MDXGMiMedx Group, Inc.
Is the business good?
The checks split: earnings fully cash-backed (9.7×), but margins compressing.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is MDXG?
MiMedx Group, Inc. earns 7.1% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 1.9 points below what the capital costs: growth destroys value
- Operating margin
- 2.5%
Operating margin · Biotechnology median −77% · 12 months to Q2 2026
- Cash conversion
- 9.75×
Cash conversion · 1.88× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −1.0%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | −18% |
| FY2021 | −2.9% |
| FY2022 | −5.5% |
| FY2023 | 12% |
| FY2024 | 17% |
| FY2025 | 15% |
Details›
- Gross margin12 months to Q2 2026
- 79%
- Operating margin12 months to Q2 2026
- 2.5%
- Net margin12 months to Q2 2026
- 1.8%
- Free cash flow margin
- 13%
- R&D as % of revenue
- 4.3%
- Revenue, trailing twelve months
- $355M
- Free cash flow, trailing twelve months
- $45M
- Net income, trailing twelve months
- $6.2M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 7.1%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.