MiMedx Group, Inc., an integrated developer, manufacturer and marketer of patent protected regenerative biomaterials and bioimplants processed from human amniotic membrane, today announced its results for the third quarter ended September 30, 2011.
The company posted record second-quarter revenue at $2.1 million, a nearly twenty-fold increase over third quarter of 2010 revenue reported at $108,000. MiMedx reported a net loss of $1.7 million, or $(0.02) per diluted common share, for the third quarter, compared to a net loss of $2.8 million, or $(0.05) per diluted common share, in the third quarter of last year.
The company achieved breakeven adjusted EBITDA for the month of September, and Parker H. “Pete” Petit, chairman and CEO of MiMedx, said the company reduced its adjusted EBITDA loss in the third quarter by nearly $500,000 compared to the previous quarter.
“With a combination of revenue growth and expense management, we are making significant strides towards achieving positive Adjusted EBITDA in the near term. We expect that the recent addition of key resources in our sales organization, our agreement with Affirmative Solutions for our VA initiatives, and several potential OEM agreements that are currently in various stages of negotiation will provide further support of our fourth quarter growth goals. These initiatives, along with our continued diligence in expense control, will expedite our Adjusted EBITDA/positive cash flow objectives,” Petit stated in the press release.
During the third quarter, MiMedx also launched its AmnioFix® Injectable and commenced shipments into distribution. The company noted increasing interest in the technology as it demonstrates growing application.
“We have initiated a limited launch of the AmnioFix® Injectable to a group of physicians who, for quite some time, have expressed an interest in this configuration,” Bill Taylor, president and COO of MiMedx stated. “The physicians using it in the limited launch are focusing their efforts on tendonitis applications. AmnioFix® Injectable may have numerous additional uses as well, and at this time, we are conducting additional evaluations to study such applications. … Based on the data and evidence we have collected so far, it appears that our AmnioFix and EpiFix® products will have strong clinical results and be quite cost effective in their uses for numerous medical procedures.”
For more information visit www.mimedx.com
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