MiMedx Group Inc (OTCMKTS: MDXG) has seen a fast rise over the past year and a half since landing on the OTCBB. The stock was delisted by the NASDAQ on November 8, 2018 and hit $1 for 1 day before moving higher. Since than MDXG has traded well over $7 per share and maintains strong liquidity and investors interest.
MIcrocapdaily has been covering MDXG for years reporting on November 19, 2018: “MDXG” is making a highly explosive move up the charts leading the OTCBB in trades in recent days. The stock hit the OTCBB on November 8 after having its shares suspended by NASDAQ. MDXG hit a low of $2.18 on Friday before rocketing up the charts. Prior to landing on the over the counter NASDAQ had approved continued listing through February 25, 2019, in order to allow it to regain compliance with its SEC reporting requirements, but MiMedx said it would not be able to do so since it has to complete an assessment of revenue recognition for all of its sales, extending the timeline past February. On November 13 MiMedx released a NT 10-Q.
MiMedx® is a leading biopharmaceutical company developing and marketing regenerative and therapeutic biologics utilizing human placental tissue allografts with patent-protected processes for multiple sectors of healthcare. The Company processes the human placental tissue utilizing its proprietary PURION® process methodology, among other processes, to produce allografts by employing aseptic processing techniques in addition to terminal sterilization. MiMedx has supplied over 1.3 million allografts to date.
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The Company is a supplier of allografts processed from amniotic tissue, having supplied over 700,000 allografts to date for application in Wound Care, Burns, Surgery, Orthopedics, Spine, Sports Medicine, Ophthalmology and Dentistry. Ther amniotic membrane products include the brands, AmnioFix and EpiFix, as well as products that they supply on a private label or “OEM” basis. The Company continues to research new opportunities for amniotic tissue.
There has not been a lot of press from MMDX recently; in December the Company announced the addition of Peter M. Carlson as Executive Vice President, Finance, effective December 16, 2019. Mr. Carlson brings more than thirty years of comprehensive financial expertise having held positions as a Fortune 50 principal accounting officer and Big Five audit partner, as well as a senior Finance executive. He will be assisting the Company in the transition of financial duties with the departure of former Interim Chief Financial Officer, Edward J. Borkowski.
Timothy R. Wright, MiMedx Chief Executive Officer, commented, “Peter is a respected leader in the finance industry. The experience he brings to the Company is much needed, particularly as we work to complete our audited financial statements, and reestablish a practice of regular financial reporting.”
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Currently trading at a $793 million market valuation MDXG hit the OTCBB in November 2018 after being suspended by NASDAQ stock market. While investors are still excited about the Comapny’s prospects, the Company has not been able to get any financials out since being kicked off NASDAQ which has resulted in a stop designation from OTCMarkets.This is a very, very serious concern for a pink sheet at $7. As everyone knows these ex big boards have a long history of making big moves once on the OTCBB and MDXG is no exception rising from $1 in 2018 to recent highs over $7 per share. Investors are anxiosuly waiting for a 10q here. We will be updating on MDXG when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with MDXG.
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Disclosure: we hold no position in MDXG either long or short and we have not been compensated for this article.