0001376339-26-000031 | 10-Q | XBRL Viewer

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Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective tax rate	29.20%	18.50%

Accounts Receivable, Net

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Accounts Receivable, Net

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


	March 31, 2026		December 31, 2025
Accounts receivable, gross	$	55,572	$	84,410
Less: allowance for credit losses	(9,538)		(8,703)
Accounts receivable, net	$	46,034	$	75,707

Activity related to the Company’s allowance for credit losses for the three months ended March 31, 2026 and 2025 were as follows (in thousands):


Balance at December 31, 2025	$	8,703
Credit loss expense	1,464
Write-offs	(629)
Balance at March 31, 2026	$	9,538


Balance at December 31, 2024	$	3,132
Credit loss expense	742
Write-offs	—
Balance at March 31, 2025	$	3,874

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2026
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, 2025 (the “2025 Form 10-K”), filed with the Securities and Exchange Commission (“SEC”) on February 25, 2026 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 months ended March 31, 2026 and 2025 are not necessarily indicative of the results that may be expected for the full fiscal year. The balance sheet as of December 31, 2025 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 2025 Form 10-K. Principles of Consolidation The condensed 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 condensed consolidated financial statements and the reported condensed 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 of and the probable achievement of performance conditions associated with share-based payment awards, estimates of returns and allowances, estimate of fair value of the remaining Profit Share Payments (as defined below), determination of fair value of hybrid instruments valued under the Fair Value Option, and valuation of deferred tax assets. Recently Issued Accounting Standards Not Yet Adopted Accounting Standards Update 2024-04 - Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40),” which requires disaggregated disclosure of certain income statement expenses within the footnotes to the financial statements. ASU 2024-03 is intended to address requests from investors for more detailed information about the types of expenses in commonly presented expense captions such as cost of sales, selling, general and administrative expenses, and research and development. Adoption is required for annual periods beginning after December 15, 2026 and interim periods within annual periods beginning after December 15, 2027. The Company is currently evaluating the impact of this standard on its consolidated financial statements. All other ASUs issued and not yet effective as of March 31, 2026, 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.

Supplemental Disclosure of Cash Flow and Non-cash Investing and Financing Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ 318	$ 343
Cash paid for income taxes	15	23
Non-cash activities:
Issuance of shares pursuant to employee stock purchase plan	$ 835	$ 848

Long Term Debt, Net

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Long Term Debt, Net

Citizens Credit Agreement

On January 19, 2024, the Company entered into the Citizens Credit Agreement, which provided the Company with a $75.0 million Revolving Credit Facility and a $20.0 million Term Loan Facility. The Company had no outstanding borrowings under the Revolving Credit Facility as of March 31, 2026. The Term Loan Facility matures on January 19, 2029 (the “Maturity Date”).

Borrowings under the Citizens Credit Agreement 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%. The Term Loan Facility carried an interest rate of 6.0% as of March 31, 2026.

The noncurrent portion of the Term Loan Facility was $16.1 million and $16.5 million as of March 31, 2026 and December 31, 2025, respectively. The current portion of the Term Loan Facility was $1.5 million as of both March 31, 2026 and December 31, 2025.

Interest expense related to the Term Loan Facility included in interest income, net in the unaudited condensed consolidated statements of operations was $0.3 million and $0.4 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

Interest expense related to the Revolving Credit Facility included in interest income, net in the unaudited condensed consolidated statements of operations was $0.1 million for the three months ended March 31, 2026 and March 31, 2025

A summary of principal payments due on the Term Loan Facility, by year, from March 31, 2026 through maturity are as follows (in thousands):


Year ending December 31,	Principal
2026 (excluding the three months ended March 31, 2026)	$	1,125
2027	1,500
2028	2,000
2029	13,000
Outstanding principal	$	17,625

As of March 31, 2026, the fair value of the Term Loan Facility was $16.9 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 March 31, 2026 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.

