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ADVANCING REGENERATIVE MEDICINE TREATMENT THROUGH PLACENTAL SCIENCE ISS Meeting Presentation May 7, 2021 1ADVANCING REGENERATIVE MEDICINE TREATMENT THROUGH PLACENTAL SCIENCE ISS Meeting Presentation May 7, 2021 1
DISCLAIMER & CAUTIONARY STATEMENTS Important Cautionary Statement This presentation includes forward-looking statements. Forward-looking statements are subject to risks and uncertainties, and the Company cautions investors against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Such forward-looking statements include statements regarding: • the Company’s plans to review and analyze the results of its plantar fasciitis, Achilles tendonitis, and knee osteoarthritis clinical trials, and to announce top-line data in Q3 2021, plans for meetings with the FDA, and planned submissions to the FDA, and their timing, and potential FDA approvals, and potential product launch; the results of a clinical trial or trials may have little or no statistical value, or may fail to demonstrate that the product is safe or effective, any meeting with the FDA depends on successful clinical trial results and the availability of such a meeting and its timing is outside of the Company’s control and the Company may change its plans due to unforeseen circumstances, to conduct additional analyses, or for other reasons, and delay or alter the timeline for future trials, analyses, or public announcements; • estimates of potential market size for the Company’s future products; the future market for such products depends on regulatory approval of such products, which might not occur at all or when expected, and is based in part on assumptions regarding the number of patients who elect less acute and more acute treatment than the Company’s products, market acceptance of the Company’s products, and adequate reimbursement for such therapies; • plans for expansion outside of the U.S., or the potential to expand the Company’s portfolio of products through licensing transactions or additional clinical research; the process of obtaining regulatory clearances or approvals to market a biological product or medical device from the FDA or similar regulatory authorities outside of the U.S. is costly and time consuming, and such clearances or approvals may not be granted on a timely basis, or at all, and the ability to obtain the rights to market additional, suitable products depends on negotiations with third parties which may not be forthcoming; • the effectiveness of amniotic tissue as a therapy for any particular indication or condition; the results of a clinical trial or trials may have little or no statistical value, or may fail to demonstrate that the product is safe or effective; • expected spending on research and development in 2021, which depends in part on the results of pending clinical trials; • the Company’s long-term strategy for value creation, the status of its pipeline products, expectations for future products, and expectations for future growth; such expectations depend upon most or all of the above factors; Additional forward-looking statements may be identified by words such as believe, expect, may, plan, potential, will, preliminary, and similar expressions, and are based on management's current beliefs and expectations. The Company describes additional risks and uncertainties in the Risk Factors section of its most recent annual report and quarterly reports filed with the Securities and Exchange Commission. Any forward-looking statements speak only as of the date of this press release and the Company assumes no obligation to update any forward-looking statement. 2DISCLAIMER & CAUTIONARY STATEMENTS Important Cautionary Statement This presentation includes forward-looking statements. Forward-looking statements are subject to risks and uncertainties, and the Company cautions investors against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Such forward-looking statements include statements regarding: • the Company’s plans to review and analyze the results of its plantar fasciitis, Achilles tendonitis, and knee osteoarthritis clinical trials, and to announce top-line data in Q3 2021, plans for meetings with the FDA, and planned submissions to the FDA, and their timing, and potential FDA approvals, and potential product launch; the results of a clinical trial or trials may have little or no statistical value, or may fail to demonstrate that the product is safe or effective, any meeting with the FDA depends on successful clinical trial results and the availability of such a meeting and its timing is outside of the Company’s control and the Company may change its plans due to unforeseen circumstances, to conduct additional analyses, or for other reasons, and delay or alter the timeline for future trials, analyses, or public announcements; • estimates of potential market size for the Company’s future products; the future market for such products depends on regulatory approval of such products, which might not occur at all or when expected, and is based in part on assumptions regarding the number of patients who elect less acute and more acute treatment than the Company’s products, market acceptance of the Company’s products, and adequate reimbursement for such therapies; • plans for expansion outside of the U.S., or the potential to expand the Company’s portfolio of products through licensing transactions or additional clinical research; the process of obtaining regulatory clearances or approvals to market a biological product or medical device from the FDA or similar regulatory authorities outside of the U.S. is costly and time consuming, and such clearances or approvals may not be granted on a timely basis, or at all, and the ability to obtain the rights to market additional, suitable products depends on negotiations with third parties which may not be forthcoming; • the effectiveness of amniotic tissue as a therapy for any particular indication or condition; the results of a clinical trial or trials may have little or no statistical value, or may fail to demonstrate that the product is safe or effective; • expected spending on research and development in 2021, which depends in part on the results of pending clinical trials; • the Company’s long-term strategy for value creation, the status of its pipeline products, expectations for future products, and expectations for future growth; such expectations depend upon most or all of the above factors; Additional forward-looking statements may be identified by words such as believe, expect, may, plan, potential, will, preliminary, and similar expressions, and are based on management's current beliefs and expectations. The Company describes additional risks and uncertainties in the Risk Factors section of its most recent annual report and quarterly reports filed with the Securities and Exchange Commission. Any forward-looking statements speak only as of the date of this press release and the Company assumes no obligation to update any forward-looking statement. 2
AGENDA I. COMPANY OVERVIEW II. EVOLUTION OF MIMEDX UNDER THE NEW MANAGEMENT TEAM & BOARD III. CLEAR STRATEGY FOR VALUE CREATION IV. PERFORMANCE AND SHAREHOLDER RETURNS V. STRONG MANAGEMENT TEAM & BOARD VI. MIMEDX IS ON THE RIGHT PATH 3AGENDA I. COMPANY OVERVIEW II. EVOLUTION OF MIMEDX UNDER THE NEW MANAGEMENT TEAM & BOARD III. CLEAR STRATEGY FOR VALUE CREATION IV. PERFORMANCE AND SHAREHOLDER RETURNS V. STRONG MANAGEMENT TEAM & BOARD VI. MIMEDX IS ON THE RIGHT PATH 3
EXECUTIVE SUMMARY n The Board and management team have taken decisive and positive actions to stabilize the Company over the last two years n Total shareholder returns have improved significantly relative to peers n The Company has a clear, long-term strategy for shareholder value creation n The right directors, leadership team and strategy are in place n Our Board has a valuable mix of proven financial, scientific and clinical skillsets that are necessary to navigate MIMEDX to our next phase of growth 4EXECUTIVE SUMMARY n The Board and management team have taken decisive and positive actions to stabilize the Company over the last two years n Total shareholder returns have improved significantly relative to peers n The Company has a clear, long-term strategy for shareholder value creation n The right directors, leadership team and strategy are in place n Our Board has a valuable mix of proven financial, scientific and clinical skillsets that are necessary to navigate MIMEDX to our next phase of growth 4
COMPANY OVERVIEW 5COMPANY OVERVIEW 5
PATIENTS ARE WHY WE ARE HERE A pioneer in utilizing amniotic tissue as a platform WHO WE ARE for regenerative medicine ALVIN We process amniotic tissue using proprietary technology resulting in differentiated treatment RUTH WHAT WE DO options, backed by rigorous science enabling commercial accessibility across multiple points of care IVY WHY There is a significant unmet need for safe, effective, and economically viable therapies for people with REGENERATIVE MEDICINE debilitating health conditions NICK 6PATIENTS ARE WHY WE ARE HERE A pioneer in utilizing amniotic tissue as a platform WHO WE ARE for regenerative medicine ALVIN We process amniotic tissue using proprietary technology resulting in differentiated treatment RUTH WHAT WE DO options, backed by rigorous science enabling commercial accessibility across multiple points of care IVY WHY There is a significant unmet need for safe, effective, and economically viable therapies for people with REGENERATIVE MEDICINE debilitating health conditions NICK 6
INDUSTRY LEADER IN UTILIZING AMNIOTIC TISSUE AS A PLATFORM FOR REGENERATIVE MEDICINE Pioneer with leading brands and a late-stage pipeline $1.4B 84.2% $246.5M 3 2 1 Market Cap Gross Margin TTM 3/31/21 Net Sales 2,000,000+ ~800 289 4 4 Allografts Distributed Employees 4 Field Sales Personnel Reimbursement 30M (U.S.) $6.2-$18.7B coverage, U.S.: 5 7 with diabetes Medicare cost of DFU/yr 300M+ 2.9M $60K/yr lives 6 8 chronic wounds Cost of amputation care 2 1,000+ patients 10,000+ ft 2M+ 17.5M+ studied under IND U.S. patients treated for PF of ISO Class 7 9 U.S. KOA patients 11 clinical programs 10 clean room space annually (1) Net sales for the TTM ended March 31, 2021, as reported in applicable SEC filing; (2) Represents GAAP gross margin for the TTM period ended Match 31, 2021 (3) Based on closing stock price on May 5, 2021 and ~137 million fully diluted shares; (4) As of April 30, 2021; (5) Sen CK. Human Wounds and Its Burden: An Updated Compendium of Estimates. Adv Wound Care (New Rochelle). 2019;8(2):39-48. doi:10.1089/wound.2019.0946; (6) BioMed GPS SmartTrak; (7) Nussbaum SR, Carter MJ, Fife CE, DaVanzo J, Haught R, Nusgart M, et al. An economic evaluation of the impact, cost, and Medicare policy implications of chronic nonhealing wounds. Value Health. 2018;21(1):27–32; (8) D. G. Armstrong, M. A. Swerdlow, A. A. Armstrong, M. S. Conte, W. V. Padula, and S. A. Bus, “Five year mortality and direct costs of care for people with diabetic foot complications are comparable to cancer,” Journal of Foot and Ankle Research, vol. 13, no. 1. BioMed Central Ltd., Mar. 24, 2020, doi: 10.1186/s13047-020-00383-2. (9) Global Data Knee Reconstruction Data Model United States 2020 (10) Tong KB, Furia J. Economic burden of 7 plantar fasciitis treatment in the United States. Am J Orthop (Belle Mead NJ). 2010;39(5):227-231; (11) MIMEDX IND Clinical Trial Programs; Plantar Fasciitis Phase 2B: 147; Plantar Fasciitis Phase 3: 276; Knee Osteoarthritis Phase 2B: 430+; Achilles Tendonitis Phase 3: 158. INDUSTRY LEADER IN UTILIZING AMNIOTIC TISSUE AS A PLATFORM FOR REGENERATIVE MEDICINE Pioneer with leading brands and a late-stage pipeline $1.4B 84.2% $246.5M 3 2 1 Market Cap Gross Margin TTM 3/31/21 Net Sales 2,000,000+ ~800 289 4 4 Allografts Distributed Employees 4 Field Sales Personnel Reimbursement 30M (U.S.) $6.2-$18.7B coverage, U.S.: 5 7 with diabetes Medicare cost of DFU/yr 300M+ 2.9M $60K/yr lives 6 8 chronic wounds Cost of amputation care 2 1,000+ patients 10,000+ ft 2M+ 17.5M+ studied under IND U.S. patients treated for PF of ISO Class 7 9 U.S. KOA patients 11 clinical programs 10 clean room space annually (1) Net sales for the TTM ended March 31, 2021, as reported in applicable SEC filing; (2) Represents GAAP gross margin for the TTM period ended Match 31, 2021 (3) Based on closing stock price on May 5, 2021 and ~137 million fully diluted shares; (4) As of April 30, 2021; (5) Sen CK. Human Wounds and Its Burden: An Updated Compendium of Estimates. Adv Wound Care (New Rochelle). 2019;8(2):39-48. doi:10.1089/wound.2019.0946; (6) BioMed GPS SmartTrak; (7) Nussbaum SR, Carter MJ, Fife CE, DaVanzo J, Haught R, Nusgart M, et al. An economic evaluation of the impact, cost, and Medicare policy implications of chronic nonhealing wounds. Value Health. 2018;21(1):27–32; (8) D. G. Armstrong, M. A. Swerdlow, A. A. Armstrong, M. S. Conte, W. V. Padula, and S. A. Bus, “Five year mortality and direct costs of care for people with diabetic foot complications are comparable to cancer,” Journal of Foot and Ankle Research, vol. 13, no. 1. BioMed Central Ltd., Mar. 24, 2020, doi: 10.1186/s13047-020-00383-2. (9) Global Data Knee Reconstruction Data Model United States 2020 (10) Tong KB, Furia J. Economic burden of 7 plantar fasciitis treatment in the United States. Am J Orthop (Belle Mead NJ). 2010;39(5):227-231; (11) MIMEDX IND Clinical Trial Programs; Plantar Fasciitis Phase 2B: 147; Plantar Fasciitis Phase 3: 276; Knee Osteoarthritis Phase 2B: 430+; Achilles Tendonitis Phase 3: 158.
