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MDXG

MiMedx

$8.44

-0.13 (-1.52%)

18:47
03/01/17
03/01
18:47
03/01/17
18:47

MiMedx audit comittee finds no merit to allegations of management wrongdoings

MiMedx announced that the Audit Committee of its board of directors has completed its investigation and found no merit regarding allegations of wrongdoing that were made by two former employees against the company. The company terminated two employees in December 2016 when it was discovered that the employees were selling products for other companies, in violation of their duties to MiMedx. Following their terminations, MiMedx filed suit against these employees, and the employees in turn filed a wrongful termination suit against MiMedx asserting various allegations. The Audit Committee has confirmed there is no credible evidence of any wrongdoing on behalf of members of MiMedx management. The lawsuits with these former employees are ongoing. The Audit Committee's investigation determined that the company has appropriately recognized revenue and found no credible evidence to indicate that any changes to the company's previously issued financial statements are necessary in light of the former employees' allegations.

  • 13

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  • 16

    Mar

MDXG MiMedx
$8.44

-0.13 (-1.52%)

11/07/16
AGIS
11/07/16
INITIATION
Target $12
AGIS
Buy
MiMedx initiated with a Buy at Aegis
Aegis analyst Jason Wittes initiatee MiMedx with a Buy and a $12 price target.
12/12/16
UBSW
12/12/16
INITIATION
Target $9
UBSW
Sell
MiMedx initiated with a Sell at UBS
UBS analyst Matt Miksic started MiMedx Group with a Sell rating and $9 price target. The analyst says his firm's survey of 100 U.S. wound care specialists suggests Integra LifeSciences' (IART) Omnigraft launch will put competitive pressure on MiMedx's EpiFix over time. The stock at current levels is not discounting significant market share losses or decelerating growth, Miksic tells investors in a research note.
12/12/16
FANA
12/12/16
NO CHANGE
FANA
Equal-Weight
First Analysis says reimbursement has favored MiMedx, but uncertainty exists
Under the current per-treatment reimbursement system, MiMedx (MDXG) has been a "powerhouse in wound care," taking share with its EpiFix product line, and current structure of the market naturally benefits MiMedx's business model, First Analysis analyst Joseph Munda tells investors. However, the FDA is reviewing the use and regulatory status of amniotic tissues in wound care and FDA action would raise their cost or limit their use, which is a risk for MiMedx that would likely benefit other advanced tissues, including Novadaq's (NVDQ) Dermacell, he contends. Munda keeps an Equal-Weight rating on MiMedx, citing regulatory uncertainties, and has an rate Overweight rating on Novadaq.
12/12/16
12/12/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Ball Corp. (BLL) resumed with a Buy at Deutsche Bank. 2. Molson Coors (TAP) initiated with a Neutral at UBS. 3. Airgain (AIRG) initiated with an Outperform at Cowen. 4 Ritter Pharmaceuticals (RTTR) initiated with a Buy at Roth Capital. 5. MiMedx (MDXG) initiated with a Sell at UBS. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

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