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MIMEDX ANNOUNCES 2014 RECORD REVENUE
AND FIRST FULL YEAR OPERATING PROFIT
Company Records Revenue of $118.2 million, Operating income of $7.1 million
and Net Income of $6.2 million
MARIETTA, Georgia, February 26, 2015 (PR Newswire) - MiMedx Group, Inc. (NASDAQ: MDXG), the leading regenerative medicine company utilizing human amniotic tissue and patent-protected processes to develop and market advanced products and therapies for the Wound Care, Surgical, Orthopedic, Spinal, Sports Medicine, Ophthalmic and Dental sectors of healthcare, announced today its record results for the fourth quarter and full year ended December 31, 2014.
Full Year and Fourth Quarter 2014 Highlights
Full Year 2014 revenue of $118.2 million doubles 2013 revenue and exceeds upper end of guidance
Q4 revenue of $39.6 million increases 120% over Q4 2013
Q4 revenue exceeds $38.3 million upper end of guidance by $1.3 million
Q4 is 13th consecutive quarter of meeting or exceeding revenue guidance
2014 is 3rd consecutive fiscal year of meeting or exceeding guidance
Full year 2014 Wound Care sales more than doubles full year 2013
Q4 Wound Care sales grows 24% sequentially over Q3 2014
2014 Commercial Accounts and Government Accounts revenue grows 208% and 18%, respectively
First annual operating income of 6% of revenue recorded for full year 2014
Q4 is 12th consecutive quarter of positive Adjusted EBITDA*
Full Year Adjusted EBITDA* is 17.5% of revenue and a 278% improvement over full year 2013
Q4 Adjusted EBITDA* is 22% of revenue and a 542% improvement over Q4 2013
2014 Cash Flow from Operating Activities grows to $16.8 million
Full Year and Fourth Quarter Results
For the year ended December 31, 2014, the Company recorded record revenue of $118.2 million, a $59.0 million or 100% increase over revenue of $59.2 million for full year 2013. The Company’s gross margins for the year ended December 31, 2014, were 89% as compared to 84% in the same period in 2013. Adjusted EBITDA* for the year ended December 31, 2014, were $20.7 million, a $15.2 million or 278% improvement, as compared to Adjusted EBITDA* of $5.5 million for the full year 2013. Net Income for the year ended December 31, 2014, was $6.2 million, or $0.05 per diluted common share, a $10.3 million improvement, as compared to the Net Loss of $4.1 million, or $0.04 per diluted common share, in the prior year same period.
The Company recorded record revenue for the fourth quarter of 2014 of $39.6 million, a $21.6 million or 120% increase over 2013 fourth quarter revenue of $18.0 million, and sequentially, a $6.1 million or 18% increase over third quarter of 2014 revenue. The Company’s gross margins for the quarter ended December 31, 2014, were 91% as compared to 83% in the fourth quarter of 2013. Adjusted EBITDA* for the quarter ended December 31, 2014, were $8.5 million, a $7.2 million or 542% improvement, as compared to Adjusted EBITDA* of $1.3 million for the fourth quarter of 2013. The Net Income for the fourth quarter of 2014 was $3.8 million, or $0.03 per diluted common share, a $5.3 million improvement, as compared to the Net Loss of $1.4 million, or $0.01 per diluted common share, in the 2014 fourth quarter.
The following information was filed by Mimedx Group, Inc. (MDXG) on Thursday, February 26, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.