MIMEDX GROUP, INC.
For the period ended Sep 30, 2025. Filed Oct 29, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 29, 2025
MDXG$3.31+0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-30.
0001376339-25-000085
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-29.
0001376339-25-000103
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 78 previous paragraphs and 79 current paragraphs.
35 unchanged; 36 reworded; 7 added; 6 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 6 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
•GAAP fully diluted earnings per share for the third quarter of 2025 of $0.11 compared to $0.05 in the prior year period.
Current report
Reimbursement Update
Current report
Investigation, Restatement and Related Expense
Current report
Investigation, restatement and related expense was $0.6 million for the three months ended September 30, 2024. This reflected the last material payment towards the resolution of the historical Audit Committee Investigation. Investigation, restatement and related costs ceased in 2024.
Current report
The income tax provision for the three months ended September 30, 2025 reflects the provisions of the Tax Act. The Tax Act resulted in a current tax benefit resulting from the utilization of deferred tax assets, primarily relating to the utilization of capitalized research and development expenses, and did not affect our effective tax rate in the three months ended September 30, 2025.
Current report
Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024
Current report
The income tax provision for the nine months ended September 30, 2025 reflects the provisions of the Tax Act. The Tax Act resulted in a current tax benefit resulting from the utilization of deferred tax assets, primarily relating to the utilization of capitalized research and development expenses, and did not affect our effective tax rate in the nine months ended September 30, 2025.
Removed paragraphs (6)
Previous report
Amortization of Intangible Assets
Previous report
Amortization expense related to intangible assets was $0.1 million for the three months ended June 30, 2025, compared to $0.2 million for the three months ended June 30, 2024, a decrease of $0.1 million or 47.4%. The decrease is due to certain intangible assets being fully amortized.
Previous report
Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024
Previous report
Investigation, Restatement and Related Benefit
Previous report
Amortization of Intangible Assets
Previous report
Amortization expense related to intangible assets was $0.2 million for the six months ended June 30, 2025 compared to $0.4 million for the six months ended June 30, 2024. The decrease is due to certain intangible assets being fully amortized.
Reworded paragraphs (36)
Previous wording
During the second quarter of 2025, the Company delivered the following operational and financial highlights:
Current wording
During the third quarter of 2025, the Company delivered the following operational and financial highlights:
Previous wording
•Net sales of $99 million, reflecting 13% growth over the prior year period, which were comprised of:
Current wording
•Net sales of $114 million, reflecting 35% growth over the prior year period, which were comprised of:
Previous wording
◦Net sales of Wound products of $64 million, reflecting an increase of 12% compared to the prior year period
Current wording
◦Net sales of Wound products of $77 million, reflecting an increase of 40% compared to the prior year period
Previous wording
◦Net sales of Surgical products of $34 million, reflecting an increase of 15% compared to the prior year period
Current wording
◦Net sales of Surgical products of $37 million, reflecting an increase of 26% compared to the prior year period
Previous wording
•GAAP net income and net income margin for the second quarter of 2025 of $10 million and 10%, respectively.
Current wording
•GAAP net income and net income margin for the third quarter of 2025 of $17 million and 15%, respectively.
Previous wording
•Increased cash balance to $119 million, representing a $12 million increase sequentially and a $50 million increase compared to June 30, 2024
Current wording
•Increased cash balance to $142 million, representing a $23 million increase sequentially and a $53 million increase compared to September 30, 2024.
Previous wording
On July 14 and 15, 2025, the Centers for Medicare and Medicaid Services (“CMS”) released the CY 2026 Physician Fee Schedule (“PFS”) proposal and the CY 2026 Hospital Outpatient Prospective Payment System (“OPPS”) proposal. Under these proposed rules, which are scheduled for implementation on January 1, 2026, CMS is calling for a consistent payment approach for skin substitutes across the private office and HOPD settings with a fixed price of $125.38 per square centimeter. The PFS and OPPS proposals are currently in a comment period, ending in mid-September, after which CMS will publish its final rules for reimbursement in these care settings. Together with the Local Coverage Determinations and the recently announced Wasteful and Inappropriate Service Reduction model, there are several significant potential changes to reimbursement of skin substitutes that could begin impacting the industry and MIMEDX, beginning January 1, 2026.
