Thank you for standing by. I would like to welcome you to the MiMedx Group, Inc annual meeting. I would now like to turn the conference over to Kathy Behrens, Chair of the Board of MiMedx. Please go ahead.
Thank you. Good morning, and welcome to the 2026 Annual Shareholders' Meeting of MiMedx Group, Inc. Thank you for joining us today. My name is Kathy Behrens, and I am Chair of the Board of MiMedx. I want to express appreciation on behalf of the board of directors and management of the company for your attendance today. Pursuant to the bylaws of our company, I will act as chair of the meeting. William or Butch Hulse, Corporate Secretary of the company, will act as secretary of the meeting. In my capacity as chair of the meeting, I now call this annual meeting to order. We are hosting our meeting virtually, which allows us to be more inclusive and reach a greater number of our shareholders. As is our custom, we will conduct the business portion of our meeting first and answer questions at the end of the meeting.
Though we may not be able to answer every question, we will do our best to provide a response to as many as possible. Any additional questions following the meeting can be directed to Matt Notarianni, our Head of Investor Relations. With us today are the director nominees, James Bierman, William Hawkins, Todd Newton, Tiffany Olson, Dorothy Puhy, Martin Sutter, and Joseph Capper. A number of our officers and members of senior management are also here with us today, including our CEO, Joseph Capper, and CFO, Doug Rice. The meeting format will follow the agenda available on the virtual meeting website. Once we open the polls for today's meeting, shareholders will be given an opportunity to vote on the matters specified in the notice of annual meeting of shareholders if they have not already done so or if they would like to change their vote.
We will close the polls to collect the votes on the proposals that are before the company shareholders at this annual meeting. We will adjourn the meeting. Please be aware that this meeting is being recorded and will be archived and publicly accessible for approximately 30 days on the investor relations section of our website. Also note that the meeting rules of conduct and procedures are available on the meeting website for your further reference. Our General Counsel, Butch Hulse, and secretary of this meeting will now present proof of the due calling of the meeting.
Thank you, Kathy. I present the following. First, a complete list of the company's shareholders as of the close of business on April 13th, 2026, the record date set for shareholders entitled to notice of and to vote at this annual meeting, and a certificate stating the number of shares as of the record date eligible to vote at this meeting. This list, which is presently being maintained by the Inspector of Elections, shows that as of the close of business of the record date, there were 148,945,731 shares of company common stock outstanding and entitled to vote at the annual meeting. Second, a copy of the printed notice for this annual meeting required by the Florida Business Corporation Act.
This notice was included in the proxy materials mailed to each shareholder of record as of the record date for the meeting at the address for such shareholder appearing on the company's records. Third, the affidavit of Broadridge Financial Solutions, Inc, which shows that on May 14th, 2026, a notice of annual meeting, along with copies of the company's proxy statement, annual report, and proxy card for this meeting were mailed to each of the shareholders of record as of the record date. The notice of meeting, certified list of company shareholders as of the record date, and the affidavit of mailing will be included in the minutes of this meeting.
Thanks, Butch. Finally, the company has appointed Ms. Kendall Lioon to act as Inspector of Elections. Kendall is with us today and has taken the oath of Inspector of Elections, which the secretary will incorporate as part of the minutes of the meeting. The inspector has a certified list of shareholders of the company as of April 13th, 2026, the record date. Based on the percentage of total shares of the company held by holders of record now present at the meeting, either virtually, in person, or by proxy, a quorum is present for the purpose of proceeding with the business of the meeting, subject to final verification and certification by the Inspector of Elections in the inspector's final report. We are now ready to proceed to the proposals that you will vote on today.
We ask that all comments and questions be held until the comment and question period that will follow the formal voting. Let's proceed. Proposal number one is to elect seven directors to serve on the Board of Directors. The board of directors of the company has nominated seven director candidates: Joseph Capper, James Bierman, William Hawkins, Todd Newton, Tiffany Olson, Dorothy Puhy, and Martin Sutter. The nominees are duly nominated and present, and the company has not received valid notice of any other nominees which have not been withdrawn. As such, I hereby declare the nominations closed. Proposal number two is the advisory vote to approve the compensation of our named executive officers as described in the company's proxy statement. This vote, which is often called a say- on- pay vote, is required under the Dodd-Frank Act.
It is a non-binding vote, although the compensation committee and the board intend to take the results of the vote into account when considering future executive compensation arrangements. Proposal number three is the ratification of the appointment of Deloitte & Touche LLP to serve as the company's independent registered public accounting firm for the company's 2026 fiscal year. Because no further business is on the agenda to come before this meeting, we will move on to voting. It is now 9:07 A.M. Eastern Time on June 10th, 2026, and I declare the polls now open for each matter to be voted on today. Shareholders attending this meeting, including those whose shares are held through a bank, broker, or other nominees and have obtained a legal proxy from that organization, can vote their shares online by clicking on the Vote Here button, which is located under the Cast Your Vote section.
