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MiMedx Announces Record Second Quarter Results
Date:7/28/2014

st, taxes, depreciation, amortization, share-based compensation ("Adjusted EBITDA*") for the quarter ended June 30, 2014 were $2.9 million, a $1.7 million or 148% improvement, as compared to the Adjusted EBITDA* of $1.2 million for the second quarter of 2013.  The Net Loss for the second quarter of 2014 was $0.4 million or $0.00 per diluted common share, as compared to the Net Loss of $0.8 million, or $0.01 per diluted common share, in the prior year second quarter.

For the six months ended June 30, 2014, the Company recorded record revenue of $45.1 million, a $20.1 million or 80% increase over revenue of $25.1 million for the first six months of 2013.  The Company's gross margins for the six months ended June 30, 2014 were 87% as compared to 84% in the same period of 2013.  Adjusted EBITDA* for the six months ended June 30, 2014, were $4.9 million, a $2.6 million or 113% improvement, as compared to the Adjusted EBITDA* of $2.3 million for the first half of 2013.  The Net Loss for the six months ended June 30, 2014 was $1.3 million, as compared to the Net Loss of $2.4 million in the prior year same period.

Management Commentary on Results
Parker H. "Pete" Petit, Chairman and CEO, said, "Our second quarter results were excellent.  We achieved impressive top line growth and solid improvements to our bottom line.  During the quarter, we twice increased our initial revenue guidance, and we ultimately exceeded the $25 million upper end of our latest guidance.  The second quarter marked our 11th straight quarter in which we met or exceeded our revenue forecast.  Our sequential quarter-over-quarter revenue growth was extremely strong, with a $6.0 million or 31% increase over the first quarter of 2014.  Second quarter positive Adjusted EBITDA* of $2.9 million is the highest in our history.  We are committed to continuing our progress of period-over-period revenue growth and improvements in our pro
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SOURCE MiMedx Group, Inc.
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