Business
Lattice Biologics Ltd. Reports Second Quarter 2017 Highlights
Lattice Biologics Ltd. Reports Second Quarter 2017 Highlights.
About this update from Lattice Biologics Ltd
[{"type":"text","content":"\n\n\n\n\nMarketwire\n\n\n\n\nLattice Biologics Ltd. Reports Second Quarter 2017 Highlights\n\n\nAmnion based products grow 76% quarter over quarter\n\n\n\n\n\n\n SCOTTSDALE, ARIZONA--(Marketwired - May 30, 2017) - Lattice Biologics Ltd. (TSX VENTURE:LBL) (OTCQB:LBLTF) (\"Lattice Biologics\" or the \"Company\") announces financial results for the second quarter ended March 31, 2017:\n Highlights:\n \n \n New sales team focused on high growth markets with immediate impact.\n Increased gross margins from 19.9% to 33.7% for six months ended 2016 over 2017.\n Higher gross profit for three months ended March 31, 2017 than any quarter in fiscal 2016.\n Entered into agreements to restructure $4.5 million in debt.\n Granted approval from American Association of Tissue Banks (AATB) through 9/29/19.\n Acellular Dermal Products sales growth 340% Q2 2017over Q2 2016.\n High margin amnion based products now account for 10% of all sales.\n G&A expenses reduced to 14% of sales vs 21% of sales on higher margins. \n \n \n Q2 2017 Business Update:\n The Company remains focused on raising additional capital to: assist with its working capital constraint; fulfill open purchase orders; launch the Company's new product lines; and support R&D efforts. Appropriate working capital conditions will allow the Company to expand current operations by accepting and processing a greater number of donors each month, launch new higher-margin product lines, and to create a direct sales force to attain our growth objectives.\n Furthermore, Lattice Biologics is proactively working to complete key additions to its Scientific Advisory Boards (SABs) which are comprised of strategic Key Opinion Leaders (KOLs) in each of the Company's targeted surgical specialties. These professionals play a significant role in influencing industry perception and opinion and can be instrumental in the recruitment of new surgeon partners and generation of critical clinical data.\n \"I am extremely pleased with our new sales team efforts to secure national and international accounts that will provide an immediate impact to our sales revenues. Their dedicated efforts over the last few months have allowed us to achieve a higher gross margin than previous quarters, while decreasing G&A and salary expenses. We are a much leaner and more efficient organization,\" states CEO Guy Coo...