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+ Details

Accounts Receivable, Net (Tables)

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Schedule of Accounts Receivable

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


	March 31, 2026		December 31, 2025
Accounts receivable, gross	$	55,572	$	84,410
Less: allowance for credit losses	(9,538)		(8,703)
Accounts receivable, net	$	46,034	$	75,707

Schedule of Activity Related to the Allowance for Doubtful Accounts

Activity related to the Company’s allowance for credit losses for the three months ended March 31, 2026 and 2025 were as follows (in thousands):


Balance at December 31, 2025	$	8,703
Credit loss expense	1,464
Write-offs	(629)
Balance at March 31, 2026	$	9,538


Balance at December 31, 2024	$	3,132
Credit loss expense	742
Write-offs	—
Balance at March 31, 2025	$	3,874

Long Term Debt, Net (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Principal Payments for the Term Loan Facility

A summary of principal payments due on the Term Loan Facility, by year, from March 31, 2026 through maturity are as follows (in thousands):


Year ending December 31,	Principal
2026 (excluding the three months ended March 31, 2026)	$	1,125
2027	1,500
2028	2,000
2029	13,000
Outstanding principal	$	17,625

Long Term Debt, Net - Schedule of Principal Payments for the Term Loan Facility (Details) - Line of Credit - Term Loan - Citizens Credit Agreement $ in Thousands	Mar. 31, 2026 USD ($)
Debt Instrument [Line Items]
2026 (excluding the three months ended March 31, 2026)	$ 1,125
2027	1,500
2028	2,000
2029	13,000
Outstanding principal	$ 17,625

- 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.

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+ Details

Accounts Receivable, Net - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Receivables [Abstract]
Accounts receivable, gross	$ 55,572	$ 84,410
Less: allowance for credit losses	(9,538)	(8,703)	$ (3,874)	$ (3,132)
Accounts receivable, net	$ 46,034	$ 75,707

Intangible Assets, Net - Schedule of Intangible Assets Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 24,826	$ 37,323
Accumulated Amortization	(12,799)	(24,206)
Net Carrying Amount	12,027	13,117
Indefinite-lived Intangible Assets [Line Items]
Intangible assets, gross carrying amount	25,939	38,364
Intangible assets, net carrying amount	13,140	14,158
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	105	33
Patents and know-how
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	10,666	10,666
Accumulated Amortization	(8,898)	(8,843)
Net Carrying Amount	1,768	1,823
Licenses
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,500	1,500
Accumulated Amortization	(424)	(188)
Net Carrying Amount	1,076	1,312
Supplier relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	12,660	12,660
Accumulated Amortization	(3,477)	(2,678)
Net Carrying Amount	9,183	9,982
Tradenames and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	0	12,497
Accumulated Amortization	0	(12,497)
Net Carrying Amount	$ 0	$ 0

Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials	$ 1,064	$ 1,221
Work in process	4,224	8,666
Finished goods	20,940	15,453
Inventory	$ 26,228	$ 25,340

Accounts Receivable, Net - Schedule of Activity Related to the Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Allowance for Doubtful Accounts
Beginning balance	$ 8,703	$ 3,132
Credit loss expense	1,464	742
Write-offs	(629)	0
Ending balance	$ 9,538	$ 3,874

Inventory

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Inventory

Inventory consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Raw materials	$	1,064	$	1,221
Work in process	4,224		8,666
Finished goods	20,940		15,453


Inventory	$	26,228	$	25,340

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

3 Months Ended

Mar. 31, 2026

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):


	Three Months Ended March 31,
	2026		2025
Cash paid for interest	$	318	$	343
Cash paid for income taxes	15		23
Non-cash activities:
Issuance of shares pursuant to employee stock purchase plan	835		848

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Commissions to sales agents	$ 4,450	$ 5,390
Accrued rebates	1,549	1,130
Estimated sales returns	942	2,435
Legal costs	2,717	978
Other	1,350	1,450
Accrued expenses	$ 11,008	$ 11,383

Net Income Per Common Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares (in shares)	1,710,992	0
Restricted stock unit awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares (in shares)	1,079,041	0
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares (in shares)	281,118	0
Performance stock unit awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares (in shares)	350,833	0

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Commissions to sales agents	$	4,450	$	5,390
Accrued rebates	1,549		1,130
Estimated sales returns	942		2,435
Legal costs	2,717		978



