November 2017

FORWARD LOOKING STATEMENT

This presentation includes forward-looking statements, including statements regarding the Companys ability to achieve the milestones and financial
projections in the 3 and 1 in 20 plan, including 2020 revenues of $560 million, Adjusted EPS of $1.00, and $110 million in revenues from new pain
management products; the Companys ability to sustain 20%+ revenue growth over the long term; the Companys ability to deliver P&L leverage in 2017
and beyond; the Companys ability to transition to a biopharmaceutical company at an accelerated pace; the Companys continued ability to sell existing
products under Section 361 of the PHSA prior to the issuance of a BLA; the Companys ability to expand its sales force; the timing, results, and publication
of clinical studies, and the potential safety and efficacy, and the timing and results of INDs/BLAs; the ability to obtain, and potential incremental revenues
from, incremental commercial reimbursement coverage, including coverage for DFUs and VLUs; the ability to obtain incremental benefits from GPO and
IDN contracts, and the timing of such benefits; the Companys ability successfully to develop new products and the timing and receipt of pending and
anticipated regulatory clearances and approvals, the timing of product launches, the size of the markets for the Companys current and future products,
and the share of such markets that the Company will be able to garner; the Companys ability to continue to increase market share, expand the markets
for its products, to expand internationally, and the timing of such actions; the Companys ability to grow operating room revenues, to hire additional sales
representatives, to launch additional products, to acquire synergistic companies or products, and to increase demand; and estimated 2017 revenues.
Forward-looking statements also may be identified by words such as "believe," "except," "may," "plan," "potential," "will," goal, target, market
opportunity and similar expressions, and are based on our current beliefs and expectations.

Forward-looking statements are subject to significant risks and uncertainties, and we caution investors against placing undue reliance on such statements.
Actual results may differ materially from those set forth in the forward-looking statements. Among the risks and uncertainties that could cause actual
results to differ materially from those indicated by such forward-looking statements include the risks that the Company may be unable to transition to a
biopharmaceutical company at an accelerated pace; the Company may be unable successfully to develop anticipated new products; the timing of
anticipated regulatory clearances and approvals may be delayed or denied; adverse regulatory actions against the Company; the markets for the
Companys current and future products may not be as large as the Company projects or grow as anticipated; the Company may not be able to achieve the
market share it anticipates; the Company may face more and more effective competition, the Company may not continue to achieve significant process
improvements and efficiencies; the Company may be unable to achieve the milestones and financial projections in the 3 and 1 in 20 plan; market
demand for the Companys products may not grow or could decline; unexpected concerns may arise from additional data or analysis from our clinical
trials; regulatory submissions may take longer or be more difficult to complete than expected; and that regulatory authorities may require additional
information or further studies or may fail to approve or may delay approval or grant marketing approval that is different than anticipated; and we may be
unable to hire the expected number of sales representatives on a timely basis. For additional risks that might affect the Company, please review the Risk
Factors section of our most recent annual report or quarterly report filed with the Securities and Exchange Commission. Any forward-looking statements
speak only as of the date of this press release and we assume no obligation to update any forward-looking statement.

2
 INVESTMENT HIGHLIGHTS

Global Company Delivering Innovative Placental Tissue Based Regenerative

Therapies and Therapeutic Biologics that Restore Function and Improve Quality
of Life
Opportunity to use a Product Under the 361 Regulations before Conducting a
BLA Trial Provides Unique Clinical Trial and Revenue Benefits

3 and 1 in 20 Strategic Plan Triples 2015 Revenues to $560M and Delivers

$1.00 of Adjusted Earnings in 2020

Sustain 20%+ Revenue Growth Over the Long Term

>85% Gross Margins and Strong Balance Sheet

Deliver P&L Leverage in 2017 and Beyond

From Inception to September 30, 2017, Executed $100M of Share Repurchases

Program Size has been Increased to $120M

3
 COMPANY HIGHLIGHTS

5 Innovative Technology Platforms

Over 100* Issued and Allowed Patents

Proprietary Purion Processed Placental Tissue Allograft Contains a Milieu

of 220 Proteins (Growth Factors, Chemokines and Cytokines)

