MDXG - Earnings call transcript Q3 2024

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Operator

Good afternoon and thank you for standing by. Welcome to the MiMedx Third Quarter 2024 Operating and Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference call over to your host, Mr. Matt Notarianni, Head of Investor Relations of MiMedx. Thank you.

begin. may You

Matthew Notarianni

Joe and Third operator, Call. everyone. to Executive Welcome me Doug Financial Thank Rice. XXXX good Operating MiMedx Officer Chief are Quarter today's Conference and and the Chief on Officer you, call afternoon, Capper Financial With Results

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

highlights. provide and You of the the from will review slides can of a financial the mimedx.com. Joe some summary off results will with goals. a us quarter. Joe with Investor additional kick And our of our And discussion operating access updates, including financial a will opening Relations remarks Doug some website for our at conclude then

your then available for will be questions. We

today operating forward-looking future product are will may statements regarding we anticipated uncertainties. expenses, and products. margins circumstances market results and including include remind Before subject like and environment, These would risks comments begin, for unforeseen many statements, to delays. sales, I balance customers, due and materially sizes expected our differ access to the factors, and growth, including reimbursement expectations our to cash portfolios future our to competition, results you from actual And those that

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

Joseph Capper

direction. on you as an to is we my and positive continues in Matt, everyone. update good which today's call Thanks, business, move very welcome to to a provide pleasure afternoon, our It

massive to by Based quarter, associated in XX% Medicare confident private operating more affect settings bodies, perpetrated action of our have in the impacted we once call we corrective later those due patients numerous is approximately relevant the are near-term market. being feedback good challenges change this from talk and we are we gaining optimistic are traction. activity. our the reimbursement Medicare being areas this received expect to an recent of interactions in top-line For of that governing growth horizon, spite fiscal on care the with the tireless revenue office abuse year-over-year system restore again fraudulent the on I margin and governance to the maintained in efforts will achieved we generate the third excellent why fee-for-service about will sectors. We in that which during

continues our Importantly, despite to headwinds, these business flourish.

we business was the few regarding company the a we our but the That on optimistic only we As in minutes solid as our environment, year. then priorities. in from unaddressed. position the right as top about progress the place. We significant the which to the clear in strategic headwinds future of the a you the financial now making highlights I'll us line to a have quarter a allowing you will such achieved navigate in the we quarter us margin structural generated makes recall, discuss reimbursement and business Based take dissipate in update our and of coming operating of very expect grew results, third are XXXX, is strategy which it we not safeguarding on execute our disruptive current to is transformation strategy strength. our

this makes more growth experienced and on the that should another of half in which and our year-over-year we QX last marking net million comparisons quarter, you third we solid the quarter. $XX to X% the to structure adjusted $XX I sales by challenging with or increase was are sales work for the expectations as representing XXXX, the For $X million million, year. Gross our we also XX% line second call or for team of in Adjusted operating I an grew rapidly in of profit remind acknowledge in challenges QX the facing. significant growth, outstanding net EBITDA period. highlighted XX%. prior light we quarter, want year of their calendar $XXX,XXX was margin of over the cost

the million result, maintain a too warrants we to ended cash, $XX $XX were margin. We million able with increase in As callout. a in operating healthy quarter. of an a This

result of year million earning income net or and $XXX,XXX last expense in $X.X incurring nearly positive close a earlier fund have to which of in future $X ongoing from million of QX initiatives. accumulation, a of cash per interest help to our this growth will the As interest gone year quarter debt cash swing, year refinancing we net

numerous seek benefits the on to continued commercial It acquired the of you are that was on is on we our tissue reform Times congressional in met the concerns the during bovine-derived the particulate corrective they placental the October working We our products may display. is article have the are settings. and earlier New benefits We last, with for share market York about the read action. And HELIOGEN, and full XX. adjacent The and of clear an needed of published excellent private amazing with CMS, which quarter release offices the name year. office reimbursement MACs in care by

While piece. name, vast incredible healing the the MiMedx in to was not educate on of major happy we the properties help were And contributor our we're and public the mentioned to by products. a article

Turning strategic our now to priorities.

