MARIETTA, Ga., March 28, 2011 /PRNewswire/ -- MiMedx Group, Inc. (OTC Bulletin Board: MDXG), an integrated developer, manufacturer and marketer of patent protected biomaterial-based products and bioimplants processed from human amniotic membrane, announced today its results for the year ended December 31, 2010.
Full Year 2010 ResultsIn 2010, the Company changed its fiscal year to coincide with the calendar year. Its prior fiscal year was from April 1st through March 31st. Therefore, comparative results for 2009 are reflected for the nine month period from April 1, 2009, through December 31, 2009, and the results for the twelve months ended December 31, 2010, are compared to the results for the nine months ended December 31, 2009. Additionally, as significant sales and marketing activity began in the first quarter of 2010, MiMedx emerged from development stage company status to an operating company.
Revenue for the twelve months ended December 31, 2010, was approximately $789,000, as compared to revenue of $800 recorded for the nine months ended December 31, 2009. The Company recorded a net loss of $11.4 million, or $0.19 per diluted common share, for the twelve months ended December 31, 2010, as compared to a net loss of $8.3 million, or $0.20 per diluted common share, for the nine month period ended December 31, 2009. Net Cash Flow from operating activities was a negative $8,157,000 for the twelve months ended December 31, 2010, as compared to a negative $5,596,000 for the nine months ended December 31, 2009. Significant investments were made in 2010 in building our global sales and distribution network as well as investments in animal studies in support of new product development for both HydroFix™ and CollaFix™ product lines. Cash on hand as of December 31, 2010, was $1,341,000 as compared to $2,654,000 as of December 31
|SOURCE MiMedx Group, Inc.|
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