MiMedx Group Inc.

MiMedx Group Inc. is an integrated developer, processor and marketer of patent protected regenerative biomaterial products and bioimplants processed from human amniotic membrane. Its mission is to give physicians products and tissues to help the body heal itself. The company's biomaterial platform technologies include AmnioFix and EpiFix, tissue technologies processed from human amniotic membrane that is derived from donated placentas. MiMedx processes the human amniotic membrane with its proprietary Purion process to produce a safe and effective implant. MiMedx is the leading supplier of amniotic tissue, having supplied over 250,000 allografts to date for application in the wound care, surgical, sports medicine, ophthalmic and dental sectors of healthcare.

Expert Comments:

Bruce Jackson, Lake Street Capital Markets (1/2/15)
"MiMedx Group Inc. announced that it is suing its major competitor, Organogenesis Inc., for tortious interference. . .the company decided to sue after it learned of some potentially dubious Organogenesis marketing practices at Veterans Affairs hospitals. . .regardless of whether MiMedx wins the case, the legal action could distract Organogenesis and make it more vulnerable to further market share losses. . .we are reiterating our Buy rating and believe that MiMedx offers a compelling, multi-year investment opportunity in the regenerative medicine space."

William Plovanic, Canaccord Genuity (10/15/14)
"We reiterate our Buy rating following MiMedx Group Inc.'s 2014 analyst day. We came away from the meeting with a clearer view of management's near- and long-term growth strategies and goals. Specifically, the strategy to leverage its product portfolio thus transforming MiMedx into a broader regenerative medicine company. . .we are raising our price target to $13/share from $12/share."

Bruce Jackson, Lake Street Capital Markets (10/13/14)
"Expanding into the advanced wound care market is primary growth driver for MiMedx Group Inc. in 2014, assisted by the expansion of the sales force by 46 people in Q1/14. Gaining more insurance coverage in the private pay market should allow further extension of EpiFix sales into the wound care market during 2015."

"In the wound care space, my favorite company is MiMedx Group Inc., which is providing better, faster and cheaper technology compared to current therapies. . .MiMedx is focused on advanced wound-covering/regeneration technologies in the skin substitute market. MiMedx uses amniotic tissue derived from live birth placenta. Published clinical data demonstrated a 92% wound-healing rate in diabetic foot ulcers. Patients typically require two or three grafts, with a total cost per patient of $2-3K.

Since commercializing its products over the last several years, MiMedx has grown significantly and has taken a significant portion of market share. The products work well, reimbursement is in place and distribution continues to ramp to properly address the U.S. market." read more >

Mike Matson, Needham & Co (7/29/14)
"MiMedx Group Inc.'s commercial wound care business drove strong Q2/14 results that beat consensus revenue and EBITDA deductions estimates, and gross margin reached an all-time high of 89%. . .we expect the firm's efforts to expand both its sales force and reimbursement coverage to continue to drive rapid revenue growth and we reiterate our Buy rating. Revenue was $25.6M (up 89% YOY) and adjusted EBITDA was $2.9M. . .management raised its 2014 revenue guidance to $110115M. . .wound care sales grew by 181% in Q2/14 to $20.6M."

Suraj Kalia, Northland Capital Partners (7/29/14)
"MiMedx Group Inc. reported strong Q2/14 numbers today, with revenues of $25.6M. . .FY/14 guidance was increased again, with revenues at $110115M. . .the company exited Q2/14 with wound care representing 81% of revenues, up 181% over Q2/13. Surgical and sports medicine and other revenues came in at 19% contribution. . .government sales represented 35%, with commercial sales representing 65% of sales. . .the step change in revenues seems to be facilitated by a surge in new sales representatives brought on board (48 in Q1/14). . .management continues to deliver on its aggressive commentary."

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