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MiMedx Group Announces Third Quarter 2011 Results
Date:10/26/2011

ment CommentaryParker H. "Pete" Petit, Chairman and CEO stated, "We are pleased with the revenue growth for the quarter, especially in the areas of wound care and spine. However, one of our most significant accomplishments was the reduction in our Adjusted EBITDA loss in the third quarter by almost $500,000 as compared to the prior quarter and our achievement of breakeven Adjusted EBITDA in the month of September. With a combination of revenue growth and expense management, we are making significant strides towards achieving positive Adjusted EBITDA in the near term. We expect that the recent addition of key resources in our sales organization, our agreement with Affirmative Solutions for our VA initiatives, and several potential OEM agreements that are currently in various stages of negotiation will provide further support of our fourth quarter growth goals. These initiatives, along with our continued diligence in expense control, will expedite our Adjusted EBITDA/positive cash flow objectives."  

The Company reported that it continues to see an increasing level of enthusiasm from practicing physicians within numerous medical disciplines regarding the potential clinical effectiveness of its AmnioFix® and EpiFix® offerings.  During the third quarter, MiMedx launched its amniotic membrane injectable tissue, the Company's newest offering, and commenced shipments into distribution.  The AmnioFix® Injectable is a novel configuration as it consists of micronized tissue in a dry powder form and is stored at room temperature.  The physician adds sterile saline to the vial, mixes, and then injects the solution.  Bill Taylor, President and COO of MiMedx said, "We have initiated a limited launch of the AmnioFix® Injectable to a group of physicians who, for quite some time, have expressed an interest in this configuration.   The physicians using it in the limited launch are focusing their efforts on tendonitis applicatio
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SOURCE MiMedx Group, Inc.
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