MiMedx Announces Third Quarter 2020 Financial Results
Third Quarter Net Sales of $64.3 Million, Above Preliminary Range
Common Stock Relisted on The Nasdaq Stock Market Under the Ticker Symbol “MDXG”
Company to Host Conference Call on November 5, 2020 at 8:30 AM ET
MARIETTA, Ga., November 4, 2020 -- MiMedx Group, Inc. (Nasdaq: MDXG) (“MiMedx” or the “Company”), an industry leader in advanced wound care and a therapeutic biologics company, today announced the filing of its third quarter 2020 Form 10-Q for the period ended September 30, 2020.
Timothy R. Wright, MiMedx Chief Executive Officer, commented, “We are pleased to have achieved several key objectives, including a strong rebound in sequential sales growth, the launch of EpiCord® Expandable, and importantly, the relisting of our shares today on Nasdaq. We are investing across Commercial, Research and Development, and Manufacturing, with strategic initiatives designed to achieve profitable growth and expand our core market. Bolstered by the recent addition of coverage for EpiFix® by the largest U.S. Commercial payor, we will be increasing the size of our salesforce and are scaling our field sales territories to ensure we have the right capacity in the right places to capture market growth. We are advancing our promising late-stage Investigational New Drug (IND) clinical trials to address unmet patient needs in large markets, and recently completed enrollment in our Plantar Fasciitis and Knee Osteoarthritis studies. Finally, the buildout of our Current Good Manufacturing Practices (CGMP) facility remains on track, positioning us to benefit from favorable cost and quality controls throughout our entire product portfolio.”
Key Third Quarter 2020 Metrics
•Third quarter net sales of $64.3 million
•Adjusted net sales1, which excludes impacts of the Company’s transition in revenue recognition, of $63.3 million
•Net loss of $19.4 million, reflecting $12.0 million of investigation, restatement and other related expenses and $8.2 million loss on extinguishment of debt
•Adjusted EBITDA2 of $6.9 million
|Quarter Ended September 30,||Year-to-Date September 30,|
|(in thousands)||(in thousands)|
|Net sales||$ 64,303||$ 88,863||$ 179,686||$ 222,855|
|Net (loss) income||(19,417)||12,379||(32,704)||(18,104)|
|Net loss per common share - basic||$ (0.48)||$ 0.12||$ (0.60)||$ (0.17)|
|Net loss per common share - diluted||$ (0.48)||$ 0.11||$ (0.60)||$ (0.17)|
1.Adjusted Net Sales is a non-GAAP financial measure. See “Reconciliation of GAAP Net Sales to Adjusted Net Sales and Reconciliation of GAAP Net Income to EBITDA and Adjusted EBITDA” for a reconciliation of Adjusted Net Sales to Net Sales, located in “Selected Unaudited Financial Information” of this release.
2.EBITDA and Adjusted EBITDA are non-GAAP financial measures. See “Reconciliation of GAAP Net Sales to Adjusted Net Sales and 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 Wednesday, November 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.