Current wording
On July 14 and 15, 2025, the Centers for Medicare and Medicaid Services (“CMS”) released the CY 2026 Physician Fee Schedule (“PFS”) proposal and the CY 2026 Hospital Outpatient Prospective Payment System (“OPPS”) proposal. Under these proposed rules, which are scheduled for implementation on January 1, 2026, CMS is calling for a consistent payment approach for skin substitutes across the private office and Hospital Outpatient Departments (“HOPDs”) settings with a fixed price of $125.38 per square centimeter. The comment period for both the PFS and OPPS proposals ended in mid-September. We expect that CMS will publish its final rules for reimbursement in these care settings prior to the end of this year. Together with the Local Coverage Determinations (“LCDs”) and the recently announced Wasteful and Inappropriate Service Reduction model, there are several significant potential changes to reimbursement of skin substitutes that could begin impacting the industry and MIMEDX beginning January 1, 2026.
Previous wording
This discussion, which presents our results for the three and six months ended June 30, 2025 and 2024, should be read in conjunction with the unaudited condensed consolidated financial statements and accompanying notes included in this Form 10-Q and the financial statements and accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
Current wording
This discussion, which presents our results for the three and nine months ended September 30, 2025 and 2024, should be read in conjunction with the unaudited condensed consolidated financial statements and accompanying notes included in this Form 10-Q and the financial statements and accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 26, 2025 (the “2024 Form 10-K”).
Previous wording
We recorded net sales for the three months ended June 30, 2025 of $98.6 million, a $11.4 million, or 13.1%, increase compared to the three months ended June 30, 2024, in which we recognized net sales of $87.2 million.
Current wording
We recorded net sales for the three months ended September 30, 2025 of $113.7 million, which is an increase of $29.7 million, or 35.3% compared to the three months ended September 30, 2024, in which we recognized net sales of $84.1 million.
Previous wording
Net sales of our Wound product portfolio were $64.5 million for the three months ended June 30, 2025, a $6.9 million or 12.0% increase compared to $57.5 million for the three months ended June 30, 2024. Second quarter Wound product sales growth was driven by sales of our newer products, CELERA and EMERGE, which offset decreases in sales of other products in our Wound portfolio. The increase is also attributable to turnover of certain of our sales team and customers in the three months ended June 30, 2024.
Current wording
Net sales of our Wound product portfolio were $77.1 million for the three months ended September 30, 2025, a $22.0 million or 40.0% increase compared to $55.1 million for the three months ended September 30, 2024. Third quarter Wound product sales growth was driven by sales of our newer products, CELERA and EMERGE, which offset decreases in sales of other products in our Wound portfolio. The increase is also attributable to the non-recurrence during the current year period of the turnover of certain of our sales team and customers, as well as commercial challenges associated with competitive behavior in the marketplace during the three months ended September 30, 2024.
Previous wording
Net sales of our Surgical products totaled $34.1 million for the three months ended June 30, 2025, reflecting an increase of $4.5 million, or 15.1%, compared to $29.7 million for the three months ended June 30, 2024. This increase was primarily driven by sales volume contributions from certain Surgical products, particularly AMNIOFIX and AMNIOEFFECT, as well as contributions from HELIOGEN.
Current wording
Net sales of our Surgical products totaled $36.6 million for the three months ended September 30, 2025, reflecting an increase of $7.6 million, or 26.3%, compared to $29.0 million for the three months ended September 30, 2024. This increase was driven by contributions across the Surgical portfolio, including strong growth from AMNIOFIX and AMNIOEFFECT, as well as the continuing commercial uptake of HELIOGEN.
Previous wording
Cost of sales for the three months ended June 30, 2025 and 2024 was $18.7 million and $14.9 million, respectively, an increase of $3.8 million, or 25.8%, year-over-year. Gross profit margin for the three months ended June 30, 2025 was 81.1% compared to 83.0% for the three months ended June 30, 2024. The year-over-year decrease in gross margin was driven by production variances and product mix. In addition, amortization of our acquired EMERGE and CELERA trademarks assets during the three months ended June 30, 2025 further decreased margins.
