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MiMedx Group: Mimedx Third Quarter Record Revenue Is $49 Million

The following excerpt is from the company's SEC filing.

Nine Month revenue increases 72%

MiMedx secures $50 million credit facility

Marietta, Georgia

, October 12, 2015, (PR Newswire) -- MiMedx Group, Inc. (NASDAQ: MDXG), the leading regenerative medicine company utilizing human amniotic tissue and patent-protected processes to develop and market advanced products and therapies for the Wound Care, Surgical, Orthopedic, Spine, Sports Medicine, Ophthalmic, and the Dental sectors of healthcare, announced today its record revenue results for the third quarter of 2015, its guidance for the fourth quarter of 2015, and that the Company has secured a $50 million Senior Secured Credit Facility.

Third Quarter 2015 Preliminary Highlights are:

Q3 is 16th consecutive quarter of meeting or exceeding revenue guidance

2015 nine-month revenue of $135.5 million increased by 72% over same period of 2014

Q3 Revenue of $49 million increased by 46% over Q3 2014

$49 million revenue is at upper end of $47 to $50 million Q3 guidance range

The 15

consecutive quarter of positive Adjusted EBITDA

Guidance Highlights include:

Fourth quarter 2015 revenue expectations of $49.5 - $52.5 million

Full year 2015 revenue expectations of $185 - $188 million

Revenue Results for Third Quarter and Nine Months Ended September 30, 2015

The Company recorded record revenue for the third quarter of 2015 of $49.0 million, a $15.5 million or 46% increase over 2014 third quarter revenue of $33.5 million. For the nine months ended September 30, 2015, the Company recorded record revenue of $135.5 million, a $56.8 million or 72% increase over revenue of $78.7 million for the first nine months of 2014.

Management Commentary on Revenue Results

Parker H. “Pete” Petit, Chairman and CEO, said, “We are pleased with our milestone of 16 straight quarters of meeting or exceeding our revenue guidance. In addition, our revenue exceeded the analyst consensus estimates and was in the upper range of our forecast. We are also now at 15 consecutive quarters of recording positive Adjusted EBITDA. During the quarter, we made certain adjustments regarding our network of distributors supporting our offerings for the surgical, orthopedic and spine market sectors. Revenue could have been even stronger if not for the short-term effect of these strategic steps in our distributor network. ”

“During the quarter, we continued to gain very good momentum from our recently introduced new...