MiMedx Q3 Sales Fall 45% to $62M; Adjusted EBITDA Turns Positive, 2026 Outlook Set at $250-260M
MDXG sits 22% above its 52-week low of $3.025.
Summary
MiMedx posted Q3 net sales of $62M, down 45% year over year as Wound sales fell 71%, but Surgical grew 9% and Adjusted EBITDA turned positive at $2.1M. The company guided 2026 sales to $250-260M and ended the quarter debt-free with $121M in cash while the Sanara deal awaits FTC clearance.
Key Events · Earnings and Guidance · MDXG
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Q3 Sales Drop 45% to $62M
Net sales came in at $62.283M versus $113.725M a year earlier; Wound fell 71% to $22.323M on Medicare reimbursement changes, while Surgical rose 9% to $39.960M and now represents 64% of sales.
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Adjusted EBITDA Turns Positive
Adjusted EBITDA was $2.066M (3.3% margin) versus $34.950M a year ago, a $10M sequential improvement; GAAP net loss narrowed to $8.683M (-$0.06/share) from $14.8M in Q2.
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2026 Guidance Set at $250-260M
Full-year 2026 net sales are guided to $250-260M, with Q4 Adjusted EBITDA expected to rise sequentially from Q3.
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Debt Repaid, $121M Cash
The remaining $17M term loan was repaid, leaving $121M of cash and no debt outstanding as of September 30.
Analysis · MDXG · Industrial Applications And Services
The Wound franchise is collapsing—down 71% to $22.3M after the January 2026 Medicare reimbursement reset—but Surgical grew 9% to $40.0M and now accounts for 64% of sales, while cost cuts pushed Adjusted EBITDA back to positive $2.1M from a $17.6M nine-month loss. MiMedx also collected the first $5M of a $25M patent license and repaid its remaining $17M term loan, leaving $121M of cash and no debt. The swing factor remains the $350M Sanara acquisition, stuck in an FTC Second Request; management says it is still committed, and the $300M Hayfin term loan is tied to closing.
How filings like this one have moved
In the 30 days to Oct 29, 2026, 31% of the 1656 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.01%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, MDXG was trading at $3.70 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $575.8M. The 52-week trading range was $3.03 to $7.97. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.