Other	1,350		1,450
Accrued expenses	$	11,008	$	11,383

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2026
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 months ended March 31, 2026 and 2025 are not necessarily indicative of the results that may be expected for the full fiscal year. The balance sheet as of December 31, 2025 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 2025 Form 10-K.
Principles of Consolidation	Principles of Consolidation The condensed 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 condensed consolidated financial statements and the reported condensed 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 of and the probable achievement of performance conditions associated with share-based payment awards, estimates of returns and allowances, estimate of fair value of the remaining Profit Share Payments (as defined below), determination of fair value of hybrid instruments valued under the Fair Value Option, and valuation of deferred tax assets.
Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet Adopted Accounting Standards Update 2024-04 - Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40),” which requires disaggregated disclosure of certain income statement expenses within the footnotes to the financial statements. ASU 2024-03 is intended to address requests from investors for more detailed information about the types of expenses in commonly presented expense captions such as cost of sales, selling, general and administrative expenses, and research and development. Adoption is required for annual periods beginning after December 15, 2026 and interim periods within annual periods beginning after December 15, 2027. The Company is currently evaluating the impact of this standard on its consolidated financial statements. All other ASUs issued and not yet effective as of March 31, 2026, 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.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

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+ Details

Property and Equipment, Net - Schedule of Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Property, Plant and Equipment [Abstract]
Depreciation Expense	$ 528	$ 558

Revenue - Narrative (Details)	Mar. 31, 2026 service_site
Revenue from Contract with Customer [Abstract]
Number of product lines	2

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

3 Months Ended

Mar. 31, 2026

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):


	Three Months Ended March 31,
	2026		2025
Cash paid for interest	$	318	$	343
Cash paid for income taxes	15		23
Non-cash activities:
Issuance of shares pursuant to employee stock purchase plan	835		848

Net Income Per Common Share - Schedule of Basic Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net (loss) income	$ (10,860)	$ 7,023
Weighted average common shares outstanding (in shares)	148,446,017	147,272,324
Basic net (loss) income per common share (in dollars per share)	$ (0.07)	$ 0.05

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

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

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+ Details

Segment Information - Schedule of Interest Expense and Interest Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting [Abstract]
Interest income	$ 1,288	$ 984
Interest expense	(402)	(478)
Interest expense, net	$ 886	$ 506

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rates for the Company were 29.2% and 18.5% for the three months ended March 31, 2026 and March 31, 2025, respectively. The increase in the effective tax rate for the three months ended March 31, 2026 was primarily due to the timing of stock-based compensation adjustments, partially offset by limits on the deductibility of executive compensation.

- Definition

The entire disclosure for income tax.

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+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	Apr. 23, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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		148,945,731
Entity Central Index Key	0001376339
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

Commitments and Contingencies (Details) - USD ($) $ in Millions		3 Months Ended
	Mar. 15, 2024	Mar. 31, 2026
TELA APA \| Research and Development Arrangement
Asset Acquisition [Line Items]
Payments made on long-term purchase commitment		$ 1.3
TELA APA
Asset Acquisition [Line Items]
Net sales over the period	2 years
Fair value of minimum contingent consideration		$ 1.3
Minimum \| TELA APA
Asset Acquisition [Line Items]
Contingent consideration	$ 3.0
Maximum \| TELA APA
Asset Acquisition [Line Items]
Contingent consideration	$ 7.0

Revenue

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Revenue

MIMEDX has two product categories: (1) 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, and (2) Wound, which reflects products

typically used in Advanced Wound Care settings, including the treatment of chronic, non-healing wounds. 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 March 31,
	2026		2025
Surgical	$	36,374	32,132
Wound	22,617		56,073
Net sales	$	58,991	$	88,205

The Company did not have significant foreign operations or a single external customer from which 10% or more of net sales were derived during the three months ended March 31, 2026 or 2025.

- 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.

