MiMedx makes advanced wound care and surgical tissue products from donated human placental tissue (allografts). The company's core products — EPIFIX and EPICORD — are amniotic tissue allografts applied to chronic wounds like diabetic foot ulcers and venous leg ulcers, typically after standard treatments have failed. The surgical franchise includes AMNIOFIX and AMNIOEFFECT, used internally across procedures like colorectal, vascular, and orthopedic surgery. All allografts are processed through MiMedx's proprietary PURION method and can be stored at room temperature for up to five years. MiMedx sells primarily through a direct sales force calling on hospitals, wound care clinics, and physician offices. Revenue comes from selling allografts priced per unit or per square centimeter to providers, who bill Medicare and private payers for reimbursement. The Wound segment (~68% of revenue) is heavily exposed to Medicare reimbursement dynamics, while the Surgical segment (~32% of revenue) is less sensitive to reimbursement and has been growing faster. Gross margins are high (~85-88%), though sales and marketing costs consume a large share of revenue. MiMedx is diversifying through HELIOGEN, its first FDA-cleared bovine collagen xenograft, exclusive distribution deals for third-party wound care products, and expansion in Japan, where EPIFIX is the only approved amniotic tissue product for wound treatment. The company is also pursuing surgical M&A to reduce reliance on Medicare reimbursement.