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MiMedx Reaffirms Q3 and Full Year 2016 Guidance

MARIETTA, Ga., Sept. 6, 2016 /PRNewswire/ -- MiMedx Group, Inc. (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 Dental sectors of healthcare, announced today the Company's reiteration of its previous guidance for the third quarter and full year 2016, and the results of the Company's Share Repurchase Program.

Based on the first two months of the third quarter, MiMedx is reiterating its third quarter guidance of $62 to $64 million in revenues. With new product launches such as OrthoFlo, MiMedx revenues should be in the upper end of the range. The Company is also reiterating its guidance of $243.5 million to $248 million in revenue for the full year 2016. The Company expects its fourth quarter revenue to be very robust based on its new product line introductions and organic growth in its core Wound Care and Surgical, Sports Medicine and Orthopedic ("SSO") areas.

Bill Taylor, President and COO, said, "In our press release of September 1, 2016, we announced the details of the launch of our latest new product, AmnioFill™. We expect that the revenue ramp up from this new product will be accelerated. In anticipation of the launch and based on the demand for a product focused on the treatment of dehisced surgical wounds and other deep complex and hard-to-heal surgical wounds, we have products from this new launch already included on certain Group Purchasing Organizations ("GPOs") and Independent Delivery Networks ("IDNs") contracts. This pre-positioning of these contracts should help to generate additional revenue in the fourth quarter."

As of August 31, 2016, the Company has repurchased $55.1 million of its shares in open market transactions.

Parker H. "Pete" Petit, Chairman and CEO, stated, "We are continuing to buy shares through our Share Repurchase Program due to the significant undervaluation of our share price at this time. MiMedx executives and our Board of Directors feel this repurchase program is a very prudent use of our capital in order to take advantage of the current share price that seems to defy the positive fundamentals of our business and our very steady and strong growth trajectory."

The timing and amount of repurchases, if any, will depend upon the Company's stock price, economic and market conditions, regulatory requirements, and other corporate considerations. The Company may initiate, suspend or discontinue purchases under the stock repurchase program at any time.

Expectations for Positive Outcomes from Patent Infringement Lawsuits

In its August 29, 2016 press...