MiMedx Group (MDXG) Q3 2026 earnings summary

Executive summary

• Q3 net sales fell 45.2% YoY to $62.3 million as Surgical growth was more than offset by a steep Wound decline tied to Medicare reimbursement changes.

• Mid-teens Surgical volume growth and cost reductions supported positive Adjusted EBITDA of $2.066 million; Sanara preparations continued amid an FTC second request.

Financial highlights

• Q3 net sales were $62.3 million versus $113.7 million YoY; gross profit was $49.7 million versus $95.0 million.

• GAAP operating loss was $11.7 million versus operating income of $22.2 million; net loss was $8.7 million versus net income of $16.7 million.

• Adjusted EBITDA was $2.066 million, or 3.3% of sales, versus $34.950 million, or 30.7%; Adjusted net loss was $1 million, or $0.01 per share.

• SG&A was $58.3 million, down 15.5% YoY, including $6 million of incremental legal, strategic and transaction costs; R&D was $2.8 million, down 24.5%.

• 9M sales were $185.6 million, down 38.2% YoY; net loss was $34.4 million versus net income of $33.4 million.

Outlook and guidance

• FY 2026 net sales guidance is $250 million-$260 million; Q4 Adjusted EBITDA is expected to improve modestly sequentially.

• Q4 expectations include high-single-digit YoY Surgical growth, mid-single-digit sequential Wound revenue growth and gross margin near Q3's 80%.

• Combined Sanara run-rate revenue is expected near $400 million with double-digit growth, $20 million-plus annual cost synergies and first-year Adjusted EBITDA margin of at least 20%; timing depends on closing.

• Longer-term expectations remain for low-double-digit annual net sales growth and Adjusted EBITDA margin above 20%.