MARIETTA, Ga., Oct. 9, 2017 /PRNewswire/ -- MiMedx Group, Inc. (NASDAQ: MDXG), the leading biopharmaceutical company developing and marketing regenerative and therapeutic biologics utilizing human placental tissue allografts and patent-protected processes for multiple sectors of healthcare, announced today the decision of its Board of Directors to authorize a $10 million increase in the Company's Share Repurchase Program.
This action by the MiMedx Board of Directors authorizing the additional $10 million to the Company's Share Repurchase Program brings the total authorized to $110 million since the Share Repurchase Program commenced in May 2014. The Company reported that in light of the short seller attacks and its strong balance sheet and cash flows, the MiMedx Board of Directors believes the stock repurchases continue to be an extremely positive investment for MiMedx. The Board also agreed to review this program again at its scheduled meeting on October 26, 2017, and to consider an additional commitment at that time.
Parker H. "Pete" Petit, Chairman and CEO, stated, "To date, we have utilized virtually all of the $100 million previously authorized by the Board. This program has been particularly beneficial for the Company, as we have acquired shares at very low prices for a company with our level of sustained growth, biopharma strategy, outstanding clinical trials, the consistent pattern of physician and payer reception in the market place and our robust pipeline of future products. The recent deceptive and contrived attacks on our stock have caused the MiMedx shares to become very undervalued in my opinion. I believe it is a very prudent use of our capital to acquire our shares at this point, and our high growth profile in both revenues and profits should produce an extremely anti-dilutive result from our stock repurchases."
"We share the frustration from the short selling activity with all of our shareholders, and we are aggressively pursuing avenues that will expose these illegal activities," concluded Petit.
MiMedx® is the leading biopharmaceutical company developing and marketing regenerative and therapeutic biologics utilizing human placental tissue allografts with patent-protected processes for multiple sectors of healthcare. "Innovations in Regenerative Medicine" is the framework behind our mission to give physicians products and tissues to help the body heal itself. We process the human placental tissue utilizing our proprietary PURION® Process among other processes, to produce safe and effective allografts. MiMedx proprietary processing methodology employs aseptic processing techniques in addition to terminal sterilization. MiMedx is the leading supplier of placental tissue, having supplied over 1,000,000 allografts to date for application in the Wound Care, Burn, Surgical, Orthopedic, Spine, Sports Medicine, Ophthalmic and Dental sectors of healthcare. For additional information, please visit www.mimedx.com.
Important Cautionary Statement
This press release includes forward-looking statements, including statements regarding the Company's stock repurchases are a positive investment for the Company and a prudent use of the Company's capital, the belief that the Company's stock price is very undervalued at present, the Company's expectations to continue the use of the share repurchase program to enhance shareholder value. These statements also may be identified by words such as "believe," "except," "may," "plan," "potential," "will" and similar expressions, and are based on our current beliefs and expectations. Forward-looking statements are subject to significant risks and uncertainties, and we caution investors against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Among the risks and uncertainties that could cause actual results to differ materially from those indicated by such forward-looking statements include that the stock repurchases may not be a positive investment or a prudent use of the Company's capital, the Board may not consider a substantial new commitment to the share repurchase program at its October 26, 2017 meeting, the Company's stock price may not be undervalued, the Company's continued use of the share repurchase program may not enhance shareholder value or the Company may not continue to use the share repurchase program. For more detailed information on the risks and uncertainties, please review the Risk Factors section of our most recent annual report or quarterly report filed with the Securities and Exchange Commission. Any forward-looking statements speak only as of the date of this press release and we assume no obligation to update any forward-looking statement.
SOURCE MiMedx Group, Inc.