Earnings call transcript Q3 2022

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Operator

Good afternoon and thank you for standing by. Welcome to the MiMedx Third Quarter 2022 Operating and Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation.

As a reminder, this conference is being recorded.

to conference like host to now Mr. today, would turn over the your I of for Investor Head Notarianni, Matt Relations MiMedx. Thank you.

You may begin.

Matt Notarianni

Thank Stein. Welcome and Rohit Regenerative to Chief Financial operating good Surgical, Interim Chief afternoon Dr. third call Pete Todd on and Dr. conference Medicine, XXXX Newton; Officer, me results and you, quarter President, financial Carlson; are Kashyap; With today's Officer, and Executive the Robert Latonya, MiMedx call. everyone. President, Wound

simultaneously are displaying that part of we As webcast, follow. can slides today's you

You these mimedx.com. the highlights remarks dHACM Kashyap our quarter micronized Dr. some slides be of provide website trial and Knee can the from access Dr. will operating the with Todd a Stein Relations program. Investor and for about our Todd, conclusion will remarks, for Todd your questions. will Pete, at financial clinical results conclude of available Osteoarthritis and At Pete and the summary

competition, our factors. our those like results future results those to Before will are margin, and FDA we the market including our many growth, sizes, clinical number expectations customers, other actual products would sizes statements, review I a delays, anticipated expected sales timing unforeseen trials, and of will materially results access risks submissions include to may and factors. uncertainties, interpretation differ factors, and begin, you from of and to circumstances due Actual and results, market to clinical FDA lines reviews. depend for and comments of statements on future trials for time forward-looking subject These our today including regarding potential that and remind

website comments Form to at include our report our include outcomes in available non-GAAP measures reconciliation impact which described section Risk press we and Also, on quarterly and on GAAP financial could that reports on our measures of our the a release, XX-Q. those Form is our factors provide our today www.mimedx.com. Factors and results annual XX-K Additional in

With to to the turn over that, pleased call Newton. Todd I'm Todd? now

Todd Newton

was my good with and first and then Matt, being begin day you, On With assessment with quarter this we'll company, move observations third I team in to this call days Thanks, of first our my company, and I my focus now on fundamentals. afternoon the told is will XX a and our to which our strength we combine through people performance. everyone. ago, renewed my capacity, executive which needed its key products four current with of

efforts the but and from that and because a focus to success. elect to innovations sense are growth. growth admittedly growth last, of an in are of the equity growth, our next operate, urgency top to both easy achieve. future These are so these deliver and to with means balance improve commodities. basics of that prioritized, in our these margin not operating manage and the And to productive and sheet cash precious capital line exceeds are look, mindset with aren't they're the that on complicated, lifeblood underlying where markets ensure our further rate R&D pursued have activities year-over-year invest profitability we One the to the we attitude Then year-over-year

how let you see Now business. our I tell me

technology by transitioned potential and within expanding to operating a Wound placental surgical our has and healing call and business vertical care which the attractive gross margins recovery and growth to flow. use and meet margins stage single the products good wound needs the future to potential, cash strong surgical, generate historically the very surgical of a products successfully commercial derived business, a Our wound we has being vertical two from business setting.

has business, with EpiFix the Japan. changing upcoming launch this historically surgical a and in Additionally, of soon domestic wound and been is

pretty for high need underway expenses, of operating working our our corporate in leverage simply is to more I realize. that too leadership our business. size have have now front the and team embraced set put I of to in However, team they the profitability our for of is gain have are straightforward. management of and terms goal The We two level challenges spend

is of and segment revenue long business of If One with contribution XX% do million approaching annual are the segment margin unit wound $XXX rate, to cash to sales. generating our improve our this be XXXX. targeted we combined to by could able end term surgical this growth

back expense The a to overhead. We push our corporate percentage as to goes sales below need XX%. second corporate of challenge down

