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Lake Street analyst Bruce Jackson lowered his price target for MiMedx Group to $12 from $18 after the company delayed the release of its Q4 results after the board's audit committee requested independent legal and accounting investigations. While the near-term picture "might be uncertain," MiMedx continues to be a "real company" with revenue of $324M that grew more than 30% in 2017, Jackson tells investors in a research note. He sees the company's "strong" gross margins and "promising" new product pipeline limiting downside risk from current share levels. Nonetheless, the internal investigation represents a "significant overhang" on the stock until it is resolved, which implies multiple compression, the analyst adds. He keeps a Buy rating on MiMedx.

BTIG notes that seven Medicare Administrative Contractors, or MACs - CGS, WPS, NGS, Palmetto, Novitas, First Coast, and Noridian - this morning published new proposed local coverage determinations, or LCDs, regarding the coverage of skin substitutes grafts and cellular and tissue based products for the treatment of diabetic foot ulcers, or DFUs, and venous leg ulcers, or VLUs. This marks "the second attempt in the past 12 months where MACs have proposed an LCD that would drastically shake up the advanced wound care market," says the analyst, who highlights that the proposed LCD includes non-coverage products from Integra Lifesciences (IART), Organogenesis (ORGO), Smith & Nephew (SNN), MiMedx (MDXG), Anika Therapeutics (ANIK) and numerous smaller, private wound care companies. The firm adds that it thinks Integra and Organogenesis both have meaningful exposure to the LCDs based on their product portfolio and the revenue mix within their Advanced Wound Care businesses.