QualityStocks would like to highlight MiMedx Group, Inc. (OTCBB: MDXG), an integrated developer, manufacturer, and marketer of patent protected regenerative biomaterial-based products and bioimplants processed from human amniotic membrane. The company is successfully emerging from a development-focused start-up phase into a fully integrated operating company with expertise to capitalize on its science and technology and its capacity to generate sales growth and profitability.
In the company’s news yesterday,
MiMedx Group announced its financial results for the year ended December 31, 2011.
The company reported record revenue for full-year 2011 at $7.8 million, a tenfold increase over 2010 full-year revenue of $789,000.
MiMedx reported a net loss of $10.2 million, or $(0.14) per diluted common share, for the year ended December 31, 2011, as compared to the net loss of $11.4 million, or $(0.19) per diluted common share, recorded for the year ended December 31, 2010.
Adjusted EBITDA for the year ended December 31, 2011, totaled a loss of $6.3 million, as compared to the Adjusted EBITDA loss of $8.3 million for the year ended December 31, 2010.
As of December 31, 2011, the company reported cash on hand of $4.1 million, a $2.8 million increase over the $1.3 million reported for the year prior. Stockholders’ equity as of December 31, 2011, was $11.9 million, nearly a two-fold increase in stockholder’s equity of $6.1 million as of December 31, 2010.
Parker H. “Pete” Petit, chairman and CEO, detailed several company achievements and undertakings over the last 12 months:
• In January 2011, MiMedx acquired Surgical Biologics and grew its allograft revenue from about $1.7 million in 2010 to more than $7 million in 2011.
• During the fourth quarter, MiMedx secured the C-Code from the Centers for Medicare and Medicaid Services (CMS) for its EpiFix® allograft.
• In the second quarter of 2011, the company successfully completed a $6 million private placement; an additional $5 million private placement was completed in December 2011.
• MiMedx’ HydroFix® Vaso Shield was cleared by the FDA for additional thicknesses and sizes; the HydroFix® Ortho Shield product also received FDA 510(k) clearance during the year.
The company also provided its revenue goals for 2012, reporting a revenue goal for the first quarter 2012 at $3.6 million. Revenue goals for the second, third and fourth quarters of 2012 are $4.9 million, $6.4 million, and $8.1 million, respectively.
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
