In a report released today, Swayampakula Ramakanth from H.C. Wainwright maintained a Buy rating on MiMedx Group (MDXG – Research Report), with a price target of $11.00.
Swayampakula Ramakanth has given his Buy rating due to a combination of factors. Firstly, MiMedx Group showcased impressive financial performance in the third quarter of 2023. The company reported revenues that exceeded the consensus estimate, along with a net income per share that was also higher than anticipated. Furthermore, the management increased their revenue forecast for 2023 to high teens growth, which indicates a positive outlook for the company. Additionally, the company’s cash balance appears to be sufficient for future business operations.
Secondly, MiMedx Group demonstrated considerable growth in their revenue in the third quarter, driven by strong demand for their wound and surgical products. The company also managed to reduce its expenses, thereby increasing its net cash significantly. Looking ahead, Swayampakula Ramakanth sees several growth drivers for the company. These include the potential adoption of their product, Epifix, in the large Japanese market, the launch of a new product, EPIEFFECT, and a collaboration with Mediwound. Lastly, Ramakanth expects the company to explore opportunities in adjacent markets, which could further contribute to revenue growth.
Ramakanth covers the Healthcare sector, focusing on stocks such as ImmunoGen, Harpoon Therapeutics, and Vericel. According to TipRanks, Ramakanth has an average return of -28.5% and a 18.45% success rate on recommended stocks.
In another report released on October 27, Craig-Hallum also initiated coverage with a Buy rating on the stock with a $12.00 price target.
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MiMedx Group (MDXG) Company Description:
MiMedx Group, Inc. is an advanced wound care and an emerging therapeutic biologics company. It engages in developing and distributing human placental tissue allografts with patent-protected processes for multiple sectors of healthcare. The company processes the human placental tissue utilizing its proprietary PURION process methodology, among other processes, to produce allografts by employing aseptic processing techniques in addition to terminal sterilization. MiMedx Group was founded on July 30, 1985 and is headquartered in Marietta, GA.
Read More on MDXG:
- MIMEDX Announces Third Quarter 2023 Operating and Financial Results
- MiMedx Group Inc. (MDXG) Q3 Earnings Cheat Sheet
- Roblox upgraded, Bristol Myers downgraded: Wall Street’s top analyst calls
- Craig-Hallum sees MiMedx becoming ‘THE wound care company,’ starts at Buy
- MiMedx announces launch of EPIEFFECT
