Business
MiMedx Files Second Quarter 2020 Form 10-Q
Second Quarter Net Sales of $53.6 million Results Reflects Tight Cost Containment Efforts Company to Host Shareholder Update Call on August 11, 2020 MARIETTA,
About this update from Mimedx Group, Inc
[{"type":"text","content":"Second Quarter Net Sales of $53.6 million\n Results Reflects Tight Cost Containment Efforts Company to Host Shareholder Update Call on August 11, 2020 MARIETTA, Ga., Aug. 04, 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 second quarter 2020 Form 10-Q for the period ended June 30, 2020. Peter M. Carlson, MiMedx Chief Financial Officer, said, “Our second quarter results demonstrate the effectiveness of the Company’s cost containment actions in offsetting the impact of the COVID-19 pandemic on sales. The business is operating efficiently, and we continue to review and refine our efforts to ensure effective product support and service for our customers, and access to our solutions for patients and families. For MiMedx, the filing of our second quarter 2020 Form 10-Q represents the first timely filing by the Company in almost three years.” Timothy R. Wright, MiMedx Chief Executive Officer, commented, “The progress made throughout the past year demonstrates that we are moving the Company forward. We believe the resources, expertise and leadership we are putting in place are needed to advance our pipeline and realize the Company’s value potential. Importantly, this progress signals a positive shift in company culture – we are mobilizing around the priorities of our employees and customers, guided by what is best for our patients. The recent financing enables us to invest in our portfolio and in-market brands, and our new senior leadership team brings the skills, integrity, and experience to act strategically, differentiate our products, and lead in our category.” Highlight of Key Metrics Second quarter net sales of $53.6 million, a 20.4% decrease over the second quarter of 2019Net loss of $8.5 million, reflecting $11.4 million of investigation, restatement and other related expensesAdjusted EBITDA1 of $10.2 million, an improvement over 2019 despite lower sales volume Quarter Ended June 30, Year-to-Date June 30, (in thousands) (in thousands) 2020 2019 2020 2019Net sales$53,647 $67,437 $115,383 $133,992 Net loss (8,466) (17,210) (13,287) (30,483) EBITDA1 (4,172) (14,987) (16,133) (26,501) Adjusted EBITDA1 10,241 9,537 13,355 20,402 Net loss per common share - basic$(0.08) $...