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

fitability."

Bill Taylor, President and COO, stated, "Our second quarter revenue growth was mainly due to growth in our wound care offering, EpiFix®, which has been used in over 40 different types of acute and chronic wounds.  The sites of service for EpiFix® include in-patient diagnosis-related group ("DRG") cases, hospital outpatient cases, as well as cases performed in the physician offices.  Reimbursement coverage for EpiFix® continued to expand over the quarter such that EpiFix® is eligible for coverage and reimbursement by about 200 payers, including 20 Blue Cross Blue Shield plans, all Medicare Administrative Contractors ("MACs") and over 20 state Medicare plans."

"The revenue contribution of the additional 46 sales professionals that we added to our direct sales force during the first quarter of 2014 began to show its impact during the second quarter. The experience and relationships these new professionals have brought to the Company has been extremely complementary to the wealth of talent we had assembled prior to this latest sales expansion initiative. We expected these additions would begin impacting our growth in the second quarter, and we are very gratified that they have lived up to that expectation. Wound care sales continued to be the primary driver of the Company's second quarter revenue growth, increasing by 181% over second quarter of 2013 and sequentially by 40% over first quarter of 2014. We expect to continue building our direct sales force to 150 or more sales professionals by the end of the year," added Taylor.

Petit commented, "We are continuing to increase our investments in clinical trials, with several in progress with patient treatment and measurement of clinical outcomes underway and many more are in the initiation phase.  Our portfolio of clinical studies, including Randomized Controlled Trials ("RCTs") and cross-over clinical studies, has been a vital factor in our rapid succes
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SOURCE MiMedx Group, Inc.
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