Needham Believes MiMedx Group (NASDAQ: MDXG) Won’t Stop Here

By Ryan Adsit

Needham analyst Michael Matson reiterated a Buy rating on MiMedx Group (NASDAQ: MDXG) yesterday and set a price target of $15. The company’s shares closed yesterday at $11.53, close to its 52-week high of $12.16.

Matson wrote:

“We hosted a conference call about the wound care market and skin substitutes with Dr. Lee Rogers, a leading podiatrist and medical director of the Amputation Prevention Centers of America, a division of RestorixHealth, which manages 200 wound centers in 30 states. Dr. Rogers was generally positive about MDXG and its products and indicated that Integra Lifesciences (IART) has seen limited success with its new OmniGraft product in his wound centers. We believe that the call supported our belief that MDXG will maintain its leadership in the skin substitute market and continue to see strong growth in its wound care business and we reiterate our Strong Buy rating.”

According to, Matson is a top 100 analyst with an average return of 12.6% and a 68.9% success rate. Matson covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Cardiovascular Systems, and Zimmer Biomet Holdings.

Currently, the analyst consensus on MiMedx Group is Moderate Buy and the average price target is $13.50, representing a 17.1% upside.

In a report issued on April 13, Piper Jaffray also maintained a Buy rating on the stock with a $12 price target.

Based on MiMedx Group’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $69.88 million and quarterly net profit of $5.48 million. In comparison, last year the company earned revenue of $53.37 million and had a net profit of $1.2 million.

Based on the recent corporate insider activity of 30 insiders, corporate insider sentiment is neutral on the stock. Last month, Charles Koob, a Director at MDXG sold 50,486 shares for a total of $429,131.

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MiMedx Group, Inc. engages in the designing, manufacturing, and marketing of regenerative biomaterials products and tissue processing services for the wound care, surgical, sports medicine, ophthalmic and dental market categories. Its allograft product families include dHACM family with AmnioFix, EpiFix and EpiBurn brands; Amniotic Fluid family with OrthoFlo brand; Umbilical family with EpiCord™ and AmnioCord brands; Placental Collagen family with CollaFix and AmnioFill brands; Bone family with Physio brand; and Skin family with AlloBurn brand. The company was founded on July 30, 1985 and is headquartered in Marietta, GA.