CollPlant (NASDAQ: CLGN)

CollPlant (NASDAQ: CLGN)a regenerative medicine company, recently declared financial results for the second quarter ended June 30, 2019 and offered an update on the Company’s business developments. Certain metrics, counting those expressed on an adjusted basis, are non-GAAP measures. See “Use of Non-IFRS (non-GAAP) Measures” below.

CollPlant stated revenues of $606,000 for the second quarter of 2019, a boost of 232% contrast to $182,000 in the second quarter of 2018. The Company ended the second quarter of 2019 with $1.7 million in cash and cash equivalents, and received additional funds of $5.5 million in September, through purchase agreements with certain shareholders. Comprehensive loss for the second quarter of 2019 was $1.5 million, or $0.33 per share.

Second Quarter 2019 Financial Results on IFRS basis (“GAAP”)

Revenues for the three months ended June 30, 2019 raised by 232% to $606,000, contrast to $182,000 in the second quarter of 2018. Revenues were derived mainly from CollPlant’s BioInk for the development of 3D bioprinting of tissues and life savings organs, of which $280,000 relates to CollPlant’s license agreement with United Therapeutics, in addition to sales of rhCollagen to CollPlant’s collaborator in the development of a product for the medical aesthetics markets.

The Company’s gross profit for the three months ended June 30, 2019 raised by 33% to $153,000 contrast to $115,000 in the second quarter of 2018.

Total operating costs and expenses for the three months ended June 30, 2019 were $1.7 million, a boost of 13% contrast to contrast to $1.5 million in the second quarter of 2018. The net increase in the amount of $200,000 is mainly attributed to in the development of products for 3D bioprinting and medical aesthetics market.

Operating loss was for the three months ended June 30, 2019 was $1.6 million, a boost of 14% contrast to an operating loss of $1.4 million in the second quarter of 2018.

Financial income, net for the three months ended June 30, 2019 was $68,000, a decrease of $228,000 contrast to financial expenses, net of $160,000 in the second quarter of 2018. The decrease is mainly because of non-cash re-evaluation expenses of the CollPlant’s warrants and the anti-dilution derivatives.

Comprehensive loss for the second quarter of 2019 was $1.5 million, or $0.33 per share, contrast to a comprehensive loss of $1.7 million, or $0.36 per share, for the second quarter of 2018.

Cash used in operating activities during the six months ended June 30, 2019, was $2.5 million contrast to $3.3 million in the six months ended June 30, 2018. As of June 30, 2019, cash and cash equivalents totaled $1.7 million.

Cash used in investing activities during the six months ended June 30, 2019, was $915,000 contrast to $646,000 in the six months ended June 30, 2018. The increase is mainly attributed to the establishment of CollPlant’s new headquarters and R&D center in Rehovot, Israel.

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