UPDATE: Canaccord Genuity Initiates Coverage on MiMedx Group on Potential of New Segment
In a report published Friday, Canaccord Genuity analyst William J. Plovanic initiated coverage on MiMedx Group (NASDAQ: MDXG) with a Buy rating and $6.00 price target.
In the report, Canaccord Genuity noted, “By our estimates, the dermal substitute segment of the advanced wound care market generated ~$354M of revenues in 2012, growing ~23% per year since 2009. MiMedx utilizes distinct distribution channels for its three revenue reporting segments: Wound Care, Surgical & Sports Medicine, and Other/OEM. We believe the increasing number of reps in the direct channel on the commercial side for wound care, combined with improved coverage, will drive top-line growth in 2013 and beyond. AWC Direct reps are expected to increase to ~140 by YE15 from ~49 in Q2/13.”
MiMedx Group closed on Thursday at $4.54.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.