CollPlant Biotechnologies Achieves $10.2M Revenues in Q2 2023

 

In July 2023, they received a noteworthy sum of $10 million from their partner, AbbVie, as a recognition of achieving a significant milestone during the second quarter. This accomplishment was in line with the terms of their strategic collaboration agreement, specifically related to the clinical-phase dermal filler product.

A strategic partnership was established with Stratasys, a globally renowned 3D printing company. The collaboration’s primary focus at the outset is the development of a specialized bioprinting solution tailored to the production of CollPlant’s pioneering regenerative breast implants.

An ambitious plan is on the horizon: the initiation of a comprehensive study involving large animals to advance their breast implant research. The anticipated commencement for this initiative is before the year draws to a close.

The upward trajectory of their 3D bioinks continues, indicating strong sales growth and market presence.

From a financial standpoint, their robust position is evident — as of June 30, 2023, their cash and cash equivalents amount to an impressive $22.3 million. The positive financial outlook is further reinforced by an additional $10 million milestone payment from AbbVie, secured in July 2023, which significantly extends its financial runway and stability.

The first half of 2023 reflects a commendable performance, with reported revenues of $10.6 million and operating income reaching $5.7 million.

Interested parties are invited to participate in an upcoming conference call scheduled for August 24, 2023, at 10:00 a.m. U.S. ET. Relevant dial-in details are provided for easy access.

Q2 Highlights and Recent Developments

Program Development:

These implants, composed of proprietary rhCollagen and other biomaterials, aim to offer immune-compatible regenerative solutions for breast reconstruction and aesthetic procedures.

Collaboration Updates:

  • A significant milestone was reached with the clinical phase dermal filler product developed in partnership with AbbVie. The achievement led to a $10 million payment to CollPlant, as outlined in their collaborative agreement. This collaboration continues to offer opportunities for additional milestone payments and future royalties.
  • A strategic collaboration agreement was announced with Stratasys, a global leader in additive manufacturing. This partnership focuses on creating a bioprinting solution using Stratasys’ technology and CollPlant’s rhCollagen-based bioinks. This collaboration aims to produce scaffolds that mimic human tissue properties and can contribute to the development of regenerative tissues and organs. Initial efforts concentrate on industrial-scale solutions for CollPlant’s regenerative breast implant program.
  • CollPlant, in collaboration with Tel Aviv University and Sheba Medical Center, is engaged in developing a personalized platform to enhance the physiological relevance of the human gut. By 3D printing gut tissue geometry using its proprietary bio-ink formulation, CollPlant aims to create a model for evaluating therapy responses in patients with ulcerative colitis.

Financial Results (Q2 2023):

  • GAAP revenues for Q2 2023 were $10.2 million, a notable increase compared to $66,000 in Q2 2022. This increase primarily resulted from the milestone achievement in collaboration with AbbVie.
  • GAAP net income for Q2 2023 was $5.8 million, in contrast to a net loss of $4.3 million in Q2 2022. The change is attributed to various factors including the milestone payment from AbbVie and cost management efforts.

Financial Position (Q2 2023):

  • Cash and cash equivalents as of June 30, 2023, amounted to $22.3 million.

Upcoming Plans:

  • CollPlant plans to initiate a second large-animal study for its 3D bioprinted regenerative breast implants by the end of the year, building on the positive outcomes of the initial study.
  • The Company will continue its focus on advancing collaborations with industry leaders and academic institutions to leverage its rhCollagen technology and 3D bioprinting expertise in therapeutic and medical applications.
  • An upcoming conference call on August 24, 2023, will discuss CollPlant’s Q2 2023 financial results and provide updates on its corporate developments.

Note on Non-GAAP Measures:

  • CollPlant’s financial results include both GAAP and non-GAAP measures, where non-GAAP measures exclude certain non-cash expenses. These non-GAAP measures offer insights into CollPlant’s performance beyond traditional GAAP reporting.

Cautionary Note Regarding Forward-Looking Statements:

  • The press release contains forward-looking statements outlining CollPlant’s future plans, objectives, and strategies. These statements are based on management’s perceptions and assumptions and are subject to various risks and uncertainties that could lead to actual results differing from those anticipated in the forward-looking statements. These risks and uncertainties include factors mentioned in the “Risk Factors” section of CollPlant’s Form 20-F filed with the SEC.

Contacts:




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