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MiMedx Group Announces Second Quarter Results

Friday, July 23, 2010 Corporate News J E 4
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Company's revenues Triple over First Quarter

MIMEDX GROUP, INC. AND SUBSIDIARIES

(A DEVELOPMENT STAGE ENTERPRISE)

CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS

June 30,

2010

December 31,

(unaudited)

2009

Current assets:

   Cash and cash equivalents

$  2,728,205

$   2,653,537

   Trade Accounts Receivable

380,565

-

   Inventory

95,328

30,920

   Prepaid expenses and other current assets

121,981

121,277

Total current assets

3,326,079

2,805,734

Property and equipment,

   net of accumulated depreciation of $1,171,706

   and $948,445 (June and December, respectively)

946,704

1,049,597

Goodwill

857,597

857,597

Intangible assets, net of accumulated amortization of $1,798,640

    and $1,464,674 (June and December, respectively)

4,263,360

4,597,326

Deferred financing costs

-

192,627

Deposits and Other Long Term Receivables

92,500

189,202

Total assets

$  9,486,240

$   9,692,083

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

   Accounts payable & Accrued expenses

$  1,261,289

$      629,349

Total current liabilities

1,261,289

629,349

Long term convertible debt, face value $3,472,000, less unamortized

     discount of $550,748 and including accrued interest of $69,604 (December)

-

2,990,856

               Total liabilities

1,261,289

3,620,205

Commitments and contingency (Note 9)

-

-

Stockholders' equity:

   Preferred stock; $.001 par value; 5,000,000

         shares authorized and 0 (March and December) shares

          issued and outstanding

-

-

   Common stock; $.001  par value; 100,000,000 shares authorized;

       and 61,770,931 (June) and 50,002,887 (December) shares issued;

       61,720,931 (June) and 49,952,887 (December) shares outstanding

61,771

50,003

   Additional paid-in capital

54,434,441

46,454,482

   Treasury stock (50,000 shares at cost)

(25,000)

(25,000)

   Deficit accumulated during the development stage

(46,246,261)

(40,407,607)

Total stockholders' equity

8,224,951

6,071,878

Total liabilities and stockholders' equity

$  9,486,240

$   9,692,083

See notes to condensed consolidated financial statements

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