focused As in areas. outlined on our prior calls, is plan X

our innovate to continue product portfolio. will we diversify and First,

As commercializing meet job customer needs. to discussed, unique developing explicit excellent done designed company and configurations an product has the

in new last X years products We alone. introduced the have X

widespread excellent their protocols. have XX% to feedback currently they do market. we which integral while received of products significant initial to show acceptance, have And last late most as office. received recent market continues EPIEFFECT, physician first The launched surgical market private is the growing care become HELIOGEN, in in X its Both product, release the at continued year-over-year well, phase. AMNIOEFFECT year, our in strength parts

it ordering quarter Additionally, physicians we business now over continue exceptionally make posted are trained growth. our for when a it sales take of Japan is we accounts and which decile why expect XXX also get of reminder, the grow move another first kind high this important growing Japan, product? End-user recent introductions, threefold similar Japan sometimes building will XXXX the your given routinely. XXXX. We As nearly We premium-priced physicians to XXX question, to in a full on likely the consideration progress of our treatment. Building a patient's as even in market care. in we will selecting and performance EPIFIX these standard into isn't co-pay top success of quality xenograft. that have with its business nearly to towards product from customers HELIOGEN, the rapidly understand the in of more release of product is It's first

the process. We early And in product good working progress launch the various the are being making surgical the is mechanics procedures. applied value through of successfully analysis phase like

HELIOGEN a expect XXXX. We to be meaningful in contributor

priority call, of the a now in market. studies We recent Nature drug procedures. On second objective, research. programs to to Reports, surgical feedback. significant intended demonstrate achieve of have real-world in use last expand receive our a multiple have footprint the commitment to Our made which in quarter's highlighted deploy to designed order which production this were - publication surgical In I to to in support and the we variety is for evidence and continues scientific very of flight, our allografts positive Scientific our placental develop

tissue accelerated use from of the to we that found be scarring MiMedx's coupling benefits study enable technology these interrupt surgeries this potential proprietary the through homeostasis. The each tens to cosmetic enhanced use quality or outcome function may surgical believe MiMedx's formation and the in reminder, potential restore of opportunity functionality millions a massive fibrosis adhesion improved time. to could superior market As results. the placental-based U.S. reduced leading year, performed healing, allografts improved with over of for the proprietary could of of pathological Again,

the unrecognizable a of an placenta to benefits of using excellent New was page which surgical journeys On we article individuals the procedures, the piece X real-world asked allografts MiMedx chronicled it." awareness an front with York placental headline of the for a variety of healing contributions many and While the products. This contribute read, was after variety the who highlighting outcomes The of general restored Times in wound October from are of publication, care ways. heels face a to article appeared who placental clinicians with Nature had tremendous several XX. the the on explosion, "Her were on tissue

say to phase has restore the are sites, article products. prevent the and adhesions can very As for vision." All burns, inflammation, pain placental-derived heal placental-derived surgical market reduce grafts the development tissue of even still and likely scar this early formation of and is around states, "Research in found we

to we environment. and research In addition the and continue in stronger order expand that surgical to is our awareness, product service in it build presence a to offering critical

to Our is designed to programs third customer initiative enhance intimacy. introduce

to the aimed our undertaken churn. To which improve is As a of customer-centric have initiative ultimately at variety focus a behavior. develop customers, with institutionalizing customer of connection and programs this the initiatives lower reminder, relationships primary strengthen our we

continue ordering. perform and experience insurance connection which digital portal, of functions customer to our as to a our referring such product new We provides adoption practices excellent streamlined Connect, with MiMedx verification

customers. and bond We between improve are strengthened and workflow actively developing to additional MiMedx features our designed customer the

begun sessions developing around to customer across feedback are customer-centric enterprise. a the executive the have mindset embed set and We a comprehensive programs of country

ultimately a to customer. this to customer higher commitment enhance and value in margins increase Our lifetime net approach average will improve the relationships, of promoter lead scores, an

guidance. and over with reimbursement the our let detail for Then financial close comments Now year Doug? dynamic call I more me office results. full private the about turn Doug on to will

Douglas Rice

all good Thank once joining Joe, results our you you, pleased for everyone call. I'm Thank on with today's and today. us. again, you to, afternoon share to

non-GAAP of mentioned, Matt call many on basis. in covered measures are today's a As the financial

non-GAAP refer metrics. our these encourage So and detail review reconciliations for release regarding our calculate that earnings to made comments regarding further you adjustments more disclosures provide to my alongside please to non-GAAP the I materials today's information today.