Current wording
Cost of sales for the three months ended September 30, 2025 and 2024 was $18.7 million and $15.3 million, respectively, an increase of $3.4 million, or 22.2%, year-over-year. Gross profit margin for the three months ended September 30, 2025 was 83.5% compared to 81.8% for the three months ended September 30, 2024. The year-over-year increase in gross margin was driven by the timing of positive production variances and product mix.
Previous wording
Selling, general and administrative (“SG&A”) expense for the three months ended June 30, 2025 was $64.2 million, compared to $55.4 million for the three months ended June 30, 2024. The following table shows the composition of this expense between selling and marketing (“S&M”) and general and administrative (“G&A”) components (amounts in thousands):
Current wording
Selling, general and administrative (“SG&A”) expense for the three months ended September 30, 2025 was $69.0 million, compared to $53.5 million for the three months ended September 30, 2024. The following table shows the composition of this expense between selling and marketing (“S&M”) and general and administrative (“G&A”) components (amounts in thousands):
Previous wording
Sales and marketing expenses increased $8.5 million or 9.9%, year over year, which was driven by increases in commissions due to higher sales and higher effective commission rates. General and administrative expenses increased $5.1 million or 20.8%, year over year, which was driven by incremental spend from legal and regulatory disputes in the current period, including our ongoing litigation with a competitor and several former employees.
Current wording
Sales and marketing expenses increased $12.0 million or 28.8%, year over year, which was driven by increases in commissions due to higher sales and higher effective commission rates. General and administrative expenses increased $3.5 million or 29.6%, year over year, which was driven by incremental spend from legal and regulatory disputes in the current period, including our ongoing litigation with certain competitors and several former employees.
Previous wording
Our research and development (“R&D”) expense for the three months ended June 30, 2025 was $3.3 million, compared to $3.0 million for the three months ended June 30, 2024, an increase of $0.3 million, or 9.7%. R&D spend in the quarter was driven by the ongoing enrollment of our EPIEFFECT randomized clinical trial along with ongoing investments in the development of future products in our pipeline.
Current wording
Our research and development (“R&D”) expense for the three months ended September 30, 2025 was $3.7 million, compared to $2.9 million for the three months ended September 30, 2024, an increase of $0.8 million, or 26.9%. R&D spend in the quarter was driven by the ongoing enrollment of our EPIEFFECT randomized clinical trial along with ongoing investments in the development of future products in our pipeline.
Previous wording
Interest income, net was $0.7 million for the three months ended June 30, 2025 compared to immaterial interest income for the three months ended June 30, 2024. The increase was generally driven by increases in our cash balances, year over year.
Current wording
Interest income, net was $0.8 million for the three months ended September 30, 2025 compared to $0.3 million interest income for the three months ended September 30, 2024, an increase of $0.5 million. The increase was generally driven by increases in our cash balances, year over year, decrease in long term debt and a decrease in interest rates.
Previous wording
The effective tax rates for the Company were 26.1% and 24.1% for the three months ended June 30, 2025 and June 30, 2024, respectively. The effective tax rates in each period were favorably impacted by vestings of restricted stock, offset by deduction limitations on executive compensation.
Current wording
The effective tax rates for the Company were 26.7% and 31.0% for the three months ended September 30, 2025 and September 30, 2024, respectively. The effective tax rate for both periods were unfavorably impacted by executive compensation deduction limitations.
Previous wording
We recorded net sales for the six months ended June 30, 2025 of $186.8 million, a $14.9 million, or 8.7%, increase compared to the six months ended June 30, 2024, for which we recorded net sales of $171.9 million.
Current wording
We recorded net sales for the nine months ended September 30, 2025 of $300.5 million, a $44.6 million, or 17.4%, increase compared to the nine months ended September 30, 2024, for which we recorded net sales of $256.0 million.
Previous wording
Net sales of our Wound product portfolio were $120.5 million for the six months ended June 30, 2025, a $6.0 million or 5.2% increase compared to $114.6 million for the six months ended June 30, 2024. The increase was primarily driven by sales of our newer products, CELERA and EMERGE, which offset decreases in sales of other Wound products. The increase is also attributable to turnover of certain of our sales team and customers in the six months ended June 30, 2024.