Industry Leader in the Amniotic and Placental Tissue Market

Emerging Leader in the Surgical and Ortho-Biologics Market

In 2020 Complete Transition to a Biopharmaceutical Company

Existing Products Remain Regulated through Section 361 of PHSA
New Products Regulated through Section 351 of PHSA under IND/BLA
Pain Management, Respiratory Disease and Cardiovascular Disease are Large
Biopharmaceutical Opportunities

*owned and licensed

4
 EXPERIENCED MANAGEMENT TEAM
Parker H. Pete Petit William C. Taylor Michael J. Senken Alexandra O. Haden
Chairman & CEO President & COO Chief Financial Officer General Counsel
Thornton A. Kuntz Deborah L. Dean Christopher M. Cashman Mark E. Diaz
Senior Vice President, Executive Vice President Executive Vice President & Senior Vice President,
HR & Administration Chief Commercialization Officer Commercial Operations
Scott M. Turner Michael W. Carlton Kevin D. Lilly Marlene M. DeSimone
Senior Vice President, Senior Vice President, Senior Vice President, Senior Vice President,
Operations & Procurement Global Sales Sales Marketing
Dr. Rebeccah Brown Dr. Donald E. Fetterolf Dr. Thomas J. Koob Dr. I. Mark Landy
Vice President, Chief Medical Officer Chief Scientific Officer Senior Vice President,
Global Regulatory Affairs Strategic Initiatives
Dr. Gloria Matthews
Senior Vice President,
Research and Development

5
 DELIVERING CONSISTENT SUSTAINABLE GROWTH

27 Consecutive Quarters of Sequential Revenue Growth

Met or Exceeded Revenue Guidance in 26 of Last 27 Quarters

90

80

70

60
$s - Millions

50

40

30

20

10

6
 2017 GROWTH DRIVERS

2016 New Product Launches: EpiCord, AmnioFill, OrthoFlo Lyo

Continued Sales Force Expansion
Clinical Trial Results and Publications
Incremental Commercial Reimbursement Coverage for DFU and VLU
International Expansion
Continued Leverage of GPO/IDN Contracts
5 Group Purchasing Organizations (GPO) contracts in place
- 4 have 80% or sole commitment tiers for Amniotic Tissue/Skin Substitute
- Covers approximately 4,000 hospitals
40 Integrated Delivery Networks (IDN) Contracts
- Covers approximately 1,300 hospitals
- Many have committed Amniotic Tissue Contracts

7
 5-YEAR STRATEGIC PLAN: 3 AND 1 IN 20

In 2020: Triple 2015 Revenue, Deliver $1.00 of Adjusted EPS

and Complete Transition to a Biopharmaceutical Company

2020 Assumptions
Organic Rev Growth
*EBITDA 30%
Tax 36%

$187M $560M**

**Number Communicated to the

Street. Internal Plan is Much Higher

Wound Care Operating Room Pain Management

* Adjusted
8
 U.S. WOUND BIOLOGICS MARKET IN 2020

2020 Skin/Dermal Substitute (SDS) Segment Sales Estimate $1.1B

2020 Amniotic Tissue Share Estimate 58% vs. 29% in 2014
2016 SDS Sales Estimate $681M up 16% vs. 2015
2016 MiMedx Amniotic Tissue Share 63%

10%
21% 18%

39%
2015 SDS Segment 2016 SDS Segment 45% 2020 SDS Segment
27%

$587M $681M $1.1B 58%

32%
34% 5%
6%
6%

Amniotic Tissue Allografts Xenografts Cell-Based Bioengineering

SmartTRAK Business Intelligence and Company Estimates

9
 WOUND CARE GROWTH TARGET: 5YR 20% CAGR

Wound Care Growth Drivers

1. Continue To Take Market Share

Leverage Safety Advantage of Terminal Sterilization
Expand Scientific and Clinical Body of Evidence
Increase Lives Under Coverage
Broaden Reach In IDN / GPO Contracts
New Products
New Settings, Long-term Care (LTAC)

