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MiMedx Group Announces Record Second Quarter Results
Date:7/26/2012

KENNESAW, Ga., July 26, 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 June 30, 2012.

Highlights of Second Quarter 2012 Results include:

  • Revenue Increased 2.5 times over Second Quarter 2011
  • Adjusted EBITDA* Almost Tripled Over First Quarter 2012
  • Gross Margins Hit Record Level of 77%
  • The Company recorded record revenue of $4.9 million for the second quarter of 2012, a 153% or $3.0 million increase over second quarter of 2011 revenue of $1.9 million, and a 32% increase over first quarter of 2012 revenue of $3.7 million.  The Company's earnings before interest, taxes, depreciation, amortization and share-based compensation (Adjusted EBITDA*) for the quarter ended June 30, 2012, were a record high of $923,000, a $2.3 million improvement as compared to the Adjusted EBITDA loss of $1.4 million for the second quarter of 2011, and a 194% increase over the first quarter of 2012 Adjusted EBITDA of $314,000.

    For the 6th consecutive quarter, the Company reported improved gross margins. The Company's second quarter 2012 gross margins of 77% is a 21% improvement over second quarter 2011 gross margins of 56%, and this milestone is a 3% improvement over the Company's first quarter of 2012 gross margins of 74%. 

    Management Commentary on Second Quarter Results
    Parker H. "Pete" Petit, Chairman and CEO stated, "Following our first quarter milestone of achieving positive adjusted EBITDA for the first time, we are very pleased that we almost tripled that metric for the second quarter as a result of continued strong revenue growth and improving gross margins.  Our gross profit margins increased another 3% to 77%, which is approaching our goal of achieving 80% gross prof
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    SOURCE MiMedx, Inc.
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