October in bringing our step we early overhead an restructured corporate on This expense will $X million executive annual reduce corporate down, basis. resulted support a in in annual step corporate which by initial headcount. As certain in functions expense nearly first reduction a small

implementing development evaluate We will be as we further profitability. have continue research and priorities. cost our We two and improvements to currently structure

second new treatment the is as well And first controlled in to introduced soon will or wound as products practical well-designed registrational OA. micronized of our knee the introduce two a the of clinical what I I'll The more as to September. products continue about shortly. such speak osteoarthritis program study and knee in to as knee refer use OA the the product for status innovative and start is we surgical into to today

one our very stress. important I As is balance aspect sheet, review there to

Japan OA any comfortable and aren't knee cash our other initiatives wound because Therefore, cash program stability from raise funding not a markets are today the and capital capital do capital. when make our of pipeline surgical are facing flow that to or fortunate achieve growth looming we time at the checks as We we other the volatile anticipated have companies such including and many to goals. existing us from R&D overhangs for business. feel need financial require this do resulting additional the commitments Our write not foresee and to their need to

variety AmnioEffect, the thicker tri-layer we AxioFill, our will including characteristics, we've We handling and in third in transition to now Let's bolster With to which a a seen same allograft including offers cord quarter. anticipate in our sizes, as sutures, handling the need momentum surgeons a products the two superior products of many added in procedures. market. recovery capability attractive properties the placental is many new suture which that to wide of AmnioEffect users launched based sizes. larger allograft in can different place offer surgical the often AmnioEffect September, come surgical with

pressure a shapes, or can user size, detractive oxygen makes applied versatile. early product of AxioFill hyperbaric be for which and or For as varying wounds it negative therapy a it's well as compatible paste, very complex therapy. the wide feedback depth confirmed a is has that as as of particulate range It wound surgical with

diabetic in we use. reimbursement in September, venous posted for Japan received in the our Since refractory hard-to-heal is approval positive treatment patients Also, decision rate reimbursement with reimbursement lower very physicians The adoption a and extremity treated the EpiFix or for first attractive the and decision Japan should clinician ulcers. and product have support of EpiFix.

of anticipate to and our amniotic product addressable market size. our by to on new cleared distributor estimate starting Japan XXXX complete Japan the growth a this operating the physician focus XXXX. top source and in well couple market tissue for a overall awareness million EpiFix be margins be line we will as first accretive education next in-country as that and good only market in and is Over revenue months, in $XXX profitable will a generating attractive be and we around of contracting. use standalone represents

July seasonal than to quarter restrictions normal August COVID-XX of to turning temporary. combined during resulted results, now negatively to sales procedure a the pause and than the were was in impact higher rebounded September, travel impact July revenues that These well our And in as in in indicating and normal demand our months. on growth higher But August summer vacation third volumes. financial product very softer the us seasonal easing activity and

while X.X% third quarter cells and X.X%. sales the over by Overall, grew year, brew quarter surgical wounds third by last

to So quarter. I'm the call being this along our turn segment over results quarterly going reporting discuss to introduced to Pete? Pete further specifics of the with now

Pete Carlson

And Thank good you, everyone. Todd. afternoon

wound regenerative a referenced This and third medicine Other. in corporate isolate reminder, a methodology And reporting cash us clinical and specified, generation by transparently profit this more & we making highlight Surgical, has flow third company expenses. results results quarter osteoarthritis reduce advance registration. financial and As program Wound remarks reporting knee Beginning are comparison Medicine the overall business versus surgical to unit, otherwise clearly are XXXX XXXX the quarter quarter, the and enables Todd the are of specific outlined all to to the investments in we the basis. BLA prepared Corporate on my for Regenerative opportunity unless toward business demonstrate

performance segment We operating as income, investigation expenses consistent using related restatement are and metric. excluding a

two for and I trends believe financial key results easier understand related now reasons. are to our

for the products First, and of enforcement the behind is of comparisons. our period XXX year-over-year the impact of longer Section no FDA's us end affects our discretion

reporting into new forward. by provides structure the company visibility investments to information cost of moving our business improve look as units Second, profitability we defined and our greater the financial

