FDA OKs trial for MiMedx AmnioFix knee treatment, prelims

MiMedx (NSDQ:MDXG) saw shares rise today after announcing 3rd quarter revenue that beat consensus on The Street alongside FDA approval to proceed with the Investigational New Drug phase 2B study of its AmnioFix injectable product. The Marietta, Ga.-based company said it expects to post sales of $84.6 million for its 3rd quarter, well ahead of both its guidance of between $70 and $80 million and Wall Street consensus of $80.1 million. Revenue for MiMedx grew 31% compared to sales from the 3rd quarter of the previous year, according to an SEC filing. “Our third quarter revenue performance was very strong, and we are very pleased with the robust momentum that our sales organization is building. It became evident to us in early September that this momentum would produce third quarter revenue in excess of our earlier expectations. Despite the disruption from Hurricane Harvey and Hurricane Irma, we were confident that our strong performance throughout the country would more than make up for the impact of these natural disasters. We are particularly pleased with the exceptionally strong revenue performance from our commercial accounts. Over the years, we have concentrated on developing a customer base with a very wide breadth, both geographically and functionally. We are extremely pleased with the span of the customer base that we have built now in ‘secondary markets’. Revenue from our commercial accounts is leading our robust growth. Revenue from our direct sales force i...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News Clinical Trials MiMedx Group Inc. Source Type: news