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MiMedx Announces Record Third Quarter Results

MARIETTA, Ga., Oct. 30, 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 September 30, 2013.

Highlights of third quarter of 2013 results include:

  • Revenue exceeds high end of guidance (8th consecutive quarter of meeting or exceeding upper end of guidance)
  • Revenue increased more than 100% over third quarter of 2012
  • Nine-month revenue increased nearly 150% over same period of 2012
  • 7th consecutive quarter of positive Adjusted EBITDA
  • Quarterly Cash Flow from Operations Positive for the First time in Company History
  • Company reiterates increased lower end of 2013 full year revenue guidance
  • Third Quarter 2013 Results
    The Company recorded record revenue for the quarter ended September 30, 2013, with revenue of $16.1 million, an increase of more than 100% over third quarter of 2012 revenue of $8.0 million. The Company's third quarter gross margins were 87% as compared to gross margins of 82% in the third quarter of last year.  Earnings before interest, taxes, depreciation, amortization and share based compensation (Adjusted EBITDA*) for the third quarter of 2013 were $1.9 million, a $1.1 million  or  156% improvement, as compared to the Adjusted EBITDA of $726,000 for the third quarter of 2012. The Net Loss for the third quarter of 2013 was $307,000 as compared to net loss of $4.2 million in the prior year third quarter. The prior year Net Loss included a $1.8 million Intangible Asset impairment charge and a $1.3 million charge related to the fair value adjustment of the earn-out liability related to the acquisition of Surgical Biologics. 

    SOURCE MiMedx
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