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MiMedx withdraws guidance for 2018, names interim CFO

MiMedx Group Inc. said it is withdrawing all financial guidance issued for 2018 following a board decision to restate consolidated financial statements starting from 2012 through to 2016.

The company, which is conducting an investigation into some sales and distribution practices and other matters, said it will restate its consolidated financial statements for the years ended Dec. 31, 2012, 2013, 2014, 2015, and 2016, and each of the interim periods ended March 31, June 30 and Sept. 30, 2017.

The investigation mainly focused on the way the sales and distribution practices of two distributors were accounted which affected revenue during the specified periods.

Interim CFO

In addition, MiMedx appointed Edward Borkowski as interim CFO, effective June 7, following the departure of Michael Senken as CFO, effective June 6.

Borkowski will also oversee the company's legal, finance, and investor and public relations.

Further, the company said John Cranston left his role as vice president, corporate controller and treasurer, effective June 6.

Nasdaq-listed MiMedx is biopharmaceutical company focused on developing regenerative biologics utilizing human placental tissue allografts.