KENNESAW, Ga., May 2, 2012 /PRNewswire/ -- MiMedx Group, Inc. (OTCBB: MDXG), an integrated developer, manufacturer and marketer of patent protected regenerative biomaterials and bioimplants processed from human amniotic membrane, announced today its results for the quarter ended March 31, 2012.
Highlights of First Quarter 2012 ResultsThe Company recorded record revenue for the first quarter of 2012, with revenue of $3.7 million, a 255% or $2.7 million increase over first quarter of 2011 revenue of $1.0 million, and a 41% increase over fourth quarter of 2011 revenue of $2.6 million. The Company's earnings before interest, taxes, depreciation, amortization and share-based compensation (Adjusted EBITDA*) for the quarter ended March 31, 2012, were a record high of $314,000, a $2.6 million improvement as compared to the Adjusted EBITDA loss of $2.3 million for the first quarter of 2011. The Company also reported record gross margins for the quarter.
Management Commentary on First Quarter ResultsParker H. "Pete" Petit, Chairman and CEO, stated, "We have worked diligently to achieve positive EBITDA for the first quarter. This is a very important milestone for our shareholders, and we are very pleased that we have passed the threshold into positive EBITDA, which is a signal that we are approaching positive cash flow. Our first quarter results were driven not only by increased revenue, but also by dramatically improved gross margins and reduced spending in research and development. Our reported gross margins for the first quarter were 74%, more than a twofold improvement over 2011 gross margins of 32%. Sales in the wound care, spine and orthopedics/sports medicine markets were
|SOURCE MiMedx Group, Inc.|
Copyright©2010 PR Newswire.
All rights reserved