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Revenue - Schedule of Revenue by Product Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue, Major Customer [Line Items]
Net sales	$ 58,991	$ 88,205
Surgical
Revenue, Major Customer [Line Items]
Net sales	36,374	32,132
Wound
Revenue, Major Customer [Line Items]
Net sales	$ 22,617	$ 56,073

- 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.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

Long Term Debt, Net - Narrative (Details) - USD ($)		3 Months Ended
Long Term Debt, Net - Narrative (Details) - USD ($)	Jan. 19, 2024	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Debt Instrument [Line Items]
Long term debt, net		$ 16,094,000		$ 16,467,000
Current portion of long term debt		1,500,000		1,500,000
Line of Credit \| Citizens Credit Agreement \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	1.25%
Line of Credit \| Citizens Credit Agreement \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	2.50%
Line of Credit \| Citizens Credit Agreement \| SOFR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	2.25%
Line of Credit \| Citizens Credit Agreement \| SOFR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	3.50%
Line of Credit \| Citizens Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 75,000,000.0
Outstanding borrowings		0
Interest expense		100,000	$ 100,000
Line of Credit \| Citizens Credit Agreement \| Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 20,000,000.0
Long term debt, net		16,100,000		16,500,000
Current portion of long term debt		1,500,000		$ 1,500,000
Interest expense		300,000	$ 400,000
Fair value of term loan		$ 16,900,000
Line of Credit \| Citizens Credit Agreement \| Term Loan \| SOFR
Debt Instrument [Line Items]
Interest rate, effective percentage (percent)		6.00%
Line of Credit \| Citizens Credit Agreement \| Bridge Loan \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (percent)	0.10%

Net Income Per Common Share - Schedule of Diluted Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net (loss) income	$ (10,860)	$ 7,023
Weighted average shares outstanding (in shares)	148,446,017	147,272,324
Potential common shares
Total adjustments (in shares)	0	2,405,128
Weighted average shares outstanding adjusted for potential common shares (in shares)	148,446,017	149,677,452
Diluted net (loss) income per common share (in dollars per share)	$ (0.07)	$ 0.05
Restricted stock unit awards
Potential common shares
Stock-based awards (in shares)	0	1,565,979
Outstanding stock options
Potential common shares
Stock-based awards (in shares)	0	598,798
Performance stock unit awards
Potential common shares
Stock-based awards (in shares)	0	230,549
Employee stock purchase plan
Potential common shares
Stock-based awards (in shares)	0	9,802

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

The Company determines its operating segments based on how the Chief Operating Decision Maker (“CODM”) reviews the business and makes resource allocation decisions. The Company concluded that Joseph Capper, the Company’s Chief Executive Officer, is the CODM.

The Company has a single operating segment, which has not been aggregated with other operating segments.

The CODM uses several measures of profit or loss to assess Company performance and allocate resources. Of these measures, net income is the measure that most aligns to GAAP. Other measures used by the CODM include adjusted earnings before interest, taxes, depreciation and amortization. The CODM assesses actual results against budgets and forecasts, and uses this information to inform various strategic investments into the Company’s operations, including headcount and compensation.

Each financial statement caption included on the condensed consolidated statements of operations reflects a significant segment expense evaluated by the CODM. In addition to this, the CODM also evaluates selling and marketing expense and general and administrative expense, both of which are components of selling, general, and administrative expense on the condensed consolidated statements of operations.

The below table presents selling and marketing and general administrative expense (amounts in thousands):


	Three Months Ended March 31,
	2026		2025
Selling and marketing	$	43,912	$	46,861
General and administrative	9,319		13,108
Selling, general and administrative	$	53,231	$	59,969

Below is a breakout of interest expense and interest income (amounts in thousands):


	Three Months Ended March 31,
	2026		2025
Interest income	$	1,288	$	984
Interest expense	(402)		(478)
Interest expense, net	$	886	$	506

To see depreciation expense, amortization expense, income tax expense, and significant noncash items for this segment please refer to Note 5, Property and Equipment, Net, Note 6, Intangible Assets, Net, Note 10, Income Taxes, Note 11, Supplemental Disclosure of Cash Flow and Non-cash Investing and Financing Activities, respectively.

The CODM is not provided and does not review segment assets at a different asset level or category than the presentation on the consolidated balance sheet.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Net Income Per Common Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic Net Income Per Common Share

The following table provides a reconciliation of net income from continuing operations and calculation of basic net income per common share for each of the three months ended March 31, 2026 and 2025 (in thousands, except share and per share amounts).


