MiMedx Sees Q2 Revenue In Line With View; Backs 2014 Revenue Outlook

(RTTNews) - MiMedx Group, Inc. (MDXG), an integrated developer, manufacturer and marketer of patent protected regenerative biomaterials and bioimplants processed from human amniotic membrane, announced that it estimates second quarter of 2014 revenue will be in the range of $21.5 million to $23.5 million. Analysts polled by Thomson Reuters expect the company to report revenues of $23.25 million for the second-quarter. Analysts' estimates typically exclude special items.

The company noted that its first quarter of 2014 revenue slightly exceeded the upper end of its previously announced guidance. Analysts expect the company to report revenues of $19.09 million for the first-quarter.

On March 24, 2014, the Company updated its guidance for full year 2014 and forecasted its revenue to be in the range of $95 million to $110 million. The Company has reiterated this updated full year revenue guidance. Analysts project annual revenue of $99.67 million.

Bill Taylor, President and COO, said, "We believe this change in methodology by CMS regarding the packaging of the reimbursement for certain products used in advanced wound care with the related procedure is very favorable to MiMedx and our size appropriate and clinically effective allografts. Combining that factor with our reimbursement coverage from the Medicare Administrative Contractors (MACs), and our growing breadth of reimbursement coverage by state Medicaid plans and commercial health plans, we expect the rate of our quarter-over-quarter revenue growth to increase with the second, third and fourth quarter's results."