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

it margins.  We increased spending on clinical trials during the quarter, and we will continue to focus heavily on gathering significant amounts of clinical data on our AmnioFix® and EpiFix® allografts.  This is the third consecutive quarter in which we have achieved our revenue goals, and we expect to continue that performance through the end of the year."

"I extend my congratulations to our management team on what I consider to be an excellent quarter.  Managing this level of revenue growth is always a challenge; however, we have made a few very timely additions to our management team with some key executives that came from our former organizations.  We feel strongly that these new executives will complement the talents of our existing management team and enable us to smoothly sustain these levels of growth."

"We had a solid quarter of orders for both of our amniotic tissue allografts, AmnioFix® and EpiFix®," commented Bill Taylor, President and COO. "We have focused on our placenta recovery network and Purion® Processing operations to ensure that the increasing number of orders for AmnioFix® and EpiFix® can consistently be filled to serve the growing demand.  We began the year with just under 50 employees, and as of today, we have expanded our work force to over 100 employees. This growth has been primarily in our tissue processing operations, tissue donation operations and additional sales and marketing associates to serve the expanding demand from physicians for our AmnioFix® and EpiFix® offerings."

Balance Sheet and Cash Flow
Cash and cash equivalents as of June 30, 2012, were $2.7 million, as compared to $3.0 million as of March 31, 2012, and $4.1 million, as of December 31, 2011.
Cash flow from operating activities for the second quarter 2012 of a negative $311,000 represents the lowest quarterly operational cash burn in the Company's history.  During the q
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SOURCE MiMedx, Inc.
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