	Three Months Ended March 31,
	2026		2025


Net (loss) income	$	(10,860)	$	7,023







Weighted average common shares outstanding	148,446,017		147,272,324



Basic net (loss) income per common share	$	(0.07)	$	0.05

Schedule of Diluted Net Income Per Common Share

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


	Three Months Ended March 31,
	2026		2025









Net (loss) income	$	(10,860)	$	7,023
Weighted average shares outstanding	148,446,017		147,272,324
Adjustments:
Potential common shares
Restricted stock unit awards	—		1,565,979
Outstanding stock options	—		598,798
Performance stock unit awards	—		230,549
Employee stock purchase plan	—		9,802
Total adjustments	—		2,405,128
Weighted average shares outstanding adjusted for potential common shares	148,446,017		149,677,452



Diluted net (loss) income per common share	$	(0.07)	$	0.05

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

Weighted average common shares outstanding for the calculation of diluted net 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.


	Three Months Ended March 31,
	2026	2025
Restricted stock unit awards	1,079,041	—
Outstanding stock options	281,118	—
Performance stock unit awards	350,833	—
Potential common shares	1,710,992	—

Intangible Assets, Net

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

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


	March 31, 2026						December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets
Patents and know-how	$	10,666	$	(8,898)	$	1,768	$	10,666	$	(8,843)	$	1,823
Licenses	1,500		(424)		1,076		1,500		(188)		1,312
Supplier relationships	12,660		(3,477)		9,183		12,660		(2,678)		9,982
Tradenames and trademarks	—		—		—		12,497		(12,497)		—
Total amortized intangible assets	$	24,826	$	(12,799)	$	12,027	$	37,323	$	(24,206)	$	13,117

Unamortized intangible assets:
Tradenames and trademarks	$	1,008			$	1,008	$	1,008			$	1,008
Patents in Process	105				105		33				33
Total intangible assets	$	25,939			$	13,140	$	38,364			$	14,158

Segment Information - Schedule of Net Sales and Operating Income (Loss) by each Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting [Abstract]
Selling and marketing	$ 43,912	$ 46,861
General and administrative	9,319	13,108
Selling, general and administrative	$ 53,231	$ 59,969

- Definition

The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.

+ References + Details

Investments (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
Investments (Details) - USD ($) $ in Millions	Jan. 31, 2026	Jun. 30, 2025	Mar. 31, 2026
Vaporox Agreement
Asset Acquisition [Line Items]
Contingent consideration		$ 2.0
Asset acquisition, fair value			$ 2.1
Regen Lab USA LLC
Asset Acquisition [Line Items]
Contingent consideration	$ 5.0
Up-front cash payment	$ 5.0

Subsequent Events (Details) - Subsequent Event - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2026	Jun. 30, 2026
Subsequent Event [Line Items]
Lease term	11 years
Rent payments	$ 9.8
Forecast
Subsequent Event [Line Items]
Restructuring costs		$ 4.0
2026 Workforce Reduction \| Forecast
Subsequent Event [Line Items]
Reduction in force	15.00%

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 159,773	$ 166,121
Accounts receivable, net	46,034	75,707
Inventory	26,228	25,340
Other current assets	8,291	10,303
Total current assets	240,326	277,471
Property and equipment, net	4,756	4,713
Deferred tax asset, net	24,127	19,596
Goodwill	19,441	19,441
Intangible assets, net	13,140	14,158
Other assets	6,886	7,274
Total assets	308,676	342,653
Current liabilities:
Current portion of long term debt	1,500	1,500
Accounts payable	11,464	14,528
Accrued compensation	14,524	31,065
Accrued expenses	11,008	11,383
Other current liabilities	6,054	5,790
Total current liabilities	44,550	64,266
Long term debt, net	16,094	16,467
Other liabilities	5,096	5,372
Total liabilities	65,740	86,105
Stockholders' equity
Common stock; $0.001 par value; 250,000,000 shares authorized; 148,931,360 issued and outstanding at March 31, 2026 and 148,093,920 issued and outstanding at December 31, 2025	149	148
Additional paid-in capital	296,328	299,081
Accumulated deficit	(53,541)	(42,681)
Total stockholders' equity	242,936	256,548
Total liabilities and stockholders’ equity	$ 308,676	$ 342,653

