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MiMedx Announces 2012 Results
Date:3/7/2013
configurations for its AmnioFix® grafts. The "Other" category of the MiMedx regenerative medicine specialties includes the Company's tissue revenue from its ophthalmic and dental applications and products from its HydroFix® technology. The third quarter of 2012 marked the first quarter in which Wound Care revenue exceeded Surgical & Sports Medicine revenue. In the fourth quarter, 49% of MiMedx sales volume was for Wound Care, 44% for Surgical& Sports Medicine and 7% for "Other." On a year to date basis, Wound Care represents 42%, Surgical & Sports Medicine represents 48%, and "Other" represents 10% of total MiMedx revenue.
Outlook for 2013The Company also reported its revenue goals for 2013. The Company's revenue goal for 2013 is to approximately double its 2012 revenue with 2013 revenue being in the range of $50 million to $60 million.
The Company expects the growth in EpiFix® allografts for use in wound care to grow significantly during 2013. This will be primarily related to sales in the states where the five Medicare Intermediaries have recently determined to cover the Q4131 code for EpiFix® and the expected coverage during the first half of the year by the remaining intermediaries. The VA and government business should also continue to increase due to some additional sales positions being filled and broader use of the EpiFix® and AmnioFix® products in the VA hospitals. However, the VA sales force has just recently received training on the surgical uses of AmnioFix® so no significant revenues from AmnioFix® should be expected in the VAs until the second half of the year and beyond. Additionally, the Company hired ten new sales executives for the commercial wound care sales organization just prior to the National Sales Meeting in mid-February, where they received their initial sales training. However, it is not expected that this group will develop significant E
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| SOURCE MiMedx Group, Inc. Copyright©2012 PR Newswire. All rights reserved |
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