{"id":753819,"date":"2023-05-02T16:11:23","date_gmt":"2023-05-02T20:11:23","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/mimedx-announces-first-quarter-2023-operating-and-financial-results\/"},"modified":"2023-05-02T16:11:23","modified_gmt":"2023-05-02T20:11:23","slug":"mimedx-announces-first-quarter-2023-operating-and-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/mimedx-announces-first-quarter-2023-operating-and-financial-results\/","title":{"rendered":"MIMEDX Announces First Quarter 2023 Operating and Financial Results"},"content":{"rendered":"
\n

\n First Quarter<\/em>
\n Net Sales of <\/em>
\n $71.7<\/em>
\n Million Reflect an Increase of <\/em>
\n 21.7%<\/em>
\n Over the Prior Year Period<\/em>
\n \n <\/p>\n

\n Revenue Growth & Cost Controls Help Drive Improvements in Net Loss, EBITDA & Adjusted EBITDA<\/em>
\n 1<\/sup>\n <\/p>\n

\n Management to Host Conference Call on Tuesday, <\/em>
\n May\u00a02, 2023<\/em>
\n , at 5:00 PM ET <\/em>\n <\/p>\n

MARIETTA, Ga., May 02, 2023 (GLOBE NEWSWIRE) — MiMedx Group, Inc. (Nasdaq: MDXG) (\u201cMIMEDX\u201d or the \u201cCompany\u201d), a pioneer and leader in placental biologics, today announced operating and financial results for the first quarter 2023, which ended March\u00a031, 2023, including net sales of $71.7 million, net loss of $5.0 million and Adjusted EBITDA of $5.5\u00a0million.<\/p>\n

Joseph Capper, MIMEDX Chief Executive Officer (“CEO”), commented, \u201cOur first quarter 2023 results demonstrate an excellent level of focus and execution across our organization, particularly among our commercial team. Our double-digit net sales growth this quarter was driven by robust demand for our new products in the surgical market and an accelerated growth rate in the private physician office setting. Our entire product offering is winning across the care settings we serve, as we work to make our best-in-class placental biologics products available to a large and growing number of patients each day.\u201d<\/p>\n

Mr. Capper continued, \u201cIn addition to delivering strong top-line results, we continued to make progress on multiple structural and operational initiatives to improve the financial profile of the Company. Our gross margin improved sequentially, reversing the trend we had during 2022, and our operating expenses grew slower than sales, resulting in Adjusted EBITDA of $5.5\u00a0million for the quarter, a substantial increase over the prior year period. We are encouraged by the initial improvement in several of these financial metrics, and we look forward to continuing to build on these results.\u201d<\/p>\n

\n Recent Operating and Financial Highlights:<\/strong>\n <\/p>\n