MARIETTA, Ga., May 17, 2016 /PRNewswire/ -- 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 Dental sectors of healthcare, provided a reminder for the Company's Annual Shareholder meeting tomorrow, May 18, 2016, as well as a reminder that the annual meeting will be at the newer MiMedx facility located at 1828 West Oak Parkway, Marietta, Georgia. This facility is in the same business park as the MiMedx corporate headquarters and is located near the middle of the business park approximately one-half mile from the Company's main office.
Following conclusion of the formal part of the meeting, management will conduct an abbreviated version of its investor presentation followed by a question and answer session.
Parker H. "Pete" Petit, Chairman and CEO, said, "We are looking forward to seeing many of our investors tomorrow and to answering their questions. I am sure a few of the questions will relate to the implementation of our new sales management system ("SMS") and whether the issues we experienced in the first quarter have been resolved. I am happy to announce that all indicators denote that the vast majority of the issues have been addressed, and we appear to be back to business as usual. We are pleased with our revenue trends through the first half of the quarter, and our overall revenue has developed as we anticipated. I believe this is a clear indication that all of the development and training activity we put into our new SMS is beginning to increase our sales efficiencies. This system will become one of the Company's major assets, and I believe it will prove to be extremely effective in allowing us to maintain our leadership role in all aspects of our product offerings."
"At this point, we are reiterating the guidance we provided in April, and continue to expect second quarter of 2016 revenue to be in the range of $55.7 million to $57.0 million," concluded Petit.
MiMedx® is an integrated developer, processor and marketer of patent protected and proprietary regenerative biomaterial products and bioimplants processed from human amniotic membrane and other birth tissues and human skin and bone. "Innovations in Regenerative Biomaterials" is the framework behind our mission to give physicians products and tissues to help the body heal itself. Our biomaterial platform technologies are AmnioFix®, EpiFix®, OrthoFlo, Physio®, AlloBurn™, and CollaFix™. AmnioFix and EpiFix are our tissue technologies processed from human amniotic membrane derived from donated placentas. Elected in advance of delivery through our donor program, a mother delivering a healthy baby via scheduled full-term Caesarean section birth may donate the placenta in lieu of having it discarded as medical waste. We process the human amniotic membrane utilizing our proprietary PURION® Process, to produce a safe and effective implant. MiMedx is the leading supplier of amniotic tissue, having supplied over 600,000 allografts to date for application in the Wound Care, Burn, Surgical, Orthopedic, Spine, Sports Medicine, Ophthalmic and Dental sectors of healthcare. We recently introduced OrthoFlo, an amniotic fluid derived allograft for homologous use. Amniotic fluid is donated by a consenting mother delivering a full-term healthy baby by scheduled Caesarean section. Through the recent acquisition of Stability Biologics, our newest proprietary platforms include Physio™, a unique bone grafting material comprised of 100% bone tissue with no added carrier, thus maximizing bone forming potential, a demineralized bone matrix (DBM) to complement our product portfolio offerings within the Orthopedic market and AlloBurn, a skin product for burns. CollaFix, our next technology platform we plan to commercialize, is our collagen fiber technology, developed with our patented cross-linking polymers, designed to mimic the natural composition, structure and mechanical properties of musculoskeletal tissues in order to augment their repair. CollaFix is the only biological, biodegradable, biomimetic technology that matches human tendon in strength and stiffness. The Company's wholly-owned subsidiary, Stability Biologics, LLC, is accredited by the American Association of Tissue Banks (AATB) and registered with the FDA. The Company distinguishes its revenue in two primary regenerative medicine specialties of "Wound Care" and "SSO." The Company defines SSO as surgical, sports medicine and orthopedics with spinal procedures included in orthopedics and abdominal, and lower pelvic procedures included in surgical.
Safe Harbor Statement
This press release includes statements that look forward in time or that express management's beliefs, expectations or hopes. Such statements are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, the issues contributing to the first quarter shortfall have been resolved; the impact of the SMS on Company performance; and the Company's financial expectations for full second quarter. Among the risks and uncertainties that could cause actual results to differ materially from those indicated by such forward-looking statements include that the Company's revenue may not grow as expected or may decline; that the first quarter revenue shortfall is not due to the factors identified, and other factors actually contributed; that the issues contributing to the first quarter revenue shortfall have not been resolved and are not temporary, and therefore could impact future quarters; that the new SMS will not perform as anticipated or have the anticipated benefits; and the risk factors detailed from time to time in the Company's periodic Securities and Exchange Commission filings, including, without limitation, its 10-K filing for the fiscal year ended December 31, 2015 and its most recent form 10Q filing. By making these forward-looking statements, the Company does not undertake to update them in any manner except as may be required by the Company's disclosure obligations in filings it makes with the Securities and Exchange Commission under the federal securities laws.
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SOURCE MiMedx Group, Inc.