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MiMedx Announces 2012 Results
Date:3/7/2013

ctual property, and make it much more difficult for anyone to replicate our allografts," stated Taylor.  

During the year, the Company initiated a strategic focus to expand and further develop its nation-wide placenta recovery network. "Today we recover placentas in 19 hospitals in five states.  In addition, we are in negotiations with several new hospital systems for recovery contracts that will give us preferred access to additional hospitals nationwide.  We expect that our recovery network will support our donor requirements well into 2014 and beyond. We will continue to broaden the outreach of our donor network in order to meet the growing demand for our amniotic membrane tissue allografts," concluded Taylor.

Balance Sheet and Cash Flow Cash on hand as of December 31, 2012, was $6.75 million, an increase of $2.64 million, as compared to $4.11 million, as of December 31, 2011.  Stockholders' equity as of December 31, 2012, was $20.0 million, a 68% increase in stockholder's equity of $11.90 million as of December 31, 2011. 

During the year, the Company raised over $7.0 million from the exercise of warrants and options.  Cash flow from operating activities was a negative $3.4 million, and was primarily influenced by increases in working capital to fuel the Company's sales growth.  During the year, the Company invested $583,000 in capital equipment to continue its ramp-up of tissue processing activities to meet the market demand for its grafts.

Reported total current assets were $18 million and current liabilities were $5.1 million resulting in a current ratio of 3.57 as compared to 3.0 at the end of 2011 when adjusted for amounts payable in stock. The earn-out liability related to the acquisition of Surgical Biologics was $5.8M as of December 31, 2012, which will be paid in MiMedx common stock in the first quarter of 2013. Also, on the balance sheet at year end is the senior secured convertible promi
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SOURCE MiMedx Group, Inc.
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