discussion otherwise my continuing noted, on is basis. unless a reminder, a operations As

full of most a impact please of For refer the to and our operations, discontinued discussion XX-K filings. XX-Q our recent

Moving results. on to the

of the to quarter X% year XXXX represented third growth million compared sales $XX prior net Our period.

marked sales our tough X% by prior execution of X% the million in resilience while was the surgical mentioned his $XX team. By year exceptional sales reported. and performance growth quarter versus were third of period, wound in a as Joe product $XX million commercial year remarks, prior of category, comparison against As grew this down

results modest, albeit the discontinued standout contributors our the Excluding in in to X%. Across our by for from in AXIOFILL with EPIEFFECT our $XX and coverage dental high-priced ongoing sales the commercial product the product contributions about these XX% our remained of Medicare compared Net sales of sales setting. skin our quarter. surgical in surgical. And quarter related continues year X year office site period, And the patients, the prior strong. prior the and products, finally, to of EPIEFFECT turning help of private AMNIOEFFECT along Despite growth to sales increased initial, the this our that xenograft care categories, HELIOGEN, impacts new for fee-for-service were in service. challenges environment us substitutes the grew to of product payer to million were industry-leading grow

lesser our disciplines in quarter Third to the sales we forward generating $XX products employee a and created of experienced disruption priority broadly our in to for second declined year-over-year to The of AXIOFILL hospital a quarter categories. as compared in remains the quarter. the largely strong quarter in use million, the higher-than-expected net expanding a setting year footprint due the evidence to churn a in moving X% declines we and the in sales wide by hospital the of range company in for invest degree, channel base surgical prior

other, which settings, by and Finally, This X% includes growth a care other million. strong about $XX.X was and federal in our third international to quarter business. international, net grew driven sales nearly performance

international quarter have net sales in highest of many our represented we years. the seen third level fact, In

year. compared million to XXXX third million was last gross quarter $XX profit $XX Our about

margin gross as XX% Our both well. was in periods

points amortization acquired HELIOGEN XXXX. in assets compared incremental intangible the quarter quarter, the from third our expense gross of the basis our margins to of roughly Excluding transaction XX were $XXX,XXX in up

the in $XX Turning expenses, period. quarter operating quarter SG&A the was including increased with primarily administrative related to expenses, a other and commercial variety higher including associated Selling, SG&A, of the and in or launch prior to in costs third compared fees the were year costs, million The $XX legal in commissions, to period. HELIOGEN the to million expenses. our year increase compared prior general

R&D prior quarter expense were of $X around effective period. $X Income roughly of was third flat QX reflecting for million, million an expenses compared year X% the net Our XXXX tax sales, when rate or to XX%. tax about

we long-term continue forward. XX% expect slightly tax Although about the higher be effective our to to quarter, for non-GAAP rate going expected

Our third inclusive in quarter was down prior income, $X or $X.XX was $X.XX slightly the operations, to year of Adjusted period. million, year net results or million $X compared per per the GAAP of income net for our to million compared share period. discontinued $XX share prior the the quarter

Third roughly as net period. the a adjusted flat XX% quarter compared $XX percent or EBITDA of sales was sales, XXXX of in and million prior dollars to net year

with strengthens which this us balance in the us top fund the inorganically liquidity. has to great to to Turning of demonstrate period business to and growth, slower organically allowed sheet future. Despite cash continue sizable of a provides our optionality generation, discipline free line deal expense our flow and our

During increase same a in our cash In free cash flow million the call at end the XXXX. million, about balance $X just the $XX net at of and turn, the over generated we quarter to of the Joe. will $XX $XX quarter, million, is cash turn period our now double from last quarter back net more year. I Joe? last now position than third up million

Joseph Capper

Doug. Thanks,

were just in with the have Net the $XX net of We margin $XX another sales XX% was quarter. quarter. the sales $XX of was in we Gross last quarter. EBITDA we up million profit highlighted added million heard, in you X% As Adjusted quarter or expectations cash. another solid XX%. had and line million,

release in of various And we and use limited in xenograft HELIOGEN, We to of continue our designed applications. research continued our market validate the first product. invest support the products to

abuse market. and me dislocation chatter settings, saga the and care a office the dominated now as Let topic well and the fund industry revisit massive in Medicare in the has which the reimbursement disruption trust of has adjacent the in private caused as