Current wording
Net sales of our Wound product portfolio were $197.6 million for the nine months ended September 30, 2025, a $28.0 million or 16.5% increase compared to $169.6 million for the nine months ended September 30, 2024. The increase was primarily driven by sales of our newer products, CELERA and EMERGE, which offset decreases in sales of other Wound products. The increase is also attributable to the non-recurrence during the current year period of turnover of certain of our sales team and customers, as well as commercial challenges associated with competitive behavior in the marketplace during the nine months ended September 30, 2024.
Previous wording
Net sales of our Surgical products totaled $66.3 million, reflecting growth of $8.9 million, or 15.6%, compared to the six months ended June 30, 2024. The increase was primarily driven by sales volume contributions from certain Surgical products, particularly AMNIOFIX and AMNIOEFFECT, as well as contributions from HELIOGEN.
Current wording
Net sales of our Surgical products totaled $102.9 million, reflecting growth of $16.6 million, or 19.2%, compared to the nine months ended September 30, 2024. This increase was driven by contributions across the Surgical portfolio, including strong growth from AMNIOFIX and AMNIOEFFECT, as well as the continuing commercial uptake of HELIOGEN.
Previous wording
Cost of sales for the six months ended June 30, 2025 was $35.2 million, an increase of $7.4 million, or 26.6%, compared to $27.8 million for the six months ended June 30, 2024. Gross profit margin for the six months ended June 30, 2025 was 81.1% compared to 83.8% for the six months ended June 30, 2024. The increase in cost of sales were driven by increases in sales volume. The year-over-year decrease in gross margin was driven by production variances and product mix. In addition, amortization of our acquired intangible assets during the six months ended June 30, 2025 further decreased margins.
Current wording
Gross profit margin for the nine months ended September 30, 2025 was 82.0% compared to 83.1% for the nine months ended September 30, 2024. The year-over-year decrease in gross margin was driven by higher production costs and product mix. Cost of sales for the nine months ended September 30, 2025 was $54.0 million, an increase of $10.8 million, or 25.0%, compared to $43.2 million for the nine months ended September 30, 2024. In addition, amortization of our acquired intangible assets during the nine months ended September 30, 2025 further decreased margins.
Previous wording
Selling, general and administrative expenses for the six months ended June 30, 2025 increased by $13.6 million, or 12.3%, to $124.1 million, compared to $110.5 million for the six months ended June 30, 2024. The following table shows the composition of this expense between selling and marketing (“S&M”) and general and administrative (“G&A”) components (amounts in thousands):
Current wording
Selling, general and administrative expenses for the nine months ended September 30, 2025 increased by $29.1 million, or 17.7%, to $193.1 million, compared to $164.0 million for the nine months ended September 30, 2024. The following table shows the composition of this expense between selling and marketing S&M and G&A components (amounts in thousands):
Previous wording
Sales and marketing expenses increased $6.1 million or 14.7%, year over year, which was driven by increases in commissions due to higher sales and higher effective commission rates. General and administrative expenses increased $2.6 million or 19.1%, year over year, which was driven by incremental spend from legal and regulatory disputes in the current period, including our ongoing litigation with a competitor and several former employees.
Current wording
Sales and marketing expenses increased $20.5 million or 16.0%, year over year, which was driven by increases in commissions due to higher sales and higher effective commission rates. General and administrative expenses increased $8.6 million or 23.7%, year over year, which was driven by incremental spend from legal and regulatory disputes in the current period, including our ongoing litigation with a competitor and several former employees.
Previous wording
Our research and development expenses for the six months ended June 30, 2025 was $6.6 million, compared to $5.9 million for the six months ended June 30, 2024. This increase was driven by the ongoing enrollment of our EPIEFFECT randomized clinical trial along with ongoing investments in the development of future products in our pipeline.
Current wording
Our research and development expenses for the nine months ended September 30, 2025 was $10.3 million, compared to $8.8 million for the nine months ended September 30, 2024. This increase was driven by the ongoing enrollment of our EPIEFFECT randomized clinical trial along with ongoing investments in the development of future products in our pipeline.