Traditionally Segment. within and product walk in with from details some year wound that specific virtually generated for Japan upcoming sold I'll of segment. a Note, and the through sales. results XXXX within the Let reflected take Section end is Medicine from prior the be moment related XXX what of domestic current the of the to to sales each sales prior me products for discretion in here. enforcement revenue reflects reflected included Regenerative all will surgical. start costs launch of EpiFix This are

our as support development include to Wound to operating and the expenses surgical related well business. operations expenses research development as cost and new initiatives product this commercial of

to our reflects this Next, program knee Regenerative registration. moving costs towards our with osteoarthritis associated Medicine segment, progressing all BLA

dental is a reflected I products to that other essentially else. here are highlight the net and corporate will sales distributor. sold everything single Lastly,

requirements and cancelled the next of our that contract delivery final expect second have year. in sometime meet to quarter We

reflects Recovery the results of quarter million, recorded and AmnioEffect our results, [indiscernible]. for X.X% increase. now third growth Transitioning market, a early of earlier, mentioned Todd the including sales third in the from increase quarter wound our net as surgical This $XX.X Surgical recent and to products of we launches

$X.X $XX.X by was production to increased Gross million. lower compared Gross margin million XX.X%, profit reflecting levels. XX.X% of

current Selling, administrative and quarter. to in higher to $XX.X commissions the compared the travel higher in $XX.X XXXX, sales place sales agents expenses increased compared expenses through change travel were million This and on general million. restrictions throughout COVID-related reflects

with company's current severance associated market to strategic expenses Additionally, as assessments expense part of related planning includes the conducted quarter CEO and our former consulting net process. the

with along of costs, trial and primarily with our knee in were higher related expenses clinical osteoarthritis increase units connected and This research $X both spans development AxioFill. surgical business and and increase our to clinical investments testing of AmnioEffect to program, the and Our and million medicine regenerative XX%. efforts development research wound launches

to compared million. million restatement and $X.X $X.X related decreased Investigation, expenses slightly to

loss $X.X Net a $X.X loss million. compared to was of million net

of $X was gain compared EBITDA a a Adjusted $XXX,XXX loss to of million.

As as of $XX.X to $XX.X company to compared cash million The XXXX, XX, XX, cash September million December of XX, of and had XXXX. as XXXX. million June of and equivalents $XX.X

expect to need for reemphasize to XXXX. the be for in financing. external to the in full that continue both invest capitalized we cash And want surgical We regenerative business, to medicine flow across year I and wound well free the importantly, and neutral remain without

outlook, to reflects expect to we year-over-year and X% be million sales growth of revenue fourth to a $XX in quarter XX%. which between net Looking range million, $XX

continuing net million result of our million over XXXX For XX% portfolio would $XXX of XX% or year sales this to sales XXXX, in net and products. $XXX of the between growth full

reporting financial this the achieve believe business, we cash potential, unit into generation the the we flow the have we investments and to making closing, visibility business the objectives opportunities in potential profitability are company's by provides underscores outlined. In Todd highlights

back call Todd. to the turn now will Todd? I

Todd Newton

FDA some [indiscernible] On B patient particularly has program, had input. soliciting to our engaged important questions upcoming around seek the activity meeting included we the first, on currently with [indiscernible] the we protocol Pete. Thanks, Recent dosage. for FDA our following: are trial, actively their registrational Type input

further described also the in and CMC proposed and prevent otherwise to issue recurring the actions clinical control We was root that cause readout with manufacturing study filed called protocol proposed experienced submitted study. we in review, or related FDA potency of this detail two registrational the Xb chemistry to for time amendments FDA in Phase for from corrective clinical next that our our next the the in study Xb loss the over study

quickly working this addressing So at study registrational In with as bids, activities, on where is as We’re as moment the also our we patient are protocol. other preparing FDA site readying study currently? selection parallel, investigational several and comments product such aim the begin enrollment possible. team to through all

studies first to not as we’ll the is of our of sense subject The their work comments, the to enrollment and but It feasible. review desire start. to can FDA’s when patient year, may treated better is have this through that certainly our dialogue, have responses timing we this a calendar be enrollment

priority NeoA program any us investment. for is to continued event, protocol. our is to of and lockdown to Management In this believe our focus Board and one number certain continued worthy