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Net sales	$ 58,991	$ 88,205
Cost of sales	17,368	16,558
Gross profit	41,623	71,647
Operating expenses:
Selling, general and administrative	53,231	59,969
Research and development	4,140	3,328
Amortization of intangible assets	301	99
Operating income	(16,049)	8,251
Other expense, net
Interest income, net	886	506
Other expense, net	(168)	(145)
(Loss) income before income tax	(15,331)	8,612
Income tax provision	4,471	(1,589)
Net (loss) income	$ (10,860)	$ 7,023
Basic net (loss) income per common share (in dollars per share)	$ (0.07)	$ 0.05
Diluted net (loss) income per common share (in dollars per share)	$ (0.07)	$ 0.05
Weighted average common shares outstanding - basic (in shares)	148,446,017	147,272,324
Weighted average common shares outstanding - diluted (in shares)	148,446,017	149,677,452

Net Income Per Common Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Income Per Common Share

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

Basic Net Income Per Common Share


	Three Months Ended March 31,
	2026		2025


Net (loss) income	$	(10,860)	$	7,023







Weighted average common shares outstanding	148,446,017		147,272,324



Basic net (loss) income per common share	$	(0.07)	$	0.05

Diluted Net Income Per Common Share

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


	Three Months Ended March 31,
	2026		2025









Net (loss) income	$	(10,860)	$	7,023
Weighted average shares outstanding	148,446,017		147,272,324
Adjustments:
Potential common shares
Restricted stock unit awards	—		1,565,979
Outstanding stock options	—		598,798
Performance stock unit awards	—		230,549
Employee stock purchase plan	—		9,802
Total adjustments	—		2,405,128
Weighted average shares outstanding adjusted for potential common shares	148,446,017		149,677,452



Diluted net (loss) income per common share	$	(0.07)	$	0.05

(a) Weighted average common shares outstanding for the calculation of diluted net 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.


	Three Months Ended March 31,
	2026	2025
Restricted stock unit awards	1,079,041	—
Outstanding stock options	281,118	—
Performance stock unit awards	350,833	—
Potential common shares	1,710,992	—

Accrued Expenses

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accrued Expenses

Accrued expenses consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Commissions to sales agents	$	4,450	$	5,390
Accrued rebates	1,549		1,130
Estimated sales returns	942		2,435
Legal costs	2,717		978



Other	1,350		1,450
Accrued expenses	$	11,008	$	11,383

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Cost Reduction Initiative In April 2026, the Company announced a cost reduction initiative intended to streamline operations and reduce operating expenses in response to a slower‑than‑expected recovery in the Wound Care market following the implementation of the January 1, 2026 Medicare reimbursement changes. These actions included a reduction in force affecting approximately 15% of the Company’s workforce. The Company expects to incur one-time expenses of approximately $4 million during the second quarter of 2026 related to these actions. Town Park Lease Amendment In April 2026, the Company amended its lease agreement related to one of its manufacturing facilities in Kennesaw, Georgia. The amendment provides for additional space and extends the existing lease term by 11 years through January 2038. Over the extended term of the lease, the Company will pay $9.8 million in rent payments.

Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 28,616	$ 28,211
Less: accumulated depreciation and amortization	(23,860)	(23,498)
Property and equipment, net	4,756	4,713
Laboratory and clean room equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	15,685	15,739
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,966	2,008
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,957	8,977
Construction in progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,124	612
Asset retirement cost
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 884	$ 875

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Net Sales and Segment Contribution for Each Reportable Segment

The below table presents selling and marketing and general administrative expense (amounts in thousands):


	Three Months Ended March 31,
	2026		2025
Selling and marketing	$	43,912	$	46,861
General and administrative	9,319		13,108
Selling, general and administrative	$	53,231	$	59,969

Below is a breakout of interest expense and interest income (amounts in thousands):


	Three Months Ended March 31,
	2026		2025
Interest income	$	1,288	$	984
Interest expense	(402)		(478)
Interest expense, net	$	886	$	506

Property and Equipment, Net

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

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


	March 31, 2026		December 31, 2025
Laboratory and clean room equipment	$	15,685	$	15,739
Furniture and equipment	1,966		2,008
Leasehold improvements	8,957		8,977
Construction in progress	1,124		612
Asset retirement cost	884		875

