Actionable news
All posts from Actionable news
Actionable news in MDXG: MiMedx Group, Inc,

MiMedx Announces That Its Second Quarter Revenue Exceeds The Guidance Range

MARIETTA, Ga., July 13, 2017 /PRNewswire/ -- MiMedx Group, Inc. (NASDAQ: MDXG), the leading biopharmaceutical company developing and marketing regenerative and therapeutic biologics utilizing human placental tissue allografts with patent-protected processes for multiple sectors of healthcare, announced today its revenue results for the second quarter of 2017.

Second Quarter 2017 Revenue Highlights

  • Q2 2017 Revenue grew 33% over Q2 2016 revenue
  • First Six Months of 2017 Revenue grew 35% over First Six Months of 2016

The Company recorded record revenue for the 2017 second quarter of $76.4 million, a $19.1 million or 33% increase over 2016 second quarter revenue of $57.3 million. Revenue for the six months ended June 30, 2017 was $149 million, a $38.3 million or 35% increase over revenue for the six months ended June 30, 2016 of $110.7 million.

Parker H. "Pete" Petit, Chairman and CEO stated, "We are very pleased with our second quarter revenue performance. It is always gratifying when we exceed the top end of our guidance and outperform our forecasts. Our revenue performance for the second quarter marks 26 consecutive quarters of sequential revenue growth and 25 of the last 26 quarters of meeting or exceeding our revenue guidance. As with our first quarter results, the second quarter is also expected to demonstrate very strong year-over-year operating cash flow performance compared to the second quarter of last year. We were very confident that our new sales management system would be a key asset and facilitator of strong revenue growth, and we are pleased with its positive impact on our sales productivity since its implementation in early 2016. The corresponding informatics and organizational structure investments made at that time are delivering results as planned. We are optimistic about the continuation of our robust revenue growth."

Bill Taylor, President and COO, said, "Our second quarter revenue performance was especially gratifying in light of the tedious and time-consuming tasks that our sales force undertook to ensure the wind-down of our...