The Wound segment's 71% revenue decline from Medicare reimbursement changes is the dominant driver of the results, and the lowered 2026 guidance suggests no near-term recovery. Watch for FTC decision on the Sanara acquisition, which could transform the revenue mix toward higher-margin Surgical products, and for Q4 2026 Adjusted EBITDA to confirm the sequential improvement trajectory.
Price Chart
Executive Summary
MiMedx reported Q3 2026 net sales of $62M, down 45% YoY from $114M, driven by a 71% decline in Wound sales due to Medicare reimbursement changes, partially offset by 9% Surgical growth. GAAP net loss was $9M vs net income of $17M a year ago, but Adjusted EBITDA turned positive at $2M, a $10M sequential improvement from Q2. The company also announced a $25M patent license agreement and lowered its 2026 net sales guidance to $250M-$260M.
Key Financial Metrics
Key Facts
- Q3 2026 net sales $62.3M, down 45% YoY from $113.7M
- Surgical sales $40.0M, up 9% YoY; Wound sales $22.3M, down 71% YoY
- GAAP net loss $8.7M vs net income $16.7M in Q3 2025
- Adjusted EBITDA $2.1M, positive for first time in 2026, up from -$17.6M YTD
- Gross margin 80%, down from 84% YoY but up from 69% in Q2 2026
- Cash and equivalents $120.8M, down from $166.1M at Dec 2025; no debt outstanding
- 2026 net sales guidance lowered to $250M-$260M range
- Patent license agreement for $25M in five annual $5M installments
- Favorable federal court ruling on AXIOFILL regulatory classification, remanded to FDA
- Proposed Sanara MedTech acquisition (EV ~$350M) pending FTC clearance
Financial Impact
Net sales declined 45% YoY ($62M vs $114M); GAAP net loss of $8.7M vs prior-year income of $16.7M; Adjusted EBITDA of $2.1M vs $35.0M a year ago; 2026 guidance cut to $250M-$260M from prior expectations
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Surgical | $40.0M | +9.1% |
| Wound | $22.3M | -71.0% |
Risk Factors
- Wound segment revenue may continue to decline as Medicare reimbursement changes persist
- FTC may block or delay the Sanara acquisition, removing the key growth catalyst
- Cash burn from operations ($4.2M YTD operating cash outflow) could pressure liquidity if trends continue
- Patent license income ($5M annually) is modest relative to revenue decline
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001376339-26-000094 |
| Document: mdxg-20261028.htm | 0001376339-26-000094 |
| Document: mdxg-q32026pressreleasev.htm | 0001376339-26-000094 |
| Document: q3_26mdxgccdeckvf.htm | 0001376339-26-000094 |
| Document: 0001376339-26-000094-index-headers.html | 0001376339-26-000094 |
| Document: 0001376339-26-000094-index.html | 0001376339-26-000094 |
| Document: 0001376339-26-000094.txt | 0001376339-26-000094 |
| 8-K Data (Synthetic) | 0001376339-26-000094 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 1d ago | 8-K | No price | awaiting T+5 | awaiting T+5 | No price |
Oct 28, 2026 1d ago | Press Release | $3.95 | awaiting T+5 | awaiting T+5 | $3.97 (−0.51%) |
Oct 28, 2026 1d ago | Press Release | $3.95 | awaiting T+5 | awaiting T+5 | $3.97 (+0.51%) |
Oct 16, 2026 13d ago | 425 | $4.43 $3.91 | ▼ −11.74% | ▼ −11.83% | $3.97 (−10.38%) |
Oct 16, 2026 13d ago | 8-K | $4.43 $3.91 | ▲ +11.74% | ▲ +11.83% | $3.97 (+10.38%) |
Jun 2, 2026 21w ago | Court Ruling | $3.57 $3.71 | ▲ +3.92% | ▲ +6.89% | $3.97 (+11.20%) |
Apr 29, 2026 26w ago | DEFA14A | $3.36 $3.66 | ▲ +8.93% | ▲ +7.20% | $3.97 (+18.15%) |
Apr 22, 2026 27w ago | Press Release | $3.31 $3.27 | ▼ −1.36% | ▼ −1.41% | $3.97 (+19.94%) |
Apr 16, 2026 28w ago | 8-K | $3.43 $3.35 | ▲ +2.33% | ▲ +3.32% | $3.97 (−15.74%) |
US Market Status
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