MiMedx Reiterates Its Third Quarter Revenue Expectation To Exceed $80 Million Despite Hurricane Irma
Published: Sep 13, 2017
MARIETTA, Ga., Sept. 13, 2017 /PRNewswire/ -- MiMedx Group, Inc. (NASDAQ: MDXG), 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 today that the Company's production operations in Georgia and placenta recovery functions are operating normally, and its previously published expectation for third quarter of 2017 revenue to exceed the $80 million mark is unaffected by Hurricane Irma.
Parker H. Petit, Chairman and CEO, stated, "In our press release of September 5, 2017, we announced that based on the strength of our July and August revenue performance, we expected to exceed $80 million in revenue for the third quarter of 2017 and surpass our guidance for the quarter. While that press release was issued prior to Hurricane Irma making landfall in Florida and continuing its path through other southern states, the Company continues to expect third quarter revenue to be above $80 million. As the medical communities in the area of the country affected by Irma get back to their normal levels of wound care and surgical procedures, we anticipate our performance in other parts of the country should more than compensate for this temporary impact due to our improved sales efficiencies, territory analytics and sales management system."
Bill Taylor, President and COO, said, "In 2013, we moved into our current headquarters facility in Marietta, Georgia. That facility also houses our Quality Assurance, Processing, Shipping and Distribution functions. We continued to maintain our prior production facility in Kennesaw, Georgia to serve as our disaster recovery site with the above operating functions retained for redundancy as well as our site to preserve excess capacity for periods of heightened demand for product. We recover donated placentas through contracted arrangements in a large number of hospitals located across the country, and have the capability to increase the placenta recoveries in these hospitals to offset any reduction in C-section deliveries in hospitals impacted by a natural disaster."
"We are thankful for the infrastructure we have developed that allows us to continue our growth trajectory despite recent natural disasters across parts of the country. We are also extremely proud of the resolve and determination exhibited by our employees to help in any way they can to support their fellow employees and communities in time of need. We have set up various means of financial support for our employees and their families who have been impacted by Hurricane Harvey and Hurricane Irma. We are also supporting charities that are serving the communities devastated by these storms," added Petit.
"To reiterate what we also stated a week ago, we remain confident in our ability to meet or exceed the revenue projections we have previously set for full year 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.
MiMedx® is 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. "Innovations in Regenerative Medicine" is the framework behind our mission to give physicians products and tissues to help the body heal itself. We process the human placental tissue utilizing our proprietary PURION® Process among other processes, to produce safe and effective allografts. MiMedx proprietary processing methodology employs aseptic processing techniques in addition to terminal sterilization. MiMedx is the leading supplier of placental tissue, having supplied over 1,000,000 allografts to date for application in the Wound Care, Burn, Surgical, Orthopedic, Spine, Sports Medicine, Ophthalmic and Dental sectors of healthcare. For additional information, please visit www.mimedx.com.
Important Cautionary Statement
This press release includes forward-looking statements, including statements regarding revenue expectations for the 2017 third quarter and full year; expectations for sales performance, production operations and placenta recovery despite the effects of Hurricane Harvey and Hurricane Irma; and the effect of the Company's sales efficiencies, territory analytics, sales management system, and infrastructure on growth continuation despite natural disasters in parts of the country. These statements also may be identified by words such as "believe," "except," "may," "plan," "potential," "will" and similar expressions, and are based on our current beliefs and expectations. Forward-looking statements are subject to significant risks and uncertainties, and we caution investors against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Among the risks and uncertainties that could cause actual results to differ materially from those indicated by such forward-looking statements include the risk that the Company's revenue for the 2017 third quarter and full year may not materialize as expected; that the Company's sales performance, production operations and placenta recovery may be more negatively impacted than anticipated due to Hurricane Harvey and Hurricane Irma; the Company's performance in other areas of the country may not compensate for the impact from the hurricanes; and that the Company's sales efficiencies, territory analytics, sales management system, and infrastructure may not continue to contribute to growth despite natural disasters in parts of the country. For more detailed information on the risks and uncertainties, please review the Risk Factors section of our most recent annual report or quarterly report filed with the Securities and Exchange Commission. Any forward-looking statements speak only as of the date of this press release and we assume no obligation to update any forward-looking statement.
SOURCE MiMedx Group, Inc.