MiMedx Group Inc., an integrated developer, manufacturer and marketer of patent protected biomaterial-based products, today announced its third-quarter 2010 results.
For the three months ended September 30, 2010, the company reported revenues of $108,000 as compared to $0 for the third quarter of 2009.
The company posted a net loss of $2.9 million, or $0.05 per diluted common share, for the third quarter, as compared to a net loss of $4.5 million, or $0.11 per diluted common share, for the comparable quarter of 2009.
Stockholder’s equity as of September 30, 2010, was $5.7 million, compared to $6.1 million as of December 31, 2010.
Parker H. Petit, chairman and CEO, said the company is working to bring to market two of its products, though a decline in European sales and other variables heavily impacted the company’s results.
“The company continues to make substantial progress on commercializing its two biomaterials, HydroFix™ and CollaFix™. The year-to-date revenues from our first HydroFix™ product introduced earlier this year have exceeded $500,000; however, our third-quarter results did not meet management’s expectations due primarily to a shortfall in our European sales,” Petit stated in the press release. “European revenues were impacted by an unexpected illness and family medical problem experienced by our European sales representative, which resulted in almost six weeks of downtime that could not be covered by our U.S. based staff due to critical local priorities. In addition, our European revenues were also impacted by a delay in anticipated additional European regulatory approval.”
Petit noted that the number of implants of its biomaterial HydroFix product more than doubled in the U.S., showing an obvious demand for the product. These figures support the company’s short-term forecasts, and support the company’s efforts to obtain funding through various measures to hit EBITDA breakeven in 2011.
Petit said MiMedx anticipates raising $5 million through the issuance of common stock and warrants through a Private Placement offering, the proceeds of which the company will use to fund expansion of its distribution channels, product development and regulatory approval processes.
MiMedx remains optimistic that its products and increased sales force will drive gains in the upcoming year.
“We remain extremely positive on the potential of our two bio-materials, HydroFix™ and CollaFix™. There are a number of products in the regulatory pipeline that are expected to serve as catalysts for 2011 revenue growth. Additionally, in the third quarter, we added three new sales representative groups in the U.S., and outside of the U.S. we added one new distributor,” MiMedx president and COO Bill Taylor stated.
For more information, visit www.mimedx.com
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