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

uarter the Company invested $191,000 in capital equipment in support of the ramp up of tissue processing activities. Subsequent to the end of the quarter, the Company exercised its right to call 3.1 million warrants at an exercise price of $1.50 per share, which should result in a substantial increase in the Company's cash position. Warrant holders have until August 2, 2012, to decide to exercise their warrants.  The proceeds will be used to fund general corporate growth.

Total Current Liabilities of $8.2 million were reduced after the end of the quarter by the payoff of a convertible note of $1.1 million related to the acquisition of Surgical Biologics, issuing 893,000 shares of MiMedx Common Stock and cash payments totaling $177,000. Also included in Current Liabilities is the estimated 2012 earnout of $4.2 million related to the Surgical Biologics acquisition to be paid in MiMedx Common Stock in April 2013.

Also, on July 3, 2012, a total of 3.3 million Contingent Warrants at an exercise price of $.01 were voided per the terms of the 2012 Contingent Warrant agreement related to the trading price of the Company's Common Stock.

"The voiding of the remaining contingent warrants, the calling of the $1.50 warrants and paying off the Surgical Biologics Note primarily through the issuance of MiMedx Common Stock serves to further strengthen the balance sheet and simplify our capital structure going forward," stated Mike Senken, Chief Financial Officer.

GAAP Earnings
For the quarter ended June 30, 2012, the Company recorded a Net Loss from Operations of $118,000 and a $749,000 loss for the six months ended June 30, 2012. This represents a $2.3 million improvement over the second quarter of 2011 and a $4.9 million improvement over the six months ended June 30, 2011. The Net Loss for the quarter was $744,000 or $0.01 per diluted common share, a $1.8 million improvement as compared to the Net Loss of $2.5 million, or $0.03 per diluted commo
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SOURCE MiMedx, Inc.
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