As US President Donald Trump prepares to visit Beijing next week after a six-week delay, the cause of the delay – the war on Iran and the resulting closure of the Strait of Hormuz – risks becoming a fresh point of friction in his summit with his Chinese counterpart Xi Jinping. While both China and the US stand to benefit from the reopening of the strait and a permanent end to the war, Beijing and ...
As US President Donald Trump prepares to visit Beijing next week after a six-week delay, the cause of the delay – the war on Iran and the resulting closure of the Strait of Hormuz – risks becoming a fresh point of friction in his summit with his Chinese counterpart Xi Jinping. While both China and the US stand to benefit from the reopening of the strait and a permanent end to the war, Beijing and Washington have viewed the crisis through different lenses and sharply diverged over how to achieve...
andreswd/E+ via Getty Images MiMedx Overview When I last wrote about MiMedx Group ( MDXG ), I thought its stock was on the verge of a breakout. The company was growing at a CAGR of 14%, profitable, and revenue growth was outpacing opex growth (signaling operating leverage). MiMedx was preparing for some reimbursement headwinds at that time in its wound business, but so were its competitors, and it...
andreswd/E+ via Getty Images MiMedx Overview When I last wrote about MiMedx Group ( MDXG ), I thought its stock was on the verge of a breakout. The company was growing at a CAGR of 14%, profitable, and revenue growth was outpacing opex growth (signaling operating leverage). MiMedx was preparing for some reimbursement headwinds at that time in its wound business, but so were its competitors, and it seemed like they had some plans in place to address it. Unfortunately, things have gone in the opposite direction, and MiMedx stock is down over 50% since my November Buy rating. Data by YCharts What sticks out most is how MiMedx's revenue expectations have plunged. When I conducted a DCF model last year, I cited that the consensus revenue estimate for 2026 was $430 million. So, $430 million was my Year 1 revenue input for my DCF model that ended up telling me, with additional assumptions of 12% CAGR and 16% free cash flow margin, that MDXG was undervalued by nearly 20%. This was the main support for my Buy rating. However, when management reported Q1 earnings in late April, they guided 2026 for between $260 million and $290 million, markedly lower than prior expectations. In the paragraphs that follow, I'm going to review recent developments, as well as update MiMedx’s FCF analysis. Q1 Earnings As expected, revenue dropped off in Q1 2026 . Net sales of $58.99 million was a 33% decline compared to Q1 2025. This was driven by wound sales falling 60% year-over-year, while its surgical portfolio again maintained growth, growing at 13% year-over-year. Now, the new CMS Medicare reimbursement framework took effect January 1, 2026. Recall that this included a payment cap on skin substitutes on a per square centimeter basis. The company cut its guidance from a prior $340 million to $360 million range to $260 million to $290 million. They expect adjusted EBITDA to be "approximately breakeven on a full year basis." And they also announced a series of cost reduction initiatives, incl...
Updates from the latest round of Championship games Sign up for The Spin newsletter | Mail Tanya or post BTL Raf runs her eye over England’s summer, and a first captaincy gig for Charlie Dean. Ali’s trip to Worcester to see Ben Stokes bowl. Continue reading...
Updates from the latest round of Championship games Sign up for The Spin newsletter | Mail Tanya or post BTL Raf runs her eye over England’s summer, and a first captaincy gig for Charlie Dean. Ali’s trip to Worcester to see Ben Stokes bowl. Continue reading...
The actor on her Dua Lipa faux pas, restless legs syndrome, and a shock realisation at a housewarming party Born in Bristol, Tuppence Middleton, 39, trained at ArtsEd in London before appearing in films The Imitation Game and Mank. Her stage roles include The Motive and the Cue at the National Theatre, and her TV work spans Sense8 , War and Peace, The Forsytes and the next series of Slow Horses. S...
The actor on her Dua Lipa faux pas, restless legs syndrome, and a shock realisation at a housewarming party Born in Bristol, Tuppence Middleton, 39, trained at ArtsEd in London before appearing in films The Imitation Game and Mank. Her stage roles include The Motive and the Cue at the National Theatre, and her TV work spans Sense8 , War and Peace, The Forsytes and the next series of Slow Horses. Since the age of 11, she has had obsessive-compulsive disorder (OCD), which she writes about in Scorpions , out in paperback on 21 May. She lives in London with Swedish film director Måns Mårlind and their child. What is your greatest fear? Endless vomiting. That comes from my emetophobia, which is a huge part of my OCD. Continue reading...
An erudite account of the foundation of the state and its subsequent moral and political decline Israel’s attack on Iran is only the most recent example of its degeneration in recent decades, coming on top of its illegal occupation of the Palestinian territories, ethnic cleansing in the West Bank, genocide in Gaza, invasion of Syria and relentless bombardment of Lebanon. The fact that the US joine...
An erudite account of the foundation of the state and its subsequent moral and political decline Israel’s attack on Iran is only the most recent example of its degeneration in recent decades, coming on top of its illegal occupation of the Palestinian territories, ethnic cleansing in the West Bank, genocide in Gaza, invasion of Syria and relentless bombardment of Lebanon. The fact that the US joined in this illegal war confirmed to many in the region what they have long suspected: that the country is an outpost of western imperialism in the Middle East. The state of Israel, which arose from the ashes of the Holocaust 77 years ago, has received an unprecedented degree of international sympathy and support ever since. This support was partly due to western guilt and partly due to the perception of the Jewish state as an island of democracy in a sea of authoritarianism. The country’s Declaration of Independence promised to uphold “the full social and political equality of all its citizens without distinction of race, creed or sex”. In the early years of statehood, Israel was seen in the west as an icon of liberal, progressive and egalitarian society. Continue reading...