Property and equipment, gross	28,616		28,211
Less: accumulated depreciation and amortization	(23,860)		(23,498)
Property and equipment, net	$	4,756	$	4,713

Depreciation expense was the following (in thousands):


	Three Months Ended March 31,
	2026		2025
Depreciation Expense	$	528	$	558

Nature of Business	3 Months Ended
Nature of Business	Mar. 31, 2026
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 Surgical and Wound 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.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net (loss) income from operations	$ (10,860)	$ 7,023
Adjustments to reconcile net (loss) income to net cash flows provided by operating activities
Depreciation and amortization	1,617	3,203
Credit loss expense	1,464	742
Non-cash lease expenses	330	307
Share-based compensation	(1,696)	4,262
Deferred income taxes	(4,531)	621
Other	118	166
Increase (decrease) in cash resulting from changes in:
Accounts receivable	28,209	(7,203)
Inventory	(889)	(263)
Other assets	2,012	(1,032)
Accounts payable	1,936	1,460
Accrued compensation	(15,706)	(4,073)
Accrued expenses	(375)	(73)
Other liabilities	250	159
Net cash flows provided by operating activities	1,879	5,299
Cash flows from investing activities:
Cash paid for acquisitions	(5,000)	0
Purchases of equipment	(570)	(377)
Patent application costs	(72)	(29)
Net cash flows used in investing activities	(5,642)	(406)
Cash flows from financing activities:
Stock repurchased for tax withholdings on vesting of restricted stock	(1,901)	(2,458)
Principal payments on Citizens Term Loan Facility	(375)	(250)
Cash paid for Profit Share Payment (Note 12)	(309)	(170)
Net cash flows used in financing activities	(2,585)	(2,878)
Net change in cash	(6,348)	2,015
Cash and cash equivalents, beginning of period	166,121	104,416
Cash and cash equivalents, end of period	$ 159,773	$ 106,431

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
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)	148,931,360	148,093,920
Common stock, shares outstanding (in shares)	148,931,360	148,093,920

Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets Activity Summary - Indefinite-lived

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


	March 31, 2026						December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets
Patents and know-how	$	10,666	$	(8,898)	$	1,768	$	10,666	$	(8,843)	$	1,823
Licenses	1,500		(424)		1,076		1,500		(188)		1,312
Supplier relationships	12,660		(3,477)		9,183		12,660		(2,678)		9,982
Tradenames and trademarks	—		—		—		12,497		(12,497)		—
Total amortized intangible assets	$	24,826	$	(12,799)	$	12,027	$	37,323	$	(24,206)	$	13,117

Unamortized intangible assets:
Tradenames and trademarks	$	1,008			$	1,008	$	1,008			$	1,008
Patents in Process	105				105		33				33
Total intangible assets	$	25,939			$	13,140	$	38,364			$	14,158

Inventory (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventory consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Raw materials	$	1,064	$	1,221
Work in process	4,224		8,666
Finished goods	20,940		15,453


Inventory	$	26,228	$	25,340

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Profit Share Payments 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. Pursuant to the TELA APA, the Company is required to make 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. The company’s remaining obligation of Profit Share Payments to TELA as of March 31, 2026 was $1.3 million. As of March 31, 2026, the fair value for the minimum amount of Profit Share Payments was $1.3 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. This amount is reflected as part of other current liabilities in the unaudited condensed consolidated balance sheet. 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 March 31, 2026 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 18, “Commitments and Contingencies” in the 2025 Form 10-K. In accordance with applicable accounting guidance, the Company accrues a liability when those matters present loss contingencies that are both probable and estimable. The following is a description of certain litigation and regulatory matters to which the Company is a party: AXIOFILL The Company received a Warning Letter from the FDA on December 21, 2023, relating to the inspections and classification of 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. On March 25, 2024, MIMEDX filed suit in the U.S. District Court for the Northern District of Georgia alleging violations of the Administrative Procedure Act and asking the Court to vacate FDA’s designation, declare FDA’s designation as arbitrary, capricious, an abuse of discretion, and contrary to law, and declare that AXIOFILL meets the criteria to be regulated under Section 361 of the Public Health Services Act. The parties each filed motions for summary judgment in the case. On September 25, 2025, the court denied both summary judgment motions without prejudice and requested additional briefing, which occurred on January 30, 2026