STRONG AND DIFFERENTIATED PLATFORM TECHNOLOGY TO DRIVE GROWTH MARKET-LEADING • Pioneer and largest US player in amniotic tissue market with strong brand reputation across broad portfolio of products BIOLOGICS PLATFORM • Promising late-stage pipeline in large and growing markets with therapeutic platform potential Amniotic Tissue • Vertically integrated, scalable supply and delivery network; span-of-control VERTICALLY INTEGRATED managed by direct employees WITH DIFFERENTIATED • Rigorous quality standards benefit entire portfolio and ensure consistency and TECHNOLOGY controls throughout manufacturing process • Proprietary process provides safety, efficacy and ease of use • 40+ clinical & scientific publications in peer-reviewed, indexed journals, with best-in-class 1 evidence recognized by AHRQ ROBUST • Preclinical research uncovered novel mechanism to support potential for mdHACM as a AND GROWING BODY candidate for disease modification in Knee Osteoarthritis OF EVIDENCE 2 • Initiatives underway to further preclinical research on mechanism of action, disease modification potential, and long-term therapeutic targets • Experienced and growing sales team with established relationships STRONG COMMERCIAL • Market Access and Medical Science Liaison teams reinforce competitive advantage, with extensive field reimbursement, insurance verification, and medical education support SCALE AND • Payor coverage of 300+ million lives; staggered multi-year contracts (including commitment INFRASTRUCTURE 3 tier), with largest GPOs (1) Agency for Healthcare Research and Quality report published on February 2, 2020, Skin Substitutes for Treating Chronic Wounds.; (2) Collaborative Agreement with Wake Forest Institute for Regenerative Medicine announced Thursday, May 6, 2021; (3) Group Purchasing Organization. 8STRONG AND DIFFERENTIATED PLATFORM TECHNOLOGY TO DRIVE GROWTH MARKET-LEADING • Pioneer and largest US player in amniotic tissue market with strong brand reputation across broad portfolio of products BIOLOGICS PLATFORM • Promising late-stage pipeline in large and growing markets with therapeutic platform potential Amniotic Tissue • Vertically integrated, scalable supply and delivery network; span-of-control VERTICALLY INTEGRATED managed by direct employees WITH DIFFERENTIATED • Rigorous quality standards benefit entire portfolio and ensure consistency and TECHNOLOGY controls throughout manufacturing process • Proprietary process provides safety, efficacy and ease of use • 40+ clinical & scientific publications in peer-reviewed, indexed journals, with best-in-class 1 evidence recognized by AHRQ ROBUST • Preclinical research uncovered novel mechanism to support potential for mdHACM as a AND GROWING BODY candidate for disease modification in Knee Osteoarthritis OF EVIDENCE 2 • Initiatives underway to further preclinical research on mechanism of action, disease modification potential, and long-term therapeutic targets • Experienced and growing sales team with established relationships STRONG COMMERCIAL • Market Access and Medical Science Liaison teams reinforce competitive advantage, with extensive field reimbursement, insurance verification, and medical education support SCALE AND • Payor coverage of 300+ million lives; staggered multi-year contracts (including commitment INFRASTRUCTURE 3 tier), with largest GPOs (1) Agency for Healthcare Research and Quality report published on February 2, 2020, Skin Substitutes for Treating Chronic Wounds.; (2) Collaborative Agreement with Wake Forest Institute for Regenerative Medicine announced Thursday, May 6, 2021; (3) Group Purchasing Organization. 8
INVESTMENTS IN CGMP ADHERENCE ENHANCE COMPETITIVE ADVANTAGES Rigorous Compliance to Regulatory Standards throughout Manufacturing Process Provides Product Quality and Consistency Final Release Testing, Shelf-Stable including Purity, Packaged Product Potency and Identity 1 2 3 4 5 Delivery of Donated Placental Proprietary Terminal Sterilization Shelf-Stable Healthy Baby via Tissues Recovered and Processing to ISO Standards Final Release Testing Packaged Product Caesarean Section Tested with CGMP Systems and Quality Release Controls CGMP = Current Good Manufacturing Practice 9INVESTMENTS IN CGMP ADHERENCE ENHANCE COMPETITIVE ADVANTAGES Rigorous Compliance to Regulatory Standards throughout Manufacturing Process Provides Product Quality and Consistency Final Release Testing, Shelf-Stable including Purity, Packaged Product Potency and Identity 1 2 3 4 5 Delivery of Donated Placental Proprietary Terminal Sterilization Shelf-Stable Healthy Baby via Tissues Recovered and Processing to ISO Standards Final Release Testing Packaged Product Caesarean Section Tested with CGMP Systems and Quality Release Controls CGMP = Current Good Manufacturing Practice 9
EVOLUTION OF MIMEDX UNDER THE NEW MANAGEMENT TEAM & BOARD 10EVOLUTION OF MIMEDX UNDER THE NEW MANAGEMENT TEAM & BOARD 10
NEW MANAGEMENT AND BOARD STEPPED IN DURING A DEEPLY TUMULTUOUS PERIOD FOR THE COMPANY Legacy Management and Board Created Significant Disruption in the Business 1 n Inappropriate “tone at the top” led to a culture that emphasized short-term business goals over compliance and ethics, purposely took action to disregard revenue recognition rules, and acted against “whistleblowers” Former CEO and COO Found n Former CEO, COO, CFO and Corporate Controller dismissed “for cause;” Former CEO and COO subsequently convicted of securities fraud- Guilty of Securities Fraud related felonies, sentenced to imprisonment, and ordered to pay fines n Government recognized MIMEDX as a “victim” of the former CEO’s and COO’s wrongdoing 2 n Loss of customers; damaged customer relationships; negative media coverage; significant reputational damage in the market Substantial Business Impact n Multiple initiatives halted, including R&D investments and activities n Workforce reduced in 2018 by approximately 240 full-time employees, including ~25% of sales force 3 n SEC and DOJ investigations 11 Multiple Lawsuits, Regulatory n ~15 material legal proceedings Investigations n Significant relief and damages sought 4 n 2012 – 2017 financials recalled (23 quarterly statements); restatements required; outside auditor resigned Loss of Credibility with Financial n Delisting from NASDAQ; loss of all analyst coverage Community n Lenders terminated their commitments under their credit facilities and LOC 5 n CEO and COO dominated decision making, ignoring internal controls and good governance n Former management motivation was exclusively short-term, with sole focus on sale of the Company Deficient Corporate Governance / Controls / Infrastructure n Company lacked a formal internal audit function and lacked many internal controls over financial reporting; Singular focus on sales growth starved operational and control areas – limited infrastructure in place 11NEW MANAGEMENT AND BOARD STEPPED IN DURING A DEEPLY TUMULTUOUS PERIOD FOR THE COMPANY Legacy Management and Board Created Significant Disruption in the Business 1 n Inappropriate “tone at the top” led to a culture that emphasized short-term business goals over compliance and ethics, purposely took action to disregard revenue recognition rules, and acted against “whistleblowers” Former CEO and COO Found n Former CEO, COO, CFO and Corporate Controller dismissed “for cause;” Former CEO and COO subsequently convicted of securities fraud- Guilty of Securities Fraud related felonies, sentenced to imprisonment, and ordered to pay fines n Government recognized MIMEDX as a “victim” of the former CEO’s and COO’s wrongdoing 2 n Loss of customers; damaged customer relationships; negative media coverage; significant reputational damage in the market Substantial Business Impact n Multiple initiatives halted, including R&D investments and activities n Workforce reduced in 2018 by approximately 240 full-time employees, including ~25% of sales force 3 n SEC and DOJ investigations 11 Multiple Lawsuits, Regulatory n ~15 material legal proceedings Investigations n Significant relief and damages sought 4 n 2012 – 2017 financials recalled (23 quarterly statements); restatements required; outside auditor resigned Loss of Credibility with Financial n Delisting from NASDAQ; loss of all analyst coverage Community n Lenders terminated their commitments under their credit facilities and LOC 5 n CEO and COO dominated decision making, ignoring internal controls and good governance n Former management motivation was exclusively short-term, with sole focus on sale of the Company Deficient Corporate Governance / Controls / Infrastructure n Company lacked a formal internal audit function and lacked many internal controls over financial reporting; Singular focus on sales growth starved operational and control areas – limited infrastructure in place 11
NEW MANAGEMENT AND BOARD HAVE ADDRESSED PAST CHALLENGES CREATED BY PRIOR MANAGEMENT, STABILIZING THE COMPANY AND POSITIONING IT FOR GROWTH S U S T A I N S T A B I L I Z E G R O W Anticipating Regulatory Approval in Japan in Mid-2021 $150 Million Transformative Financing Awarded Amniotic Tissue Supplier Agreement ® with Premier Inc.’s SURPASS™ Purchasing Named Permanent 5 SEC Filings & Caught Up in Financial Program (2) Reporting CFO Board Reconstitution Complete Timothy R. Wright Appointed Secured Additional National Commercial Payor (4) Key Management Hires Code of Business Nasdaq Relisting ® Coverage for EPICORD Board Reconstitution Begins Conduct and Ethics New Product Launch New Payor Coverage Completed Last Patients Last Visits in 3 IND Resolved SEC Investigation VA / DOJ Annual Shareholder Meeting Two Public Investor Conferences trials Settlement (1) Key Management Hires Completed Clinical Trial Enrollment Financial Restatement Annual Shareholder Meeting Appointed Phyllis Gardner, M.D. Indictment of Former Management Completed Chief Accounting (5) (3) (6) Officer Hire Key Management Hire Key Management Hire 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 2021 - 2022 Restored Financial Integrity and Investing in Growth From a Solid Financial Position Reputation Created Strong Foundation for Business Forming a Culture of Cross-Functional Performance Collaboration Investing in Primary Transforming for Innovation Growth Drivers (1) William “Butch” Hulse IV; Peter M. Carlson; Stan Micek; (2) Peter M. Carlson; (3) William L. Phelan; (4) Robert B. Stein, M.D., Ph.D.; Rohit Kashyap, Ph.D.; (5) Jack Howarth; (6) Dirk Stevens, Ph.D. 12NEW MANAGEMENT AND BOARD HAVE ADDRESSED PAST CHALLENGES CREATED BY PRIOR MANAGEMENT, STABILIZING THE COMPANY AND POSITIONING IT FOR GROWTH S U S T A I N S T A B I L I Z E G R O W Anticipating Regulatory Approval in Japan in Mid-2021 $150 Million Transformative Financing Awarded Amniotic Tissue Supplier Agreement ® with Premier Inc.’s SURPASS™ Purchasing Named Permanent 5 SEC Filings & Caught Up in Financial Program (2) Reporting CFO Board Reconstitution Complete Timothy R. Wright Appointed Secured Additional National Commercial Payor (4) Key Management Hires Code of Business Nasdaq Relisting ® Coverage for EPICORD Board Reconstitution Begins Conduct and Ethics New Product Launch New Payor Coverage Completed Last Patients Last Visits in 3 IND Resolved SEC Investigation VA / DOJ Annual Shareholder Meeting Two Public Investor Conferences trials Settlement (1) Key Management Hires Completed Clinical Trial Enrollment Financial Restatement Annual Shareholder Meeting Appointed Phyllis Gardner, M.D. Indictment of Former Management Completed Chief Accounting (5) (3) (6) Officer Hire Key Management Hire Key Management Hire 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 2021 - 2022 Restored Financial Integrity and Investing in Growth From a Solid Financial Position Reputation Created Strong Foundation for Business Forming a Culture of Cross-Functional Performance Collaboration Investing in Primary Transforming for Innovation Growth Drivers (1) William “Butch” Hulse IV; Peter M. Carlson; Stan Micek; (2) Peter M. Carlson; (3) William L. Phelan; (4) Robert B. Stein, M.D., Ph.D.; Rohit Kashyap, Ph.D.; (5) Jack Howarth; (6) Dirk Stevens, Ph.D. 12
POSITIONING IT FOR GROWTH TURNAROUND UNDER THE NEW MANAGEMENT TEAM AND BOARD HAVE POSITIONED THE COMPANY FOR GROWTH AND DRIVEN STOCK PRICE PERFORMANCE Stock Price Performance Since Appointment of New CEO - Timothy 1• Refreshed > 90% of management team and R. Wright (05/09/2019) fully reconstituted board 2• Stabilized business and accelerating late- stage pipeline MDXG: 3• Increased our liquidity +232.8% 4• Settled with SEC, avoided DOJ prosecution, and largely resolved material litigations and investigations • Improved control environment, completed (1) Peers : +51.7% 5 financial restatement, and relisted on NASDAQ • Completely rebuilt corporate governance and ethics / compliance 6 Source: FactSet as of 05/05/21; (1) Peers include IART, VCEL, ORGO, TCMD, AXGN, ANIK, CRY, and TELA. 13POSITIONING IT FOR GROWTH TURNAROUND UNDER THE NEW MANAGEMENT TEAM AND BOARD HAVE POSITIONED THE COMPANY FOR GROWTH AND DRIVEN STOCK PRICE PERFORMANCE Stock Price Performance Since Appointment of New CEO - Timothy 1• Refreshed > 90% of management team and R. Wright (05/09/2019) fully reconstituted board 2• Stabilized business and accelerating late- stage pipeline MDXG: 3• Increased our liquidity +232.8% 4• Settled with SEC, avoided DOJ prosecution, and largely resolved material litigations and investigations • Improved control environment, completed (1) Peers : +51.7% 5 financial restatement, and relisted on NASDAQ • Completely rebuilt corporate governance and ethics / compliance 6 Source: FactSet as of 05/05/21; (1) Peers include IART, VCEL, ORGO, TCMD, AXGN, ANIK, CRY, and TELA. 13