Previous wording
Investigation, restatement and related benefit was $9.7 million for the three months ended June 30, 2024. The benefit resulted from various settlements related to former officers and other related matters. Investigation, restatement and related costs ceased in 2024.
Current wording
Investigation, restatement and related benefit was $8.7 million for the nine months ended September 30, 2024. The benefit resulted from various settlements related to former officers and other related matters. Investigation, restatement and related expenses ceased in 2024.
Previous wording
Impairment for the six months ended June 30, 2024 was $0.1 million, which relates to abandoned patents.
Current wording
Impairment for the nine months ended September 30, 2024 was $0.4 million, which related to abandoned patents.
Previous wording
Interest income, net was $1.2 million for the six months ended June 30, 2025 compared to interest expense, net of $1.7 million for the six months ended June 30, 2024. The change was the result of a decrease in outstanding debt and lower interest rates under the Citizens Credit Facilities. The change was also driven by increased cash balances, year over year. Additionally, 2024 reflects loss on extinguishment of debt arising from the repayment and termination of a previous loan agreement ($1.4 million).
Current wording
Interest income, net was $2.0 million for the nine months ended September 30, 2025 compared to interest expense, net of $1.4 million for the nine months ended September 30, 2024, an increase of $3.4 million, or (244)%. The change was driven by increased cash balances, year over year. Additionally, 2024 reflects loss on extinguishment of debt arising from the repayment and termination of a previous loan agreement ($1.4 million).
Previous wording
The effective tax rates for the Company were 23.0% and 22.9% for the six months ended June 30, 2025 and 2024, respectively. The effective tax rates in each period were favorably impacted by vestings of restricted stock. These effects were partially offset by deduction limitations on executive compensation.
Current wording
The effective tax rates for the Company were 24.9% and 24.9% for the nine months ended September 30, 2025 and 2024, respectively. The effective tax rates in each period were favorably impacted by vestings of restricted stock. These effects were partially offset by deduction limitations on executive compensation.
Previous wording
Net cash provided by operating activities from continuing operations during the six months ended June 30, 2025 was $19.7 million, compared to $27.8 million for the six months ended June 30, 2024. The change was primarily the result of greater expenses during the six months ended June 30, 2025.
Current wording
Net cash provided by operating activities from continuing operations during the nine months ended September 30, 2025 was $49.0 million, compared to $47.4 million for the nine months ended September 30, 2024. The increase of $1.6 million in cash flows from operating activities was primarily the result of an increase in profitability during the nine months ended September 30, 2025.
Previous wording
Net cash used for investing activities during the six months ended June 30, 2025 was $1.3 million, compared to $6.9 million for the six months ended June 30, 2024. Activity for the six months ended June 30, 2024 reflects our $5.0 million investment to expand our product portfolio through the TELA and Regenity agreements compared to the $0.7 million in cash paid for acquisitions during the six months ended June 30, 2025. The remaining difference reflects a year-over-year decrease in capital expenditures.
Current wording
Net cash used for investing activities during the nine months ended September 30, 2025 was $6.6 million, compared to $6.8 million for the nine months ended September 30, 2024. Activity for the nine months ended September 30, 2024 reflects our $5.4 million investment to expand our product portfolio through the TELA and Regenity agreements compared to the $3.8 million in cash paid for acquisitions during the nine months ended September 30, 2025. In addition, cash flows from investing activities for the nine months ended September 30, 2025 reflects our $2.0 million investment in Vaporox, Inc. in the form of a Convertible Note. The remaining difference reflects a year-over-year decrease in capital expenditures.
Previous wording
Net cash used for financing activities during the six months ended June 30, 2025 was $4.0 million. Cash used by financing activities was $33.8 million during the six months ended June 30, 2024. The cash used during the six months ended June 30, 2024 was due to the repayment of the initial $30.0 million draw under the Revolving Credit Facility. There was no equivalent activity during the same period in 2025. The cash used during the six months ended June 30, 2025 was primarily related to tax witholdings on vestings of restricted stock.
Current wording
Net cash used for financing activities during the nine months ended September 30, 2025 was $4.8 million. Cash used for financing activities was $33.8 million during the nine months ended September 30, 2024. The cash used during the nine months ended September 30, 2024 was primarily due to the repayment of the initial $30.0 million draw under the Revolving Credit Facility. There was no equivalent activity during the same period in 2025. The cash used during the nine months ended September 30, 2025 was primarily related to tax withholdings on vestings of restricted stock.
