MARIETTA, Ga., April 13, 2015 /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, pre-announced today its record revenue results for the first quarter of 2015.
First Quarter 2015 Revenue Highlights
- Q1 2015 revenue is 108% increase over Q1 2014
- Q1 revenue in upper end of $40 to $41 million Q1 2015 guidance range
- Q1 is the 14th consecutive quarter of meeting or exceeding revenue guidance
The Company recorded record revenue for the quarter ended March 31, 2015 of $40.8 million, a $21.2 millionor 108% increase over first quarter of 2014 revenue of $19.6 million.
Parker H. Petit, Chairman and CEO, said, “We are pleased to announce our fourteenth consecutive quarter of meeting or exceeding revenue guidance. We had solid year over year growth from wound care business as well as our surgical, sports medicine and OEM segments. Our expanded focus on surgical applications is generating very positive results and our momentum continues to build in this market opportunity.”
“During the first quarter, our sales team continued to grow our footprint by adding over 300 new customers; however, there were some very difficult weather challenges for a large part of the country. While our planning for the first quarter takes a certain amount of inclement weather into account, this year had more than we planned. This resulted in the cancelation or postponement of treatment procedures in many of the facilities we serve. In addition, the January 1, 2015 pricing changes, reimbursement changes, and new product introductions with EpiFix® caused certain slowing of orders in a similar manner as occurred during the first quarter of 2014. As with last year, we believe those factors will be relegated to the first quarter and should not impact orders in the other quarters of 2015. Had it not been for these factors, we would have nicely exceeded our first quarter guidance range,” added Petit.
2015 Outlook
The Company reiterated its previously communicated guidance for full year 2015 revenue to be in the range of$175.0 million to $190.0 million. The Company plans to issue its second quarter of 2015 revenue guidance when it releases its first quarter of 2015 financial results on April 28, 2015.
