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MiMedx Announces Record Second Quarter Results
Date:7/31/2013

MARIETTA, Ga., July 31, 2013 /PRNewswire/ -- MiMedx Group, Inc.  (NASDAQ: MDXG), an integrated developer, manufacturer and marketer of patent protected regenerative biomaterials and bioimplants processed from human amniotic membrane, announced today its results for the quarter ended June 30, 2013.

Highlights of second quarter 2013 results include:

  • Revenue met or exceeded  forecast for 7th consecutive quarter
  • Revenue increased more than 175% over second quarter of 2012
  • Six-month revenue increased more than 190% over first half of 2012
  • Sixth consecutive quarter of positive Adjusted EBITDA
  • Gross Margins improved by 7% over second quarter of 2012
  • Six month gross margins improved 8% over prior year
  • Company reiterates third quarter and full year 2013 guidance
  • Second Quarter 2013 Results
    The Company recorded record revenue of $13.51 million for the quarter ended June 30, 2013, an increase of more than 175% over second quarter of 2012 revenue of $4.88 million. The Company's second quarter gross margins were 84% as compared to gross margins of 77% in the second quarter of last year.  Earnings before interest, taxes, depreciation, amortization and share based compensation, non-cash impairment and earn out liability charges (Adjusted EBITDA) for the second quarter of 2013 were $1.17 million, a $242,000  or 26% improvement as compared to the Adjusted EBITDA  of $923,000 for the second quarter of 2012. The Net Loss for the second quarter of 2013 was $757,000 as compared to the Net Loss of $744,000 in the second quarter of the prior year.

    For the six months ended June 30, 2013, the Company recorded record revenue of $25.07 million, an increase of more than 190% over revenue of $8.59 million recorded for the first six months
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    SOURCE MiMedx Group, Inc.
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