2. Expand The Market

Secondary City Expansion
Convert Physicians that do not
use AWC Products
Influence and Improve Referral
Patterns
Wound Care Operating Room Pain Management

3. International Expansion

10
 CHRONIC WOUND MARKET IS UNDERPENETRATED

1.4M Chronic DFU/VLU Wounds - $3B Mkt Opportunity Alone

2015
2016 U.S. Market Facts 6.5M US Patients have
Chronic Wounds
Annual Cost of Treating Chronic Wounds
in the U.S. is $25 Billion
Skin/Dermal Substitutes is the Largest
Segment at $681 Million 3M are non-
MiMedx is the Market Leader at 31%
healing wounds
Sales of Placenta Derived / Amniotic Tissue
Products Grew 33% to $305M
MiMedx is the Market Share Leader at 63%
Under 200K are Treated with
a Skin or Dermal Substitute

SmartTRAK Business Intelligence

11
 EPIFIX VLU MULTICENTER TRIAL
FINAL ANALYSIS
VLU: EpiFix vs. Control % Subjects Complete Wound VLU: Apligraf vs. Control % Subjects Complete
Closure Wound Closure
100% 100%

80% 71% 80%

60% 57%
60% 60%
44% 40%
35% 35% 37%
40% 40% 29%
24%
17% 19% 19%
20% 20% 9% 5%
7%
0% 0%
Week 4 Week 8 Week 12 Week 16 Week 4 Week 8 Week 12 Week 24

EpiFix (N=52) Control (N=57) Apligraf (N=130) Control (N=110)

EpiFix vs. Apligraf VLU Study Results

Note: The MiMedx 100%
Control was More
80% 71%
Efficacious than the 60% 57%
Apligraf Control 60%

35% 37%
40% 29%
Please note: Apligraf and EpiFix studies are 17%
20% 9%
independent of one another
Controls: Multi-Layer Compression
Apligraf Reference: PMA Supplement
0% Therapy with EpiFix NuDerm Alginate
(P950032) approval dated 05/22/1998
Week 4 Week 8 Week 12 Week 16 Week 24 Apligraf Moist Gauze with Zinc Paste
EpiFix Reference: Published Final Data
Report, Reported Press Release 08/31/2017
EpiFix (N=52) Apligraf (N=130)

12
 VLU COMMERCIAL INSURANCE
COVERAGE IMPACT MODEL
ONLY 33% of Commercial Payers Cover EpiFix For Both DFU and VLU

Total EpiFix Commercial Lives DFU/VLU 198,000,000

Currently Uncovered VLU (67%) 132,955,205
VLU Prevalence Rate 0.183%*
Additional VLU Patients when Covered 243,696
EpiFix Average Price $1,000
Market Penetration
# of Applications 5% 10.0% 15.0% 20.0% 25.0% 30.0%
1 $ 12,184,780 $ 24,369,560 $ 36,554,340 $ 48,739,119 $ 60,923,899 $ 73,108,679

2 $ 24,369,560 $ 48,739,119 $ 73,108,679 $ 97,478,239 $ 121,847,799 $ 146,217,358

3 $ 36,554,340 $ 73,108,679 $ 109,663,019 $ 146,217,358 $ 182,771,698 $ 219,326,038

4 $ 48,739,119 $ 97,478,239 $ 146,217,358 $ 194,956,478 $ 243,695,597 $ 292,434,717

5 $ 60,923,899 $ 121,847,799 $ 182,771,698 $ 243,695,597 $ 304,619,497 $ 365,543,396

*Under 65 Truven Data

13
 SDS COMPETITIVE PRODUCT COMPARISON

Apligraf and Dermagraft are registered trademarks of Organogenesis, Inc.

