employee stock purchase plan	797	680
Purchases of equipment in accounts payable	$ 0	$ 252

Net Income (Loss) Per Common Share - Schedule of Diluted Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income available to common stockholders from continuing operations	$ 17,621	$ 7,523	$ 26,682	$ 3,898
Adjustments:
Dividends on Series B Preferred Stock	0	1,728	0	3,411
Less: antidilutive adjustments	0	0	0	(3,411)
Total adjustments	0	1,728	0	0
Numerator
Net income available to common stockholders from continuing operations	17,621	9,251	26,682	3,898
Income (loss) from discontinued operations, net of tax	$ 4	$ (8,051)	$ 204	$ (11,092)
Weighted average shares outstanding (in shares)	147,326,273	115,866,371	147,033,879	115,136,646
Potential common shares
Total adjustments (in shares)	1,571,647	30,996,553	2,177,133	713,208
Weighted average shares outstanding adjusted for potential common shares (in shares)	148,897,920	146,862,924	149,211,012	115,849,854
Diluted net income (loss) per common share:
Continuing operations- diluted(in dollars per share)	$ 0.12	$ 0.06	$ 0.18	$ 0.04
Discontinued operations- diluted (in dollars per share)	0.00	(0.05)	0.00	(0.10)
Diluted net (loss) income per common share (in dollars per share)	$ 0.12	$ 0.01	$ 0.18	$ (0.06)
Series B Preferred Stock
Potential common shares
Stock-based awards (in shares)	0	29,997,271	0	0
RSU
Potential common shares
Stock-based awards (in shares)	1,076,243	943,659	1,635,983	674,215
Outstanding stock options
Potential common shares
Stock-based awards (in shares)	423,756	5,190	477,572	65
Performance stock unit awards
Potential common shares
Stock-based awards (in shares)	59,092	16,189	57,335	11,486
Employee stock purchase plan
Potential common shares
Stock-based awards (in shares)	12,556	0	6,243	2,870
RSA
Potential common shares
Stock-based awards (in shares)	0	34,244	0	24,572