MiMedx (NSDQ:MDXG) posted first-quarter results that beat the earnings consensus and were in line with revenue estimates on Wall Street.
The Marietta, Ga.-based company reported losses of -$8.4 million, or -9¢ per share, on sales of $59.9 million for the three months ended March 31, for a sales loss of -2.87% compared with Q1 2020.
Earnings per share were -9¢, 10¢ ahead of The Street, where analysts were looking for sales of $59.9 million.
“The first quarter marked significant progress in advancing our clinical programs, including planned investments in additional preclinical evidence to support both our pipeline and core business,” CEO Timothy Wright said in a news release. “One of our top priorities this year is to continue the acceleration of our late-stage clinical programs, and we look forward to announcing top-line results from our three investigational new drug (IND) studies in plantar fasciitis, Achilles tendonitis and knee osteoarthritis later this summer. On the commercial front, I am pleased to report that we are on track with the continued recruitment of highly skilled field personnel to grow our core business.
“Looking ahead, we remain committed to executing our long-term, strategic initiatives that are designed to deliver meaningful value to all our stakeholders, and are steadfast in our mission to improve people’s health and lives through evidence-based regenerative technologies that make healing possible.”
MiMedx said it expects to log adjusted net sales for 2021 that are consistent with the year prior.
Shares in MDXG were down -6.63% to $10.00 apiece in pre-market trading.