Exhibit 99.1
MiMedx Files Second Quarter 2020 Form 10-Q
Second Quarter Net Sales of $53.6 million
Results Reflects Tight Cost Containment Efforts
Company to Host Shareholder Update Call on August 11, 2020
MARIETTA, Ga., August 4, 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 second quarter 2020 Form 10-Q for the period ended June 30, 2020.
Peter M. Carlson, MiMedx Chief Financial Officer, said, “Our second quarter results demonstrate the effectiveness of the Company’s cost containment actions in offsetting the impact of the COVID-19 pandemic on sales. The business is operating efficiently, and we continue to review and refine our efforts to ensure effective product support and service for our customers, and access to our solutions for patients and families. For MiMedx, the filing of our second quarter 2020 Form 10-Q represents the first timely filing by the Company in almost three years.”
Timothy R. Wright, MiMedx Chief Executive Officer, commented, “The progress made throughout the past year demonstrates that we are moving the Company forward. We believe the resources, expertise and leadership we are putting in place are needed to advance our pipeline and realize the Company’s value potential. Importantly, this progress signals a positive shift in company culture – we are mobilizing around the priorities of our employees and customers, guided by what is best for our patients. The recent financing enables us to invest in our portfolio and in-market brands, and our new senior leadership team brings the skills, integrity, and experience to act strategically, differentiate our products, and lead in our category.”
Highlight of Key Metrics
Second quarter net sales of $53.6 million, a 20.4% decrease over the second quarter of 2019
Net loss of $8.5 million, reflecting $11.4 million of investigation, restatement and other related expenses
Adjusted EBITDA1 of $10.2 million, an improvement over 2019 despite lower sales volume

 
Quarter Ended June 30,
 
Year-to-Date June 30,
 
(in thousands)
 
(in thousands)
 
2020
 
2019
 
2020
 
2019
Net sales
$
53,647

 
$
67,437

 
$
115,383

 
$
133,992

Net loss
(8,466
)
 
(17,210
)
 
(13,287
)
 
(30,483
)
EBITDA1
(4,172
)
 
(14,987
)
 
(16,133
)
 
(26,501
)
Adjusted EBITDA1
10,241

 
9,537

 
13,355

 
20,402

Net loss per common share - basic
$
(0.08
)
 
$
(0.16
)
 
$
(0.12
)
 
$
(0.29
)
Net loss per common share - diluted
$
(0.08
)
 
$
(0.16
)
 
$
(0.12
)
 
$
(0.29
)

1.
EBITDA and Adjusted EBITDA are non-GAAP financial measures. See “Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA” for a reconciliation of EBITDA and Adjusted EBITDA to Net loss, located in “Selected Unaudited Financial Information” of this release.


The following information was filed by Mimedx Group, Inc. (MDXG) on Tuesday, August 4, 2020 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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