Last $6.72 USD
Change Today -0.19 / -2.75%
Volume 33.6K
As of 10:10 AM 08/21/14 All times are local (Market data is delayed by at least 15 minutes).

mimedx group inc (MDXG) Key Developments

MiMedx Group, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Earnings Guidance for the Third Quarter and Full Year of 2014

MiMedx Group, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. The company recorded record revenue for the second quarter of 2014 of $25.6 million, a $12.1 million of 89% increase over 2013 second quarter revenue of $13.5 million, and above its latest guidance range of $24 million to $25 million. The company's gross margins for the quarter ended June 30, 2014 were 89% as compared to 84% in the second quarter of 2013. Earnings before interest, taxes, depreciation, amortization, share-based compensation (adjusted EBITDA) for the quarter ended June 30, 2014 were $2.9 million, a $1.7 million or 148% improvement, as compared to the adjusted EBITDA of $1.2 million for the second quarter of 2013. Net loss for the second quarter of 2014 was $0.4 million or $0.00 per diluted common share, as compared to net loss of $0.8 million, or $0.01 per diluted common share, in the prior year second quarter. Cash flow from operating activities for the quarter ended June 30, 2014 was a positive $1.2 million, due primarily to improved operating results and a significant improvement in its Days' Sales Outstanding in accounts receivable, as compared to a negative $0.8 million in the second quarter of 2013. Operating loss was $391,763 against $744,217 a year ago. Loss before income tax provision was $400,192 against $757,389 a year ago. Net cash inflows from operating activities were $1,179,220 against net cash out flows from operating activities of $755,362 a year ago. Purchases of equipment were $679,583 against $979,396 a year ago. For the six months ended June 30, 2014, the company recorded record revenue of $45.1 million, a $20.1 million or 80% increase over revenue of $25.1 million for the first six months of 2013. The company's gross margins for the six months ended June 30, 2014 were 87% as compared to 84% in the same period of 2013. Adjusted EBITDA for the six months ended June 30, 2014, were $4.9 million, a $2.6 million or 113% improvement, as compared to the adjusted EBITDA of $2.3 million for the first half of 2013. Net loss for the six months ended June 30, 2014 was $1.3 million, as compared to the net loss of $2.4 million in the prior year same period. Operating loss was $1,282,778 against $971,107 a year ago. Loss before income tax provision was $1,312,231 against $2,327,522 a year ago. Net cash inflows from operating activities were $431,751 against $2,853,548 a year ago. Purchases of equipment were $1,145,351 against $1,052,930 a year ago. The company provided earnings guidance for the third quarter and full year of 2014. For the third quarter of 2014, the company expects revenue to be in the range of $30 million to $32 million. the company also expects to record an operating profit for the third quarter of 2014. The company has increased its previously published guidance for full year 2014, and now expects revenue to be in the range of $110 million to $115 million for full year 2014.

MiMedx Group, Inc. Files Initial Investigational New Drug Application

MiMedx Group, Inc. announced it has filed its initial Investigational New Drug (IND) application with the Food and Drug Administration (FDA). The IND submission, which was filed on July 22, 2014, is the Company's initial submission for certain indications of its micronized allografts towards targeted Biologics License Applications (BLAs).

MiMedx Group, Inc., Q2 2014 Earnings Call, Jul 29, 2014

MiMedx Group, Inc., Q2 2014 Earnings Call, Jul 29, 2014

MiMedx Group, Inc. Presents at Canaccord Genuity 34th Annual Growth Conference, Aug-14-2014 02:00 PM

MiMedx Group, Inc. Presents at Canaccord Genuity 34th Annual Growth Conference, Aug-14-2014 02:00 PM. Venue: InterContinental Hotel, 510 Atlantic Avenue, Boston, MA 02210, United States. Speakers: Michael J. Senken, Chief Financial Officer, Principal Accounting Officer and Vice President, Parker H. Petit, Chairman and Chief Executive Officer, William Charles Taylor, President, Chief Operating Officer and Director.

MiMedx Group, Inc. Increases Guidance for Second Quarter and Full Year of 2014

MiMedx Group, Inc. announced its revised guidance for the second quarter and full year of 2014. For the quarter, the company updated estimates are for second quarter of 2014 revenue to be in the range of $24 million to $25 million. On May 27, 2014, the company raised its lower end estimate and communicated its expectations for second quarter revenue to be in the range of $22.5 million to $23.5 million. At this time, the company narrowed its full year 2014 guidance from $100 million to $110 million to $105 million to $110 million based on the strength of the first half of the year.

 

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