MiMedx Reports Unreviewed First Quarter Revenue Exceeded Upper End Of Its Guidance
Parker H. "Pete" Petit, Chairman and CEO stated, "The first quarter revenue growth is a clear demonstration of the strength of our product lines, our sales management system and the talent we have assembled in our sales and other key functions within our organization. Based upon our strong first quarter performance, we have raised our full year revenue guidance from a previous range of
"The winter of 2018 seems to never want to end in the heavily populated north east and other parts of the country," commented
"We are very proud of our organization and the ability of our employees to keep their intense focus on serving our physicians and their patients. Our regenerative biomaterials produce outstanding clinical results, and our employees are unwavering in their dedication. We could not be more gratified with the manner in which our MiMedx Team is performing," concluded Petit.
2017 Form 10-K
As previously disclosed, the Audit Committee of
The final financial results reported for Q1 2018 may differ from the results reported in this release as a result of the Audit Committee investigation.
The Company is unable at this time to predict when the investigation and the 2017 audit will be completed or the possible outcome of the investigation. The Company continues to devote significant resources to complete the investigation and will file all required periodic reports with the
As previously disclosed by the Company, additional time is needed for the Company to compile and analyze certain information and documentation and finalize its financial statements. This will then enable the Company's independent registered public accounting firm to complete its audit of the financial statements to be incorporated in the Annual Report on Form 10-K for the year ended
Financial Information is Preliminary and May Be Subject To Change
The preliminary financial information presented in this press release was compiled by the Company and has not yet been reviewed by the Company's independent public accounting firm. This preliminary information represents the Company's good faith belief as to the Company's results for the period presented, but it is subject to, and pending any impact from, the Audit Committee investigation discussed above and completion of the Company's financial closing procedures and issuance of its financial statements for the periods ended
NASDAQ Compliance Plan
The NASDAQ notice has no immediate effect on the listing or trading of the Company's common stock on the Nasdaq Capital Market. As required, no later than
Shareholder Conference Call
Use of Non-GAAP Financial Measures
Management has disclosed adjusted financial measurements in this press announcement that present financial information that is not in accordance with generally accepted accounting principles ("GAAP"). These measurements are not a substitute for GAAP measurements, although Company management uses these measurements as aids in monitoring the Company's on-going financial performance from quarter-to-quarter and year-to-year on a regular basis and for benchmarking against other medical technology companies. For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure, see the accompanying tables to this release. Adjusted financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. Investors should consider adjusted measures in addition to, and not as a substitute for, or superior to, financial performance measures prepared in accordance with GAAP.
About
MiMedx® is a 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 the Company's mission to give physicians products and tissues to help the body heal itself. The Company processes the human placental tissue utilizing its proprietary PURION® Process methodology, among other processes, to produce safe and effective allografts by employing aseptic processing techniques in addition to terminal sterilization.
Safe Harbor Statement
This press release includes forward-looking statements. Statements regarding expected unaudited and unreviewed financial results for the first and second quarters of 2018, and expected financial results for the full-year 2018, are forward-looking statements. Additional forward-looking statements may be identified by words such as "believe," "expect," "may," "plan," "potential," "will," "preliminary," and similar expressions, and are based on management's current beliefs and expectations. Forward-looking statements are subject to risks and uncertainties, and the Company cautions investors against placing undue reliance on such statements.
Actual results may differ from those set forth in the forward-looking statements, including as a result of the Company's previously disclosed internal investigation by the Company's Audit Committee relating to allegations regarding certain sales and distribution practices at the Company and the accounting treatment of certain distributor contracts. For more detailed information on the risks and uncertainties, please review the Risk Factors section of the Company's most recent annual report or quarterly report filed with the
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SOURCE
Robert P. Borchert, VP, Investor Relations, 770-651-9383, investorrelations@mimedx.com