Omnigraft and PriMatrix are registered trademarks of Integra Life Sciences Corporation. AMNIOEXCEL is registered trademark of BioD, LLC, an Integra Life Sciences company.
BIOVANCE is a registered trademark of Alliqua Biomedical, Inc.
Grafix is registered trademark of Osiris Therapeutics, Inc.
References provided at end of presentation.
14
 OPERATING ROOM GROWTH TARGET: 5YR 20% CAGR

Operating Room Growth Drivers

1. Increase Footprint
Continue to Hire Direct Surgical Reps,
Currently at 30
Deeper Penetration of GPO and IDN
Contracts

2. Expand Product Line

New Product Launches:
AmnioFill, OrthoFlo LYO
Synergistic Acquisitions

3. Grow Demand
Publish Clinical Trials Showing
Improved Surgical Outcomes and Wound Care Operating Room Pain Management
Reduced Complications
Increase Number of VAC Approvals

15
 TARGET HIGH VALUE SURGICAL PROCEDURES

Number of Procedures (000) Addressable Market Value ($M)

4.3M $5.7B

Orthopedics
Spine, Trauma, Extremities , 2,821
1,528 Sports Medicine

GYN
Hysterectomy, Endometriosis,
$2.9B
1,154 Myomectomy, C-Section, Episiotomy 1,000

PLASTICS
Hand-Tendon and Nerves, Mohs,
652 Scar Revision, Skin Grafting, Surgical 990
Dehiscence, Breast Recon, Burn
GENERAL COLORECTAL
Bariatric, Fistula Repair,
GI Anastomosis
714 714
UROLOGY
Prostatectomy, Partial Nephrectomy,
237 Cystectomy 200

Source: Millenium Research Group, MRG Lap 2014, ASPS Statistics, MiMedx 2015 Annual Plan, MiMedx internal coding data, Management Estimates
16
 MUSCULOSKELETAL PAIN IS A LARGE OPPORTUNITY

Everyday use Under 361 Regulations Provides the Opportunity

to Generate Revenue while the BLA Process is Ongoing

Wound Care

Operating Room

Pain Management

2017 2018 2019 2020 2021

Knee OA Pain Out of Pocket Pay 361 Reimbursement Opportunity BLA Launch

Plantar Fasciitis Pain Out of Pocket Pay BLA Launch

17
 2015 U.S. JOINT PAIN INJECTION MARKET

Number of Procedures

>$4 Billion Peak Revenue at 35% Penetration

SmartTRAK Business Intelligence and Company Estimates Market Opportunity: 80% of total injections are for tendonitis and osteoarthritic pain
18
 TRANSITION TO A BIOPHARMACEUTICAL COMPANY

AmnioFix Injectable (AI) is our Lead Product Candidate

Micronized version of dHACM
Covered by our Extensive Placental Tissue Technology Patent Family
Contains a Milieu of 220+ Proteins
Includes Factors Required for Soft Tissue Homeostasis and Repair
Address Multiple Targets with a Unified Mechanism of Action
Proven Safety Profile
First 3 BLAs Target Musculoskeletal Pain
Plantar Fasciitis
Achilles Tendonitis
Osteoarthritic Knee Pain
Positive Interim Phase 2B Data Validates AI Therapeutic Effect in Treating Soft
Tissue Pain, Restoring Function and Improving Quality of Life
Exiting 2020 Biopharmaceutical Sales Approximately 20% of Total Revenue

19
 PLANTAR FASCIITIS:
REPORTED INTERIM PHASE 2B DATA
Primary Efficacy Endpoint, Pain Relief at 3 Months: AmnioFix Injectable Demonstrated
Clinically Meaningful and Statistically Significant Separation from Placebo (p-value = 0.0001)
Statistically Significant Results Were Seen at 6 Months (p-value = 0.0005)
Average Reduction in Pain from Baseline at 3 Months was 77.5% vs. 45.7% for Placebo
Average Reduction in Pain from Baseline at 6 Months was 85.9% vs. 57.1% for Placebo

