MiMedx reported third quarter financial results, including increased revenue and its first quarterly profit.
MiMedx is focused on regenerative medicine using human amniotic tissue and patent-protected processes to develop and market advanced products and therapies for wound care, surgical, orthopedic, spinal, sports medicine ophthalmic and dental sectors. Here are 10 highlights from the financial report:
• Revenue was $32 million — a 108 percent increase over the third quarter of 2013.
• The company's revenue was up 31 percent from the previous consecutive quarter.
• Nine-month revenue is $78.7 million, a 91 percent increase over the same period last year.
• The company added 54 sales professionals in the first two quarters, which is already paying off. The company now has 150 to 160 sales professionals.
• Randomized controlled trials and cross-over clinical studies on the company's products are becoming more common.
• The third quarter is the 11th consecutive quarter for the company to record positive adjusted earnings before interest, taxes, depreciation and share-based compensation.
Outlook for the future:
• Fourth quarter revenue is projected at $37.3 million to $38.3 million.
• Guidance for the full year revenue is up from previous guidance to reach $116 million to $117 million.
• The company expects 175 million to $185 million revenue in 2015.
• MiMedx estimates the company will produce an operating profit margin for full year 2015 exceeding 15 percent.