POSITIONING IT FOR GROWTH TURNAROUND UNDER THE NEW MANAGEMENT TEAM AND BOARD HAVE POSITIONED THE COMPANY FOR GROWTH 1 2 3 Refreshed > 90% of Management Stabilized Business and Accelerating Increased Our Liquidity Team and Fully Reconstituted Board Late-Stage Pipeline ✓ Highly credible and experienced ✓ Restructured and reprioritized commercial ✓ $150M capital raise leadership team organization • Raise occurred during a highly • Capable and cohesive leadership • Moved away from solely revenue-driven uncertain operating environment, team with domain and subject- sales incentive plan exacerbated by COVID-19, with matter expertise significant external turnaround costs • Implemented corporate compliance & code of ethics training • Retired debt with highly restrictive ® covenants that limited flexibility to ✓ Launched EPICORD Expandable invest in business (1) ✓ Completed trial enrollment ✓ Ran highly competitive, well-vetted ✓ Awarded Amniotic Tissue Supplier process ® Agreement with Premier ✓ Financing provided ability to: ✓ Awarded coverage by largest U.S. ®• Prioritize investment in growth drivers TIMOTHY R. WRIGHT PETE CARLSON commercial payor for EPIFIX Chief Executive Chief Financial • Stabilize business Officer Officer ✓ Rebuilt relationship with FDA ✓ 100% new Board of Directors since May 2019 with significant industry and scientific experience ✓ Enhanced diversity of the Board Completed Ongoing Completed ✓✓✓ (1) The Company’s Investigational New Drug clinical studies: Plantar Fasciitis (Phase 3), Achilles Tendonitis (Phase 3), and Knee Osteoarthritis (Phase 2B). 14POSITIONING IT FOR GROWTH TURNAROUND UNDER THE NEW MANAGEMENT TEAM AND BOARD HAVE POSITIONED THE COMPANY FOR GROWTH 1 2 3 Refreshed > 90% of Management Stabilized Business and Accelerating Increased Our Liquidity Team and Fully Reconstituted Board Late-Stage Pipeline ✓ Highly credible and experienced ✓ Restructured and reprioritized commercial ✓ $150M capital raise leadership team organization • Raise occurred during a highly • Capable and cohesive leadership • Moved away from solely revenue-driven uncertain operating environment, team with domain and subject- sales incentive plan exacerbated by COVID-19, with matter expertise significant external turnaround costs • Implemented corporate compliance & code of ethics training • Retired debt with highly restrictive ® covenants that limited flexibility to ✓ Launched EPICORD Expandable invest in business (1) ✓ Completed trial enrollment ✓ Ran highly competitive, well-vetted ✓ Awarded Amniotic Tissue Supplier process ® Agreement with Premier ✓ Financing provided ability to: ✓ Awarded coverage by largest U.S. ®• Prioritize investment in growth drivers TIMOTHY R. WRIGHT PETE CARLSON commercial payor for EPIFIX Chief Executive Chief Financial • Stabilize business Officer Officer ✓ Rebuilt relationship with FDA ✓ 100% new Board of Directors since May 2019 with significant industry and scientific experience ✓ Enhanced diversity of the Board Completed Ongoing Completed ✓✓✓ (1) The Company’s Investigational New Drug clinical studies: Plantar Fasciitis (Phase 3), Achilles Tendonitis (Phase 3), and Knee Osteoarthritis (Phase 2B). 14
TURNAROUND UNDER THE NEW MANAGEMENT TEAM AND BOARD HAVE POSITIONED THE COMPANY FOR GROWTH 4 5 6 Settled with SEC, Avoided DOJ Improved Control Environment, Completely Rebuilt Corporate Prosecution and Largely Resolved Completed Financial Restatement, and Governance and Ethics / Compliance Material Litigation and Investigations Relisted on NASDAQ ✓ Settled with the SEC for nominal amount ✓ Became current in financial reporting with 7 ✓ Fully reconstituted entire Board of Directors; with no admission of liability SEC filings in five months, including 2 Form Held two shareholder meetings in 2020 10-Ks (August, November) • $1.5M settlement recognized new leadership’s “remediation and ✓ Named full-time CFO; Added new Chief ✓ Established board-level Ethics & Compliance cooperation” efforts. SEC Press Accounting Officer Committee Release, Nov. 26, 2019 ✓ Established Disclosure Committee✓ Audit Committee members include two • New leadership’s cooperation and former audit partners from large global firms ✓ Rebuilt internal control framework; remediation cited as key elements in remediated most material weaknesses✓ Established Internal Audit Department the DOJ’s decision not to prosecute ✓ Relisted on NASDAQ✓ Implemented extensive Code of Conduct and ✓ Obtained successful dismissal of Ethics, including annual certification by all (1) securities class action complaint directors and employees ✓ Resolved most material litigation and ✓ Adopted ~70 new corporate governance investigations reforms, including limiting outside board participation and separating the Chair and CEO roles ✓ Established board-level Advanced Science & Technology Committee Largely Resolved Completed Completed ✓✓✓ (1) Appeal pending. 15TURNAROUND UNDER THE NEW MANAGEMENT TEAM AND BOARD HAVE POSITIONED THE COMPANY FOR GROWTH 4 5 6 Settled with SEC, Avoided DOJ Improved Control Environment, Completely Rebuilt Corporate Prosecution and Largely Resolved Completed Financial Restatement, and Governance and Ethics / Compliance Material Litigation and Investigations Relisted on NASDAQ ✓ Settled with the SEC for nominal amount ✓ Became current in financial reporting with 7 ✓ Fully reconstituted entire Board of Directors; with no admission of liability SEC filings in five months, including 2 Form Held two shareholder meetings in 2020 10-Ks (August, November) • $1.5M settlement recognized new leadership’s “remediation and ✓ Named full-time CFO; Added new Chief ✓ Established board-level Ethics & Compliance cooperation” efforts. SEC Press Accounting Officer Committee Release, Nov. 26, 2019 ✓ Established Disclosure Committee✓ Audit Committee members include two • New leadership’s cooperation and former audit partners from large global firms ✓ Rebuilt internal control framework; remediation cited as key elements in remediated most material weaknesses✓ Established Internal Audit Department the DOJ’s decision not to prosecute ✓ Relisted on NASDAQ✓ Implemented extensive Code of Conduct and ✓ Obtained successful dismissal of Ethics, including annual certification by all (1) securities class action complaint directors and employees ✓ Resolved most material litigation and ✓ Adopted ~70 new corporate governance investigations reforms, including limiting outside board participation and separating the Chair and CEO roles ✓ Established board-level Advanced Science & Technology Committee Largely Resolved Completed Completed ✓✓✓ (1) Appeal pending. 15
CAPITAL RAISE PROVIDED ABILITY TO STABILIZE THE BUSINESS, PRIORITIZE INVESTMENTS AND POSITION THE COMPANY FOR GROWTH As a result of these actions, the Company was able to avoid a “going concern” limitation in its audit during a challenging and truly unprecedented time Situation Overview Before Capital Raise… …After Capital Raise ✓ Financing included $100M convertible preferred, priced at a 10% ✓ MIMEDX faced a highly uncertain operating environment, (1) premium to current share price ; voting percentage capped at 19.9% exacerbated by COVID-19, with significant external turnaround costs ✓ Financing provided ability to: • Stabilize business ✓ Previous term loan had highly restrictive covenants • Prioritize investment in growth drivers ✓ Without additional liquidity, Company was at risk of violating its covenants and having a “going concern” limitation in its audit – the • Continue resolving litigation Company did not have liquidity runway of 12+ months ✓ Added two highly-qualified, seasoned board members Priced equity offering at Publicly announced equivalent of $3.85 / investment led by EW share, an ~10% Healthcare Partners and (1) (2) premium Hayfin Capital Reached out to 26 3 Investors included in 6 Term Sheets Submitted potential investors Second Round March 2020 April 2020 May 2020 June 2020 July 2020 Thorough financing process run to maximize value and minimize dilution (1) MIMEDX’s closing price as of June 12, 2020, when the Company entered into exclusivity with EW Healthcare; (2) Financing was $100 million convertible preferred stock in line with market terms at the time and $50 million in debt financing to take out the existing restrictive facility. 16CAPITAL RAISE PROVIDED ABILITY TO STABILIZE THE BUSINESS, PRIORITIZE INVESTMENTS AND POSITION THE COMPANY FOR GROWTH As a result of these actions, the Company was able to avoid a “going concern” limitation in its audit during a challenging and truly unprecedented time Situation Overview Before Capital Raise… …After Capital Raise ✓ Financing included $100M convertible preferred, priced at a 10% ✓ MIMEDX faced a highly uncertain operating environment, (1) premium to current share price ; voting percentage capped at 19.9% exacerbated by COVID-19, with significant external turnaround costs ✓ Financing provided ability to: • Stabilize business ✓ Previous term loan had highly restrictive covenants • Prioritize investment in growth drivers ✓ Without additional liquidity, Company was at risk of violating its covenants and having a “going concern” limitation in its audit – the • Continue resolving litigation Company did not have liquidity runway of 12+ months ✓ Added two highly-qualified, seasoned board members Priced equity offering at Publicly announced equivalent of $3.85 / investment led by EW share, an ~10% Healthcare Partners and (1) (2) premium Hayfin Capital Reached out to 26 3 Investors included in 6 Term Sheets Submitted potential investors Second Round March 2020 April 2020 May 2020 June 2020 July 2020 Thorough financing process run to maximize value and minimize dilution (1) MIMEDX’s closing price as of June 12, 2020, when the Company entered into exclusivity with EW Healthcare; (2) Financing was $100 million convertible preferred stock in line with market terms at the time and $50 million in debt financing to take out the existing restrictive facility. 16
OUR COMMITMENT TO PATIENT CARE DRIVES EVERYTHING WE DO Core Values are the framework of our identity and culture. I believe culture is the most integral part of building a successful, sustainable company.” Timothy R. Wright, MIMEDX CEO Character Customer Orientation Innovation As leaders, we do the right thing – always, with Our products achieve their full potential to improve We challenge ourselves to identify new ways to integrity. Our core behaviors demonstrate health by putting patients and customers first, and help bodies heal and deliver innovation that transparency, empathy, and authenticity in exceeding expectations. We ask questions, matters. Our focus on operational excellence as order to inspire genuine purpose for action. understand needs and find evidence-based solutions well as pioneering science requires initiative and that make a difference. a dedication to continuous improvement. Collaboration Stewardship Our interactions with all customers and colleagues build We are stewards of a precious resource – human tissue – trust, awareness and respect. Together, we empower and act accordingly. We set the standard for quality, every person to effectively engage and add value. Our reliability and value and meaningfully contribute to the accountability to each other enables all to achieve more. communities in which we live and work. 17OUR COMMITMENT TO PATIENT CARE DRIVES EVERYTHING WE DO Core Values are the framework of our identity and culture. I believe culture is the most integral part of building a successful, sustainable company.” Timothy R. Wright, MIMEDX CEO Character Customer Orientation Innovation As leaders, we do the right thing – always, with Our products achieve their full potential to improve We challenge ourselves to identify new ways to integrity. Our core behaviors demonstrate health by putting patients and customers first, and help bodies heal and deliver innovation that transparency, empathy, and authenticity in exceeding expectations. We ask questions, matters. Our focus on operational excellence as order to inspire genuine purpose for action. understand needs and find evidence-based solutions well as pioneering science requires initiative and that make a difference. a dedication to continuous improvement. Collaboration Stewardship Our interactions with all customers and colleagues build We are stewards of a precious resource – human tissue – trust, awareness and respect. Together, we empower and act accordingly. We set the standard for quality, every person to effectively engage and add value. Our reliability and value and meaningfully contribute to the accountability to each other enables all to achieve more. communities in which we live and work. 17
