MiMedx Q4 Sales Jump 27%, Adjusted EBITDA 25% Margin and $100M Buyback
MiMedx reported Q4 net sales of $118 million, up 27% year-over-year, with GAAP net income of $15 million and adjusted EBITDA of $29 million (25% margin). The company authorized a $100 million share repurchase and forecast 2026 net sales of $340-360 million.
1. Record Q4 and Full-Year Results
MiMedx delivered record fourth-quarter net sales of $118 million, a 27% increase year-over-year, and GAAP net income of $15 million, or $0.10 per share. Adjusted EBITDA reached $29 million, representing 25% of net sales, while full-year 2025 net sales rose 20% to $419 million with net income of $49 million.
2. Strength Across Wound and Surgical
Wound product sales grew 28% in Q4, driven by new launches EPIXPRESS® and EMERGE™, and full-year wound growth of 20% led by CELERA™, EMERGE and EPIXPRESS. Surgical sales increased 25% in Q4 for the sixth consecutive quarter, fueled by AMNIOFIX®, AMNIOEFFECT® and strong performance from the particulate portfolio.
3. Capital Allocation and 2026 Guidance
The board authorized a $100 million share repurchase program to deploy excess cash and support shareholder value. Management projects 2026 net sales between $340 million and $360 million, reflecting confidence in ongoing product rollouts and commercial execution.
4. Outlook and Reimbursement Headwinds
MiMedx expects short-term revenue headwinds from recent Medicare reimbursement changes in the wound market but anticipates normalization and volume gains over time. Momentum in surgical, international and commercial pay segments is projected to sustain profitability and free cash flow through 2026.