Mimedx Group, Inc. (MDXG) SEC Filing 10-Q Quarterly report for the period ending Saturday, September 30, 2017

Earnings Press Release
10-Q Quarterly Report
10-Q QoQ Changes
Mimedx Group, Inc.
Ticker: MDXG CIK: 1376339

EXHIBIT 99.1

PRESS RELEASE Contact: Michael Senken

Phone: (770) 651-9100

MIMEDX ANNOUNCES RECORD RESULTS FOR

THE THIRD QUARTER OF 2017 AND

RAISES FULL YEAR REVENUE GUIDANCE

MIMEDX OPERATING INCOME GROWS 88% ON 31% REVENUE GROWTH

RECORD CASH FLOW FROM OPERATIONS OF $18.0 MILLION

Marietta, Georgia, October 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 and patent-protected processes for multiple sectors of healthcare, announced today its record results for the third quarter of 2017.

Third Quarter 2017 Financial Highlights


•	Q3 2017 revenue of $84.6 million exceeded MiMedx guidance range of $79 to $80 million


•	Q3 2017 revenue grew 31% over Q3 2016 revenue


•	Wound Care revenue of $61.9 million grew 24% over Q3 2016


•	Surgical, Sports Medicine and Orthopedics (SSO) revenue of $22.7 million grew 56% over Q3 2016


•	26 of 27 quarters of meeting or exceeding revenue guidance


•	Distributor and OEM revenue was below 5%


•	First nine months of 2017 revenue grew 33% over first nine months of 2016


•	Days Sales Outstanding (DSO) of 65 days, an improvement of 7 days from prior quarter end


•	Gross profit margin increased to 89% compared to 88% in Q3 2016


•	Operating Income of $8.8 million increased 88% over Q3 2016


•	Net income of $17.5 million increased 426% over Q3 2016


•	Positive Net Cash Flow from Operations of $18.0 million compared to $2.8 million in Q3 2016


•	Returned $29.2 million to MiMedx shareholders through share repurchases in the quarter


•	23rd consecutive quarter of positive Adjusted EBITDA*


•	Adjusted EBITDA* of $15.6 million increased 38% over Q3 2016


•	GAAP EPS of $0.15 (diluted) compared to $0.03 (diluted) for Q3 2016


•	Adjusted EPS* of $0.08 (diluted) compared to $0.06 (diluted) for Q3 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 and divestiture, normalization of tax expense, one-time non-recurring cash charges and share based compensation expense.

The Company recorded record revenue for the 2017 third quarter of $84.6 million, a $20.1 million or 31% increase over 2016 third quarter revenue of $64.4 million. The Company’s gross margin for the quarter ended September 30, 2017, was 89%, as compared to the 88% gross margin in the third quarter of 2016. Operating Income for the third quarter of 2017 was $8.8 million, a $4.1 million or 88% increase, as compared to Operating Income of $4.7 million in the third quarter of 2016. Net Income for the third quarter of 2017 was $17.5 million, or $0.15 per diluted common share including $0.09 related to the Stability Biologics divestiture, a $14.1 million or 426% increase, as compared to Net Income of $3.3 million, or $0.03 per diluted common share in the third quarter of 2016. Net income for the quarter includes a $4.3 million gain on the divestiture of Stability Biologics as well as discrete tax benefits on the transaction totalling $5.7 million. Adjusted

The following information was filed by Mimedx Group, Inc. (MDXG) on Thursday, October 26, 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.

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