18 EMPLOYEE SURVEY RESULTS UNDERSCORE POSITIVE INFLUENCE OF NEW MANAGEMENT New Management Dimension 2018 2019 2020 Senior Senior leadership is open and honest in communication 12% 61% 72% Leadership Diversity & We have a work environment that is accepting of different 29% 76% 82% Inclusion ways of thinking MIMEDX is considered one of the best places to work for Employer Brand 15% 59% 63% someone with my skills and experience I can report an instance of unethical, inappropriate or 44% 85% 94% questionable conduct without fear of retribution Ethical Behavior The company takes appropriate risks without compromising 27% 68% 77% integrity Career & My future career opportunities here look good 27% 68% 72% Development Selected Employee Quotes from 2020 Survey “I think as a company we are on the right path and “I love working with a company where I can “I absolutely love working here. I headed in a great direction, we just have more work to pull the CEO to the side and speak to him on see what our products do to help do. I applaud leadership for there efforts thus far in certain things and he listens..” patients.” these areas.” Leadership, culture and employee engagement have significantly improved under new management Note: Survey conducted by Kincentric, A Spencer Stuart Company. 1818 EMPLOYEE SURVEY RESULTS UNDERSCORE POSITIVE INFLUENCE OF NEW MANAGEMENT New Management Dimension 2018 2019 2020 Senior Senior leadership is open and honest in communication 12% 61% 72% Leadership Diversity & We have a work environment that is accepting of different 29% 76% 82% Inclusion ways of thinking MIMEDX is considered one of the best places to work for Employer Brand 15% 59% 63% someone with my skills and experience I can report an instance of unethical, inappropriate or 44% 85% 94% questionable conduct without fear of retribution Ethical Behavior The company takes appropriate risks without compromising 27% 68% 77% integrity Career & My future career opportunities here look good 27% 68% 72% Development Selected Employee Quotes from 2020 Survey “I think as a company we are on the right path and “I love working with a company where I can “I absolutely love working here. I headed in a great direction, we just have more work to pull the CEO to the side and speak to him on see what our products do to help do. I applaud leadership for there efforts thus far in certain things and he listens..” patients.” these areas.” Leadership, culture and employee engagement have significantly improved under new management Note: Survey conducted by Kincentric, A Spencer Stuart Company. 18
CLEAR STRATEGY FOR VALUE CREATION 19CLEAR STRATEGY FOR VALUE CREATION 19
CLEAR STRATEGY FOR VALUE CREATION Industry leading base business with high gross margins provides foundation for long-term, stable growth, fueling late-stage pipeline • Targeting 10%+ growth in base advanced wound care business • Japan approval anticipated mid-2021; providing foundation for further international expansion • Contribution from late-stage pipeline anticipated in 2023; Potential blockbuster drug reaching the market in 2025 / 2026 • Long-term view anticipates additional large-scale markets leveraging platform technology Knee OA Outside US Outside US Plantar Fasciitis Plantar Fasciitis Plantar Fasciitis Japan Japan Japan Japan Base Business Base Business Base Business Base Business Base Business 2021 2022 2025+ 2023 2024 Base Business International Pipeline OUS = Outside United States. Timeline represents current plans and estimates only. Actual results and timing may differ materially. There can be no assurance that clinical trials are conducted or completed on schedule, that trial results are favorable, or that we obtain regulatory approval for our products and indications. 21CLEAR STRATEGY FOR VALUE CREATION Industry leading base business with high gross margins provides foundation for long-term, stable growth, fueling late-stage pipeline • Targeting 10%+ growth in base advanced wound care business • Japan approval anticipated mid-2021; providing foundation for further international expansion • Contribution from late-stage pipeline anticipated in 2023; Potential blockbuster drug reaching the market in 2025 / 2026 • Long-term view anticipates additional large-scale markets leveraging platform technology Knee OA Outside US Outside US Plantar Fasciitis Plantar Fasciitis Plantar Fasciitis Japan Japan Japan Japan Base Business Base Business Base Business Base Business Base Business 2021 2022 2025+ 2023 2024 Base Business International Pipeline OUS = Outside United States. Timeline represents current plans and estimates only. Actual results and timing may differ materially. There can be no assurance that clinical trials are conducted or completed on schedule, that trial results are favorable, or that we obtain regulatory approval for our products and indications. 21
INVESTING HEAVILY IN PROMISING LATE- STAGE PIPELINE WITH SIGNIFICANT GROWTH OPPORTUNITIES ▪ Announced last patients last visits in three late-stage trials ▪ Top-line data readouts anticipated late-summer 2021 ▪ Intend to initiate Phase 3 study Knee Osteoarthritis in Q3 2021 ▪ Submitted IND for Chronic Cutaneous Ulcers; Received notification of allowance to proceed ▪ Three-fold increase in R&D expense to support acceleration of pipeline, including pre- clinical investigations around mechanism of action Trials explore therapeutic potential as a non-surgical treatment option to reduce pain & improve function Current IND Studies across areas of significant unmet need Planned Near-Term IND Studies Planned Longer-Term IND Studies 22INVESTING HEAVILY IN PROMISING LATE- STAGE PIPELINE WITH SIGNIFICANT GROWTH OPPORTUNITIES ▪ Announced last patients last visits in three late-stage trials ▪ Top-line data readouts anticipated late-summer 2021 ▪ Intend to initiate Phase 3 study Knee Osteoarthritis in Q3 2021 ▪ Submitted IND for Chronic Cutaneous Ulcers; Received notification of allowance to proceed ▪ Three-fold increase in R&D expense to support acceleration of pipeline, including pre- clinical investigations around mechanism of action Trials explore therapeutic potential as a non-surgical treatment option to reduce pain & improve function Current IND Studies across areas of significant unmet need Planned Near-Term IND Studies Planned Longer-Term IND Studies 22
PLANTAR FASCIITIS TOP-LINE RESULTS ANTICIPATED LATE-SUMMER 2021 Study Informs Safety and Efficacy and Creates Foundation for Other Future Indications Market Overview Phase 2B study completed 2M+ 200K+ Phase 3 study enrollment completed U.S. patients treated for Candidates for advanced • 277 patients in September 2020 1 2 PF annually therapies • Last patient out in Q2 2021 Current ~20K-50K Potential timeline* Treatments Potential candidates for n Conservative injectable amnion/ • Meeting with FDA mid-2021 (RICE/NSAIDS) 3 chorion n Custom orthotics • BLA filing 1H 2022 n Corticosteroid injections • FDA approval and product launch 1H 2023 n Emerging therapies Est. BLA filing Est. BLA launch Plantar Fasciitis P H 3 1H 2H 1H 2H 1H 2H 1H 2H 2020 2021 2022 2023 * Timeline represents current plans and estimates only. Actual results and timing may differ materially. There can be no assurance that clinical trials are conducted or completed on schedule, that trial results are favorable, or that we obtain regulatory approval for our products and indications. (1) Tong KB, Furia J. Economic burden of plantar fasciitis treatment in the United States. Am J Orthop (Belle Mead NJ). 2010;39(5):227-231; (2) Ang TW. The effectiveness of corticosteroid injection in the treatment of plantar fasciitis. Singapore Med J. 2015;56(8):423-432. doi:10.11622/smedj.2015118; (3) 23 Plantar Fasciitis Primary Research/Conjoint Analysis (n=171) performed by Market Vision December 2019 https://www.mv-research.com/ (data on file). PLANTAR FASCIITIS TOP-LINE RESULTS ANTICIPATED LATE-SUMMER 2021 Study Informs Safety and Efficacy and Creates Foundation for Other Future Indications Market Overview Phase 2B study completed 2M+ 200K+ Phase 3 study enrollment completed U.S. patients treated for Candidates for advanced • 277 patients in September 2020 1 2 PF annually therapies • Last patient out in Q2 2021 Current ~20K-50K Potential timeline* Treatments Potential candidates for n Conservative injectable amnion/ • Meeting with FDA mid-2021 (RICE/NSAIDS) 3 chorion n Custom orthotics • BLA filing 1H 2022 n Corticosteroid injections • FDA approval and product launch 1H 2023 n Emerging therapies Est. BLA filing Est. BLA launch Plantar Fasciitis P H 3 1H 2H 1H 2H 1H 2H 1H 2H 2020 2021 2022 2023 * Timeline represents current plans and estimates only. Actual results and timing may differ materially. There can be no assurance that clinical trials are conducted or completed on schedule, that trial results are favorable, or that we obtain regulatory approval for our products and indications. (1) Tong KB, Furia J. Economic burden of plantar fasciitis treatment in the United States. Am J Orthop (Belle Mead NJ). 2010;39(5):227-231; (2) Ang TW. The effectiveness of corticosteroid injection in the treatment of plantar fasciitis. Singapore Med J. 2015;56(8):423-432. doi:10.11622/smedj.2015118; (3) 23 Plantar Fasciitis Primary Research/Conjoint Analysis (n=171) performed by Market Vision December 2019 https://www.mv-research.com/ (data on file).
KNEE OSTEOARTHRITIS PROGRAM PROGRESSING TOWARDS PHASE 3 INITIATION Top-line results anticipated late-summer 2021 Phase 2B study ongoing • Enrollment completed September 2020 Market Overview - 447 patients enrolled - Drop-out rates lower than expected (3% actual vs. 10% planned) 17.5M+ 8.8M • Last Patient Out for 6-month blinded observation in late 2021 U.S. KOA patients Intra-articular injections • 6-month open-label extension allows all patients option to receive mdHACM, (growing 2% per year) across providing additional insight into dosing and duration of effect 4.4M patients Potential timeline* Current Treatments ~1M – 1.5M • Meeting with FDA in mid-2021 n Corticosteroid injections Potential candidates for n Viscosupplementation • Phase 3 initiation in 3Q 2021 injectable amnion / chorion - (e.g. Hyaluronic Acid) one injection in one knee, n Platelet Rich Plasma • BLA filing 2H 2024 / 1H 2025 per year (PRP) • FDA approval and product launch in 2H 2025 / 1H 2026 n Emerging therapies Critical Success Factors • Advantaged by CGMP readiness for Plantar Fasciitis BLA • RMAT designation provides frequent dialogue with the FDA Est. BLA filing Phase 3 initiation Est. launch FDA meeting Knee P H 2 B P H 3 Osteoarthritis 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 2021 2022 2023 2024 2025 2026 * Timeline represents current plans and estimates only. Actual results and timing may differ materially. There can be no assurance that clinical trials are conducted or completed on schedule, that trial results are favorable, or that we obtain regulatory approval for our products and indications 24KNEE OSTEOARTHRITIS PROGRAM PROGRESSING TOWARDS PHASE 3 INITIATION Top-line results anticipated late-summer 2021 Phase 2B study ongoing • Enrollment completed September 2020 Market Overview - 447 patients enrolled - Drop-out rates lower than expected (3% actual vs. 10% planned) 17.5M+ 8.8M • Last Patient Out for 6-month blinded observation in late 2021 U.S. KOA patients Intra-articular injections • 6-month open-label extension allows all patients option to receive mdHACM, (growing 2% per year) across providing additional insight into dosing and duration of effect 4.4M patients Potential timeline* Current Treatments ~1M – 1.5M • Meeting with FDA in mid-2021 n Corticosteroid injections Potential candidates for n Viscosupplementation • Phase 3 initiation in 3Q 2021 injectable amnion / chorion - (e.g. Hyaluronic Acid) one injection in one knee, n Platelet Rich Plasma • BLA filing 2H 2024 / 1H 2025 per year (PRP) • FDA approval and product launch in 2H 2025 / 1H 2026 n Emerging therapies Critical Success Factors • Advantaged by CGMP readiness for Plantar Fasciitis BLA • RMAT designation provides frequent dialogue with the FDA Est. BLA filing Phase 3 initiation Est. launch FDA meeting Knee P H 2 B P H 3 Osteoarthritis 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 2021 2022 2023 2024 2025 2026 * Timeline represents current plans and estimates only. Actual results and timing may differ materially. There can be no assurance that clinical trials are conducted or completed on schedule, that trial results are favorable, or that we obtain regulatory approval for our products and indications 24
ACHILLES TENDONITIS PROGRAM Phase 3 Double-Blinded, Randomized Controlled Trial • 158 patients enrolled across 11 sites • Outcomes Measures include: • Change in Visual Analog Scale at 90 days, Incidence of Adverse Events at 365 days, Foot Function Index (FFI-R) at 90 days Enrollment completed in September 2020, with last patient out in Q2 2021 Achilles Tendonitis Program Next Steps*: • Analyze data following statistical analysis • Plan to meet with FDA to review mid-2021 • We do not anticipate pursuing a BLA for Achilles Tendonitis at this time • The Company may explore efficacy in a future study in a more well-defined subset of patients Safety data from Achilles Tendonitis trial can be used to supplement data package for other clinical indications already underway * Timeline represents current plans and estimates only. Actual results and timing may differ materially. There can be no assurance that clinical trials are conducted or completed on schedule, that trial results are favorable, or that we obtain regulatory approval for our products and indications. 25ACHILLES TENDONITIS PROGRAM Phase 3 Double-Blinded, Randomized Controlled Trial • 158 patients enrolled across 11 sites • Outcomes Measures include: • Change in Visual Analog Scale at 90 days, Incidence of Adverse Events at 365 days, Foot Function Index (FFI-R) at 90 days Enrollment completed in September 2020, with last patient out in Q2 2021 Achilles Tendonitis Program Next Steps*: • Analyze data following statistical analysis • Plan to meet with FDA to review mid-2021 • We do not anticipate pursuing a BLA for Achilles Tendonitis at this time • The Company may explore efficacy in a future study in a more well-defined subset of patients Safety data from Achilles Tendonitis trial can be used to supplement data package for other clinical indications already underway * Timeline represents current plans and estimates only. Actual results and timing may differ materially. There can be no assurance that clinical trials are conducted or completed on schedule, that trial results are favorable, or that we obtain regulatory approval for our products and indications. 25