0%
At 3 Months Subjects in the Placebo
-10% Group Were Allowed to Undergo
Alternative Therapy
-20%
Percent Reduction from Baseline

-30%

-40%

-50%

-60%

-70%

-80%

-90%

-100%
Baseline 1 Month 2 Months 3 Months 6 Months

AmnioFix Saline
20
 OSTEOARTHRITIS (OA) IS A BOOMING EPIDEMIC

OA Affects an Estimated 31M Americans

It is the Most Common form of Arthritis and the Leading Cause of
Disability in American Adults
Prevalence Increases with Age, Ranging from about 2% Among
Persons under 45 to More Than 80% Among Those Over 75

14M Americans Suffer Symptomatic Knee OA

Affects More Than 2M People Under the Age of 45 and More
Than 6M People Between the Ages of 45 and 64

Knee OA Contributes More Than $27 Billion in U.S Health Care

Expenditures Annually

As the Worlds Population Ages, it is Estimated that Degenerative

Joint Disease will Impact Over 130M Individuals Globally by 2050
Source: Arthritis Foundation
21
 A SAFER MORE EFFECTIVE PRODUCT IS NEEDED

*
*

* **

*
*
*
**

* Toxic side effects and limited efficacy ** Limited efficacy

22
 AMNIOFIX INJECTABLE ADDRESSES ALL STAGES OF KNEE OA

23
 PAIN MANAGEMENT CLINICAL TRIAL MILESTONES

2018-2021: Managements Estimation

24
 RESPIRATORY AND CARDIOVASCULAR UPDATE

Scanning Electron Microscope

Respiratory System Slides of Respirable Particles
Completing Drug Discovery and
Design Process
Initiating Pre-Clinical Development
Program
Current Goal is to Begin Human
Testing in 4Q 2018

Cardiovascular System
Published Small Animal Study Particle size
distribution
Refining Development Program
Optimizing Delivery System

25
 FINANCIAL HIGHLIGHTS

Q3 2017 Q3 2016 Change YTD 2017 YTD 2016 Change

Revenue $84.6M $64.4M +31% Revenue $233.6M $175.1M +33%

GM % 88.7% 87.6% +110 bps GM % 88.5% 86.7% +180 bps

Adj. GM* 88.7% 88.0% +70 bps Adj. GM* 88.5% 87.6% +90 bps
R&D % 6.5% 4.5% +200 bps R&D % 6.2% 4.9% +130 bps
S,G&A 71.2% 74.8% -360 bps S,G&A 72.1% 75.1% -300 bps
Net Inc. $17.5M $3.3M +426% Net Inc. $29.9M $6.5M +360%
Adj. NI* $9.5M $6.2M +53% Adj. NI* $25.2M $16.3M +55%
Adj. $15.6M $11.3M +38% Adj. $42.2M $30.5M +38%
EBITDA* EBITDA*

Cash from $18.0M $2.8M +531% Cash from $42.1M $9.1M +360%
Ops Ops

*Reconciliation of non-GAAP financial measures included in supplemental slides section of the slide deck

26
 FINANCIAL HIGHLIGHTS

Revenue
350

300

250

200

150

100

50

0
2014 2015 2016 2017 (Est.)
Wound SSO

2017 Revenue Guidance = $320.6M - $321.6M

27
 KEY 2017 MILESTONES

Positive Aetna Coverage Decision

Positive Kaiser Coverage Decision
Presented GI Anastomosis Data
Released Plantar Fasciitis Phase 2B Interim Data

Second Half 2017

Initiate Pivotal BLA Phase 3 Plantar Fasciitis Trial
Initiate Pivotal BLA Phase 3 Achilles Tendonitis Trial
Initiate BLA Phase 2B Osteoarthritis Knee Pain Trial
Report VLU Multicenter Data
Report DFU Multicenter Data
Publish GI Anastomosis Data
First Patent Infringement Trial Possible
Additional Reimbursement Wins

