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MiMedx Group Announces 2010 Results
Date:3/28/2011

g the year, we made significant progress in increasing our U.S. and international distribution network. By year-end, our U.S. distribution network had grown to 27 independent sales representatives and stocking dealers, and internationally, we ended 2010 with 12 dealers. We are very comfortable with how we have positioned MiMedx for the high growth that we believe is imminent with the amnion tissue and our products pending regulatory clearances," concluded Petit.

Bill Taylor, President and COO, commented, "In 2010, we successfully transferred the production of our collagen fiber to our Marietta, Georgia, facility and are in the process of ramping up our production capabilities and capacity in order to serve the anticipated demand for our initial CollaFix™ products."

MiMedx reported that it continues to make progress in its previously announced initiative to raise at least one more round of financing to take the Company through its projected EBITDA breakeven point in the third quarter of 2011. MiMedx plans for the new capital to be used primarily for new product development and operational expansion.

Outlook for 2011The Company also reported its revenue goals for 2011. The Company expects its first quarter 2011 revenue to be in excess of $1 million. The Company's goals for the second, third and fourth quarter revenues are approximately $2 million, $4 million and $8 million, respectively.  Petit added, "We expect a rapid growth in our revenue over the next several quarters.  Our goal is to have MiMedx attain profitability during the third quarter of 2011. Once we reach profitability, we anticipate our strong operating leverage will allow our profits to grow faster than our revenue."

Earnings CallMiMedx management will host a live broadcast of its second quarter conference call on Tuesday, March 29, 2011, beginning at 10:30 a.m. eastern time.  A listen-only simulcast of the MiMedx Group conference call will be ava
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SOURCE MiMedx Group, Inc.
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