THE BLA PROCESS IS LENGTHY AND REQUIRES CAREFUL PLANNING AND COORDINATION WITH THE FDA MIMEDX has assembled the right Board and Management Team with the relevant clinical, scientific and regulatory expertise required to navigate the BLA pathway Industry – FDA Interactions During Development Clinical Development Prototype Design or Preclinical FDA Filing / Approval & Basic Research Discovery Development Launch Preparation Phase 1 Phase 2 Phase 3 120 Day Pre-IND Meeting Safety Update Initial Market End of Phase 2 IND Application Meeting Submissions Submissions Pre-BLA or NDA Meeting IND Review Phase and Ongoing Submissions Application Review Phase Material Selection Safety In Vitro and Safety Structure Activity Human and Animal Testing Animal Testing Follow Up Relationship Medical In Vitro and Computer In Vitro and Human Efficacy Evaluation Utility Model Evaluation Animal Models Characterization Small- Industrial- Physical Design Manufacturing Scale-up Refined Specifications Mass Production Scale Production ization 26 Industry – FDA Interactions During Dimensions DevelopmentTHE BLA PROCESS IS LENGTHY AND REQUIRES CAREFUL PLANNING AND COORDINATION WITH THE FDA MIMEDX has assembled the right Board and Management Team with the relevant clinical, scientific and regulatory expertise required to navigate the BLA pathway Industry – FDA Interactions During Development Clinical Development Prototype Design or Preclinical FDA Filing / Approval & Basic Research Discovery Development Launch Preparation Phase 1 Phase 2 Phase 3 120 Day Pre-IND Meeting Safety Update Initial Market End of Phase 2 IND Application Meeting Submissions Submissions Pre-BLA or NDA Meeting IND Review Phase and Ongoing Submissions Application Review Phase Material Selection Safety In Vitro and Safety Structure Activity Human and Animal Testing Animal Testing Follow Up Relationship Medical In Vitro and Computer In Vitro and Human Efficacy Evaluation Utility Model Evaluation Animal Models Characterization Small- Industrial- Physical Design Manufacturing Scale-up Refined Specifications Mass Production Scale Production ization 26 Industry – FDA Interactions During Dimensions Development
BASE BUSINESS HAS STABILIZED AND IS NOW POSITIONED FOR GROWTH 2 Net Sales ($M) Section 361 vs. Section 351 Sales Breakdown (2.9%) 2020 1Q21 $76 $69 $64 $62 $60 $54 14% 13% 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 1 Adjusted Net Sales ($M) 87% 86% +4.2% $68 $68 $63 $60 $57 $52 Section 361 Sales Section 351 Sales 1Q 2021 TTM Sales by Care Setting 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 Advanced Wound Care/Section 361 Gross Sales In-patient 29% +5.2% Private Office 31% Out-patient 29% Other 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 11% (1) Adjusted net sales excludes impact of Revenue Transition amounts. Adjusted net sales is a non-GAAP measurement. Refer to Appendix for more information and reconciliation to the nearest GAAP measure; (2) Section 361 includes Tissue + Cord sales. Section 351 includes Micronized + Particulate sales. 27BASE BUSINESS HAS STABILIZED AND IS NOW POSITIONED FOR GROWTH 2 Net Sales ($M) Section 361 vs. Section 351 Sales Breakdown (2.9%) 2020 1Q21 $76 $69 $64 $62 $60 $54 14% 13% 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 1 Adjusted Net Sales ($M) 87% 86% +4.2% $68 $68 $63 $60 $57 $52 Section 361 Sales Section 351 Sales 1Q 2021 TTM Sales by Care Setting 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 Advanced Wound Care/Section 361 Gross Sales In-patient 29% +5.2% Private Office 31% Out-patient 29% Other 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 11% (1) Adjusted net sales excludes impact of Revenue Transition amounts. Adjusted net sales is a non-GAAP measurement. Refer to Appendix for more information and reconciliation to the nearest GAAP measure; (2) Section 361 includes Tissue + Cord sales. Section 351 includes Micronized + Particulate sales. 27
CASH GENERATED FROM BASE BUSINESS FUELS PIPELINE Quarterly Net Loss ($M) R&D Spend 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 Anticipate three-fold increase in 2021 with ~75% ($5) ($8) ($9) ($8) focused on late-stage pipeline ($17) ($19) 1 Inventory Levels ($M) Adjusted EBITDA as % of Adjusted Net Sales $11.6 $11.0 15.6% 13.2% 14.3% 14.3% $10.4 $10.6 12.7% 13.3% $9.2 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 1, 2 3 TTM Adjusted Free Cash Flow ($M) Cash Position ($M) $84.7 $40 $32 $32 $31 $48.2 $27 $27 6/30/2020 3/31/2021 (Pre-Capital Raise) (Post-Capital Raise / Current) 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 (1) Calculated on a trailing twelve-month basis for each period. Adjusted Net Sales, Adjusted Free Cash Flow and Adjusted EBITDA are non-GAAP measurements. Refer to appendix for more information and reconciliation to the nearest GAAP figure; (2) Adjusted EBITDA – Capex – Patent Costs; (3) Transactions include (i) issuance of $100 million of Series B convertible preferred stock; 28 (ii) $75 million loan facility; (iii) repayment and termination of existing loan agreement. CASH GENERATED FROM BASE BUSINESS FUELS PIPELINE Quarterly Net Loss ($M) R&D Spend 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 Anticipate three-fold increase in 2021 with ~75% ($5) ($8) ($9) ($8) focused on late-stage pipeline ($17) ($19) 1 Inventory Levels ($M) Adjusted EBITDA as % of Adjusted Net Sales $11.6 $11.0 15.6% 13.2% 14.3% 14.3% $10.4 $10.6 12.7% 13.3% $9.2 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 1Q 2020 2Q 2020 3Q 2020 4Q 2020 1Q 2021 1, 2 3 TTM Adjusted Free Cash Flow ($M) Cash Position ($M) $84.7 $40 $32 $32 $31 $48.2 $27 $27 6/30/2020 3/31/2021 (Pre-Capital Raise) (Post-Capital Raise / Current) 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 (1) Calculated on a trailing twelve-month basis for each period. Adjusted Net Sales, Adjusted Free Cash Flow and Adjusted EBITDA are non-GAAP measurements. Refer to appendix for more information and reconciliation to the nearest GAAP figure; (2) Adjusted EBITDA – Capex – Patent Costs; (3) Transactions include (i) issuance of $100 million of Series B convertible preferred stock; 28 (ii) $75 million loan facility; (iii) repayment and termination of existing loan agreement.
PERFORMANCE AND SHAREHOLDER RETURNS 29PERFORMANCE AND SHAREHOLDER RETURNS 29
MIMEDX’S TSR METRICS HAVE IMPROVED SIGNIFICANTLY n New MIMEDX management team and Board have delivered meaningful shareholder returns n MIMEDX has significantly outperformed its peer group by almost 250% over the past two years Total Shareholder Return (1) (1) TSR Prior To 2-Year Benchmark 2-Year TSR 314% 108% 56% (81%) (2) (2) Peers Peers Source: FactSet as of 05/05/21; (1) TSR prior to 2-year benchmark is from 05/05/2017 – 05/05/2019. 2-Year TSR is from 05/05/2019 - 05/05/2021. Average shown for peers; (2) Peers include IART, VCEL, ORGO, TCMD, AXGN, ANIK, CRY, and TELA. 30MIMEDX’S TSR METRICS HAVE IMPROVED SIGNIFICANTLY n New MIMEDX management team and Board have delivered meaningful shareholder returns n MIMEDX has significantly outperformed its peer group by almost 250% over the past two years Total Shareholder Return (1) (1) TSR Prior To 2-Year Benchmark 2-Year TSR 314% 108% 56% (81%) (2) (2) Peers Peers Source: FactSet as of 05/05/21; (1) TSR prior to 2-year benchmark is from 05/05/2017 – 05/05/2019. 2-Year TSR is from 05/05/2019 - 05/05/2021. Average shown for peers; (2) Peers include IART, VCEL, ORGO, TCMD, AXGN, ANIK, CRY, and TELA. 30
THIRD-PARTY VALIDATION FOR THE COMPANY’S TRAJECTORY, STRATEGY AND LEADERSHIP Leaving turmoil behind, MIMEDX is back in the game… Starting in 2018, MIMEDX meticulously stabilized its operations by (1) replacing 90% of its senior leadership; (2) establishing an Ethics and Compliance Committee; and (3) replacing its H.C. Wainwright & Co. independent auditor. We believe current management under Timothy R. Wright has positioned MIMEDX to restart a growth (March 19, 2021) momentum that could be sustainable. With most of the company’s litigation matters resolved, MIMEDX relisted its stock on the NASDAQ on November [4], 2020.” MIMEDX holds a strong position in the wound care market with a supportive set of preclinical and clinical work demonstrating safety and efficacy for the company’s portfolio of products. With additional studies underway, new product Zacks Investment launches and a favorable demographic trend, we anticipate double digit growth in the second half of 2022. We see a high (April 20, 2021) degree of probability that the trials will be successful thereby supporting even greater penetration for AMNIOFIX and related products.” Anthony Atala, M.D., Regenerative medicine has captured the imagination of physicians and scientists worldwide, and inspires hope in patients Chair and Director of 1 looking for additional treatment options. I am eager to work with Tim Wright and his management team, and applaud the WFIRM transformational progress they have made to strategically position MIMEDX for the future.” (May 6, 2021) (1) WFIRM is Wake Forest Institute for Regenerative Medicine. 31THIRD-PARTY VALIDATION FOR THE COMPANY’S TRAJECTORY, STRATEGY AND LEADERSHIP Leaving turmoil behind, MIMEDX is back in the game… Starting in 2018, MIMEDX meticulously stabilized its operations by (1) replacing 90% of its senior leadership; (2) establishing an Ethics and Compliance Committee; and (3) replacing its H.C. Wainwright & Co. independent auditor. We believe current management under Timothy R. Wright has positioned MIMEDX to restart a growth (March 19, 2021) momentum that could be sustainable. With most of the company’s litigation matters resolved, MIMEDX relisted its stock on the NASDAQ on November [4], 2020.” MIMEDX holds a strong position in the wound care market with a supportive set of preclinical and clinical work demonstrating safety and efficacy for the company’s portfolio of products. With additional studies underway, new product Zacks Investment launches and a favorable demographic trend, we anticipate double digit growth in the second half of 2022. We see a high (April 20, 2021) degree of probability that the trials will be successful thereby supporting even greater penetration for AMNIOFIX and related products.” Anthony Atala, M.D., Regenerative medicine has captured the imagination of physicians and scientists worldwide, and inspires hope in patients Chair and Director of 1 looking for additional treatment options. I am eager to work with Tim Wright and his management team, and applaud the WFIRM transformational progress they have made to strategically position MIMEDX for the future.” (May 6, 2021) (1) WFIRM is Wake Forest Institute for Regenerative Medicine. 31
STRONG MANAGEMENT TEAM & BOARD 32STRONG MANAGEMENT TEAM & BOARD 32
HIGHLY ACCOMPLISHED MANAGEMENT TEAM RESTORING REPUTATION FOR THE FUTURE CEO Timothy R. Wright personally recruited 7 of the 9 highly-respected senior executives, building a team focused on long-term strategic management TIMOTHY R. WRIGHT PETER M. CARLSON WILLIAM F. HULSE ROHIT KASHYAP, PhD ROBERT B. STEIN, MD, PhD Chief Executive Chief Financial General Counsel Chief Commercial EVP, Research Officer Officer & Secretary Officer & Development DIRK STEVENS, PhD SCOTT TURNER MARK P. GRAVES JACK HOWARTH STAN MICEK SVP, Quality SVP, Operations Chief Compliance SVP, SVP, Business Assurance & Regulatory Affairs & Procurement Officer Investor Relations Development = Recruited by Timothy R. Wright as CEO = Prior Senior Leadership / Risk Management Experience 33 = Prior Public Board Experience = Joined since 2018 HIGHLY ACCOMPLISHED MANAGEMENT TEAM RESTORING REPUTATION FOR THE FUTURE CEO Timothy R. Wright personally recruited 7 of the 9 highly-respected senior executives, building a team focused on long-term strategic management TIMOTHY R. WRIGHT PETER M. CARLSON WILLIAM F. HULSE ROHIT KASHYAP, PhD ROBERT B. STEIN, MD, PhD Chief Executive Chief Financial General Counsel Chief Commercial EVP, Research Officer Officer & Secretary Officer & Development DIRK STEVENS, PhD SCOTT TURNER MARK P. GRAVES JACK HOWARTH STAN MICEK SVP, Quality SVP, Operations Chief Compliance SVP, SVP, Business Assurance & Regulatory Affairs & Procurement Officer Investor Relations Development = Recruited by Timothy R. Wright as CEO = Prior Senior Leadership / Risk Management Experience 33 = Prior Public Board Experience = Joined since 2018
