MARIETTA, Ga., June 19, 2014 /PRNewswire/ -- MiMedx Group, Inc. (MDXG), an integrated developer, processor and marketer of patent-protected regenerative biomaterials and bioimplants processed from human amniotic membrane, announced today its revised guidance for the second quarter of 2014 and full year 2014.
Parker H. "Pete" Petit, Chairman and CEO, said, "Our sales organization continues to perform very effectively, and our most recent sales force additions are accelerating their revenue generation. Because of this trend, we increased the lower end of our second quarter guidance on May 27, 2014, to $22.5 million. With the first three weeks of June completed, we are seeing rapid revenue acceleration particularly in our new accounts. As we have done in the last several years, when we see solid results and market indications that justify a change in guidance, we communicate an update to our shareholders. Given our revenue performance through this point in the quarter, we are once again comfortable in raising our guidance for the second quarter."
On April 7, 2014, the Company initially published its second quarter revenue estimates to be in the range of $21.5 million to $23.5 million. On May 27, 2014, the Company raised its lower end estimate and communicated its expectations for second quarter revenue to be in the range of $22.5 million to $23.5 million. "Our updated estimates are for second quarter of 2014 revenue to be in the range of $24 million to $25 million," stated Petit.
Bill Taylor, President and Chief Operating Officer, commented, "We have raised the lower-end of our full year 2014 revenue estimates on two previous occasions. Now almost half way through the year, we continue to build confidence in our growth strategy. At this time, we are narrowing our full year 2014 guidance from $100 to $110 million to $105 to $110 million based on the strength of the first half of the year."
MiMedx intends to announce its guidance for the third quarter of 2014 when the Company issues its second quarter of 2014 results on July 29, 2014.
MiMedx® is an integrated developer, processor 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 AmnioFix® and EpiFix®, our tissue technologies processed from human amniotic membrane that is derived from donated placentas. Through our donor program, mothers delivering full-term Caesarean section births can elect in advance of delivery to donate the placenta in lieu of having it discarded as medical waste. We process the human amniotic membrane utilizing our proprietary PURION® Process, to produce a safe and effective implant. MiMedx® is the leading supplier of amniotic tissue, having supplied over 250,000 allografts to date for application in the Wound Care, Surgical, Sports Medicine, Ophthalmic 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 anticipated revenue results for second quarter and full year 2014. 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 the uncertainties of litigation, that the Company's June 2014 revenue results may not be as anticipated, that the Company may not achieve its projected revenue estimates for the second quarter or full year 2014, 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, 2013. 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.
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