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MiMedx Announces Third Quarter 2020 Financial Results

Written by Customer Service on . Posted in Public Companies.

Third Quarter Net Sales of $64.3 Million, Above Preliminary Range
Common Stock Relisted on The Nasdaq Stock Market Under the Ticker Symbol “MDXG”Company to Host Conference Call on November 5, 2020 at 8:30 AM ETMARIETTA, Ga., Nov. 04, 2020 (GLOBE NEWSWIRE) — MiMedx Group, Inc. (Nasdaq: MDXG) (“MiMedx” or the “Company”), an industry leader in advanced wound care and a therapeutic biologics company, today announced the filing of its third quarter 2020 Form 10-Q for the period ended September 30, 2020.Timothy R. Wright, MiMedx Chief Executive Officer, commented, “We are pleased to have achieved several key objectives, including a strong rebound in sequential sales growth, the launch of EpiCord® Expandable, and importantly, the relisting of our shares today on Nasdaq. We are investing across Commercial, Research and Development, and Manufacturing, with strategic initiatives designed to achieve profitable growth and expand our core market. Bolstered by the recent addition of coverage for EpiFix® by the largest U.S. Commercial payor, we will be increasing the size of our salesforce and are scaling our field sales territories to ensure we have the right capacity in the right places to capture market growth. We are advancing our promising late-stage Investigational New Drug (IND) clinical trials to address unmet patient needs in large markets, and recently completed enrollment in our Plantar Fasciitis and Knee Osteoarthritis studies. Finally, the buildout of our Current Good Manufacturing Practices (CGMP) facility remains on track, positioning us to benefit from favorable cost and quality controls throughout our entire product portfolio.”Key Third Quarter 2020 MetricsThird quarter net sales of $64.3 millionAdjusted net sales1, which excludes impacts of the Company’s transition in revenue recognition, of $63.3 millionNet loss of $19.4 million, reflecting $12.0 million of investigation, restatement and other related expenses and $8.2 million loss on extinguishment of debtAdjusted EBITDA2 of $6.9 million

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