If you relatively practices a loose using Medicare you are advanced have payment of for and multiple business intricate environment unethical skin that actors been know bad substitutes. exploit following schemes and placental-derived the regulatory story, to reimbursement

now metastasizing. fix to which remained I with in we that $X.X were frustrated been quarter, staff. Last associated the in that higher private anticipating for and $X so billion payments this and even to I XXXX is long, per I of have north business the has spend and a improper recently have spend that these persist a substitutes $X spot congressional increased on hope running recent on month. climb interactions CMS, allowed at that While shared given for at CMS been CMS horizon the is renewed skin the billion billion now office that MACs our in was XXXX the to our rate for turns We learned behavior settings out substitutes approximately practices It care concern rate on. based that the skin from

sink every breakthrough Medicare certain gaining drastically spend paying like closer annual ago. way is for is Keep now patient up. it that X number spend a mind, that in the was system. that million technology $XXX X not to only is driving in changed amount changed years care, The the has Let are thing companies expensive some total new weeks. has minute. The

will but has is caught been facts the Given the with with these expect format if, proposed a in Congress from conversations rate read which also question thereafter. The no a has CMS. continue grow. the our be the believe what to most take both Based on form to and methodology ramped and at the government is government the believe enforcements scenario and shortly of it the when somewhat officials, it in magnitude of be escalating, addressed of implemented should has we that problem now is will correction what that and attention pricing LCDs up longer modified likely place. We and we and

the given at we amount from growth of an shared, have have these report of business minimizing As them. To disruption to practices. rate a discussed am commercial host business caused job The the done quarter's we unethical team on weathering are thrown digits. our by full our storm challenges the up excellent continue success has to fair digits taking bottom the mid as high guidance pleased I revenue that single to to call high last we of just end, single year the to

assumes forward, MiMedx. which plan implemented provides also revisit a the EBITDA LCDs in we above path more. positive to expect implementation adjusted as have to be point. we definitive continue We not for learn ultimately the we XX%. our This QX, net as full is expectation reasonable expectations Again, see for at this disruption. Obviously, year are But we to until a a CMS continued will margin

the reimbursement for line about entire for proceed. low I excitement anticipating first closing, and margin a double like the our remain business high. that, who question. MiMedx to open group profile of growth who proud would the people call strong correction, Post very here the questions. I'm and are of now colleagues like thank are our top long-term above prospects XX%. In EBITDA of to extremely thousands Importantly, our delivering remain adjusted for we to the resetting at again my digits Please to Operator, dedicated day. With committed ready with products would rely we each the every the on professionals to

Operator

Group. [Operator comes Chase the first Instructions] from question of line with Craig-Hallum Our Knickerbocker

Chase Knickerbocker

the dynamics I'm guess, start, reimbursement here. unsurprisingly to kind I on of going

of what's of LCDs, Kind kind in loop January that had that incremental that guys confidence I term is certain LCDs change that of spoke slightly kind think indeed something hole conversations that X, a of that for solve question changed, which confidence high a tone does you I this said are where and of kind a level. to until isn't on this the in those you given is in And the format the have kind where of still is just confidence. near in coming, kind and of ASP is the specifically of the So, in you a really my waiting market that you that think a we're change confidence level structure standpoint problem have from XXXX, solution?

Joseph Capper

towards our congressional quarter. met tone multiple We occasions. MACs. Yes. met we staffers. learned over And the some see storyline met our stakeholders. There escalating. the is the change Chase, the the could multiple bullish rate CMS more the throughout attitude spend with various with big is which even with of an incredible and and met of we what's given in pending kind correction difference quarter, on evolving urgency driving to We've is correction. what the we level and sense place That's in spend We've a with at get

do to you As specifically, everybody's they're as an they're industry they're going what on time tell as can't know, going when our of It attention. do to and it. read the has on lot spending they it. participants, But is, situation gotten us awful it

problem. yes, because their this agrees implemented here that And disposal is have sit at believe coming I and will address this that it's form. that they modified. is be reason quarter quarter because there do telling know the coming. LCDs problem me in not to exactly it's as I some be address or mechanism last need versus the way, anyone they shape to will So I everybody confident how the is am they the But that I I more believe don't change is

