Collagen Solutions PLC Trading Update (1695D)
April 25 2017 - 1:00AM
UK Regulatory
TIDMCOS
RNS Number : 1695D
Collagen Solutions PLC
25 April 2017
Collagen Solutions Plc
(the "Company" or the "Group")
Preliminary FY 2017 revenue and other income of GBP4.1
Million
Collagen Solutions plc (AIM: COS), the developer and
manufacturer of medical grade collagen components for use in
regenerative medicine, medical devices and in-vitro diagnostics,
announces preliminary revenue, including other income, of GBP4.1
million for the year ending 31 March 2017 (GBP3.2m in 2016), of
which approximately GBP3.95 million was trading revenue,
representing 26% growth.
This growth has been driven by an increase in the number of
customers, higher volumes from key customers and an increase in new
development agreements. In particular, the Company has seen its
pericardium tissue business grow by 30% resulting in a specific
initiative to diversify and increase its tissue supply base in
Australia and New Zealand to meet the additional demand.
Investments in the Company's commercial organisation have also
begun to show results, with the team delivering nine new supply,
development and distribution agreements during the financial year,
including the recently announced Smart Matrix deal. These should
provide future recurring revenues, as customers transition from
development to full launch supply. Due to long sales cycles and
timing of appointments to the new sales team, the majority of these
agreements were closed in the second half of the year.
Consequently, these agreements did not contribute materially to the
2016 revenue growth.
Jamal Rushdy, CEO of Collagen Solutions commented: "We are on
track with the commercial plans for our core business. The
investment that we have made in the commercial team is showing
results and we are starting to see improved volume, value, and pace
of origination in our pipeline of opportunities. We are also
seeking to capitalise on the greater demand for pericardium that we
are seeing and have implemented the appropriate operational focus
to ensure we can support expected growth in this segment as well.
Following the successful fundraising last month, we have also
continued to make progress with our product development pipeline
and I will update you on this over the coming months."
The Company will announce its financial results for the year
ending 31 March 2017 on 11 July 2017.
About Collagen Solutions:
Collagen Solutions Plc is a global supplier, developer, and
manufacturer of medical grade collagen, tissues, and related
medical devices and components for use in regenerative medicine,
medical devices and in-vitro diagnostics and research. The Company
is also expanding its range of biomaterials-based finished medical
devices based on its internal and acquired intellectual property
for commercialisation with partners via licensing and distribution
arrangements, including ChondroMimetic(R), an osteochondral
scaffold for repairing cartilage defects in the knee. The Company's
products are used in a wide variety of applications including
orthopedics, cardiovascular, dental, plastic surgery, wound
healing, neurology and urology.
For more information, visit www.collagensolutions.com
Enquiries:
Collagen Solutions Plc Contact via Walbrook
Jamal Rushdy, Chief Executive
Officer
Gill Black, Chief Financial
Officer
Cenkos Securities plc (Nominated Tel: 0207 397 8900
Adviser and Broker)
Stephen Keys
Steve Cox
Walbrook PR Tel: 020 7933 8780 or collagen@walbrookpr.com
Mike Wort Mob: 07900 608 002
Anna Dunphy Mob: 07876 741 001
This information is provided by RNS
The company news service from the London Stock Exchange
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