Business
MiMedx Announces Filing of 2019 Annual Report
Annual Report on Form 10-K includes Audited Financial Results for 2019 Transition to Revenue Recognition on an “As-Shipped” Basis Reflects Improved Internal
About this update from Mimedx Group, Inc
[{"type":"text","content":"Annual Report on Form 10-K includes Audited Financial Results for 2019\n Transition to Revenue Recognition on an “As-Shipped” Basis Reflects Improved Internal Control Environment MARIETTA, Ga., July 06, 2020 (GLOBE NEWSWIRE) -- MiMedx Group, Inc. (OTC PINK: MDXG) (“MiMedx” or “the Company”), an industry leader in advanced wound care and an emerging therapeutic biologics company, today announced the filing of its 2019 Annual Report. With this filing, we are one step closer to scheduling and holding the 2019 shareholder meeting. On July 2, 2020, the Company also announced the closing of concurrent $150 million private equity and debt financings, and the addition of Martin P. Sutter and William A. Hawkins III to its Board of Directors. Timothy R. Wright, MiMedx Chief Executive Officer, said: “The filing of our 2019 annual report marks a key milestone for our business, and reflects a new tone of transparency for our employees and shareholders. Current financial reporting and relisting our common stock, along with increased and timely dialogue, are a top priority. We also continue to take actions that focus on our patients, provide business resiliency, and restore the Company’s financial integrity and reputation. We are moving forward.” M. Kathleen Behrens, Ph.D., Chair of the MiMedx Board of Directors, commented, “The new senior management team at MiMedx has navigated a number of substantial and complex matters, inherited from prior management. Their combined experience and dedication to transforming the culture and instilling operational excellence across the Company sets a new tone, and establishes a robust foundation for a different future.” Highlight of Key Metrics 2019 net sales of $299.3 million; includes a $29.6 million revenue benefit related to the transition in revenue recognition methodology discussed in the Company’s 2019 Form 10-K.Net loss of $25.6 million for 2019 reflects $66.5 million of investigation, restatement and related expenses, including legal and other fees under indemnification agreements for former Company officers and directors.2019 Adjusted EBITDA of $42.1 million1 Years Ended December 31, (in thousands) 2019 2018 Net sales$299,255 $359,111 Net (loss) income (25,580) (29,979)EBITDA1 (13,292) 2,992 Adjusted EBITDA1 42,084 69,082 Net (loss) income per common share - basic$(0.24)$(0.28)Net (loss) income per...