Chase Knickerbocker

quantify and that then dental of business. over you the do And Was the Maybe of of the from AXIOFIL? do year-over-year, reps? kind in to it us early how launch AXIOFIL? kind surgical kind that your HELIOGEN shifting kind as can with early impact how gears -- quickly here? of any of with monitoring you kind help And hole you majority fill Can HELIOGEN you are from think of you have of success the shortfall there

Douglas Rice

this is Doug. Chase,

without is AXIOFIL neutralizing perspective, forma numerical swing. for year's -- a pro without last a XX-point dental from Just about and and

there. in X% launched with to in start. negative impact more it's a regards So, provide to to grower That's surgical we those of items. And from go the we Joe HELIOGEN, QX QX. a color off being relative good around X% really of I'll and let

Joseph Capper

we at Yes. be We're this to track where on expected point.

working getting it's think the through take phase early which the some like through on important I value an could mechanics institution. time point, quite analysis, depending

have You have agenda the sponsor you and through get then get it to you you yourself to the represent analysis. a value you organization value as get on to go analysis have to within to and then

So those a take things can while.

you feedback tremendous in were various news Also, we're work have The so, work outcomes is clinicians through are the that to process. using as very studies we great and there getting through And positive case getting product good cycles. who feedback.

will we is over for like So, the product. the little soften well-received be a to the the that pretty we're it momentum But and launched thing take a other this confident to going years. while beach products product X build last

fact thing We call. the other the We we longer business that the excuse would last add neutralizing have highlighted to surgical of some had number. with portion no turnover But in there I said what we disruption this. AXIOFILL sort highlighted and the about we The that highlighted dental were AXIOFILL the was the of on me, Doug just number. --

recruiting very rapidly. people we're that. dismissive positions that. certain parts And have want of those from experienced team We certain of think be an commercial of news filled and gain did job is the of starting did to get see of don't parts in There some all new health the organization in folks already been traction. disruption those And excellent our -- we're and good I was parts care. country I kind in So, to different commercial addressing the

part want to leave So, I out. didn't that

Matthew Notarianni

one thing, time. impact. ticking Chase, about just in the you kind talked We are as other of dental Yes.

of was product. QX last that last time recall sort buy You'll for the

the So, it's quarter. in $X.X million about

So the math. you helps that with hopefully

Chase Knickerbocker

that that do you year, and be outperformed of levels you kind kind do HELIOGEN to I turnover Joe, that gap said, of Is sales think kind next at, in of had had driven rep you kind say, better you of material there I expectations can XXXX -- largely XXXX. in filling it AXIOFILL just fully us And segment contribution the you Can expected for mean think in some me. kind last Just would product? And expect then from quarter. can much just we our detail? the you that EPIEFFECT? also office as anticipated. of physician from have give well market really than additional this how growth impact HELIOGEN

Joseph Capper

in EPIEFFECT, by Definitely weren't part churn of forgot in the with the that I your well impacted organization, very already. Yes. sales especially other that regions so was much the doing -- What question? product.

Chase Knickerbocker

Just had 'XX? on level in to 'XX you at expect XXXX. example, kind in it material a material said the like you -- for the fill of be Can of hole -- to HELIOGEN that contributor AXIOFILL, be

Joseph Capper

tough right to say that's Yes, now.

designation AXIOFILL would meeting pursue product. with launch dispute that's which may on our finding completed we AXIOFILL-like HELIOGEN, a would had counter you would approach would be done. have kind not One agency. process. when recall, from we to As have then XXX we FDA, on the AXIOFILL would of started negative like pre-sub we we Section a We that we product that pathway, an We we just is had the that. multi-pronged how a XXX(k) a regulatory a And XXX(k) And product. third, a xenograft

will that continue. So

usage, AXIOFILL not what of think can definitely HELIOGEN, it. I we're the hearing, but backfill XXX% be of probably portion the for from a a

going of It that yes, So, But a the might gee, did. do it's time. to AXIOFILL is feedback me just we're everything for getting on to news good little the we're excellent hard bit product. say, take

Operator

next comes Osborn Our line question with Ross Fitzgerald. from Cantor of the

Ross Osborn

off this sequentially. new a a expect start should SG&A quarter cuts fourth had 'XX? Or more cut to to and some you grow off, the Starting we decent Is base in to of?

