Orthocell's Quarterly Report for Q3 FY24

Orthocell Limited (ASX: $OCC) has released its Quarterly Report for the quarter ended 31 March 2024, showing a 19% increase in revenue to $1.61 million in Q3 FY24 compared to $1.35 million for the same period last year. The Company's financial position has been bolstered by a successful $3.5 million strategic placement and a strong balance sheet with $20.1 million cash at bank at the end of the quarter. The appointment of the Hon Kim Beazley AC has further strengthened the Board, positioning Orthocell for continued growth and market expansion.

Orthocell's Managing Director, Paul Anderson, on Q3 FY24 performance

Orthocell Managing Director, Paul Anderson, expressed satisfaction with the Company's performance, highlighting the revenue growth, strengthened balance sheet, and the appointment of the Hon Kim Beazley AC to the Board. Anderson emphasized the positive impact of the distribution partners and the increasing product adoption. He also noted the Company's strong position to drive its breakthrough nerve repair device, Remplir, into global markets with the support of the experienced Board.

Outlook and Expansion Strategy

Orthocell's Q3 FY24 report reflects a robust financial performance, marked by a 19% revenue growth driven by new product sales. The successful completion of a $3.5 million strategic placement has fortified the Company's financial position, with a strong balance sheet boasting $20.1 million cash at bank. The appointment of the Hon Kim Beazley AC has further enhanced the Board's composition, positioning Orthocell for continued commercial traction and global market expansion. The Company's submission of the Singapore Regulatory Application for Remplir™ in February 2024 underscores its commitment to global expansion. With the pending R&D Tax rebate and a well-funded global market expansion strategy, Orthocell is poised for significant growth and aims to continue its lodgement of international regulatory applications, particularly in the USA in 2025.