28
 REFERENCES

1. http://www.apligraf.com/professional/pdf/FDAApprovalLetter.pdf
2. http://www.accessdata.fda.gov/scripts/cdrh/cfdocs/cfpma/pma.cfm?id=p000036
3. https://www.fda.gov/NewsEvents/Newsroom/PressAnnouncements/ucm480564.htm
4. http://www.prnewswire.com/news-releases/derma-sciences-expands-access-of-its-amniotic-tissue-product-line-with-new-premier-inc-agreement-
300024252.html
5. http://www.accessdata.fda.gov/cdrh_docs/pdf8/k083440.pdf
6. http://ir.alliqua.com/press-releases/detail/544/alliqua-to-launch-biovancer-human-amniotic-membrane
7. http://investor.osiris.com/annuals-proxies.cfm; 2011.
8. www.clinicaltrials.gov. Accessed 03/01/17.
9. Zelen CM, Serena TE, Denozire G, Fetterolf DE. A prospective randomized comparative parallel study of amniotic membrane wound graft in the management of
diabetic foot ulcers. Int Wound J. 2013 Oct;10(5):502-7.
10. Zelen CM, Serena TE, Snyder RJ. A prospective, randomised comparative study of weekly versus biweekly application of dehydrated human amnion/chorion
membrane allograft in the management of diabetic foot ulcers. Int Wound J. 2014 Apr;11(2):122-8.
11. Zelen CM, Gould L, Serena TE, Carter MJ, Keller J, Li WW. A prospective, randomised, controlled, multi-centre comparative effectiveness study of healing using
dehydrated human amnion/chorion membrane allograft, bioengineered skin substitute or standard of care for treatment of chronic lower extremity diabetic
ulcers. Int Wound J. 2015 Dec;12(6):724-32.
12. Zelen CM, Serena TE, Gould L, Le L, Carter MJ, Keller J, Li WW. Treatment of chronic diabetic lower extremity ulcers with advanced therapies: a prospective,
randomised, controlled, multi-centre comparative study examining clinical efficacy and cost. Int Wound J. 2016 Apr;13(2):272-82.
13. Veves A, Falanga V, Armstrong DG, Sabolinski ML. Graftskin, a human skin equivalent, is effective in the management of noninfected neuropathic diabetic foot
ulcers: a prospective randomized multicenter clinical trial. Diabetes Care. (24)2. 2001. pp 290-5.
14. Marston W, Hanft J, Norwood P, Pollak R. The Efficacy and Safety of Dermagraft in Improving the Healing of Chronic Diabetic Foot Ulcers. Diabetes Care, Vol 26
#6, June 2000.
15. Driver, V. R., Lavery, L. A., Reyzelman, A. M., Dutra, T. G., Dove, C. R., Kotsis, S. V., Kim, H. M. and Chung, K. C. (2015), A clinical trial of Integra Template for
diabetic foot ulcer treatment. Wound Rep and Reg, 23: 891900. doi:10.1111/wrr.12357.
16. Snyder RJ, Shimozaki K, Tallis A, Kerzner M, Reyzelman A, Lintzeris D, Bell D, Rutan RL, Rosenblum B A Prospective, Randomized, Multicenter, Controlled
Evaluation of the Use of Dehydrated Amniotic Membrane Allograft Compared to Standard of Care for the Closure of Chronic Diabetic Foot Ulcer. Wounds. 2016
Mar;28(3):70-7.
17. Kavros, S; Dutra, T; Gonzalez-Cruz, R; Liden, B; Marcus, B; McGuire, J; Nazario-Guirau, L. The Use of PriMatrix, a Fetal Bovine Acellular Dermal Matrix, in Healing
Chronic Diabetic Foot Ulcers: A Prospective Multicenter Study. Advances in Skin & Wound Care: August 2014 - Volume 27 - Issue 8 - p 356362. doi:
10.1097/01.ASW.0000451891.87020.69.
18. Lavery A, et al. The efficacy and safety of Grafix for treatment of chronic diabetes foot ulcers: results of a multi-centre, controlled, randomized, blinded, clinical
trial. Int Wound J 2014; doi: 10.1111/iwj.12329.
19. Public domain