Our dHACM NeoA. clear shown has the efficacy micronized product treatment of of signals in

practices our Xb its who positions primary were world practice daily the when the the the period clinical results. million on prior of endpoints, in enforcement Phase it was end a not Over we to discretion sold saw back their this in we And more product saw a in to And product vials market. number while signal of meet from patients in study efficacy over liked first did clinical their real quarter publish XXX treated. this satisfied decade a of enough practical – signal a the used of than

FDA our for benefit well-controlled micronized a this. forward, run product a our need we understanding undervalued our prove asset, helping but will it on increased With registrational us NeoA take an believe just the product, to will of our significantly clinical to a of ongoing time be research to We prove scientific navigate and leading also interaction path study. trial organization

value potential Our and produce our also significant address micronized the help population the growing has large a and shareholders. dHACM patient has unmet product need potential substantial and to to this for

the we fundamentals dedicated first about various commercial wound comment of our in a pipeline for a strong we this We business. in of further Q&A, offering final pause our grow organization I believe and and has surgical expand across but helping are have MiMedx a products to and will ideas developing settings business the a moment product country. use

soon, include this Japan. will And

enforcement care office competitors over rule products this their using not allowed promote seen and we financial two to aggressively list. physicians making years, reimbursement setting, when that for the especially wound However, in especially have competitors’ are for a price products, poor environment CMS poor private by in the characterized to on incentives has return

had office in on proposed in impact setting. price private reimbursement are private market on our lacks This has had office environment put CMS our rules forth the Since list. share the change In Town a previously community. an proposed CMS take at products announced beginning these the just CMS from the to early further just plans to XXXX effect XXXX. rules and discuss to yesterday reimbursement feedback hold of Hall Meeting the to

take learn still the this new there At favor. considering will in And was pleased of XXXX were office. to expect the point, aspects we we CMS proposal yesterday for not private CMS We rules the in still look, were feedback. effect are

price all competition take we steps their list. the that However, needs on advocated have to fair including strongly promote publishing to and immediate of CMS substitute reimbursement, products skin

office private impact playing our service. competitive of hopeful the private in it when important so, re-level are office and address We field side this If new position the this. published rules would we’ll positively

new Of rule any always as course, uncertainty. there’s with

will have of as and to with been in CMS any continue rule. is ensure order our engaged be We considered final feedback part to

do wound In to and and already business. surgical stock sales This as we a strong the to we work percentage believe and We reduce are closing, growing, have efforts business our underway. to is noteworthy fundamentals generating expenses profitable own of our and recognize MiMedx corporate has cash a reason those today.

future. our and we capital, able execute be business in evaluate And changes and financial results to investors we our hope more reporting business transparently With our lastly, and and financial now the understand sufficient have human structure, plans. today’s to in will

like for we the operator, questions. open up to call that would With

Operator

you. Thank

first [Operator now from comes proceed. a question-and-answer Anthony with Group. Petrone Our will conduct We session. Instructions] Mizuho question Please

Anthony Petrone

hope well. I everyone’s and doing Thanks,

guidance think CMS. night Pete and maybe on follow-up start I’ll and couple over announcement I’ll I from with in implied of have last XQ the to questions reimbursement shift then the

for we’ve XQ guidance in number And puts the past. on wider and to implied Pete, is takes XX% of there. a Now the obviously X% seen than

AxioFill Several are approval there. of AmnioEffect now new inclusive EpiFix Japan. out products in reimbursement and having launched

other in headwinds the way well. hand, both On hearing all in particular inpatient quarter outpatient and setting, been physician office the in headwinds the staffing there’s as setting certainly of we’ve and about

what we to thinking range low the XX% how at a follow-up versus of So high have the end be range? about the should the on you gets again question of end And reimbursement. I’ll

Pete Carlson

good Hi from Anthony, to you. hear

the the remainder the the once through we’ve ramp and going Certainly, and is You’ve be – the range really in fourth the factors have here in one drive up factors that great. start we those range. quarter product launched we of to how us use that’s that be Japan cited successful the seen and of can drive in

