MiMedx Exceeds Revenue Goal for First Quarter of 2012

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Apr 04, 2012, 05:34 ET

KENNESAW, Ga., April 4, 2012 /PRNewswire/ -- MiMedx Group, Inc. (OTCBB: MDXG), an integrated developer, manufacturer and marketer of patent protected regenerative biomaterials and bioimplants processed from human amniotic membrane, announced today that the Company has slightly exceeded its revenue goal for the first quarter of 2012. The Company's revenue goal for the first quarter 2012 was $3.6 million.

The Company also reported that several large orders were received late in the quarter that will be shipped early in April, and the revenue for these shipments will be reflected in the Company's financial results for the second quarter 2012.

"At this stage in our early and rapid growth, predicting quarterly revenue with any degree of accuracy is very difficult," said Parker H. "Pete" Petit, Chairman and CEO. "We have all worked very hard to achieve these results, and we are pleased that we now have two sequential quarters where we have met or exceeded our revenue goals. Based on the momentum we have created, we believe our previously communicated revenue goal of $23 million for full year 2012 is still attainable."

About MiMedx

MiMedx® is an integrated developer, manufacturer and marketer of patent protected regenerative biomaterial products and bioimplants processed from human amniotic membrane. "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 include the device technologies HydroFix® and CollaFix™, and our tissue technologies, AmnioFix® and EpiFix®. Our tissue technologies, processed from the human amniotic membrane, utilize our proprietary Purion® Process that was developed by our wholly-owned subsidiary, Surgical Biologics, to produce a safe, effective and minimally manipulated implant for homologous use. Surgical Biologics is the leading supplier of amniotic tissue, having supplied over 70,000 implants to date to distributors and OEMs for application in the Ophthalmic, Orthopedics, Spine, Wound Care and Dental sectors of healthcare.

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 Company's revenue goals for the second, third and fourth quarters of 2012. These statements are based on current information and belief, and are not guarantees of future performance. 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 goals for the second, third and fourth quarters of 2012 may not be achieved 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, 2011. 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.

SOURCE MiMedx Group, Inc.