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

.  Cash flow from operating activities for the quarter ended June 30, 2014 was a positive $1.2 million, due primarily to improved operating results and a significant improvement in our Days' Sales Outstanding ("DSO") in accounts receivable, as compared to a negative $.8 million in the second quarter of 2013.  Free cash flow which is net cash flow from operations less net cash flow from investing activities was a positive $.4 million as compared to a negative $2.1 million in the second quarter of 2013.

During the second quarter, the Company repurchased a total of 784,200 shares for approximately $4.5 million as part of the previously announced share repurchase program.

Accounts receivable increased to $20.5 million as of June 30, 2014, from $16.1 million as of December 31, 2013.  This was largely due to the higher sales volume and the buildup of the Company's commercial wound care sales during the first quarter of 2014.  DSO as of June 30, 2014 were 72 days, an improvement of 15 days from March 31, 2014, DSO of 87 days.  Inventory increased  approximately $349,000 to $4.2 million as of June 30, 2014, up from $3.9 million as of December 31, 2013.  Total liabilities increased to $11.5 million as of June 30, 2014, from $11.1 million as of December 31, 2013.  Stockholders' equity increased by $921,000 million to $74.5 million as of June 30, 2014, from $73.6 million as of December 31, 2013.

GAAP Earnings
The Company recorded a Net Loss of $0.4 million for the quarter ended June 30, 2014, or $0.00 per diluted common share, as compared to a Net Loss of $0.8 million, or $0.01 per diluted common share, for the quarter ended June 30, 2013.

For the second quarter of 2014, R&D expenses were $1.8 million or 7% of Net Sales, an increase of $0.9 million over the second quarter of 2013 R&D expenses of $0.9 million due to the acceleration of the Company's investment in clinical trials for reimbursement and
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SOURCE MiMedx Group, Inc.
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