MiMedx Announces Filing of 2018 Annual Report
Annual Report on Form 10-K includes Audited Financial Results for 2016 (restated), 2017 and 2018
2018 Net Sales of $359.1 million
Reflects Revenue Recognition on Cash Basis for all Years
MARIETTA, Ga., March 17, 2020 -- MiMedx Group, Inc. (OTC PINK: MDXG) (“MiMedx” or “the Company”), an industry leader in advanced wound care and an emerging therapeutic biologics company, today announced the filing of its 2018 Annual Report, which includes the Company’s audited consolidated statements of operations, and stockholders’ equity and cash flows for the years ended December 31, 2018 and 2017, which the Company did not previously file, and for the year ended December 31, 2016, which the Company has restated.
Timothy R. Wright, MiMedx Chief Executive Officer, said: “The filing of our 2018 10-K is a significant milestone that repositions MiMedx for the future and reflects our commitment to serving urgent patient and physician needs. By instilling a culture of operational excellence, supportive of future growth and profitability, and making investments into the optimization of our Manufacturing, Research & Development, and Commercial organizations, we are positioning the Company to continue delivering evidence-based, advanced technologies that elevate the standard of care.”
MiMedx continues to focus on supporting the steadily growing advanced wound care market, including investment in both clinical programs and health economics research to demonstrate the cost effectiveness of our products. Commercial efforts are aimed at category awareness, illustrating the impact of untreated wounds, and refining our sales messaging platforms. Operationally, the Company is transforming its business by strategically enhancing each functional area; implementing measures for sustainable compliance and improvement; and optimizing manufacturing processing efficiencies that support the transition of clinical and regulatory parameters for regenerative medicine. Efforts are also underway to complete and file the annual report on Form 10-K for the year ended December 31, 2019. The Company plans to announce the date of its annual meeting of shareholders shortly after it files its annual report on Form 10-K for the year ended December 31, 2019.
Highlight of Key Metrics
2018 net sales of $359.1 million.
Restated net sales are $480.1 million from 2014-2016, representing a difference of $70.4 million compared to originally reported cumulative net sales of $550.5 million.
A significant portion of the restatement difference is due to revenue recognition when payment was received. Refer to “Recent Developments” below for more information.
Net loss of $30.0 million for 2018 reflects $51.3 million of investigation, restatement and related expenses.
2018 Adjusted EBITDA of $69.1 million1.