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

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


	March 31, 2026		December 31, 2025
Laboratory and clean room equipment	$	15,685	$	15,739
Furniture and equipment	1,966		2,008
Leasehold improvements	8,957		8,977
Construction in progress	1,124		612
Asset retirement cost	884		875

Property and equipment, gross	28,616		28,211
Less: accumulated depreciation and amortization	(23,860)		(23,498)
Property and equipment, net	$	4,756	$	4,713

Schedule of Depreciation

Depreciation expense was the following (in thousands):


	Three Months Ended March 31,
	2026		2025
Depreciation Expense	$	528	$	558

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock Issued	Additional Paid - In Capital	Accumulated Deficit
Balance beginning of period (in shares) at Dec. 31, 2024		146,932,032
Balance, beginning of period at Dec. 31, 2024	$ 193,107	$ 147	$ 284,219	$ (91,259)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense reversal	4,259		4,259
Employee stock purchase plan (in shares)		149,457
Employee stock purchase plan	848		848
Issuance of restricted stock, net (in shares)		526,133
Issuance of restricted stock, net	(2,461)	$ 1	(2,462)
Net (loss) income	7,023			7,023
Balance end of period (in shares) at Mar. 31, 2025		147,607,622
Balance, end of period at Mar. 31, 2025	$ 202,776	$ 148	286,864	(84,236)
Balance beginning of period (in shares) at Dec. 31, 2025	148,093,920	148,093,920
Balance, beginning of period at Dec. 31, 2025	$ 256,548	$ 148	299,081	(42,681)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation expense reversal	(1,687)		(1,687)
Employee stock purchase plan (in shares)		192,278
Employee stock purchase plan	835		835
Issuance of restricted stock, net (in shares)		645,162
Issuance of restricted stock, net	(1,900)	$ 1	(1,901)
Net (loss) income	$ (10,860)			(10,860)
Balance end of period (in shares) at Mar. 31, 2026	148,931,360	148,931,360
Balance, end of period at Mar. 31, 2026	$ 242,936	$ 149	$ 296,328	$ (53,541)

- Definition

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

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Revenue (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

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


	Three Months Ended March 31,
	2026		2025
Surgical	$	36,374	32,132
Wound	22,617		56,073
Net sales	$	58,991	$	88,205

Investments	3 Months Ended
Investments	Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
Investments	Investments Vaporox Agreement Late in the second quarter of 2025, the Company entered into a Convertible Note Purchase Agreement (the “Vaporox Note”) with Vaporox, Inc.(“Vaporox”) for $2.0 million. The note matures in the second quarter of 2028, and contains certain contingent conversion features upon the occurrence of specified events. The Vaporox Note was funded early in the third quarter of 2025. The Company elected to account for the Vaporox Note pursuant to the Fair Value Option guidance prescribed by Accounting Standards Codification (“ASC”) Topic 825. Management chose this optional guidance for ease of calculation. This requires the Company to measure the Fair Value of the Vaporox Note, in its entirety, at each reporting date. As a result of electing the fair value option, direct costs and fees related to the Vaporox Note are expensed as incurred. As of March 31, 2026, the fair value of the note was $2.1 million, and was estimated using relevant valuation techniques and a series of Level 3 inputs. Regen Lab In December 2025, MiMedx entered into a Distributorship Agreement (the “Regen Agreement”) with Regen Lab USA LLC (“Regen Lab”), which provides the Company with the exclusive right to distribute their RegenKit®-Wound Gel in the United States. The Regen Agreement was accounted for as an acquisition of assets. All costs of acquisition were allocated to the distributorship agreement and is reflected as a component of intangible assets, net, in the unaudited condensed consolidated balance sheet as of March 31, 2026. In satisfaction of the obligation created by the Regen Agreement, the Company paid Regen Lab an up-front payment of $5.0 million during January 2026. In addition, the Company may be required to pay up to an additional $5.0 million in contingent consideration upon achievement of cumulative revenue milestones specified in the Regen Agreement.