Douglas Rice

this is Ross, Doug.

QX fairly Our that would the in stay QX. SG&A term. sort of I consistent to in remained expect code And it ZIP near to from

Ross Osborn

you remind manufacturing us of where some could just and of those then stand? your initiatives And

Joseph Capper

amount general talked was highlighting expense a time We've has about we technology. do year. cost operations. I major specific in across of structure work ongoing board. that the to culture that been a looking a so. more of to team that that has fair implemented. But a out in discipline I of point always laser know would process that are where initiative manufacturing would was I Well, would achieving spent don't And any some talking opportunities can't the be I will the that want has process just last initiatives. there to majority improvement implemented improvement cut that. any that There about lot in institutionalizing the we're We kind we say of of of highlight with of of to very just team I I discipline you. a done control, job good lean the But cost a general, operational think say, A

Operator

Securities. comes Our next Petrone Mizuho question from the line with of Anthony

Bradley Bowers

either kind weren't few were of, just some of list. some I a on Bowers that the extrapolating why But should was just I'm hear a off of how R&D sounded out here? of CMS to kind just data kind if step-up is topics canceled bit, we initiatives. I that about I some any think year. of projects or pushed or maybe in And wanted on were the the RCT guess, like the here. P&L. to going of staying back today. It jump there that was just half from were Brad R&D know some you of the studies were there kind maybe the there some the progression of expected additional CMS of an on had -- that anything taken that I heard needed? have products Anthony You for

of on just I the being want taken of to to kind stay to is wants care good sure side. kind So, make everything what that CMS of

Joseph Capper

a from be are in And EPIEFFECT. for do not studies We're RCT have that major hearing not to like CMS going this needed. anything we flight

that say get a is that's to enrolled. about we competition are. good to sliding fair Enrollment it's little There's think bit. underway. I studies these where feel really We

fourth we the to that multiple time. that always and sites these a of studies. And change to anything? I next all over the fair change. Doug, But you spend do quarter RCT. have we manifest run for we year. have probably will it's at magnitude of add to as want to selected. But But have some an to But say expect R&D of materially run think in more required flight studies of percent studies. don't is given spend in revenue don't time, quarter We going first itself to that materially frankly, we've maybe any not Yes,

Douglas Rice

over these maybe ramp just to say next would increased R&D all X.X end line. investment way of level the by things the relative the up up I is the some from several to next of could the in of expect X.X quarters, year you points point

Bradley Bowers

if margin giving maybe XX%. just the And that impressive of and like appreciate that outlook uplift Is which touching further get not itself. I Obviously, both guys kind totally about XXXX progression guiding we for this or outlook, year your But and to other maybe right kind kind drivers the are above maybe leg think should of out thought already puts your wanted outlook just EBITDA fruit? in it I something next of on yet. adjusted for hear the and how a for there that. now, revenue of of understand and what is will of about low-hanging and there some cadence there's interesting here well as margin as you years takes it for call I was

Douglas Rice

a question. good It's

built think I we're to scale.

to optionality in more when as a the that we and to the the more going line. margin the the it bottom drive with kind lot is way leverage where well our how business sell, leverage. us versus of And structured, gives margin we're gross invest on of as and EBITDA our think I

invest. we feel the percent, and we're so, always And at organically about places XX-plus liquidity cash right and to flow looking ability But for and good invest our to inorganically. both

Joseph Capper

Yes. of surprised this amount size, My experience at leverage or med accretion of you I'm running scale. tech to margin get the always pleasantly businesses

is started that a so, And we soon sign. really see to fact positive the it so

accretion scale. So, margin you. I But would to number for expect peg a can't I

Bradley Bowers

one I if here. a And get could last in

opportunities. one inorganic was of You mentioned I inorganic. know those HELIOGEN

an kind you about kind into has in past may with about the of a asking had I product give for. customers foray was I So, the were of this xenografts. that just know hear HELIOGEN, what that been been opportunity talked sales to maybe to the just have we first force -- wanted experience the

wanted just really product this flow how hear any through just maybe kind other going. how about of some if opened and doors is launch to has products I the or So, of there's the any to

