Shares of MiMedx Group Inc. (MDXG) were up 7.88% in pre-markent trading Friday to $15.60 after the developer of regenerative and therapeutic biologics from human placental tissue announced that its second quarter 2017 earnings that exceeded guidance.
During the first six months of 2017 revenue grew 35% over first six months of 2016. The company said it recorded record revenue for the 2017 second quarter of $76.4 million, a $19.1 million or 33% increase over 2016 second quarter revenue of $57.3 million. Revenue for the six months ended June 30, 2017 was $149 million, a $38.3 million or 35% increase over revenue for the six months ended June 30, 2016 of $110.7 million.
"We were very confident that our new sales management system would be a key asset and facilitator of strong revenue growth, and we are pleased with its positive impact on our sales productivity since its implementation in early 2016," said Parker H. "Pete" Petit, Chairman and CEO of MiMedx in a statement. "The corresponding informatics and organizational structure investments made at that time are delivering results as planned. We are optimistic about the continuation of our robust revenue growth."
Regarding future revenue, COO Bill Taylor said, "There are several other catalysts expected in the second half of this year, such as the publication of our Venous Leg Ulcerand Diabetic Foot Ulcer studies and the Plantar Fasciitis Phase IIb study interim data results. These catalysts should provide further fuel to our rising momentum."
The company plans to release its full results for the second quarter ended June 30, 2017, before the opening of the market on Thursday, July 27, 2017. It also will provide revenue guidance for the third quarter of 2017 in that quarterly earnings release.
Mylan N.V. (MYL) - Get Report shares were up 75 cents, or 1.92% to $39.80 after announcing that it and India-listed Biocon Ltd. received recommended approval from the U.S. Food and Drug Administration's Oncologic Drugs Advisory Committee for the companies' proposed breast cancer biosimilar trastuzumab. The committee voted 16-0 in support of eligible indications of the branded reference product, Herceptin, which include HER2-positive breast cancer in the metastatic and adjuvant settings.
The companies' proposed biosimilar trastuzumab also is under review by regulators in Australia, Canada, Europe and several emerging markets.
Juno Therapeutics Inc. (JUNO) slipped 2.89% to $27.25 after Bloomberg reported that the company will announce a $7 million share stock offering.