Orthocell reports record revenue and strong financial position

Orthocell Limited (ASX: $OCC) has released its Quarterly Report for the quarter ended 30 June 2024, showcasing record quarterly revenue of $1.84 million and year-on-year growth of 30% to $6.72 million. The company also maintains a strong balance sheet with $20.60 million cash at bank at the end of the quarter, positioning itself well for global expansion and major US product registration for Remplir, expected in Q1 CY25.

Financial and Product Performance Analysis

Orthocell Managing Director, Paul Anderson, expressed his delight with the performance of distribution partners and the continued increase in product adoption. He highlighted the company's strong position, attributing the record quarter to the growth in new product sales and consistent contract revenue from BioHorizons. The company's revenue has grown by 9% compounded for the last seven quarters following the product launches in Q2 FY23, and it is up 30.40% from $5.15 million in FY23 to $6.72 million in FY24. The cash balance of A$20.60m places Orthocell in a strong position to continue its strategy to expand into the USA in 2025 and continue its lodgement of international regulatory applications.

Outlook and Expansion Strategy

Orthocell's strong financial performance and increasing revenue demonstrate its potential for global market expansion. The company's submission of an application to the Therapeutic Goods Administration for Australian market approval of its SmrtGraftTM tendon repair device and the compelling outcomes of its nerve repair product, Remplir, position Orthocell as a key player in tissue repair and regeneration. With the anticipation of top-line results from the Remplir™ US market authorisation study in Q4 CY24 and the ongoing development of its cell therapies, Orthocell is well-positioned to continue driving innovation and gaining commercial traction in the global markets.