PRESS RELEASE Contact: Michael Senken
Phone: (770) 651-9100
MIMEDX ANNOUNCES RECORD RESULTS FOR
THE SECOND QUARTER OF 2017 AND
RAISES FULL YEAR REVENUE GUIDANCE
COMPANY RECORDS 33% REVENUE GROWTH AND
A 309% INCREASE IN NET INCOME OVER Q2 2016
Marietta, Georgia, July 26, 2017, (PR Newswire) -- MiMedx Group, Inc. (NASDAQ: MDXG), the leading biopharmaceutical company developing and marketing regenerative and therapeutic biologics utilizing human placental tissue allografts with patent-protected processes for multiple sectors of healthcare, announced today its record results for the second quarter of 2017.
Second Quarter 2017 Highlights
Q2 2017 Revenue of $76.4 million exceeds MiMedx guidance range of $73.5 to $75.0 million
Q2 2017 Revenue grew 33% over Q2 2016 revenue
Wound Care revenue of $54.7 million grew 30% over Q2 2016
Surgical, Sports Medicine and Orthopedics (SSO) revenue of $21.7 million grew 42% over Q2 2016
25 of 26 quarters of meeting or exceeding revenue guidance
Gross profit margin of 89%
Net income of $8.1 million is a 309% increase over Q2 2016
Positive Net Cash Flow from Operations of $13.5 million compared to $7.3 million in Q2 2016
22nd consecutive quarter of positive Adjusted EBITDA*
Adjusted EBITDA* of $14.2 million is a 41% increase over Q2 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.
The Company recorded record revenue for the 2017 second quarter of $76.4 million, a $19.1 million or 33% increase over 2016 second quarter revenue of $57.3 million. The Company’s gross margin for the quarter ended June 30, 2017, was 89%, as compared to the 87% gross margin in the second quarter of 2016. Net Income for the second quarter of 2017 was $8.1 million, or $0.07 per diluted common share, a $6.1 million or 309% increase, as compared to Net Income of $2.0 million, or $0.02 per diluted common share in the second quarter of 2016. Adjusted EBITDA* for the quarter ended June 30, 2017, was $14.2 million, a $4.1 million or 41% improvement, as compared to Adjusted EBITDA* of $10.1 million for the second quarter of 2016.
The Company recorded record revenue for the six months ended June 30, 2017 of $149 million, a $38.3 million or 35% increase over revenue for the six months ended June 30, 2016 of $110.7 million. The Company’s gross margin for the six months ended June 30, 2017, was 88%, as compared to 86% gross margin in the same period of 2016. Net Income for the first six months of 2017, was $12.4 million, or $0.11 per diluted common share, a $9.2 million or 291% increase, as compared to Net Income of $3.2 million, or $0.03 per diluted common share in the first six months of 2016. Adjusted EBITDA* for the six months ended June 30, 2017, was $26.6 million, a $7.4 million or 39% improvement, as compared to Adjusted EBITDA* of $19.1 million for the six months ended June 30, 2016.
The following information was filed by Mimedx Group, Inc. (MDXG) on Thursday, July 27, 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.