Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Aug 11, 2026

Mimedx Group, Inc. (MDXG)

A forensic read on Mimedx Group, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Safe

Financial health

12.5

Distress distance

Clean

Earnings quality

Forensic signals

101.4

P / E (ttm)

18.9%

ROE

$622M

Market cap

20.0%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Mimedx Group, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 12.5, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.

What the filings flag

+9.9%/yr

FY2022–FY2025

Share-count dilution. Diluted share count changed +33% over the last 3 years to FY2025 (+9.9%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~9.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~25%.

stopped

FY2023→FY2025

Shareholder returns — halted. Capital returns have STOPPED — $10M of buybacks + dividends in FY2023, but ~$0 in FY2025. A halt usually means the company is conserving cash.

4% of rev

FY2025

Stock-based comp load. Stock-based compensation ran 4% of revenue in FY2025 — about $0.11 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count, and there it has run at about 10.6% a year and is falling.

Key fundamentals

Latest Revenue$418.6M

Revenue Growth YoY+20.0%

Revenue CAGR (3yr)+16.0%

Net Margin11.6%

Return on Equity18.9%

Debt / Equity0.07x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.