The company reported net loss of $10.2 million in 2011, which is less than the net loss in 2010. Parker H. Petit, chairman and CEO of the company, attributes its acquisition of Surgical Biologics in January 2011 for the tremendous increase. The acquisition grew MiMedx Group's allograft revenue from $1.7 million in 2010 to $7 million in 2011. Despite the growth, revenue fell short of the predicted amount due to additional studies requests from the FDA on the company's collagen fiber before receiving clearance.
During the fourth quarter of 2011, the company received C-Code from the Centers for Medicare and Medicaid Services for the EpiFix allograft for use during wound care. The company recently launched AmnioFix Injectable and AmnioFix Wrap tissue allografts.
Related Articles on Orthopedic Devices:
Symmetry Medical 4Q Revenue Drops 12%
TranS1 Opens New North Carolina Training Facility
Small Bone Innovations Names Michael Simpson President & CEO
MiMedx Group Reports 2011 RevenuesWritten by Laura Dyrda | Tuesday, 28 February 2012 16:38
MiMedx Group recently announced full year revenue for 2011 of $7.8 million, a 10-fold increase over the same period last year.Last modified on Friday, 16 March 2012 18:32
© Copyright ASC COMMUNICATIONS 2014. Interested in LINKING to or REPRINTING this content? View our policies here.
New from Becker's Orthopedic & Spine Review