Previous wording
As of June 30, 2025, we had $118.9 million of cash and cash equivalents, total current assets of $220.9 million and total current liabilities of $50.3 million, reflecting a current ratio of 4.4. We had $18.5 million of long term debt outstanding and $75 million of availability under our Revolving Credit Facility (as discussed below).
Current wording
As of September 30, 2025, we had $142.1 million of cash and cash equivalents, total current assets of $254.1 million and total current liabilities of $57.7 million, reflecting a current ratio of 4.4. We had $18.3 million of long term debt outstanding and $75 million of availability under our Revolving Credit Facility (as discussed below).
Previous wording
In January 2024, the Company entered into the Citizens Credit Agreement, which provided the Company with a $20 million Term Loan Facility and a $30 million Revolving Credit Facility. As of June 30, 2025, the Company has $18.5 million of principal outstanding on the Term Loan Facility that bears interest at 6.7% and no borrowings outstanding under the Revolving Credit Facility.
Current wording
On January 19, 2024, the Company entered into the Citizens Credit Agreement, which provided the Company with $30.0 million under the Revolving Credit Facility and $20.0 million under the Term Loan Facility. On February 27, 2024, the Company repaid the initial $30.0 million draw under the Revolving Credit Facility and had no outstanding borrowings under this facility as of September 30, 2025. The Term Loan Facility matures on January 19, 2029.
Previous wording
Borrowings under the Citizens Credit Agreement bear interest at a rate per annum equal to (i) the Alternate Base Rate, as defined therein, or (ii) a Term SOFR as defined therein, in each case plus an applicable margin ranging from 1.25% and 2.50% with respect to Alternate Base Rate borrowings and 2.25% and 3.50% for Term SOFR borrowings, plus a fallback provision of 0.1%.
Current wording
Borrowings under the Citizens Credit Agreement bear interest at a rate per annum equal to (i) the Alternate Base Rate, as defined therein, or (ii) a Term SOFR as defined therein, in each case plus an applicable margin ranging from 1.25% and 2.50% with respect to Alternate Base Rate borrowings and 2.25% and 3.50% for Term SOFR borrowings, plus a fallback provision of 0.1%. The Term Loan Facility carried an interest rate of 6.5% as of September 30, 2025.
Previous wording
There were no significant changes to our contractual obligations during the six months ended June 30, 2025 from those disclosed in the section Item 7, “Management’s Discussion and Analysis of Financial Condition and Results from Operations”, in our Annual Report on Form 10-K filed with the SEC on February 26, 2025.
Current wording
There were no significant changes to our contractual obligations during the nine months ended September 30, 2025 from those disclosed in the section Item 7, “Management’s Discussion and Analysis of Financial Condition and Results from Operations”, in the 2024 Form 10-K.
Previous wording
In preparing financial statements, we follow accounting principles generally accepted in the United States, which require us to make certain estimates and apply judgments that affect our financial position and results of operations. We regularly review our accounting policies and financial information disclosures. A summary of critical accounting estimates in preparing the financial statements was provided in our Annual Report on Form 10-K filed with the SEC on February 26, 2025. There were no new critical accounting estimates applied in the preparation of this Form 10-Q.
Current wording
In preparing financial statements, we follow accounting principles generally accepted in the United States, which require us to make certain estimates and apply judgments that affect our financial position and results of operations. We regularly review our accounting policies and financial information disclosures. A summary of critical accounting estimates in preparing the financial statements was provided in our Annual Report in the 2024 Form 10-K. There were no new critical accounting estimates applied in the preparation of this Form 10-Q.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
As of September 30, 2025, the Company has $18.3 million of principal outstanding on the Term Loan Facility that bears interest at 6.5% and no borrowings outstanding under the Revolving Credit Facility.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
There was no investigation, restatement and related expense for the six months ended June 30, 2025 compared to a benefit of $9.4 million for the six months ended June 30, 2024. The benefit resulted from various settlements related to former officers and other related matters. Investigation, restatement and related expenses ceased in 2024.