MIMEDX Appoints Doug Rice as Chief Financial Officer

Company adds seasoned MedTech CFO to leadership team

MARIETTA, Ga., July 05, 2023 (GLOBE NEWSWIRE) -- MiMedx Group, Inc. (Nasdaq: MDXG) (“MIMEDX” or the “Company”) today announced that it has appointed Doug Rice as the Company’s Chief Financial Officer, effective today. Pete Carlson, who has served in that role since March 2020, has resigned as Chief Financial Officer, also effective today.

Mr. Rice joins MIMEDX after nearly a decade as the CFO of Orthofix Medical, a leading global spine and orthopedics company, following the company’s recent merger with SeaSpine. Prior to Orthofix, Mr. Rice was also CFO at Vision Source, held several finance leadership roles, including at McAfee and Concentra, and started his career at PricewaterhouseCoopers.   Mr. Rice is a Certified Public Accountant and received his BBA with honors and his MBA from Southern Methodist University.

“We are excited to welcome Doug to the MIMEDX team,” stated Joe Capper, MIMEDX’s Chief Executive Officer. “As a result of a comprehensive search that yielded a number of highly qualified candidates, we were able to find a proven leader with a strong record of commercial success in the healthcare industry.   We are extremely pleased that Doug has agreed to join the MIMEDX leadership team as we endeavor to take the Company to new heights.”

“I am delighted to be joining Joe and the terrific team at MIMEDX, to help drive the continued momentum of the business,” stated Mr. Rice. “As evidenced by the Company’s strong start to 2023, I believe MIMEDX, with its market-leading Wound and Surgical position, is at an inflection point and is poised to capitalize on several strategic opportunities. I am looking forward to applying my decades of experience to enhance this strategic positioning and am grateful for Pete and his team’s accomplishments that have enabled our growth. I also look forward to working with the investment community and our other stakeholders alike in the years to come.”

Inducement Grants

The Company also announced that the Compensation Committee of the Board of Directors of the Company approved inducement awards under Nasdaq Listing Rule 5635(c)(4) consisting of 162,000 performance stock units (“PSUs”), 97,200 restricted stock units (“RSUs”) and a non-qualified stock option to purchase 94,000 shares of the Company’s common stock (the “Options”) with an exercise price equal to the closing price per share of the Company’s common stock as reported on the NASDAQ on July 5, 2023 as a material inducement to Mr. Rice’s hiring as Chief Financial Officer of the Company.