30
 PLANTAR FASCIITIS PHASE 2B STUDY OUTLINE

A Prospective, Single-Blinded, Randomized Controlled Trial of Micronized

dHACM Injection Compared to Saline Placebo Injection in the Treatment of PF

PURPOSE To Determine Whether AmnioFix Injectable (mDHACM) is Effective in the Treatment

of Recalcitrant Plantar Fasciitis

Randomized, Multi-Center, Single-Blind (Patient)

DESIGN
147 Patients with Recalcitrant PF (Confirmed Diagnosis >1 Month and < 18 Months,
VAS > 45, Conservative Usual Care > 1 Month*)
2-Arm Unilateral Treatment with:
n=73: Placebo (1 ml Normal Saline)
n=74: AmnioFix Injectable (1ml of 40 mg AI)

PRIMARY Mean Change in VAS Score Between Baseline and 3 Months

Incidence of Adverse Events at 12 Months

SECONDARY Mean Change in Functional Score as Measured by FFI-R at 3 Months

Immuno-Compatibility of First 20 Patients Followed in Each Arm at 3 and 12 Months
Long Term FFI-R, VAS at 6 and 12 Months
31
* Including any of the following modalities: RICE, Steroid Injection, Stretching, NSAID, Orthotics
 PLANTAR FASCIITIS PHASE 3 STUDY OUTLINE

A Prospective, Double-Blinded, Randomized Controlled Trial of Micronized

dHACM Injection Compared to Saline Placebo Injection in the Treatment of PF

PURPOSE To Determine Whether AmnioFix Injectable (mDHACM) is Effective in

the Treatment of Recalcitrant Plantar Fasciitis

Randomized, Multi-Center, Double-Blinded (Patient and Reviewer)

DESIGN
164 Patients with Recalcitrant PF (Confirmed Diagnosis >1 Month and
< 18 Months, VAS > 45, Conservative Usual Care > 1 Month*)
2-Arm Unilateral Treatment with:
n=82: Placebo (1 ml Normal Saline)
n=82: AmnioFix Injectable (1ml of 40 mg AI)

PRIMARY Mean Change in VAS Score Between Baseline and 3 Months

Incidence of Adverse Events at 6 Months

SECONDARY Mean Change in Functional Score as Measured by FFI-R at 3 Months

Long Term FFI-R and VAS at 6 Months

* Including any of the following modalities: RICE, Steroid Injection, Stretching, NSAID, Orthotics
32
 ACHILLES TENDONITIS PHASE 3 STUDY OUTLINE

A Prospective, Double-Blinded, Randomized Controlled Trial of Micronized

dHACM Injection Compared to Saline Placebo Injection in the Treatment of Achilles Tendonitis

PURPOSE To Determine Whether AmnioFix Injectable (mDHACM) is Effective in the

Treatment of Achilles Tendonitis

Randomized, Multi-Center, Double-Blinded (Patient and Reviewer)

DESIGN 158 patients with Achilles Tendonitis (Confirmed Diagnosis >1 Month and < 18
Months, VAS > 45, Conservative Usual Care > 1 Month*)
2-Arm Unilateral Treatment with:
n=79: Placebo (1 ml Normal Saline)
n=79: AmnioFix Injectable (1ml of 40 mg AI)

PRIMARY Mean Change in VAS Score Between Baseline and 3 Months

Incidence of Adverse Events at 6 Months

SECONDARY Mean Change in Functional Score as Measured by FFI-R at 3 Months

Long Term FFI-R and VAS at 6 Months

* Including any of the following modalities: RICE, Steroid Injection, Stretching, NSAID, Orthotics
33
 OSTEOARTHRITIS PHASE 2B STUDY OUTLINE

