MiMedx (NSDQ:MDXG) today posted second-quarter results that beat the overall consensus on Wall Street.
The Marietta, Ga.-based company reported losses of -$1.8 million, or -3¢ per share, on sales of $68.2 million for the three months ended June 30 for a sales growth of 27.06% compared with Q2 2020.
Earnings per share were -3¢, 2¢ ahead of The Street, where analysts were looking for sales of $60.16 million.
“Our expanded commercial team is working aggressively toward the goal of achieving above-market growth for our advanced wound care business, and executing on multiple initiatives that reinforce the differentiation of our products and convey the clinical and economic value of our brands. As the only data-driven amniotic tissue allograft to have complete national commercial coverage for the treatment of diabetic foot ulcers, we continue to leverage our expansive reimbursement coverage and invest in medical education programs that are designed to raise awareness on the appropriate and timely use of our advanced wound care products. It is imperative that we continue to grow this base business to support patients in need,” CEO Timothy Wright said in a news release.
“I applaud the team for their efforts to exercise strong leadership and exceptional customer service throughout the end of the period of enforcement discretion. Our proactive and continued dialogue with the U.S. Food and Drug Administration enabled us to mitigate customer disruption, dispel misinformation, and partner with customers throughout the transition. Backed by years of clinical, tissue engineering, and manufacturing knowledge about the science of amniotic tissue, MiMedx is well-positioned to advance into a more rigorously regulated biologics pathway, and we are making significant progress on the critical steps necessary for a complete and potentially successful biologics license application (BLA). We remain on track to share topline results for our plantar fasciitis and knee osteoarthritis programs by late summer and review these data with the FDA.”
MiMedx said it expects adjusted net sales for 2021 to be consistent with the year prior.
Shares in MDXG were up 1.91% to $12.79 apiece at market open.