Shareholders who have already voted, either via the internet, telephone, or mail, and who do not want to change their vote, do not need to take any further action. If you would like to submit your vote at this time, please ensure that you click the Vote Here button, which is located under the Cast Your Vote section. I now ask that shareholders who have not yet voted or who wish to change their vote do so now through the virtual meeting website. Now that everyone has had the opportunity to vote, I now declare the polls for the 2026 MiMedx Group, Inc Annual Shareholders Meeting closed at 9:08 A.M. Eastern Time on June 10th, 2026. Will the Inspector of Elections please report on the vote?
Based on a preliminary review of the votes cast, director nominees Joseph Capper, James Bierman, William Hawkins, Todd Newton, Tiffany Olson, Dorothy Puhy, and Martin Sutter have been duly elected. The advisory vote on executive compensation has been approved. The appointment of Deloitte & Touche LLP as the company's independent registered public accounting firm for the company's 2026 fiscal year has been ratified.
Thank you, Kendall. The company expects to report the final results of the voting on a current report on Form 8-K to be filed with the SEC within four business days of this meeting after receiving the final report of the Inspector of Elections and will file such report with the records of this meeting. I now declare that this 2026 Annual Meeting of Shareholders has been duly held and that the business before the meeting has been properly concluded. This brings us to the end of the formal part of the meeting. We thank you again for your attendance and your interest in MiMedx. The formal portion of our meeting is hereby adjourned. At this time, I'd like to introduce you to Matt Notarianni, our Head of Investor Relations.
Thank you, Dr. Behrens. Before we take any of your questions, our CEO, Joe Capper, will make a few brief remarks. At this time, I need to remind you that our comments today may contain forward-looking statements. The company's actual results may differ materially from those expectations discussed here. Additional information concerning factors that could cause such a difference can be found in our periodic filings with the SEC and in our important cautionary statement regarding forward-looking statements in our most recent earnings press release. In addition, today's discussion may contain certain non-GAAP financial measures. We believe that the presentation of these measures provides important supplemental information to management and investors regarding our performance. These measures are not a substitute for GAAP measurements.
You are encouraged to review the reconciliation of any such non-GAAP financial measures with their most direct comparable GAAP financial results, which can be found on the investor relations page of our website at www.mimedx.com. I'll now turn the call over to Joe. Joe?
Thanks, Matt. Good morning, and thank you for joining us today. With the official business of the meeting behind us, I will provide a few brief comments about the state of our business, then see if we have any questions. Before I do so, I would like to express my sincere gratitude to Dr. Kathy Behrens and Dr. Cato Laurencin, who have decided not to stand for re-election to the MiMedx Board of Directors. Over the past several years, these individuals provided steadfast leadership and unwavering stewardship through some of the company's more challenging times. We will be forever in their debt and, of course, wish them many more years of continued success. Turning to the business.
2026 has been a year of transition for MiMedx as we adapt to the Medicare reimbursement reform enacted at the start of the year, which, as expected, has caused significant disruption and dislocation in the wound care market. As mentioned on our last earnings call, our Q1 results were softer than we had hoped for. As a result, we initiated our contingency plan to immediately reduce operating expenses commensurate with the size of the business, putting us on a path back to profitability. On a positive note, our surgical franchise is performing exceedingly well with continued double-digit top-line growth. Our increased focus on the surgical space over the past three years is paying dividends in this large and growing market. Expect MiMedx to continue successfully executing our surgical growth plan driven by investments in commercial resources, clinical data, and product portfolio expansion.
In our wound care business, we are seeing signs of stabilization and recovery, albeit at a frustratingly slow pace. We expect to see moderate sequential quarterly growth in wound care for the remainder of the year and continue to believe we maintain a desirable competitive position. Two other quick updates. First, as mentioned on several occasions, we believe placental allografts, which are currently regulated as Section 361 products, will eventually be required to meet the higher regulatory standard of a 510(k) clearance, like xenograft and synthetic products. With this in mind, we submitted our first 510(k) application for a placental-derived particulate in May. This is an exciting milestone for the company, which we will discuss in more detail during our next earnings call. Second, as a reminder, we have implemented a stock repurchase plan and are currently in the market buying back MiMedx stock.
We will continue to weigh this initiative against other potential uses of capital, like an acquisition, as opportunities emerge. Thank you for your continued interest in the company. I will now turn the call back over to Kathy.
Thank you, Joe. We will now open up this proceeding for general questions. We will take shareholders' questions that are being entered today on the web portal. Please note we will attempt to answer as many questions as possible in the 20 minutes set aside for our Q&A session, but only appropriate questions that are germane to the meeting and the company's business will be addressed. Pursuant to the rules of procedure posted on the meeting website, each shareholder will be limited to two questions. The web portal is now open for any comments and questions you may have on matters related to our business. I will turn the call over to Joe Capper, our CEO, and Doug Rice, our Chief Financial Officer, who will respond to the questions.
Thanks. At this time, I'm showing no questions in the queue.
There being no questions, this brings us to the end of the comment- and question- period. Thank you again for your attendance and your interest in MiMedx, have a good day.
That concludes today's meeting. Thank you all for joining, you may now disconnect. Everyone, have a great day.