Business
CollPlant Reports Fourth Quarter and Year End 2018 Financial Results and Provides Business Update
REHOVOT, Israel, April 1, 2019 /PRNewswire/ -- CollPlant (NASDAQ: CLGN), a regenerative medicine company, today announced financial results for the fourth
About this update from Collplant Biotechnologies Ltd.
[{"type":"text","content":"REHOVOT, Israel, April 1, 2019 /PRNewswire/ -- CollPlant (NASDAQ: CLGN), a regenerative medicine company, today announced financial results for the fourth quarter and year ended December 31, 2018 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-IFRS (non-GAAP) Measures\" below.\nCollPlant reported revenues of $4.2 million for the fourth quarter of 2018. The Company ended the fourth quarter of 2018 with $5.4 million in cash and cash equivalents. Comprehensive income for the fourth quarter of 2018 was $1.0 million on a GAAP basis, or adjusted comprehensive income of $904,000, on a non-GAAP basis.\n\"During the fourth quarter, we were very pleased to enter into a global licensing and commercialization agreement with United Therapeutics (UTHR) for 3D bioprinting of lungs. We recognized $4 million as revenues in 2018 relating to the UTHR license agreement which, when combined with revenues from the sale of our commercialized products, resulted in a net profit during the fourth quarter,\" stated Yehiel Tal, CollPlant's Chief Executive Officer.\n\"We believe our rhCollagen is the ideal building block for scaffolds used in regenerative medicine including for organs manufacturing. The ability to repair and build tissues and whole organs has the potential to transform medicine and we are pleased to be on the forefront of this technology. We are actively collaborating with multiple companies by providing our BioInks for various 3D printing applications.\" \n\"In the medical aesthetics market, we are expanding our development scope into the field of surgical incisions. We are currently running a proof of concept study in breast and abdominal surgeries with our VergenixFG product. Our goal is to position CollPlant as a major player in the medical aesthetics market. Additionally, we are pleased to report that during the first quarter of 2019, we supplied our first material order into the aesthetics market,\" concluded Mr. Tal.\nFourth Quarter 2018 Financial Results\nRevenues from the licensing agreement and the sale of our Bioink, VergenixFG and VergenixSTR products for the fourth quarter of 2018 were $4.2 million (NIS 15.8 million), an increase of 1,559% compared to $254,000 (NIS 952,000) for the fourth quarter of 2017. Reve...