OUR BOARD MEMBERS BRING DIVERSE SKILLSETS THAT HAVE BEEN CRITICAL FOR MIMEDX’S TURNAROUND Each specific member of the Board was deliberately selected to Sustain, Stabilize, and Grow the Company S U S T A I N S T A B I L I Z E G R O W n With the Company stabilized, MIMEDX can focus on n Deeply tumultuous period in the Company’s history n Foundation put in place to restore credibility with key driving growth through expanding clinical data and R&D n Lack of strong leadership stakeholders including investors, employees, and n Numerous financial, accounting, operational and regulators governance issues M. Kathleen Behrens, PhD Timothy R. Wright Michael J. Giuliani, MD ▪ Combination of Board and management ▪ Critical leadership skills with over 30+ ▪ 4 decades of clinical and regulatory leadership as Founder, CEO, and/or years in life sciences, med tech, and experience Chair of biotechnology companies regenerative medicine ▪ Former VP, Research and Development ▪ Independent life sciences consultant ▪ Deep operational, spin-out, and at Covidien (Mallinckrodt) and investor turnaround experience ▪ Total Public Board Experience: 1 ▪ Board Chair ▪ Total Public Board Experience: 4 Joined: Joined: Joined: ▪ Total Public Board Experience: 9 June 2019 May 2019 November 2020 K. Todd Newton William A. Hawkins III Cato T. Laurencin, MD, PhD ▪ Robust experience in finance and ▪ Deep leadership and M&A experience in ▪ Pioneer of regenerative engineering; auditing as Executive VP, CFO, and COO large-cap med tech as Chairman and CEO of the CT Convergence Institute of ArthroCare during Company CEO of Medtronic ▪ Member of the National Academy of turnaround ▪ Former President and CEO of Immucor Sciences ▪ Former CEO of Apollo Endosurgery ▪ Chair of Ethics & Compliance ▪ Chair of Advanced Science & ▪ Chair of Audit Committee Committee Technology Committee Joined: Joined: Joined: ▪ Total Public Board Experience: 3▪ Total Public Board Experience: 8▪ Total Public Board Experience: 2 June 2019 November 2020 November 2020 James L. Bierman Martin P. Sutter Phyllis I. Gardner, MD ▪ C-level leadership as former President ▪ Long-term investor perspective with ▪ Deep clinical and R&D experience and CEO (COO and CFO) of Owens & experience at 30+ portfolio company ▪ Professor of Medicine at Stanford Minor, a Fortune 500 company investments University with 35 years of experience ▪ Auditing background as former Partner ▪ Co-Founder and Managing Director of in academia, medicine and industry at Arthur Andersen EW Healthcare Partners ▪ Total Public Board Experience: 9 ▪ Chair of Compensation Committee ▪ Chair of Nominating & Corporate Joined: Joined: Governance Committee Joined: ▪ Total Public Board Experience: 6 June 2019 July 2020 March 2021 ▪ Total Public Board Experience: 12 Note: Total Public Board Experience represents all lifetime current and past public board roles, including at MIMEDX. 34 = Committee ChairOUR BOARD MEMBERS BRING DIVERSE SKILLSETS THAT HAVE BEEN CRITICAL FOR MIMEDX’S TURNAROUND Each specific member of the Board was deliberately selected to Sustain, Stabilize, and Grow the Company S U S T A I N S T A B I L I Z E G R O W n With the Company stabilized, MIMEDX can focus on n Deeply tumultuous period in the Company’s history n Foundation put in place to restore credibility with key driving growth through expanding clinical data and R&D n Lack of strong leadership stakeholders including investors, employees, and n Numerous financial, accounting, operational and regulators governance issues M. Kathleen Behrens, PhD Timothy R. Wright Michael J. Giuliani, MD ▪ Combination of Board and management ▪ Critical leadership skills with over 30+ ▪ 4 decades of clinical and regulatory leadership as Founder, CEO, and/or years in life sciences, med tech, and experience Chair of biotechnology companies regenerative medicine ▪ Former VP, Research and Development ▪ Independent life sciences consultant ▪ Deep operational, spin-out, and at Covidien (Mallinckrodt) and investor turnaround experience ▪ Total Public Board Experience: 1 ▪ Board Chair ▪ Total Public Board Experience: 4 Joined: Joined: Joined: ▪ Total Public Board Experience: 9 June 2019 May 2019 November 2020 K. Todd Newton William A. Hawkins III Cato T. Laurencin, MD, PhD ▪ Robust experience in finance and ▪ Deep leadership and M&A experience in ▪ Pioneer of regenerative engineering; auditing as Executive VP, CFO, and COO large-cap med tech as Chairman and CEO of the CT Convergence Institute of ArthroCare during Company CEO of Medtronic ▪ Member of the National Academy of turnaround ▪ Former President and CEO of Immucor Sciences ▪ Former CEO of Apollo Endosurgery ▪ Chair of Ethics & Compliance ▪ Chair of Advanced Science & ▪ Chair of Audit Committee Committee Technology Committee Joined: Joined: Joined: ▪ Total Public Board Experience: 3▪ Total Public Board Experience: 8▪ Total Public Board Experience: 2 June 2019 November 2020 November 2020 James L. Bierman Martin P. Sutter Phyllis I. Gardner, MD ▪ C-level leadership as former President ▪ Long-term investor perspective with ▪ Deep clinical and R&D experience and CEO (COO and CFO) of Owens & experience at 30+ portfolio company ▪ Professor of Medicine at Stanford Minor, a Fortune 500 company investments University with 35 years of experience ▪ Auditing background as former Partner ▪ Co-Founder and Managing Director of in academia, medicine and industry at Arthur Andersen EW Healthcare Partners ▪ Total Public Board Experience: 9 ▪ Chair of Compensation Committee ▪ Chair of Nominating & Corporate Joined: Joined: Governance Committee Joined: ▪ Total Public Board Experience: 6 June 2019 July 2020 March 2021 ▪ Total Public Board Experience: 12 Note: Total Public Board Experience represents all lifetime current and past public board roles, including at MIMEDX. 34 = Committee Chair
OUR BOARD IS COMPRISED OF LEADERS WITH THE KEY SKILLSETS NECESSARY TO CONTINUE LEADING MIMEDX THROUGH THIS NEXT STAGE OF GROWTH Current Board Skills Matrix Senior Med Tech / Life Research and Leadership Clinical Drug Operational Financial M&A Sciences Risk Regulatory (Public Diversity Development Expertise Expertise Expertise Industry Management Expertise C-Level / Board Experience Experience (MD / PhD) Experience) Timothy - ✓✓✓✓✓✓ -✓ Wright Kathleen ✓ ✓✓✓✓✓✓✓✓ Behrens James - - - ✓✓✓✓✓✓ Bierman Phyllis ✓ ✓✓✓✓✓✓✓✓ Gardner William ✓✓✓✓✓✓ - - - Hawkins III Michael - ✓ - -✓✓ -✓✓ Giuliani Martin - ✓✓✓✓✓✓ - - Sutter Todd - ✓✓✓✓✓✓ - - Newton Cato ✓✓✓✓ ✓✓✓✓✓ Laurencin ISS Proxy Analysis & The company's slate would add the current CEO (Wright), a highly qualified chair of the board (Behrens), and a new chair of the audit committee Benchmark Policy (Newton), all of whom show competence and relevant experience... It appears clear that the best opportunity for long-term value creation lies with Voting Report (May 9, the leadership agreed to by the company and Prescience. 2019) 35OUR BOARD IS COMPRISED OF LEADERS WITH THE KEY SKILLSETS NECESSARY TO CONTINUE LEADING MIMEDX THROUGH THIS NEXT STAGE OF GROWTH Current Board Skills Matrix Senior Med Tech / Life Research and Leadership Clinical Drug Operational Financial M&A Sciences Risk Regulatory (Public Diversity Development Expertise Expertise Expertise Industry Management Expertise C-Level / Board Experience Experience (MD / PhD) Experience) Timothy - ✓✓✓✓✓✓ -✓ Wright Kathleen ✓ ✓✓✓✓✓✓✓✓ Behrens James - - - ✓✓✓✓✓✓ Bierman Phyllis ✓ ✓✓✓✓✓✓✓✓ Gardner William ✓✓✓✓✓✓ - - - Hawkins III Michael - ✓ - -✓✓ -✓✓ Giuliani Martin - ✓✓✓✓✓✓ - - Sutter Todd - ✓✓✓✓✓✓ - - Newton Cato ✓✓✓✓ ✓✓✓✓✓ Laurencin ISS Proxy Analysis & The company's slate would add the current CEO (Wright), a highly qualified chair of the board (Behrens), and a new chair of the audit committee Benchmark Policy (Newton), all of whom show competence and relevant experience... It appears clear that the best opportunity for long-term value creation lies with Voting Report (May 9, the leadership agreed to by the company and Prescience. 2019) 35
CURRENT CEO AND CHAIR HAVE DRIVEN VALUE, STABILIZATION AND GROWTH Under Timothy R. Wright as CEO and Dr. M. Kathleen Behrens as Chair of MIMEDX, 1 the Company has had an absolute TSR of +233% and +103%, respectively Timothy R. Wright M. Kathleen Behrens, PhD Chief Executive Officer Chair of the Board ✓ Industry leader in a variety of healthcare roles ✓ Renowned turnaround and restructuring expert ✓ Brings Board and management experience, previously as: ✓ Deep operational and spin-out experience ‒ Co-Founder, President, and CEO of the KEW Group ✓ Significant expertise in regenerative engineering ‒ 9 current and past Public Board roles ✓ Restored MIMEDX’s reputation from prior financial troubles ✓ Brings an investor perspective to the boardroom, previously as: ✓ Rebuilt base business, strengthened balance sheet, relisted on NASDAQ and is poised for long-term value creation ‒ General Partner of RS Investments ✓ Prior M&A expertise as senior leader: Joined: Joined: ‒ President, Director, and Chairwoman of the National Venture Capital Association May 2019 June 2019 ‒ Spin-out of Tyco Healthcare ($10.0B) ‒ General Partner and Managing Director of Robertson ✓ Current Public Board Experience: Stephens = Med Tech / Life = Med Tech / Life ✓ Prior M&A expertise as senior leader: ‒ Agenus Sciences Sciences ‒ Sale of Amylin Pharmaceuticals ($4.4B) Experience ✓ Former Public Board Experience: Experience ‒ Sale of Abgenix ($2.3B) ‒ AAIPharma ✓ Current Public Board Experience: = Operational = Operational ✓ Other previous healthcare and operational leadership ‒ Sarepta Therapeutics (Chair) Experience Experience positions include: ‒ IGM Biosciences ‒ Founder and Partner of Signal Hill Advisors ✓ Former Public Board Experience: ‒ President and CEO of M2Gen = Public Board = Public Board ‒ Amylin Pharmaceuticals Experience Experience ‒ EVP, Mergers and Acquisitions, Strategy and ‒ Abgenix Innovation of Teva Pharmaceutical Industries ✓ Other industry experiences include: ‒ President of Covidien (Mallinkrodt) st ‒ Co-Founder of the Coalition for 21 Century Medicine, = MD / Ph. D a trade association for new generation diagnostic ‒ Founder of the Drug Development Institute at The companies Ohio State University Comprehensive Cancer Center (OSUCCC) ‒ Former Member of the President’s Council of Advisors on Science and Technology ‒ Senior VP of DuPont Merck ✓ PhD in Microbiology from the University of California, Davis ✓ BS in Marketing from The Ohio State University (1) FactSet as of May 5, 2021. Timothy R. Wright appointed CEO as of May 9, 2019 and Dr. M. Kathleen Behrens appointed Chair effective June 17, 2019. 36CURRENT CEO AND CHAIR HAVE DRIVEN VALUE, STABILIZATION AND GROWTH Under Timothy R. Wright as CEO and Dr. M. Kathleen Behrens as Chair of MIMEDX, 1 the Company has had an absolute TSR of +233% and +103%, respectively Timothy R. Wright M. Kathleen Behrens, PhD Chief Executive Officer Chair of the Board ✓ Industry leader in a variety of healthcare roles ✓ Renowned turnaround and restructuring expert ✓ Brings Board and management experience, previously as: ✓ Deep operational and spin-out experience ‒ Co-Founder, President, and CEO of the KEW Group ✓ Significant expertise in regenerative engineering ‒ 9 current and past Public Board roles ✓ Restored MIMEDX’s reputation from prior financial troubles ✓ Brings an investor perspective to the boardroom, previously as: ✓ Rebuilt base business, strengthened balance sheet, relisted on NASDAQ and is poised for long-term value creation ‒ General Partner of RS Investments ✓ Prior M&A expertise as senior leader: Joined: Joined: ‒ President, Director, and Chairwoman of the National Venture Capital Association May 2019 June 2019 ‒ Spin-out of Tyco Healthcare ($10.0B) ‒ General Partner and Managing Director of Robertson ✓ Current Public Board Experience: Stephens = Med Tech / Life = Med Tech / Life ✓ Prior M&A expertise as senior leader: ‒ Agenus Sciences Sciences ‒ Sale of Amylin Pharmaceuticals ($4.4B) Experience ✓ Former Public Board Experience: Experience ‒ Sale of Abgenix ($2.3B) ‒ AAIPharma ✓ Current Public Board Experience: = Operational = Operational ✓ Other previous healthcare and operational leadership ‒ Sarepta Therapeutics (Chair) Experience Experience positions include: ‒ IGM Biosciences ‒ Founder and Partner of Signal Hill Advisors ✓ Former Public Board Experience: ‒ President and CEO of M2Gen = Public Board = Public Board ‒ Amylin Pharmaceuticals Experience Experience ‒ EVP, Mergers and Acquisitions, Strategy and ‒ Abgenix Innovation of Teva Pharmaceutical Industries ✓ Other industry experiences include: ‒ President of Covidien (Mallinkrodt) st ‒ Co-Founder of the Coalition for 21 Century Medicine, = MD / Ph. D a trade association for new generation diagnostic ‒ Founder of the Drug Development Institute at The companies Ohio State University Comprehensive Cancer Center (OSUCCC) ‒ Former Member of the President’s Council of Advisors on Science and Technology ‒ Senior VP of DuPont Merck ✓ PhD in Microbiology from the University of California, Davis ✓ BS in Marketing from The Ohio State University (1) FactSet as of May 5, 2021. Timothy R. Wright appointed CEO as of May 9, 2019 and Dr. M. Kathleen Behrens appointed Chair effective June 17, 2019. 36
