MiMedx (NSDQ:MDXG) announced today that its recently filed shelf registration with the SEC has become effective.
Marietta, Georgia-based MiMedx last month filed the shelf registration statement on Form S-3 with the SEC with the intent to be allowed to sell up to $350 million in various types of securities over the next three years once the shelf registration was declared effective.
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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 aw…
MiMedx cannot recoup $40.2 million from two former executives convicted in a scheme to defraud the company, a federal judge has ruled.
“MiMedx is not a “victim” under federal law and is therefore not entitled to recover restitution from either man, Manhttan U.S. District Court Judge Jed Rakoff wrote in a ruling issued on Sunday.
In November 2020, a Manhattan jury found that former CEO Parker Petit, 81, and former COO Taylor, 52, had entered into undisclosed side arrangements with five distributors. These arrangements allowed distributors to return product to Marietta, Ga.-based MiMedx or conditioned distributors’ payment obligations on sales to end-users, the government charged. Petit was convicted of securities fraud and Taylor was convicted of conspiracy to commit securities fraud, to make false statements in SEC filings and to mislead the conduct of audits.
Petit and William Taylor were each sentenced in February to one year in priso…
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. 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 ple…
On the back of several weeks of new records and strong performances, the medtech industry has finally hit a snag in its recent ascent.
MassDevice‘s MedTech 100 index ended the week (Feb. 26) at 106.65 points, marking a 1.9% dip from the 108.72-point mark set one week before (Feb. 19). This highlights a similar drop from the week prior, when the index slid -1.7% from 110.63 points on Feb. 12.
The slide for the index was inevitable, given the heights to which it had been rising, but it is stark after exactly two weeks ago, on Monday, Feb. 15, the index hit its highest mark ever, though, rising to 110.96 points. That mark set an all-time best for the index, which had previously been rising for practically all of 2021. The index had never reached even the 100-point mark before November 2020.
Still, the industry is in much better condition than it was around this time last year. Medtech’s latest mark means the index has risen 15.5% from the pre-COVID-19 pande…
Ex-MiMedx chief operating officer William Taylor was sentenced to one year in prison for his involvement in a fraud scheme.
Taylor’s sentence matches the one handed down to former CEO Parker Petit yesterday. Both were convicted of crimes related to the fraud schemes involving distributors. In addition to his one-year prison term, Taylor will have to pay a $250,000 fine, according to a news release from the U.S. Attorney’s Office in the Southern District of New York.
In November 2020, a Manhattan jury found that Petit, 81, and Taylor, 52, had entered into undisclosed side arrangements with five distributors. These side arrangements allowed distributors to return product to Marietta, Ga.-based MiMedx or conditioned distributors’ payment obligations on sales to end-users, the government charged.
Petit was convicted of securities fraud and Taylor, 52, was convicted of conspiracy to commit securities fraud, to make false statements in SEC filings …
Ex-MiMedx CEO Parker Petit reportedly received a year-long prison sentence after a conviction for a fraud scheme involving the company.
Reuters reported that U.S. District Judge Jed Rakoff in his decision yesterday cited Petit’s age (81 years old), his current diagnosis of bladder cancer and history of charitable work as reasons that the sentence is smaller than perhaps it could have been for a fraud scheme involving distributors.
In November 2020, a Manhattan jury rendered verdicts against Petit and former COO William C. Taylor, whom federal prosecutors claimed had entered into undisclosed side arrangements with five distributors. These side arrangements allowed distributors to return product to MiMedx or conditioned distributors’ payment obligations on sales to end-users, the government charged.
As a result, Petit was convicted of securities fraud and Taylor, 52, was convicted of conspiracy to commit securities fraud, to make false statements in …
MiMedx recently announced it has appointed Rohit Kashyap as executive VP and chief commercial officer.
Kashyap has more than 20 years of medical device experience. He most recently served as president of global commercial at Acelity. He has held a number of leaderships at Acelity since 1998.
“MiMedx is a pioneer in the development of amniotic tissue technology, and our products have broad applicability across a range of applications. Our company is now at an inflection point, with the opportunity to define the MiMedx brand, raise market awareness of the growing prevalence of chronic wounds and diseases such as diabetes, and communicate the clinical and economic value of our product portfolio,” CEO Timothy Wright said in a news release. “I am confident that Rohit, with his breadth of industry experience, will propel our patient-centric strategy forward as we work to drive organizational growth, market expansion and pipeline maturation.”