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MiMedx Announces Record Second Quarter Results
Date:7/31/2013

of 2012. The Company's gross margins for the first half of 2013 were 84% as compared to 76% in the first half of last year.  Adjusted EBITDA for the six months ended June 30, 2013, were $2.3 million, a $1.1 million or 85% improvement as compared to Adjusted EBITDA of $1.2 million for the first six months of 2012. The Net Loss for the six months ended June 30, 2013, was $2.4 million, which included a one-time non-cash charge of $1.3 million in the first quarter of 2013 for debt discount related to the conversion of the Company's senior secured promissory notes.

Management Commentary on Second Quarter Results
Parker H. "Pete" Petit, Chairman and CEO, stated, "We are pleased with our revenue performance as we exceeded the $13.5 million upper range of our goal and achieved greater than a 175% increase over our 2012 second quarter revenue. This was our 7th straight quarter of meeting or exceeding our revenue forecast. We continued to produce strong gross profit margins, equaling our fourth quarter of 2012 and first quarter of 2013 record gross margins of 84%.  Management continues to focus on EBITDA and balancing EBITDA growth and the investments in our sales organization required to drive revenue. We are pleased with our diligence in this area and our success in recording our sixth consecutive quarter of positive Adjusted EBIDTA."

The Company's second quarter revenue growth was driven primarily by its EpiFix® wound care allografts as well as its micronized tissue for both wound care and sports medicine applications. "Most notable in our second quarter results is the positive growth in commercial accounts driven by the five Medicare Administrative Contractors (MACs) that have already approved coverage of EpiFix®. During the quarter, we received coverage from another of the MACs. That coverage by Wisconsin Physician Services (WPS) now brings the total MACs covering our EpiFix® wound care tissue grafts to six of the nin
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SOURCE MiMedx Group, Inc.
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