MiMedx Announces First Quarter 2017 Revenue to Exceed High End of Guidance
Staff Report From Metro Atlanta CEO
Friday, April 14th, 2017
MiMedx Group, Inc., the leading biopharmaceutical company developing and marketing regenerative biologics utilizing human placental tissue allografts and patent-protected processes for multiple sectors of healthcare, announced its revenue results for the first quarter of 2017.
First Quarter 2017 Revenue Highlights
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Revenue grew 36% over Q1 2016 revenue
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Revenue of $72.6 Million exceeds upper end of MiMedx guidance range
The Company recorded record revenue for the 2017 first quarter of $72.6 million, a $19.1 million or 36% increase over 2016 first quarter revenue of $53.5 million.
Parker H. "Pete" Petit, Chairman and CEO stated, "We are very pleased with our first quarter revenue performance and gratified that we exceeded the top end of our guidance, especially in light of the traditional seasonality impact that the market experiences in the first quarter of the year. This first quarter revenue performance will mark 25 consecutive quarters of sequential revenue growth and 24 of the last 25 quarters of meeting or exceeding our revenue guidance. In addition, we had very strong operating cash flow performance compared to last year's first quarter."
Bill Taylor, President and COO, said, "We are very pleased with our first quarter of 2017 growth over the fourth quarter of 2016. Sequentially, the first quarter grew by 4% over the fourth quarter. This is a strong accomplishment since the first quarter is typically the most challenging quarter in the year and is the most difficult quarter to generate meaningful growth over the preceding quarter. Typically, numerous market factors such as new calendar year reimbursement policy changes within health plans and government programs, the start of yearly deductibles, and inclement weather causing scheduling and postponement difficulties for scheduled surgeries and procedures put constraints on first quarter productivity. Coming off a strong fourth quarter, we were very successful in overcoming these seasonal obstacles. Both of our sales verticals, Wound Care and Surgical, Sports Medicine & Orthopedics, performed very well during the first quarter. We feel we are well poised to deliver on a robust 2017."
"As you will recall, during 2016 we launched three new products, EpiCord, our new dehydrated human umbilical cord allograft, AmnioFill, the first product in the MiMedx placental collagen matrix product family to be commercially launched, and OrthoFlo Lyophilized, an extension of the Company's amniotic fluid product family. These new products lived up to our expectations and contributed as anticipated to the first quarter's results," added Petit.
Taylor noted, "Our strong first quarter performance is a firm indicator to us that we are gaining market share quarter-over-quarter. We believe this momentum will continue to grow and the demand from physicians, patients and payors for our dehydrated Human Amnion/Chorion Membrane products will continue to increase throughout 2017 and beyond. Our market leadership position, championed by our flagship product, EpiFix, has continued to advance each quarter."