MiMedx Announces Its Expectations for 3Q Revenue to Exceed $80M
Wednesday, September 13th, 2017
MiMedx Group, Inc., the leading biopharmaceutical company developing and marketing regenerative and therapeutic biologics utilizing human placental tissue allografts with patent-protected processes for multiple sectors of healthcare, announced its expectation for third quarter of 2017 revenue to exceed the $80 million high end of its third quarter revenue guidance range.
Parker H. Petit, Chairman and CEO, commented, "Revenue for the first two months of the third quarter has been very strong, and we expect an equally strong revenue performance in September and beyond. We previously guided to a third quarter revenue range of $79 million to $80 million, and based on the strength of our July and August revenue performance, we are now in a position to announce that we expect to exceed $80 million in revenue for the third quarter of 2017. We realize that much of the medical community in the areas impacted by Hurricane Harvey's devastation will take some time before they are back to their pre-Harvey levels of wound care and surgical procedures. However, we expect the impact of these temporary lesser levels of procedures in the areas devastated by Harvey will be offset by stronger than anticipated performance in other parts of the country."
Bill Taylor, President and COO, said, "In early 2016, we implemented a number of initiatives to gain more efficiency and effectiveness in our sales organization. We could not be more pleased with the positive impact that those changes have made to our sales performance. We have spent considerable effort in perfecting our territory analysis methodology and management processes. Aided by the sales management system we implemented at the beginning of 2016, our territory management analytics have identified numerous additional market opportunities. Our sales leadership team has been extremely effective in developing strategies and tactics to capitalize on these market opportunities. Early this year, we streamlined our sales organization to have both of our sales verticals, Wound Care and Surgical, Sports Medicine and Orthopedics, aligned under each of our Area Vice Presidents. This alignment and coordinated focus has been a major contributor to our territory management successes."
Taylor continued, "We have 49 MiMedx employees who live in the state of Texas, and 13 of them live in the areas of Southeast Texas impacted by Harvey. Most all of them are members of our sales organization, and a few have suffered substantial losses. We have heard many of the news reports relaying examples of the incredible resiliency being exhibited by the people of Texas. I am proud to say that we are witnessing this same resiliency coming forth from our Texas employees. Their character and tenacity add to our belief that despite the devastation that Hurricane Harvey has caused in Southeast Texas, we will exceed our previous third quarter revenue expectations."
"We also remain confident in our ability to meet or exceed the revenue projections we have previously set for 2017 which are in the range of $309 million to $311 million. Any changes in our annual expectations will be discussed with our third quarter press release," concluded Petit.