Business
CollPlant Biotechnologies Reports First Quarter (Q1) 2020 Financial Results
REHOVOT, Israel, May 27, 2020 /PRNewswire/ -- CollPlant (NASDAQ: CLGN), a regenerative and aesthetics medicine company, today announced financial results for
About this update from Collplant Biotechnologies Ltd.
[{"type":"text","content":"REHOVOT, Israel, May 27, 2020 /PRNewswire/ -- CollPlant (NASDAQ: CLGN), a regenerative and aesthetics medicine company, today announced financial results for the first quarter ended March 31, 2020 and provided an update on the Company's business developments. Certain metrics, including those expressed on an adjusted basis, are non-GAAP measures. See \"Use of Non-GAAP Measures\" below.\nCollPlant reported revenues of $609,000 for the first quarter of 2020. The Company ended the first quarter of 2020 with $5.6 million in cash and cash equivalents. Comprehensive loss for the first quarter of 2020 was $1.6 million on a GAAP basis, or adjusted comprehensive loss of $1.4 million, on a non-GAAP basis.\n\"We are advancing the development of dermal fillers that combine our rhCollagen with hyaluronic acid to treat wrinkles and rejuvenate the skin. We also continue the intensive development work with United Therapeutics which is using our rhCollagen-based BioInk for 3D bioprint lung scaffolds, all despite the inherent challenges stemming from the rapid global spread of COVID-19,\" stated Yehiel Tal, the Chief Executive Officer of CollPlant. \"We implemented remote working and workplace protocols for our employees in accordance with Israel Health Ministry guidelines and all employees have been instructed on and encouraged to practice best social distancing behaviors. We continue to closely evaluate the evolving pandemic as it unfolds and we currently remain on track to achieve the Company's business plan. Additionally, I am happy to share with you a new scientific animation video for our cutting-edge Photocurable Dermal Filler product, that is currently in the pre-clinical phase. We continue to advance discussions towards new strategic partnerships with industry leaders, relying on our technology platform to develop innovative products regenerative and aesthetic medicine.\"\nFinancial Results \nFirst Quarter 2020 Financial Results on US GAAP basis (\"GAAP\")\nRevenues for the first three months ended March 31, 2020 increased by 3% to $609,000, compared to $594,000 in the first quarter of 2019. Revenues were derived mainly from CollPlant's BioInk for the development of 3D bioprinting of tissues and life savings organs, and from sales of rhCollagen to medical aesthetics and 3D bioprinting business collaborators.\nThe Company's gross profit fo...