Needham Remains Positive on MiMedx Group Inc (MDXG) Following Earnings Preannouncement

In a research report released today, Needham analyst Michael Matson reiterated a Buy rating on shares of MiMedx Group Inc (NASDAQ:MDXG), with a price target of $15, after the company preannounced its revenue results for the third quarter of 2015, its guidance for the fourth quarter of 2015, and that the Company has secured a $50 million Senior Secured Credit Facility.

Matson wrote, “MDXG preannounced 3Q15 revenue that was ahead of consensus. Management narrowed its 2015 revenue guidance and guided to a 4Q15 revenue range with a midpoint slightly below consensus. MDXG also noted that it has introduced a new amniotic liquid product called OrthoFlo. We expect to learn more about MDXG’s 3Q15 results, guidance, new products, latest clinical trials, strategic plan, and other topics at Tuesday’s analyst meeting in New York City.”

“Management noted that MDXG made some changes to its surgical, orthopedic and spine distributor network during 3Q15 and that these changes created a drag on its revenue growth. Additionally, MDXG has seen a favorable mix shift from smaller to larger graft sizes and it expects this to continue. And MDXG has also introduced a new amniotic liquid product called OrthoFlo,” the analyst added.

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Michael Matson has a total average return of 0.8% and a 55.9% success rate. Matson has an 8.4% average return when recommending MDXG, and is ranked #1818 out of 3775 analysts.

Out of the 4 analysts polled by TipRanks, 3 rate MiMedx Group Inc. stock a Buy, while 1 rates the stock a Hold. With a return potential of 51.4%, the stock’s consensus target price stands at $13.75.


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