MiMedx Group, Inc. (MDXG) has reported a 261.49 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $4.33 million, or $0.04 a share in the quarter, compared with $1.20 million, or $0.01 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $7.44 million, or $0.07 a share compared with $4.94 million or $0.04 a share, a year ago. Revenue during the quarter surged 36.05 percent to $72.61 million from $53.37 million in the previous year period. Gross margin for the quarter expanded 285 basis points over the previous year period to 87.96 percent. Total expenses were 91.48 percent of quarterly revenues, down from 97.25 percent for the same period last year. This has led to an improvement of 577 basis points in operating margin to 8.52 percent.
Operating income for the quarter was $6.18 million, compared with $1.47 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $12.40 million compared with $9.07 million in the prior year period. At the same time, adjusted EBITDA margin improved 8 basis points in the quarter to 17.08 percent from 17 percent in the last year period.
Parker H. "Pete" Petit, Chairman and CEO stated, "We are pleased to have exceeded the top end of our revenue guidance and to have recorded very solid performance on our revenue and profit growth. In light of the impact of the normal seasonality that the market experiences in the first quarter of the year, we are especially satisfied with our growth. With respect to our profit performance, our first quarter GAAP Net Income grew by well over 250% compared to Q1 2016, our Adjusted Net Income grew by 51% over the first quarter of 2016, and our Adjusted EBITDA grew by 37% over Q1 2016. We expect our profit metrics as a percent of revenue to increase as the year progresses."
For financial year 2017, Mimedx Group projects revenue to be in the range of $303.50 million to $307 million. The company forecasts diluted earnings per share to be in the range of $0.18 to $0.20 and forecasts diluted earnings per share to be in the range of $0.31 to $0.33 on adjusted basis.
Operating cash flow turns positive
MiMedx Group, Inc. has generated cash of $10.64 million from operating activities during the quarter as against cash outgo of $0.98 million in the last year period. The company has spent $0.97 million cash to meet investing activities during the quarter as against cash outgo of $9.29 million in the last year period.
The company has spent $13.14 million cash to carry out financing activities during the quarter as against cash outgo of $3.11 million in the last year period.
Cash and cash equivalents stood at stood at $30.92 million as at Mar. 31, 2017.
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