PRESS RELEASE Contact: Michael Senken
Phone: (770) 651-9100
MIMEDX ANNOUNCES RECORD RESULTS
FOR FIRST QUARTER OF 2017
Company records 36% revenue growth, 261% increase in Net Income and
51% increase in Adjusted Net Income* over Q1 2016
Marietta, Georgia, April 28, 2017, (PR Newswire) -- MiMedx Group, Inc. (NASDAQ: MDXG), the leading biopharmaceutical company developing and marketing regenerative biologics utilizing human placental tissue allografts and patent-protected processes for multiple sectors of healthcare, announced today its record results for the quarter ended March 31, 2017.
First Quarter 2017 Highlights
Revenue grew 36% over Q1 2016 revenue
Revenue of $72.6 million exceeds upper end of MiMedx guidance range
Wound Care revenue of $54.9 million grew 40% over Q1 2016
Surgical, Sports Medicine and Orthopedics (SSO) revenue of $17.7 million grew 26% over Q1 2016
24th of last 25 quarters of meeting or exceeding revenue guidance
Gross profit margin of 88%
Net income of $4.3 million is a 261% increase over Q1 2016
Positive Net Cash Flow From Operations of $10.6 million compared to negative $1.0 million in Q1 2016
21st consecutive quarter of positive Adjusted EBITDA*
Adjusted Net Income* of $7.4 million is a 51% increase over Q1 2016
Adjusted EBITDA* of $12.4 million is a 37% increase over Q1 2016
* See the accompanying tables for definitions of each Non-GAAP metric. Reconciliations of GAAP Net Income to Adjusted EBITDA, GAAP Gross Margin to Adjusted Gross Margin, and GAAP Net Income to Adjusted Net Income and Adjusted Diluted Net Income Per Share appear in the tables below. These non-GAAP measures include, but are not limited to, adjustments for non-cash charges associated with purchase accounting related to the Stability Biologics acquisition, normalization of tax expense, one-time non-recurring cash charges and share based compensation expense.
Results for First Quarter Ended March 31, 2017
The Company recorded record revenue for the 2017 first quarter of $72.6 million, a $19.2 million or 36% increase over 2016 first quarter revenue of $53.4 million. The Company’s gross margin for the quarter ended March 31, 2017, was 88%, as compared to the 85% gross margin in the first quarter of 2016. Net Income for the first quarter of 2017, was $4.3 million, or $.04 per diluted common share, a $3.1 million or 261% increase, as compared to Net Income of $1.2 million, or $0.01 per diluted common share in the first quarter of 2016. Adjusted EBITDA* for the quarter ended March 31, 2017, was $12.4 million, a $3.3 million or 37% improvement, as compared to Adjusted EBITDA* of $9.1 million for the first quarter of 2016.
Management Commentary on Results
Parker H. “Pete” Petit, Chairman and CEO stated, “We are pleased to have exceeded the top end of our revenue guidance and to have recorded very solid performance on our revenue and profit growth. In light of the impact of the normal seasonality that the market experiences in the first quarter of the year, we are especially satisfied with our growth. With respect to our profit performance, our first quarter GAAP Net Income grew by well over 250% compared to Q1 2016, our Adjusted Net Income grew by 51% over the first quarter of 2016, and our Adjusted EBITDA* grew by 37% over Q1 2016. We expect our profit metrics as a percent of revenue to increase as the year progresses.”
The following information was filed by Mimedx Group, Inc. (MDXG) on Friday, April 28, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.