In this paper, we present a new performance guarantee for the orthogonal matching pursuit (OMP) algorithm. We use mutual coherence as a metric for determining the suitability of an arbitrary overcomplete dictionary for exact recovery. Specifically, a lower bound for the probability of correctly identifying the support of a sparse signal with additive white Gaussian noise and an upper bound for the mean square error is derived. Compared to the previous work, the new bound takes into account the signal parameters such as dynamic range, noise variance, and sparsity. Numerical simulations show significant improvements over previous work and a much closer correlation to empirical results of OMP.