Orthocell has reported a record revenue of $1.84 million in the recent quarter, with the biotech company’s annual growth up by more than 30 per cent.
Orthocell has reported a record revenue of $1.84 million in the recent quarter, with the biotech company’s annual growth up by more than 30 per cent.
Murdoch-based Orthocell today reported its June 2024 quarter results, announcing its revenue was up 14.41 per cent from the $1.61 million recorded in Q3 of FY24.
The $1.84 million from June 24 quarter is a 9 per cent increase from the $1.68 million for the corresponding period in FY23, Orthocell said.
Orthocell forecasts a record FY24 revenue of $6.72 million, up from the $5.15 million reported in FY23.
The company also estimated more than $US3 billion ($A4.45 billion) in the global market opportunity for two of its products, Striate+ for dental bone regeneration and Remplir for peripheral nerve repair.
In its ASX announcement, Orthocell said it aimed to secure a 20 per cent market share for Striate+ to generate about $A50 million in revenue.
The company estimated a similar marketshare for Remplir, generating recurring revenue of $A255 million.
Orthocell managing director Paul Anderson said the company had completed a record quarter and a record year of revenue.
“These results show the company is on track to being a key global player,” he said.
“I am very pleased with the performance of our distribution partners and the continued increase in product adoption.
“With a highly respected and experienced board in place, and with market-leading products, our company is in a strong position to continue to gain commercial traction and drive Remplir, our breakthrough nerve repair device, into global markets.”
Orthocell's board comprises chairman John Van Der Wielen, Mr Anderson, former WA governor Kim Beazley, surgeon Fiona Wood, and heathcare researcher Ravi Thadhani.
The company last traded at 37 cents a share, up 5.71 per cent as of 4.10pm AEST today.
