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

ency plans in place to prevent any disruptions that can be associated with a significant move of this nature," concluded Taylor.

Balance Sheet
Total assets increased by $5.1 million to $40.3 million as of June 30, 2013, from $35.2 as of December 31, 2012. Cash on hand as of June 30, 2013, was $4.2 million, a decrease of $2.6 million, as compared to $6.8 million, as of December 31, 2012.  Accounts receivable increased to $11.8 million from $7.7 million as of year-end due to the higher sales volume and the ramp-up in commercial wound care sales. Inventory increased by $1.2 million in anticipation of increased demand in commercial wound care sales in subsequent quarters. Total liabilities decreased from $15.2 million as of December 31, 2012, to $7.4 million as of June 30, 2013. The decline in total liabilities was primarily the result of conversion of the senior secured promissory note and the final payout of the earn out related to the acquisition of Surgical Biologics. Stockholders' equity increased by $12.9 million to $32.9 million as of the end of the quarter. 

GAAP Earnings
The Company recorded a Net Loss of $757,000, or $0.01 per diluted common share, for the quarter ended June 30, 2013, as compared to the Net Loss of $744,000, or $0.01 per diluted common share, recorded for the quarter ended June 30, 2012. The Net Loss includes a total of $1.9 Million in non-cash related expenses including $1.5 million of share-based compensation expense, $268,000 of amortization of intangibles and $139,000 in depreciation expense. Research and development expenses in the second quarter of 2013 increased by $421,000 over the second quarter of 2012 expenses due to the accelerated investment in clinical trials for reimbursement purposes. Selling, general and administrative expenses for the second quarter increased by $7.8 million over second quarter of 2012 expenses due to the build out of the Company's direct sales force for government accounts a
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SOURCE MiMedx Group, Inc.
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