MiMedx Group (MDXG) Q3 Revenue Tops Expectations

October 10, 2016 8:34 AM EDT
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MiMedx Group, Inc. (Nasdaq: MDXG) announced its revenue for the third quarter of 2016.

Third Quarter 2016 Revenue Highlights:

  • Q3 2016 revenue of $64.4 Million is a 31% increase over Q3 2015 revenue (Note: The Street was looking for revenue of $63.1 million.)
  • Q3 2016 revenue exceeds $64.0 Million upper end of guidance
  • Q3 2016 revenue beats analyst's estimates of $63.1 Million
  • Revenue for the nine months ended 9/30/16 is a 29% increase over same 2015 period

The Company recorded record revenue for the 2016 third quarter of $64.4 million, a $15.4 million or 31% increase over 2015 third quarter revenue of $49.0 million. For the nine months ended September 30, 2016, the Company recorded record revenue of $175.1 million, a $39.7 million or 29% increase over revenue of $135.4 million recorded in the same period of 2015.

Parker H. "Pete" Petit, Chairman and CEO stated, "We are very pleased that we were able to exceed our third quarter revenue guidance. This makes 20 consecutive quarters of sequential revenue growth and 19 of 20 quarters of meeting or exceeding our revenue guidance. Our core advanced wound care revenues were led by our commercial accounts. With the launch of our two new product lines in the third quarter, AmnioFill™ and OrthoFlo Lyophilized, we are looking forward to very robust growth in the fourth quarter and beyond. Third quarter revenue is typically impacted by vacations, and we are pleased with our third quarter results in light of that fact. With many year-end deductibles being met during the fourth quarter, we anticipate that typical additive impact on our fourth quarter revenue."

Bill Taylor, President and COO, related, "We had particularly strong growth in the commercial side of our wound care business, and our nationwide footprint in this market sector continues to rapidly expand. Our EpiFix® product line continues to have a significant impact on the broadening of the usage of advanced wound care products. We believe the market-moving effect of this flagship EpiFix product is due to its clinical and cost effectiveness. We have continued to make investments in our international activities over the last two years, and the results are beginning to develop with noteworthy activity arising in certain foreign markets. Our EpiFix and AmnioFix® dehydrated Human Amnion/Chorion Membrane (dHACM) products were highlighted at the recently completed World Union Wound Healing Societies ("WUWHS") symposium. Overwhelming interest was expressed by leading international physicians regarding the clinical effectiveness of our EpiFix and AmnioFix allografts. We also showcased EpiCord™, our dehydrated human umbilical cord allograft, at the WUWHS, and it likewise received a tremendous amount of interest. The WUWHS is the most widely attended international symposium dedicated to wound healing."

Petit added, "We have high expectations for our new OrthoFlo Lyophilized and AmnioFill product lines. Each new product line fills different needs in the wound care and surgical markets, and collectively, they bring much more diversity to our product lines. AmnioFill is being offered in multiple sizes to address physicians' needs for a product to treat larger acute and chronic wounds encountered in the surgical setting. OrthoFlo is adding to our portfolio of regenerative medicine solutions that serve the Orthopedics and Sports Medicine sectors of healthcare."

The Company announced today that it plans to release its results for the third quarter ended September 30, 2016, before the opening of the market on Thursday, October 27, 2016. The Company also announced that it will provide guidance for the fourth quarter of 2016 in that quarterly earnings release.

MiMedx will host a live broadcast of its third quarter conference call on Thursday, October 27, 2016 at 10:30 a.m. eastern time. A listen-only simulcast of the MiMedx conference call will be available online at the Company's website at www.mimedx.com. A 30-day online replay will be available approximately one hour following the conclusion of the live broadcast. The replay can also be found on the Company's website at www.mimedx.com.

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