MiMedx price target lowered to $7 from $10 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on MiMedx (MDXG) to $7 from $10 and keeps a Buy rating on the shares. The firm is also lowering estimates following MiMedx’s restructuring announcement. Management cited a slower-than-expected recovery from the January 1st Medicare reimbursement cut in the Wound Care business, prompting $40M in targeted annualized opex reductions, elimination of the COO role, executive salary cuts, among other cuts, Craig-Hallum notes.