OUR CURRENT DIRECTORS BRING KEY EXPERTISE TO THE MIMEDX BOARDROOM Dr. Phyllis I. Gardner brings an independent voice through her background in academia, medicine, and Boardrooms. K. Todd Newton brings a history of turnaround management and auditing to the Board Phyllis I. Gardner, MD K. Todd Newton Independent Director Independent Director, Chair of Audit Committee ✓ Brings independent scrutiny and accountability, as evidenced ✓ Robust experience in finance and auditing as Executive VP, by her early, original, and accurate analysis of Theranos CFO, and COO of ArthroCare during Company turnaround ✓ Professor of Medicine at Stanford University with 35 years of ✓ Navigated ArthroCare which faced similar financial and legal experience in academia, medicine and industry issues to MIMEDX, resulting in $1.7B sale of Company to Smith ✓ Prior M&A expertise as senior leader: & Nephew ‒ Sale of Corium ($500M) ✓ Led ArthroCare to its highest-ever levels of profitability and ‒ Sale of Aerogen (Undisclosed) cash flow ‒ Sale of Aronex ($100M) ✓ International business and leadership experience as CEO of Joined: Joined: ✓ Current Public Board Experience: Apollo Endosurgery March 2021 June 2019 ‒ CohBar ✓ Led expansion of Apollo Endosurgery’s sales footprint to a ‒ Revance Therapeutics worldwide organization represented in over 75 countries as CEO ✓ Former Public Board Experience: = Med Tech / Life = Med Tech / Life Sciences ‒ Corium International Sciences ✓ Experience in joining, transforming, and leading public companies with prior financial and legal troubles Experience Experience ‒ Parnell Pharmaceuticals ‒ Aerogen✓ History of exhibiting turnaround management skills with high ethical standards ‒ BioMarin Pharmaceutical = Operational = Operational Experience Experience ‒ Aronex Pharmaceuticals✓ Prior M&A expertise as senior leader: ‒ Pharmacyclics ‒ Sale of ArthroCare ($1.7B) ✓ Selected affiliations: ✓ Former Public Board Experience: = Public Board ‒ Member of the Harvard Medical School Board of = Public Board ‒ Apollo Endosurgery (CEO) Experience Fellows Experience ✓ Other previous experiences include: ‒ Synenco Energy (President and CEO) ‒ Adjunct Partner at Essex Woodlands Health Ventures ✓ Other previous experiences include: (1999-2014) = MD / PhD ‒ President and CFO of Synenco Energy ‒ Principal Scientist, Vice President of Research at ALZA Technology Institute ‒ Partner at Deloitte ✓ MD from Harvard University; Chief Residency at Stanford ✓ BBA in accounting from the University of Texas at San Antonio University Hospital; post-doctoral fellowships at Columbia University and University College London 37OUR CURRENT DIRECTORS BRING KEY EXPERTISE TO THE MIMEDX BOARDROOM Dr. Phyllis I. Gardner brings an independent voice through her background in academia, medicine, and Boardrooms. K. Todd Newton brings a history of turnaround management and auditing to the Board Phyllis I. Gardner, MD K. Todd Newton Independent Director Independent Director, Chair of Audit Committee ✓ Brings independent scrutiny and accountability, as evidenced ✓ Robust experience in finance and auditing as Executive VP, by her early, original, and accurate analysis of Theranos CFO, and COO of ArthroCare during Company turnaround ✓ Professor of Medicine at Stanford University with 35 years of ✓ Navigated ArthroCare which faced similar financial and legal experience in academia, medicine and industry issues to MIMEDX, resulting in $1.7B sale of Company to Smith ✓ Prior M&A expertise as senior leader: & Nephew ‒ Sale of Corium ($500M) ✓ Led ArthroCare to its highest-ever levels of profitability and ‒ Sale of Aerogen (Undisclosed) cash flow ‒ Sale of Aronex ($100M) ✓ International business and leadership experience as CEO of Joined: Joined: ✓ Current Public Board Experience: Apollo Endosurgery March 2021 June 2019 ‒ CohBar ✓ Led expansion of Apollo Endosurgery’s sales footprint to a ‒ Revance Therapeutics worldwide organization represented in over 75 countries as CEO ✓ Former Public Board Experience: = Med Tech / Life = Med Tech / Life Sciences ‒ Corium International Sciences ✓ Experience in joining, transforming, and leading public companies with prior financial and legal troubles Experience Experience ‒ Parnell Pharmaceuticals ‒ Aerogen✓ History of exhibiting turnaround management skills with high ethical standards ‒ BioMarin Pharmaceutical = Operational = Operational Experience Experience ‒ Aronex Pharmaceuticals✓ Prior M&A expertise as senior leader: ‒ Pharmacyclics ‒ Sale of ArthroCare ($1.7B) ✓ Selected affiliations: ✓ Former Public Board Experience: = Public Board ‒ Member of the Harvard Medical School Board of = Public Board ‒ Apollo Endosurgery (CEO) Experience Fellows Experience ✓ Other previous experiences include: ‒ Synenco Energy (President and CEO) ‒ Adjunct Partner at Essex Woodlands Health Ventures ✓ Other previous experiences include: (1999-2014) = MD / PhD ‒ President and CFO of Synenco Energy ‒ Principal Scientist, Vice President of Research at ALZA Technology Institute ‒ Partner at Deloitte ✓ MD from Harvard University; Chief Residency at Stanford ✓ BBA in accounting from the University of Texas at San Antonio University Hospital; post-doctoral fellowships at Columbia University and University College London 37
DR. GARDNER BRINGS AN INDEPENDENT VOICE TO THE BOARD ▪ Dr. Gardner is a world-renowned, well-respected clinical pharmacologist and healthcare executive with over 35 years of life sciences experience who has served on over 18 public and private boards ▪ Gardner brings a highly-sought, long track record of success and strong ethical compass ‒ Evidenced by being an early, publicly vocal skeptic of Theranos’ technology when she was a Stanford University Professor advising the company’s founder ▪ From 1999 to 2014, Gardner served in various consulting capacities at EW and at one point had the title of adjunct partner at Essex Woodlands Health Ventures, a predecessor firm to EW Healthcare Partners Setting the Record Straight ✓ Dr. Gardner is a highly proven Independent Director widely respected for her life sciences background ✓ Dr. Gardner has had no affiliation to EW Healthcare Partners in nearly 8 years and has no economic investment in any EW portfolio assets ✓ Dr. Gardner is truly independent and not beholden to MIMEDX’s management or EW Healthcare Partners 38DR. GARDNER BRINGS AN INDEPENDENT VOICE TO THE BOARD ▪ Dr. Gardner is a world-renowned, well-respected clinical pharmacologist and healthcare executive with over 35 years of life sciences experience who has served on over 18 public and private boards ▪ Gardner brings a highly-sought, long track record of success and strong ethical compass ‒ Evidenced by being an early, publicly vocal skeptic of Theranos’ technology when she was a Stanford University Professor advising the company’s founder ▪ From 1999 to 2014, Gardner served in various consulting capacities at EW and at one point had the title of adjunct partner at Essex Woodlands Health Ventures, a predecessor firm to EW Healthcare Partners Setting the Record Straight ✓ Dr. Gardner is a highly proven Independent Director widely respected for her life sciences background ✓ Dr. Gardner has had no affiliation to EW Healthcare Partners in nearly 8 years and has no economic investment in any EW portfolio assets ✓ Dr. Gardner is truly independent and not beholden to MIMEDX’s management or EW Healthcare Partners 38
IMPROVEMENTS BY MANAGEMENT AND BOARD HAVE POSITIONED MIMEDX FOR THE FUTURE MIMEDX has adopted approximately 70 corporate governance reforms Selected Key Governance Enhancements Fully Reconstituted the Board Resolved SEC and Several DOJ inquiries 90% Refreshed Management Amendments to Bylaws to Limit Since 2018 Outside Board Participation Separated Chair and CEO Roles New Charters for Board Committees New Ethics & Compliance and Advanced Science & De-classifying the Board Technology Committees Relisted on NASDAQ Adopting Proxy Access Decreasing Ownership Threshold for Named Full-time CFO; Added New Chief Accounting Officer Calling Special Meetings MIMEDX’S management and Board have substantially resolved the Company’s legacy issues and are focusing on future growth Up for vote at 2021 39 annual meetingIMPROVEMENTS BY MANAGEMENT AND BOARD HAVE POSITIONED MIMEDX FOR THE FUTURE MIMEDX has adopted approximately 70 corporate governance reforms Selected Key Governance Enhancements Fully Reconstituted the Board Resolved SEC and Several DOJ inquiries 90% Refreshed Management Amendments to Bylaws to Limit Since 2018 Outside Board Participation Separated Chair and CEO Roles New Charters for Board Committees New Ethics & Compliance and Advanced Science & De-classifying the Board Technology Committees Relisted on NASDAQ Adopting Proxy Access Decreasing Ownership Threshold for Named Full-time CFO; Added New Chief Accounting Officer Calling Special Meetings MIMEDX’S management and Board have substantially resolved the Company’s legacy issues and are focusing on future growth Up for vote at 2021 39 annual meeting
MIMEDX IS COMMITTED TO RESPONSIBLE CONDUCT ESG: Commitment to Corporate Social Responsibility W E H A V E A N O P P O R T U N I T Y A N D R E S P O N S I B I L I T Y T O M A K E A D I F F E R E N C E F O R T H E S E PAT I E N T S . A N D I N D O I N G S O , G R O W A S U C C E S S F U L A N D M E A N I N G F U L H E A LT H C A R E C O M PA N Y ” - Timothy R. Wright, MIMEDX CEO n Independent Chief Compliance Officer and VP of Internal Audit report directly to the Board n Formed Inclusion and Diversity Council to assess, develop and inform initiatives, then implement n Implemented Code of Conduct and Ethics, as well as change regular compliance training for all employees n Met NASDAQ standards for diversity, with 3 of 9 n Remediated most material weaknesses and internal Commitment to Ethical, Sound Commitment to board members meeting diversity guidance controls; remainder in process Governance Diversity n Core technology uses donated tissue that would n Implemented company-wide vision, mission and otherwise be disposed as medical waste core values n Product portfolio requires no special storage or Commitment to Our Patients and Commitment to Environmental n Maintained full employment during COVID-19 to delivery, and has five-year shelf life the Communities Where We Work Responsibility ensure continued product access and Live Ethics, Stewardship and Compliance is Our Foundation 40MIMEDX IS COMMITTED TO RESPONSIBLE CONDUCT ESG: Commitment to Corporate Social Responsibility W E H A V E A N O P P O R T U N I T Y A N D R E S P O N S I B I L I T Y T O M A K E A D I F F E R E N C E F O R T H E S E PAT I E N T S . A N D I N D O I N G S O , G R O W A S U C C E S S F U L A N D M E A N I N G F U L H E A LT H C A R E C O M PA N Y ” - Timothy R. Wright, MIMEDX CEO n Independent Chief Compliance Officer and VP of Internal Audit report directly to the Board n Formed Inclusion and Diversity Council to assess, develop and inform initiatives, then implement n Implemented Code of Conduct and Ethics, as well as change regular compliance training for all employees n Met NASDAQ standards for diversity, with 3 of 9 n Remediated most material weaknesses and internal Commitment to Ethical, Sound Commitment to board members meeting diversity guidance controls; remainder in process Governance Diversity n Core technology uses donated tissue that would n Implemented company-wide vision, mission and otherwise be disposed as medical waste core values n Product portfolio requires no special storage or Commitment to Our Patients and Commitment to Environmental n Maintained full employment during COVID-19 to delivery, and has five-year shelf life the Communities Where We Work Responsibility ensure continued product access and Live Ethics, Stewardship and Compliance is Our Foundation 40
41 5/7/2021 COMPENSATION IS ALIGNED WITH PERFORMANCE METRICS THAT DRIVE SHAREHOLDER VALUE Say-on-Pay received more than 90% support at the 2020 Annual Meeting Management Incentive 2020 Financial Performance Compensation Overview Plan (MIP) Threshold Results Achieved Components ($M) ($M) Revenue û $261 $240.5 ▪ Compensation is based on a philosophy of Performance individual and organizational performance and includes components to drive shareholder value ▪ The Compensation Committee works with an independent consultant to align with best (1) practices and MIMEDX’s peers Adj. EBITDA 33.9 30.6û Performance ▪ Management instituted company-wide, gradated salary reductions to maintain full employment during COVID-19, to keep teams focused on growth drivers ▪ MIP Components in 2021 include an R&D goal aligned with the Company’s external Individual ✓ COVID-19 Response✓ Commitment to ESG commitments to progress the pipeline projects, ✓ Operational Excellence ✓ Improved Position Performance and accelerate where possible ✓ Transformative Transaction ✓ Developing Talent Objectives Note: Adjusted EBITDA is a non-GAAP measure. Refer to appendix for more information and reconciliation to the nearest GAAP figure; (1) Peers for compensation assessment are: AKBA, 41 AMAG, COLL, CRY, FLDM, HALO, IRWD, LMNX, VIVO, MNTA, NSTG, OMER, OSUR, ORGO, OFIX, PGEN, RTRX, SPPI, VNDA and VCEL.41 5/7/2021 COMPENSATION IS ALIGNED WITH PERFORMANCE METRICS THAT DRIVE SHAREHOLDER VALUE Say-on-Pay received more than 90% support at the 2020 Annual Meeting Management Incentive 2020 Financial Performance Compensation Overview Plan (MIP) Threshold Results Achieved Components ($M) ($M) Revenue û $261 $240.5 ▪ Compensation is based on a philosophy of Performance individual and organizational performance and includes components to drive shareholder value ▪ The Compensation Committee works with an independent consultant to align with best (1) practices and MIMEDX’s peers Adj. EBITDA 33.9 30.6û Performance ▪ Management instituted company-wide, gradated salary reductions to maintain full employment during COVID-19, to keep teams focused on growth drivers ▪ MIP Components in 2021 include an R&D goal aligned with the Company’s external Individual ✓ COVID-19 Response✓ Commitment to ESG commitments to progress the pipeline projects, ✓ Operational Excellence ✓ Improved Position Performance and accelerate where possible ✓ Transformative Transaction ✓ Developing Talent Objectives Note: Adjusted EBITDA is a non-GAAP measure. Refer to appendix for more information and reconciliation to the nearest GAAP figure; (1) Peers for compensation assessment are: AKBA, 41 AMAG, COLL, CRY, FLDM, HALO, IRWD, LMNX, VIVO, MNTA, NSTG, OMER, OSUR, ORGO, OFIX, PGEN, RTRX, SPPI, VNDA and VCEL.
