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MiMedx Announces Record First Quarter 2013 Results
Date:5/1/2013

KENNESAW, Ga., May 1, 2013 /PRNewswire/ -- MiMedx Group, Inc. (NasdaqCM: 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 March 31, 2013.

Highlights of First Quarter 2013 Results include:

  • Revenue exceeded forecast for fifth consecutive quarter
  • Revenue more than triples over first quarter of 2012
  • Fifth consecutive quarter of positive Adjusted EBITDA
  • Gross Margins improved by 10 percent over Q1 of prior year
  • Company reiterates 2013 guidance
  • First Quarter 2013 ResultsThe Company recorded record revenue for the quarter ended March 31, 2013, with revenue of $11.6 million, a three-fold increase over first quarter of 2012 revenue of $3.7 million. The Company's first quarter gross margins were 84% as compared to 74% in the first quarter of last year. Earnings before interest, taxes, depreciation, amortization and share based compensation (Adjusted EBITDA*) for the first quarter of 2013 were $1.1 million, a $805,000 or 256% improvement, as compared to the Adjusted EBITDA of $314,000 for the first quarter of 2012. The Net loss for the quarter was $1.6 million which included a one-time charge of $1.3 million for debt discount related to the conversion of our senior secured promissory notes.

    Management Commentary on First Quarter ResultsParker H. "Pete" Petit, Chairman and CEO, stated, "We are pleased that our revenue performance exceeded the $11.5 million upper range of our guidance. We increased revenue three fold over the prior year first quarter and continued to produce strong gross profit margins, equaling our fourth quarter of 2012 record gross margins of 84%. We are pleased to report our fifth consecutive quarter of positive Adjusted EBITDA, however, we continue to balance the investments in our sales org
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    SOURCE MiMedx Group, Inc.
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