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MiMedx Announces 2012 Results
Date:3/7/2013

KENNESAW, Ga., March 7, 2013 /PRNewswire/ -- MiMedx Group, Inc.  (OTCBB: 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 year ended December 31, 2012.

Highlights of 2012 Results include:

  • Tripling of Revenue over 2011
  • First full year of positive Adjusted EBITDA
  • Adjusted EBITDA increased by nearly $9 million
  • Gross Margins at record level of 81%
  • Full Year and Fourth Quarter 2012 ResultsThe Company recorded record revenue for the year ended December 31, 2012, with revenue of $27.1 million, more than three times 2011 full year revenue of $7.8 million.  Earnings before interest, taxes, depreciation, amortization, impairment of intangibles, earn-out liability and share based compensation (Adjusted EBITDA*) for the year ended December 31, 2012, were $2.4 million, a $8.7 million improvement as compared to the Adjusted EBITDA loss of $6.3 million for the year ended December 31, 2011.

    The fourth quarter of 2012 marked the 8th consecutive quarter in which the Company reported improved gross margins. The Company's 2012 gross margins of 81% are nearly a forty-two percentage point improvement over full year 2011 gross margins of 57%.

    The Company recorded record revenue for the quarter ended December 31, 2012, with revenue of $10.5 million, an increase of 299% or $7.9 million over fourth quarter of 2011 revenue of $2.6 million, and a 32% increase over the third quarter of 2012.  Adjusted EBITDA* for the quarter ended December 31, 2012, were $411,000, a $2.1 million improvement as compared to the Adjusted EBITDA loss of $1.64 million for the quarter ended December 31, 2011.

    Management Commentary on 2012 ResultsParker H. "Pete" Petit, Chairman and CEO, stated, "2012 was an excellent year by all measurements. We
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    SOURCE MiMedx Group, Inc.
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