A Prospective, Double-Blinded, Randomized Controlled Trial of Micronized

dHACM Injection Compared to Saline Placebo Injection in the Treatment of Osteoarthritis

PURPOSE To Determine Whether AmnioFix Injectable (mDHACM) is Effective in the

Treatment of Osteoarthritis

DESIGN Randomized, Multi-Center, Double-Blinded (Patient and Reviewer)

318 Patients with Osteoarthritis (Diagnosis of Osteoarthritis (OA) Defined as
Grade 1 to 3 on the Kellgren-Lawrence Grading Scale, VAS > 45)
2-Arm Unilateral Treatment with:
n=159: Placebo (1 ml Normal Saline)
n=159: AmnioFix Injectable (1ml of 40 mg AI)

Mean Change in VAS Score Between Baseline and 3 Months

PRIMARY Mean Change in WOMAC 3.1 Score (Pain, Stiffness and Physical Function)
Incidence of Adverse Events at 12 Months

SECONDARY Mean Change in Functional Score as Measured by KOOS at 3 Months

Long Term KOOS and VAS at 12 Months
* Including any of the following modalities: RICE, Steroid Injection, Stretching, NSAID, Orthotics
34
 SUPPLEMENTAL SLIDE
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
GROSS MARGIN

Three Months Ended Nine Months Ended

September 30, 2017 September 30, 2017
2017 2016 2017 2016

Gross Margin (Per GAAP) $75.0M $56.4M $206.6M $151.8M

Non-GAAP Adjustments:

One Time Inventory Costs Incurred in 0.0M 0.3M 0.2M 1.6M

Connection with Acquisition
Gross Margin Before Amortization of $75.0M $56.7M $206.8M $153.4M
Inventory Fair Value Step-Up
Adjusted Gross Margin 88.7% 88.0% 88.5% 87.6%

35
 SUPPLEMENTAL SLIDE
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
NET INCOME
Three Months Ended Nine Months Ended
September 30, 2017 September 30, 2017
2017 2016 2017 2016
Net Income (Per GAAP) $17.5M $3.3M $29.9M $6.5M

Non-GAAP Adjustments:
Tax Rate Normalization* (7.4M) (.5M) (11.4M) (0.9M)
Gain on Divestiture (4.3M) -- (4.3M)
One Time Costs Incurred in Connection -- 0.2M -- 1.1M
with Acquisition
One Time Inventory Costs Incurred in -- 0.3M 0.2M 1.6M
Connection with Acquisition
Amortization of Intangible Assets 0.4M 0.6M 1.5M 1.9M
Share-based Compensation 5.3M 4.7M 15.2M 13.8M
Estimated Income Tax Impact from (2.0M) (2.4M) (5.9M) (7.7M)
Adjustments
Adjusted Net Income $9.5M $6.2M $25.2M $16.3M
*Assumes a normalized tax rate of 42% for 2016 and 35% for 2017.
36
 SUPPLEMENTAL SLIDE
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
EBITDA
Three Months Ended Nine Months Ended
September 30, 2017 September 30, 2017
2017 2016 2017 2016
Net Income (Per GAAP) $17.5M $3.3M $29.9M $6.5M

Add Back:
Gain on Divestiture (4.2M) -- (4.3M) --

Income Taxes (Expense) Benefit (4.4M) 1.3M (3.7M) 3.0M

One Time Costs Incurred in Connection with -- 0.2M -- 1.0M

Acquisition
One Time Inventory Costs Incurred in -- 0.3M 0.2M 1.6M
Connection with Acquisition
Other Interest Expense, Net -- 0.1M 0.3M 0.3M
Depreciation Expense 1.0M 0.8M 3.1M 2.4M
Amortization of Intangible Assets 0.4M 0.6M 1.5M 1.9M
Share-based Compensation 5.3M 4.7M 15.2M 13.8M
Adjusted EBITDA $15.6M $11.3M $42.2M $30.5M
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