Former Chairman and CEO "Pete" Petit Highlights Flaws in Revenue Recognition Allegations
MiMedx Group, Inc (MDXG)
Last mimedx group, inc earnings: 4/28 07:00 am
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US:NASDAQ Investor Relations:
phx.corporate-ir.net/phoenix.zhtml?c=213465&p=irol-irhome
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Source: Business Wire
MARIETTA, Ga.--(BUSINESS WIRE)-- Former Chairman and CEO Pete Petit of Mimedx Group, Inc. (OTC PINK: MDXG) ('MiMedx") issued the following statement to fellow shareholders: All the revenue recognition allegations against MiMedx purposefully ignore the stark reality that the Company collected basically all of its booked revenue over the years. In addition, the Company bought over $130 million of its stock back without incurring debt or affecting revenue and profit growth. Channel stuffing results in reduced cash collections and the aging of accounts receivable. MiMedx suffered neither of these problems for the wrong reasons for any extended period of time. Their accounts receivable did age in 2015 right after Petit informed Avkare that they were going to cancel their contract because the Company had received their own federal supply contract. Avkare became upset and slowed down their payments to M
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MDXG
Earnings
- 2/28/24 - Beat
MDXG
Sec Filings
- 4/24/24 - Form 4
- 4/23/24 - Form DEFA14A
- 4/23/24 - Form DEF
- MDXG's page on the SEC website