On the wound care front, our products are found in virtually every care setting where a patient presents with a chronic or hard-to-heal wound, and there are lots of them, as you can see from this slide. Our portfolio is comprised of a number of products, but I'd like to focus on a few highlights from our portfolio for a moment. First up, EpiFix is our flagship product for the wound market, and as I mentioned, boasts widely recognized efficacy data. AmnioFix is a lyophilized surgical product that has seen really nice uptake in a range of applications since its launch two and a half years ago. Finally, HelioGen is our first xenograft or animal-derived product. In our bag, we acquired the rights to sell this product along with a relationship with a contract manufacturer, Regenity Biosciences, last year.
This bovine-derived particulate is also our first 510(k) cleared product in our bag. Here's a quick breakdown of how our wound and surgical products stack up. You can see that wound is roughly 2/3s of our business, with surgical making up the remaining 1/3. Both segments have seen good recent growth, particularly when you consider that our surgical business had a few transitory items in 2024. When you exclude those, wound grew 12% in 2024, and surgical grew 8% on the year. For the first quarter, I'll show in a slide or two, surgical grew 16%, and our wound care products were roughly flat. I've talked about evidence a few times already, but we're completely pushing into the surgical market and investing in that evidence.
As one of our primary strategic initiatives in the business, we're dedicating considerable focus on building out our evidence base for a wide range of surgical disciplines. We already see several very compelling use cases for our products in the OR, and I've outlined a few highlights here. On the lower right, I'd like to highlight the data around colorectal anastomosis procedures with our products, resulting in a statistically significant reduction in leaks, which is a catastrophic complication for the patients as well as hospitals. As we continue to find compelling use cases, we will look to our peer-reviewed body of evidence to bring these products to market in the future. This slide shows some of the studies that we have in flight focused on very significant opportunities.
We expect later this year to have a health economics paper for the use of EpiFix in Mohs procedures and are well underway looking at other GI transplant and aesthetic procedures. This is all in addition to the randomized controlled clinical trial, or RCT, that we have in flight for EPIEFFECT on the wound side of the business. As our CEO, Joe Capper, has mentioned repeatedly, our aspirations are to have a MiMedx product ready for use in every single one of the tens of millions of surgical procedures performed each year, whether for the closure of the sites or for deeper wounds. Regarding our strategic priorities, on each of our earnings calls, we talk about our strategic priorities, and we refresh these and track our progress as we move throughout each year.
Alongside the unique opportunity that our company has being a leader in our space, we remain focused on leading with innovation and broadening our offering and diversifying. We also see significant opportunity to continue to build a footprint in the surgical suite, which will be underpinned by compelling data that we have started to ramp up in a variety of disciplines. Finally, our customer intimacy initiative is all about doing what we can to drive customer engagement and be more than just a vendor to our customers, but instead be a trusted partner, offering services such as MiMedx Connect that I mentioned earlier. We could spend a lot of time on this slide.
I think the short story around sort of Medicare is that there's been an explosion of new companies in recent years that have unproven products that are mostly being marketed in the private office solely to take advantage of certain, what I would call, Medicare loopholes. They're selling these products at very high prices. It encourages fraud, waste, and abuse in our system, and Medicare reform is very much needed for skin substitutes. While we're disappointed that the April 13 LCDs were pushed to January 1, we were advocating for them as just any change would be good to what we have what we're experiencing today. We also recognize that those LCDs weren't the perfect solution but could serve as a stopgap for us.
We are hopeful that CMS, when they announce the 2026 national fee schedule next year, this coming July, that there'll be more permanent change for this space and for the issues that we face. We are certainly advocating for that both with CMS and on Capitol Hill. We feel, regardless of the outcome, that MiMedx is poised to adapt regardless with our proven products and our best-in-class portfolio and our well-studied evidence. Just a couple of highlights. Just in general, from 2024, you can see that we had about $350 million of sales on a trailing 12 basis. We have strong gross margins. Our adjusted margins are in the mid-80s. You can see 82% there. Trailing EBITDA, 12 months at $75 million or just over 20% of net revenue.
You can see that we ended the year with over $100 million of cash and $88 million of net cash when you net out the term debt that we have. From a first-quarter perspective, we were very proud of our terrific quarter in Q1. Our $88 million of reported net revenue represents 4% growth year- over- year with some tough comps and challenges out there. Our growth was led with our surgical products that you can see on the right-hand side grew at 16%. You can see for the quarter, we were at 20% EBITDA margin, very strong free cash flow conversion at $5 million, and we ended Q1 with $106 million of gross cash. We have a very experienced and skillful leadership team, most of which have been here now at least two years.
I was envious of the previous presentation where they had amassed a lot of tenure, and that's certainly our goal, and we're certainly long-term focused. You can see the depth and breadth of healthcare and MedTech experience with our executive leadership team on this slide to lead us into the future. Lastly, in conclusion, we feel like we have large and addressable markets in which we're a known leader. We have terrific engagement from our customers, and we're getting new customers each and every week. We have a maturing reimbursement regulatory landscape. We're hopeful for reform and certainly advocating for the right reform in our space so we can level the playing field and do business in a more fair way.
We feel like our products and our technology give us a very defensible IP posture and competitive position, and our financial profile has really evolved in the last couple of years. You can see with the strength of our top-line growth and bottom-line flow-through that we've continued to execute. We've got a great leadership team, and I've got a minute left. I'm happy to take questions, or if it's time for happy hour, I think I'm the last speaker here. We can move on. Matt likes to talk about the business. He loves some questions. I can ask you questions.
Yeah.
All right. With that said, thanks, Grisha. Thanks, Bank of America.