So that it have put could the – the uncertainty range. as to us to high up in how it we some

continued as have – products. got given January. you’ve We opportunity or reset the holiday reimbursement and a that traditionally their trends to deductibles volumes, going done procedures particularly And We trying people quarter get has get new period with their before higher fourth think two year. in deductibles the to the this then continue and it

that range. then factors I new to relative the the So reimbursement certainly come top could within noise comfortable, the are we’re the through products bottom range, and the and think any

Anthony Petrone

the mentioned the skin proposal that their substitutes to of sort if setting. represent proposal percentage in then night you A, of And Thanks, where would to that. number like is we through, the you what here wound that think ultimately of way update follow-up office they’re last as for recapping physician night recap on can And Because to can office headwind? the went look settle do in just an MiMedx? physician just published out? care Todd, follow-up that specifically is appreciate their set, a finalize Maybe does then to it the going And not from a acquiescing reimbursement, what on CMS of percent does you – last terminology level total CMS for be extent.

additional there be any helpful. would color Thanks. So

Todd Newton

part, take It’s answer But Dr. a versus like the third business. second and third, roughly I’ll The is the and a let Anthony, surgical it MiMedx about small for XX% today Yes, other. third the business. a first wound going of Kashyap business call XX%. it’s – I’ll our your a And of probably then question anyway, that to Dr. office that, more I’d address. Kashyap private

Rohit Kashyap

with thanks, the impact and to And – how the the reimbursement, think with I going around quantify Anthony. the forward. unknowns business it’s on

Todd feel mentioned, we strengths environment be able where it As the the and the current in of our we confident a navigate our new been of with evidence, based on that in strengths to we have past. in environment, portfolio, reimbursement effectively product would with

them So But elements to which of to of strategy, we are the business to in work reimbursement there to feedback confident our proposal now the continue that we market, to being right are and continue market of work should clinic calls our in be and grow that care in side in private future. on be but type adjust the we under there, the wound space. is a CMS obviously it’s outpatient, And the part format. around similar we with give impacting reimbursed the is for business continue it able current to and today how the those how able

amount reimbursements, that be to should of should navigate expect we space the in we effectively. be no able that surprises there absolute So big

Anthony Petrone

sort of there and in going that comment And and pretty a into bit the is more back little and share just they’re to period that they seemed follow-up period the to where it when can you helpful. is perhaps begin comment and in anything hop quick there, in, be update an terms vague. XQ event this of That’s we XQ? Or end a get up, it And there? window open XQ Is a wider? I’ll a

Rohit Kashyap

as And they us would plan do the is any been they more more milestone that as year don’t in expect common terms communication terms you as XXXX. still town fall But haven’t feedback. in that, have comments? hall clarity of what that into as terms on that of period changes almost in as we early physician to to and the much calendar is the next that rule result that clarification. I a of in know community the would the the subsequent a result in industry All of to have broader date timing. hall town well We of give any next that. We and would much know

Anthony Petrone

Okay. Thank you.

Operator

next Our RK H.C. Wainwright. from with comes proceed. Please question

as mandate saying made Thanks, take you Kashyap of look ongoing update. margins charge them of at operating a Todd, that a surgical for business. and improve Dr. the you the Thank the Pete operation management put you MiMedx – Todd, you statement and the you. wounded operations, the asking to to

XX%, about stand, know right the you where mandate? – level, what think what do you to so come your where think are that if I don’t not, that’s if so or – I areas get higher real but improvement from a can at

Todd Newton

would I really thinking execution, all question. the in for advance of business you a terms of to making decisions thank sense about of in with thinking and urgency. this this terms say this, I’m the RK, about I’m

got doesn’t I know obvious. make And make you like, it And to always sounds $X to that so I – first. if that told says $X, the was want you it

surgical Kashyap but think have the than As it that with more business, to wound XX%, and need about XX%. we Dr. we can become profitable I talked start

the while. today also growth about are next all profitability the discipline. so XX and so. out really that in I’m laid And to days we on these here that’s or priorities focused improving four first And what be think capital focused on about what continue I’ll I for And and

not of and talk of it in through. the reimbursement revenues for we was may the have we come about you then worked working this quite launch being obviously, meaningful for terms Japan, we is launch EpiFix waiting of though, the time that to getting rebates actually and And were on the in for to have different? a start future Japan? are little the we it to reimbursement quarter on can of that in trying understand, is through as bit operational now predicting what’s whatnot? Thanks sort executing how stage Or you to And And where that. terms fast do it I’m that you Even how a launch. get the also a in system And the bit you way U.S. launch it sales? Is the similar itself? in offer here can

