MiMedx (Nasdaq:MDXG) shares rose this morning on third-quarter results that beat the consensus revenue forecast.
Shares of MDXG ticked up 5.8% at $2.92 apiece in early-morning trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — fell by 4.2%.
The Marietta, Georgia-based regenerative medicine company posted losses of $8.4 million. That amounts to 9¢ per share on sales of $67.7 million for the three months ended Sept. 30, 2022.
MiMedx reported a bottom-line dip further into the red on sales growth of 7.3%. The company said increased demand, including for new products AmnioEffect and AxioFill, drove growth. However, lower production levels negatively impacted profit margins.
The company’s 9¢ loss per share equaled projections on Wall Street. Analysts expected sales of $66.7 million.
“The third quarter 2022 represented the first year-over-year growth in net sales in six quarters and included several important achievements that we expect to build upon,” interim CEO Todd Newton said in a news release. “In September, we launched two new products tailored for the surgical recovery market, AxioFill and AmnioEffect; secured reimbursement approval in Japan for our EpiFix product; and the first patients in Japan were treated with our product. Also, we made recent progress toward our goal of commencing patient enrollment in our registrational study for the treatment of knee osteoarthritis.”
MiMedx projects full-year sales to range between $266 million and $269 million.