EW HEALTHCARE BRINGS EXPERIENCE AND EXPERTISE TO THE BOARD § EW Healthcare Partners are highly skilled investor with a track record of value creation in healthcare ‒ Over a 36 year history, EW has invested in over 150 companies ‒ Their investment team has 500+ years of combined healthcare industry experience § EW Healthcare Partners is aligned with the best interest of all shareholders and wants to maximize shareholder returns ‒ EW has a consistent track record of creating shareholder value: The firm has successfully built and contributed to the prosperity of numerous life science companies, with many of those companies being sold to create high returns for investors ‒ EW is a highly respected healthcare investor: their investment in MIMEDX demonstrates confidence in Management and the Board’s long‐term vision for the Company Deep Experience In Healthcare Selected Current Investments Selected Successful Exits 1EW HEALTHCARE BRINGS EXPERIENCE AND EXPERTISE TO THE BOARD § EW Healthcare Partners are highly skilled investor with a track record of value creation in healthcare ‒ Over a 36 year history, EW has invested in over 150 companies ‒ Their investment team has 500+ years of combined healthcare industry experience § EW Healthcare Partners is aligned with the best interest of all shareholders and wants to maximize shareholder returns ‒ EW has a consistent track record of creating shareholder value: The firm has successfully built and contributed to the prosperity of numerous life science companies, with many of those companies being sold to create high returns for investors ‒ EW is a highly respected healthcare investor: their investment in MIMEDX demonstrates confidence in Management and the Board’s long‐term vision for the Company Deep Experience In Healthcare Selected Current Investments Selected Successful Exits 1
MIMEDX IS ON THE RIGHT PATH 43MIMEDX IS ON THE RIGHT PATH 43
MIMEDX’S FOUNDATION IS IN PLACE 1 Refreshed Management Team and Fully Reconstituted Board 2 Stabilized Business and Accelerating Late-Stage Pipeline 3 Increased Our Liquidity 4 Resolved Material Litigation and Investigations Completed Financial Restatement, Improved Controls and Relisted 5 on NASDAQ 6 Rebuilt Corporate Governance and Standards 44MIMEDX’S FOUNDATION IS IN PLACE 1 Refreshed Management Team and Fully Reconstituted Board 2 Stabilized Business and Accelerating Late-Stage Pipeline 3 Increased Our Liquidity 4 Resolved Material Litigation and Investigations Completed Financial Restatement, Improved Controls and Relisted 5 on NASDAQ 6 Rebuilt Corporate Governance and Standards 44
THE RIGHT BOARD, LEADERSHIP AND STRATEGY IS IN PLACE MIMEDX is a new company, with a fully reconstituted Board and Senior Leadership team, transformed in the last 2 years The Board and management team have completely rebuilt and stabilized the Company, positioning MIMEDX for long-term, sustainable growth As a result of these actions, MIMEDX’s total shareholder returns have improved significantly relative to its peers MIMEDX’s Board and management team have a clear, long-term strategy for shareholder value creation The seasoned Board nominees that are up for re-election / election have a valuable mix of proven financial, scientific and clinical skillsets that are necessary to navigate MIMEDX to our next growth phase Vote for MIMEDX’s Nominees on the WHITE Card 45THE RIGHT BOARD, LEADERSHIP AND STRATEGY IS IN PLACE MIMEDX is a new company, with a fully reconstituted Board and Senior Leadership team, transformed in the last 2 years The Board and management team have completely rebuilt and stabilized the Company, positioning MIMEDX for long-term, sustainable growth As a result of these actions, MIMEDX’s total shareholder returns have improved significantly relative to its peers MIMEDX’s Board and management team have a clear, long-term strategy for shareholder value creation The seasoned Board nominees that are up for re-election / election have a valuable mix of proven financial, scientific and clinical skillsets that are necessary to navigate MIMEDX to our next growth phase Vote for MIMEDX’s Nominees on the WHITE Card 45
APPENDIX 46APPENDIX 46
NON-GAAP METRICS RECONCILIATION ($ millions) 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 Net Sales – Reported $ 76.4 $ 61.7 $ 53.6 $ 64.3 $ 68.5 $ 60.0 1 Less: Revenue Transition Impact 8.2 4.5 1.7 1.0 0.5 0.3 Adjusted Net Sales $ 68.2 $ 57.2 $ 51.9 $ 63.3 $ 68.0 $ 59.7 $ 63.7 $ 51.7 $ 45.4 $ 54.0 $ 57.7 $ 50.3 Gross Profit 1 Less: Revenue Transition Impact 7.1 3.9 1.5 0.9 0.4 0.2 Adjusted Gross Profit $ 56.6 $ 47.8 $ 44.0 $ 53.1 $ 57.3 $ 50.1 Adjusted Gross Margin 83.0% 83.6% 84.8% 83.9% 84.2% 83.9% Adjusted EBITDA $ 14.1 $ 3.1 $ 10.2 $ 6.9 $ 10.3 $ 4.7 Less: Capital Expenditures (0.7) (1.0) (0.4) (0.7) (2.2) (1.9) (0.1) (0.1) (0.1) 0.0 (0.1) (0.2) Less: Patent Application Costs Adjusted Free Cash Flow $ 13.3 $ 2.0 $ 9.7 $ 6.2 $ 8.0 $ 2.6 (1) Impact of revenue transition includes cash collected related to the remaining contracts. For a discussion of the revenue transition and the defined terms, refer to Item 8, Notes to the Consolidated Financial Statements in the MiMedx Group, Inc. Form 10-K for the years ended December 31, 2019 and 2020, and the respective Form 10-Qs for the noted quarterly periods. 47NON-GAAP METRICS RECONCILIATION ($ millions) 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 Net Sales – Reported $ 76.4 $ 61.7 $ 53.6 $ 64.3 $ 68.5 $ 60.0 1 Less: Revenue Transition Impact 8.2 4.5 1.7 1.0 0.5 0.3 Adjusted Net Sales $ 68.2 $ 57.2 $ 51.9 $ 63.3 $ 68.0 $ 59.7 $ 63.7 $ 51.7 $ 45.4 $ 54.0 $ 57.7 $ 50.3 Gross Profit 1 Less: Revenue Transition Impact 7.1 3.9 1.5 0.9 0.4 0.2 Adjusted Gross Profit $ 56.6 $ 47.8 $ 44.0 $ 53.1 $ 57.3 $ 50.1 Adjusted Gross Margin 83.0% 83.6% 84.8% 83.9% 84.2% 83.9% Adjusted EBITDA $ 14.1 $ 3.1 $ 10.2 $ 6.9 $ 10.3 $ 4.7 Less: Capital Expenditures (0.7) (1.0) (0.4) (0.7) (2.2) (1.9) (0.1) (0.1) (0.1) 0.0 (0.1) (0.2) Less: Patent Application Costs Adjusted Free Cash Flow $ 13.3 $ 2.0 $ 9.7 $ 6.2 $ 8.0 $ 2.6 (1) Impact of revenue transition includes cash collected related to the remaining contracts. For a discussion of the revenue transition and the defined terms, refer to Item 8, Notes to the Consolidated Financial Statements in the MiMedx Group, Inc. Form 10-K for the years ended December 31, 2019 and 2020, and the respective Form 10-Qs for the noted quarterly periods. 47
ADJUSTED EBITDA RECONCILIATION ($ millions) 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 Net Loss (7.5) (4.8) (8.5) (19.4) (16.6) (8.4) Depreciation & Amortization 1.8 1.8 1.7 1.8 1.6 1.5 Interest Expense 2.4 2.4 2.6 1.5 1.5 1.5 Loss on Extinguishment of Debt 0.0 0.0 0.0 8.2 0.0 0.0 0.3 (11.3) 0.0 0.0 (1.0) 0.1 Income Tax (3.0) (12.0) (4.2) (7.9) (14.5) (5.5) EBITDA Investigation, Restatement & Related 20.1 15.6 11.4 12.0 20.4 7.2 Revenue Transition (5.9) (3.9) (1.5) (0.9) (0.4) (0.2) Impairment of intangible assets 0.0 0.0 0.0 0.0 1.0 0.0 2.9 3.3 4.4 3.7 3.9 3.2 Share-Based Compensation 1 Adjusted EBITDA 14.1 3.1 10.2 6.9 10.4 4.7 Investigation, Restatement & Related: • Audit Committee Investigation completed in 2Q19 • Restatement activities completed in 2Q20 • Going forward, remainder is legal costs for Company matters, resolution costs for Company matters, and indemnification costs under agreements with former officers and directors Revenue transition excludes gross profit impact of shipments prior to 10/1/19 (see slide 47) (1) Adjusted EBITDA consists of GAAP net loss excluding: (i) depreciation, (ii) amortization of intangibles, (iii) interest expense, (iv) loss on extinguishment, (v) income tax provision, (vi) costs incurred in connection with Audit Committee Investigation and Restatement, (vii) the effect of the change in revenue recognition on net loss, (viii) Impairment of intangible assets, and (ix) share- 48 based compensation.ADJUSTED EBITDA RECONCILIATION ($ millions) 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 Net Loss (7.5) (4.8) (8.5) (19.4) (16.6) (8.4) Depreciation & Amortization 1.8 1.8 1.7 1.8 1.6 1.5 Interest Expense 2.4 2.4 2.6 1.5 1.5 1.5 Loss on Extinguishment of Debt 0.0 0.0 0.0 8.2 0.0 0.0 0.3 (11.3) 0.0 0.0 (1.0) 0.1 Income Tax (3.0) (12.0) (4.2) (7.9) (14.5) (5.5) EBITDA Investigation, Restatement & Related 20.1 15.6 11.4 12.0 20.4 7.2 Revenue Transition (5.9) (3.9) (1.5) (0.9) (0.4) (0.2) Impairment of intangible assets 0.0 0.0 0.0 0.0 1.0 0.0 2.9 3.3 4.4 3.7 3.9 3.2 Share-Based Compensation 1 Adjusted EBITDA 14.1 3.1 10.2 6.9 10.4 4.7 Investigation, Restatement & Related: • Audit Committee Investigation completed in 2Q19 • Restatement activities completed in 2Q20 • Going forward, remainder is legal costs for Company matters, resolution costs for Company matters, and indemnification costs under agreements with former officers and directors Revenue transition excludes gross profit impact of shipments prior to 10/1/19 (see slide 47) (1) Adjusted EBITDA consists of GAAP net loss excluding: (i) depreciation, (ii) amortization of intangibles, (iii) interest expense, (iv) loss on extinguishment, (v) income tax provision, (vi) costs incurred in connection with Audit Committee Investigation and Restatement, (vii) the effect of the change in revenue recognition on net loss, (viii) Impairment of intangible assets, and (ix) share- 48 based compensation.