Todd Newton

Good question. Yes.

think I I’ll over Kashyap. Dr. that turn to

Rohit Kashyap

a are in the afternoon, it great and Good kick started pleased for RK, that of very of form question. Again, how weren’t is the of distributor. and which commercialize that’s way sense in approach having can in we channel our reimbursement, the absence you reimbursement to In progress of established with Japan, as a because sales the yen – we able reimbursement, make absolute in making value was in two the our the well. the terms place,

the product. been In are there. what have in And focused over commercialize I our stages are by KOLs is can before to we finalizing we that develop meantime, we working with significant the the that in we very of market. trying So mean

VLU in be outcomes marketplace. the good once expect product ready positive targeting the physicians of been and cases. several profile used gives DFU we will that of feedback have and who so a adoption We patients, that from us it to are the we both has of positive, a wounds fully The we those both profile launch the have drive product cases the that for confidence and are

have obligation is launching its what result kind biologic but basic, in in approach be to of our amniotic that complicated, to as well spoken of it, Japan. to educate this a we sure key it a some responsibility as to the but the the can of just we make that have is as And product Japan, element in we kind is And ways launched first not as market. is

a heavy focused that few the both result, terms That local in cases as generating heavily through can on evidence medical as in well. also but some doing marketplace that, of be first quarters shared will we And are through the channel, a sales education be for emphasis. that

the that Pete guidance in as able amplitude corporate outlined expect to revenue well. expect XXXX QX. growth will to we that the includes the good growth. that be to the subsequent be to We to a while quantify as years contribution in overall I that expect do Japan there in won’t that, some impact in from exactly be be of revenue So but meaningful commercial we after just contributor

Thank very you for back back get Perfect. Thanks queue. questions. I’ll much. the my in taking and step

Operator

Our Northland Carl next question comes Byrnes with Capital. Please proceed. from

Carl Byrnes

Thanks question. for the

or Slide more X and demand and to do you Thanks. and July in still into you the But of the half believe procedure that that then in the being were volumes spill fall the quarter fourth possibly pent-up reflect next the lower would and some demand to a due there's rather environment Turning understanding vacations quarter now first the Would August a increased issues fourth normalized probably into or bit bolster of that sales might warehousing year? scheduling of over characterize with providers. procedures even September. that

Todd Newton

believe I vacation a than July normalcy. a what more this experiencing and normal. are been August was return impact – the I'll seeing is that think we when in we But been have to September. in what seen hearing anecdotally. about I And of saw being to talk or And continuation Dr. but Kashyap let more comment there, we limits, greater the will so we quarter he's get year about course, but Yes. of far, what vacation fourth was October always

September of wound reflected in a on care before prior trajectory product got to more as portfolio. I good we a think advanced of – the reporting we to growth just return normalcy, July in a already and on saw and were we the August basis

So that we early QX. return and to normalcy, September continue see I it to think here will in

anything else you add? you do want have anecdote Dr. But Kashyap, to

Rohit Kashyap

patients Carl's you what's cyclic result strongest the as afternoon, have that of to growth in from question. think – between to the versus is or growth normal the hard a pent-up Good answered coming I Carl. QX typically Todd, QX there. just of QX No, QX It's demand quarter. in unseen nature differentiate what it's a gone very but

QX, that, they procedures I see wanting a in So or people call trajectory. being or mentioned we of whether able go that's Xst. see as their continue and seeing deductibles QX. necessarily in procedure pent-up are monitor growth that's to would a plan to starting either checks to we to before is done we just continue normal the a what what normal return result and lot January demand a that our growth. has market Pete Todd break a in get pace new on Not apart as deductibles described insurance the But is driven to by new as period kick-in as this met what

Carl Byrnes

very Thanks that's helpful.

