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

;MIMEDX GROUP, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)Three Months Ended March 31,20132012Revenues:Net sales$

11,556,493$

3,705,808Cost of sales1,905,020958,855Gross margin9,651,4732,746,953Operating expenses:Research and development expenses1,246,757407,072Selling, general and administrative expenses8,369,0102,637,269Amortization of intangible assets262,596333,977Operating income (loss) (226,890)(631,365)Other income (expense), netAmortization of debt discount(1,328,439)(310,477)Interest expense, net(14,804)(151,810)Income (loss) before income tax provision(1,570,133)(1,093,652)Income tax provision(50,275)-Net Income (loss)

$

(1,620,408)$

(1,093,652)Net income (loss) per common share - basic and diluted

$

(0.02)$

(0.01)Weighted average shares outstanding - basic and diluted93,128,46674,872,122 

MIMEDX GROUP, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETSASSETSMarch 31,December 31,20132012(unaudited)Current assets:Cash and cash equivalents

$

5,725,107

$

6,754,485Accounts receivable, net9,821,5037,653,561Inventory, net3,956,3393,022,784Prepaid expenses and other current assets1,186,417657,961Total current assets20,689,36618,088,791Property and equipment, net of accumulated depreciation of $2,378,590 and $2,279,840, respectively1,153,6671,071,625Goodwill4,040,4434,040,443Intangible assets, net of accumulated amortization of $5,111,352 and $4,848,756, respectively11,649,15311,911,749Deposits and other long term assets319,54570,000Total assets

$

37,852,174

$

35,182,608LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable

$

1,056,707

$

1,251,684Accrued compensation3,518,7692,753,237Accrued expenses1,227,485990,697Other current liabilities167,60075,154Total current liabilities5,970,5615,070,772Earn-out liabili
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SOURCE MiMedx Group, Inc.
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