|By PR Newswire||
|April 7, 2014 08:30 AM EDT||
MARIETTA, Ga., April 7, 2014 /PRNewswire/ -- MiMedx Group, Inc. (NASDAQ: MDXG), an integrated developer, manufacturer and marketer of patent protected regenerative biomaterials and bioimplants processed from human amniotic membrane, announced today that its first quarter of 2014 revenue slightly exceeded the upper end of its previously announced guidance. The Company also announced its guidance for the second quarter of 2014.
Parker H. "Pete" Petit, Chairman and CEO, said, "When we announced our first quarter revenue guidance in late February, we provided a range that took into consideration the degree of confusion that was present in the market due to the implementation of the Hospital Outpatient Prospective Payment System ("OPPS") Final Rule issued by the Centers for Medicare and Medicaid Services ("CMS") effective January 1, 2014. As we stated in our March 24, 2014, press release, anytime there is a significant change in reimbursement methodology, there is the potential for a temporary period of confusion on the part of health care facilities and physicians that could negatively impact product sales. That occurred as we anticipated during the first quarter; however, March revenue grew significantly, and we believe most of the wound care centers have absorbed the changes and are comfortable with the new reimbursement processes. Driven by our record March revenue, our first quarter revenue slightly exceeded the top end of our guidance range. We expect a minimal amount of the confusion experienced in the first quarter will continue for a portion of the second quarter and then dissipate during the second quarter. We have taken that into consideration with our second quarter revenue guidance."
The Company estimates second quarter of 2014 revenue will be in the range of $21.5 million to $23.5 million. 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.
"The first quarter of 2014 marks the tenth straight quarter that we have met or exceeded our revenue guidance. Considering our very rapid growth rate, this should be a compliment to our management team for managing the many variables involved," added Petit.
Bill Taylor, President and COO, stated, "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."
MiMedx® is an integrated developer, manufacturer and marketer of patent protected regenerative biomaterial products and bioimplants processed from human amniotic membrane. "Innovations in Regenerative Biomaterials" is the framework behind our mission to give physicians products and tissues to help the body heal itself. Our biomaterial platform technologies include AmnioFix® and EpiFix®, our tissue technologies processed from human amniotic membrane that is derived from donated placentas. Through our donor program, mothers delivering full-term Caesarean section births can elect in advance of delivery to donate the placenta in lieu of having it discarded as medical waste. We process the human amniotic membrane utilizing our proprietary PURION® process, to produce a safe and effective implant. MiMedx® is the leading supplier of amniotic tissue, having supplied over 200,000 allografts to date for application in the Wound Care, Surgical, Sports Medicine, Ophthalmic and Dental sectors of healthcare.
Safe Harbor Statement
This press release includes statements that look forward in time or that express management's beliefs, expectations or hopes. Such statements are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, the dissipation of reimbursement confusion resulting from the recently implemented CMS reimbursement methodology, the impact of the new CMS reimbursement methodology, MAC coverage and recent coverage awards from state Medicaid plans and commercial health plans on revenue growth, the prospect of coverage from additional Medicaid and commercial health plans, and the Company's updated first quarter revenue expectation and projected revenues for second quarter, third quarter and full year 2014. These statements are based on current information and belief, and are not guarantees of future performance. Among the risks and uncertainties that could cause actual results to differ materially from those indicated by such forward-looking statements include that the reimbursement confusion from the change in CMS reimbursement methodology may not dissipate in the time period anticipated, that the new CMS reimbursement methodology, MAC coverage and current coverage by state Medicaid plans and commercial health plans might not have the expected effect on revenue growth, that the Company many not be successful in obtaining additional coverage for its products, that the Company may not achieve its projected revenue goals, and the risk factors detailed from time to time in the Company's periodic Securities and Exchange Commission filings, including, without limitation, its 10-K filing for the fiscal year ended December 31, 2013. By making these forward-looking statements, the Company does not undertake to update them in any manner except as may be required by the Company's disclosure obligations in filings it makes with the Securities and Exchange Commission under the federal securities laws.
SOURCE MiMedx Group, Inc.
UpGuard has become a member of the Center for Internet Security (CIS), and will continue to help businesses expand visibility into their cyber risk by providing hardening benchmarks to all customers. By incorporating these benchmarks, UpGuard's CSTAR solution builds on its lead in providing the most complete assessment of both internal and external cyber risk. CIS benchmarks are a widely accepted set of hardening guidelines that have been publicly available for years. Numerous solutions exist t...
Jul. 26, 2016 11:45 AM EDT Reads: 533
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 26, 2016 10:45 AM EDT Reads: 1,712
Choosing the right cloud for your workloads is a balancing act that can cost your organization time, money and aggravation - unless you get it right the first time. Economics, speed, performance, accessibility, administrative needs and security all play a vital role in dictating your approach to the cloud. Without knowing the right questions to ask, you could wind up paying for capacity you'll never need or underestimating the resources required to run your applications.
Jul. 26, 2016 10:37 AM EDT Reads: 222
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Jul. 26, 2016 10:15 AM EDT Reads: 1,174
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
Jul. 26, 2016 10:00 AM EDT Reads: 980
The competitive landscape of the global cloud computing market in the healthcare industry is crowded due to the presence of a large number of players. The large number of participants has led to the fragmented nature of the market. Some of the major players operating in the global cloud computing market in the healthcare industry are Cisco Systems Inc., Carestream Health Inc., Carecloud Corp., AGFA Healthcare, IBM Corp., Cleardata Networks, Merge Healthcare Inc., Microsoft Corp., Intel Corp., an...
Jul. 26, 2016 09:45 AM EDT Reads: 923
SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
Jul. 26, 2016 09:45 AM EDT Reads: 753
StackIQ has announced the release of Stacki 3.2. Stacki is an easy-to-use Linux server provisioning tool. Stacki 3.2 delivers new capabilities that simplify the automation and integration of site-specific requirements. StackIQ is the commercial entity behind this open source bare metal provisioning tool. Since the release of Stacki in June of 2015, the Stacki core team has been focused on making the Community Edition meet the needs of members of the community, adding features and value, while ...
Jul. 26, 2016 09:45 AM EDT Reads: 324
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Jul. 26, 2016 09:30 AM EDT Reads: 1,067
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
Jul. 26, 2016 09:15 AM EDT Reads: 1,008
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Jul. 26, 2016 09:02 AM EDT Reads: 215
Ovum, a leading technology analyst firm, has published an in-depth report, Ovum Decision Matrix: Selecting a DevOps Release Management Solution, 2016–17. The report focuses on the automation aspects of DevOps, Release Management and compares solutions from the leading vendors.
Jul. 26, 2016 09:00 AM EDT Reads: 1,692
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
Jul. 26, 2016 09:00 AM EDT Reads: 1,953
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Jul. 26, 2016 08:45 AM EDT Reads: 1,312
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Jul. 26, 2016 08:45 AM EDT Reads: 603