MDXGMIMEDX GROUP, INC.

Surgical & Medical Instruments & Apparatus

Revenue: $419M; 20% YoY
Operating margin: 15.3%; 9.6% YoY
EBITDA: $79M; 21% YoY
Market cap: $566M
Employees: 808; $518K revenue each
Net debt / EBITDA: -1.3×; −$103M net debt
AI in 10-K: 2.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
152% of net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
7% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeNo
$518K · 75th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.4 per 10K words · 61st pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 1.3× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedYes
$566M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$432K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$242M	$268M	$321M	$349M	$419M	20%
Operating income	−$7M	−$15M	$37M	$59M	$64M	8.5%
Net income	−$10M	−$30M	$58M	$42M	$49M	15%
Operating cash flow	−$2M	−$18M	$27M	$66M	$74M	12%
Capex	$3M	$2M	$2M	—	—
Stock-based comp	$14M	$11M	$17M	$17M	$16M	3.2%
Buybacks	$0	$0	$10M	$0	$0

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Dec 27, 2023	Falcon Fund 2 Holding Company, L.P.	SC 13D/A	19.3%	Passive
May 9, 2022	Prescience Investment Group LLC	SC 13D/A	14.6%	Passive
Apr 28, 2022	Prescience Investment Group LLC	SC 13D	5.0%	Passive
Apr 16, 2021	Prescience Investment Group LLC	SC 13D/A	13.5%	Active
Jan 13, 2021	Prescience Investment Group LLC	SC 13D	5.4%	Passive
Jul 14, 2020	Prescience Investment Group LLC	SC 13D/A	5.5%	Passive
Jul 13, 2020	Falcon Fund 2 Holding Company, L.P.	SC 13D	16.9%	Passive
May 30, 2019	Prescience Investment Group LLC	SC 13D/A	13.1%	Active
May 8, 2019	Prescience Investment Group LLC	SC 13D/A	4.5%	Active
Apr 2, 2019	Prescience Investment Group LLC	SC 13D	4.8%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $432K · 1
Net: −$432K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	75	—
FY2024	—	—	106	—
FY2023	—	—	97	—
FY2022	—	—	31	—
FY2021	—	—	67	—