MiMedx Group (MDXG) Q2 Revenue Results Outpace Expectations

MiMedx Group, Inc. (NASDAQ: MDXG) announced today its revenue results for the second quarter of 2016.

Second Quarter 2016 Revenue Highlights:

• Q2 2016 revenue exceeds $57.0 upper end of guidance
• Q2 2016 revenue of $57.3 Million is a 26% increase over Q2 2015 revenue (The Street was looking for revenue of $56.3 million.)
• Wound Care revenue from commercial accounts exceeds Company expectations
• Surgical, Sports Medicine and Orthopedics (SSO) has robust revenue growth

The Company recorded record revenue for the 2016 second quarter of $57.3 million, an $11.6 million or 26% increase over 2015 second quarter revenue of $45.7 million. For the six months ended June 30, 2016, the Company recorded record revenue of $110.7 million, a $24.3 million or 28% increase over revenue of $86.4 million recorded in the same period of 2015.

Parker H. "Pete" Petit, Chairman and CEO, said, "We are very pleased with our second quarter revenue growth, especially with the fact that our wound care revenue from commercial accounts well exceeded our expectations. We are also pleased with the very robust quarter-over-quarter revenue growth from our SSO accounts. The better than anticipated growth in our commercial wound care revenue is evidence that the issues that the Company faced in the first quarter due the installation of our new sophisticated Sales Management System ("SMS") and the implementation of our new sales management structure for our field sales organization are behind us. Most importantly, we believe this quarter's results demonstrate that the effects of the SMS and sales organization structural changes are beginning to produce the sales productivity improvements we desire."

"We have aggressive growth objectives for our SSO revenue each quarter of this year, and we believe the strong SSO performance this quarter was on track to meet our 2016 growth goal for the SSO sales channel. Moreover, the second quarter's results were particularly gratifying as the expected dividends from our new SMS and our more efficient organizational structure for our sales force became evident," commented Bill Taylor, President and COO.

Petit added, "We gained significant positive momentum during the quarter and believe it should continue throughout the year."

The Company announced today that its results for the second quarter ended June 30, 2016, will be released before the opening of the market on Tuesday, July 26, 2016. The Company also announced that it will provide guidance for the third quarter of 2016 in this quarterly earnings release. At this point, the Company continues to affirm its most recent published revenue guidance for full year 2016.

With respect to the MiMedx second quarter 2016 earnings release, the Company will host a live broadcast of its second quarter conference call on Tuesday, July 26, 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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