Joseph Capper

absolutely. Yes,

know this slightly open anecdotal, personally that's doors, physicians had a effectiveness used I just to of a with the the think several but the product ago. was customers will And in raving about it procedures. is and use It's weeks few product. how starting I I right? different up they're product

analysis, the having working and built in product through process, are pretty of just value But getting think awareness more then it's I various where So, we parts it. through getting market. we're pricing through the with pleased the with

Operator

Our from the Markets. comes Northland next question Carl of with Capital line Byrnes

Carl Byrnes

on results. the Congratulations

sense a the basis? And well. LCDs, to do then going on reimbursement think the square back urgency you adoption reimbursement there have be that CMS of an potential curiosity, and follow-up a centimeter given I any Just as around and would that of there's out of

Joseph Capper

Yes. centimeter. not is Likely under year's have that that schedule. a participants, would I recommended don't us, stated, to CMS taking could manifest I'm that proposed very physician tell including you consideration. you similar several industry what until price just fee new per new next that And know. itself methodology pricing I hopeful square

are now. final around schedules proposed frame, the Early are is may January. As these you in the typical about recall, typically July. time And implemented published in November

mid-cycle chance people in the going didn't to we're comment nothing not have we're likely see following. to which has means a anything on been So, it, because proposed, and

at that probably, like time some would change place earliest, take next year. a So,

too We easy that entry your and think are the marketplace. We have get to know that XXX, to Q super set in then barrier have low One the we're of hopeful. way products you recommended. a circumstances, products. fact own methodology. The they way sure, I to own bring have to Section now it's don't set We're ASP to price. bizarre experiencing to to get thing to contributed get your factors price. to the set They mayhem for are market too is that easy these off more sound this come these codes price are to under issued

that So, looking hopeful, possibly case. that the is wrong? We're what am could very But have I gone Carl, at it.

Carl Byrnes

then I follow-up. or other in from launch how similar? add a And the quick the curiosity, differ of just launches there you helpful. can does Out segment HELIOGEN product mean, whatever be would very

Joseph Capper

similar time past, through. work process. It's rolled it's out right? the way It your products I very takes we've would a in way to surgical say in the to environment the

Matthew Notarianni

value into, only is higher office bit or committee a go have of do setting, add physician that I'd a data does bar. wound to Yes, relative you Carl, through care the thing right, going a a to say, hold and maybe center maybe analysis

to on hospital-by-hospital go you basis. a got process that through So,

So become are to product really then the said, help encouraging inflection champions that early results and Joe of us adoption. super the who hopefully, of to with the them positive as see can start point clinicians in some

Joseph Capper

to to the that Regenity, product. acquisition the Yes. manufacturer was a able relationship And benefit of establish another nice we were with

a in we and them So, products additional them we commercialize. would that for ultimately already have develop like that would have development identified already agreement to place we

So, that, albeit from a relatively coming of acquisition. benefits lot small

Operator

Markets. comes line next Street with Lake the Capital Our Brooks of from O'Neil question

Unknown Analyst

planning maybe the very This is on I'm bit any Aaron has remarks. of sort I them been details MiMedx But how sort Most last little be already. just sort Brooks. of since additional in curious have on you quarter. future or know a you're for additional helpful. anything Connect addressed the your developed of would that prepared just there in mentioned line of

Joseph Capper

continues major it Yes. feedback a above say that are anticipated. workflow what at to practices. a customers within And had is would rate adoption that to enhancement their just increase from we I

But trying highlight that That's could specific in in with today. I create we value queue. hear. And in So of have are platform. developing just we difficult is them, logical the to on for workflow, feedback, for right? more do we're then excellent more us, their of replace you our Concept general, into Nothing more it we a capabilities the that's to overall just become can the the more that lot based terms customer to offering. to part being the here additional service capabilities integrate

Operator

for no call the are to at like over turn time. further closing There comments. questions this Joe to I'd back

Joseph Capper

the being the that a today our wrap. at Thanks, all concludes Thank your the company. in And operator. will next to quarter. interest That I end you. We're appreciate going and and call on call. you appreciate to of we ahead you talk today's call go

Operator

today's teleconference. concludes This

your time. your Thank You for this lines may participation. disconnect you at

MiMedx (MDXG) 30 Oct 242024 Q3 Earnings call transcript