Operator

question Our Vandermosten John from proceed. Zacks. with comes next Please

John Vandermosten

everyone. different evening then look of products do questions? was on down at it the that you that XQ new I guidance you break components? increase follow-up How recently break wondering down you the how those have the I Can and been over since launches out. went around prior when XXXX Good year that product

Pete Carlson

Pete. its John,

pieces. that. haven't all included those We provided That's in

the view U.S. and contributes or or the products you to back existing we expansion. so, the things growth some growth to last the a go multi-year If concludes pattern people talked we've new the a versus geographic over over period our of how year given about outside versus our portfolio

the and a X% international number a XX% over of new that was that's a X% range we've as X% these will the focused products period, thing existing on within years, expansion. in said X% XX% $XX everything: the to year in the Again multi-year on about and so those numbers over Japan. a move So or to And two to But quarter this we've that's only to in our incorporates to $XX here Rohit products what relative portfolio, here recurring million U.S. new the million around. the launch talked indicated, that.

John Vandermosten

the Okay, thank cash also Pete. follow-up also Thank you, Pete to on wanted you. flow. And you and I follow-up. wanted comment Yes, about free made to I

Did for heard million. it already I I hear like the you it year, think say looks over down we're be $XX and I that correctly? neutral might

Pete Carlson

out volumes. end kind quarter coming the quarter Remember fourth talked the last flow of talked did. of higher the over year about about free You was we it's what XXXX cash flow we've of neutral. Free through have being third it's does really cash neutral, what of last, that the

You're which a sort cash it EBITDA a to flow. of nine break-even cost. kind of right we the in way adjusted cash of cash flow the just we're less you capital say look as the when that months that number patent to define or be it proxy for was really at going months as free And and XX trailing expenditures

and So yes, about you're we've that's what thinking correctly. it said

John Vandermosten

where on based efforts, the flow. impressive any that's see could clinical are to-date Well you top Osteoarthritis for of line, you also Knee wanted that? protocol on details the cash share picture great. for the us to maybe kind for big I if the Okay, details of of

Todd Newton

Yes.

can to think bit I of that. of we little overview Stein Dr. an turn you give I a to color Why give that don't on over those?

Robert Stein

Hello.

milligrams either with looking hard be XXX that saline pain dosing mdHACM. level the the of anticipated at months. at agreed XX and we and will to we're that micronized sure And or still discussion and that their have utility aspects started, demonstrate on think we our of Other with protocol has safety upon product. For looking we're we're six function impact registrational at of an the protocol will the patients trial get then to we make working improvement of FDA the in the or

John Vandermosten

Okay, great. Thank you.

Operator

call I you. Thank time, this like At Mr. to back would to over the turn

Newton for comments. closing

Todd Newton

reiterate want in were you a In showing we products couple that September accomplished the the they had when market. I in thank just upon. we two new this good The quarter build that think of weeks in to lot operator. Well, closing, can achievements of I

with about feel our these as we to continue to moving forward optimistic ability think products. as innovate well new I

exciting Japan represents as to and going time. a we us start really market being important that's are Kashyap talked product amniotic for first registrational opportunity about. opportunity for to And as exciting this ready an and into be an study our NeoA, to close Dr. the

more to some on that. open work we working FDA. to profitable course denying though and There's we're comments, through need no We of with have the be that

these place. we process place to and that. shareholders the have investors able then look We to on now those back take to And to right do your We and detailed to initiatives. plans to goals is as goals that in the we be future in have forward now develop reporting in realize near

would or questions the just in described I call you, MiMedx, that that, have Matt very information information your with operator. you we for and today. you Thank any Thank much. the you Notarianni thank (X:XX:XX). Contact today's in interest And if contact press about please released, the is release at [indiscernible]

Operator

today's concludes does This webcast. and you. teleconference Thank

your may have at time lines this day. a and great You disconnect

MiMedx (MDXG) 2 Nov 222022 Q3 Earnings call transcript