Business
Ondine Biomedical Reports Robust Growth in H1 2024
Ondine Biomedical Reports Robust Growth in H1 2024.
About this update from Ondine Biomedical, Inc.
[{"type":"text","content":"\n\nONDINE BIOMEDICAL INC.\n(\"Ondine Biomedical\", \"Ondine\" or the \"Company\")\n \nOndine Biomedical Reports Robust Growth in H1 2024\n \nUnaudited results for the six months to 30 June 2024\n \nOndine Biomedical Inc. (AIM:OBI), a leading provider of light-activated antimicrobial technology to prevent and treat hospital infections, is pleased to announce strong operational results for the first half of 2024, highlighting significant progress and expansion in its commercial and clinical endeavors.\n \nFinancial figures throughout this interim report are in Canadian dollars unless otherwise specified.\n \nOperational Highlights\n \n· Commercial growth: Adoption of the Company's novel light-activated antimicrobial, Steriwave®, increased by 190% to 29 hospitals by the end of H1 2024 (H1 2023: 10 Hospitals). Commenced commercial roll-out of the 2nd generation Nasal Illuminator in Canada post-period.\n \n· Strategic partnership: Following the end of H1 2024, the Company announced a strategic partnership with Mölnlycke Health Care, a world-leading MedTech company that specializes in innovative solutions for wound care and surgical procedures, to bring Ondine's Steriwave nasal decolonization technology to the UK, EU, and Middle Eastern markets.\n \n· Clinical trial progress: In June, the Clinical trial agreement for the US Phase 3 trial was signed with HCA Healthcare (HCA). Ondine, HCA and the contract research organization are collaboratively finalizing the details and site selection for the trial. \n \n· Advancing into ICU: As previously announced, the Company accelerated plans to pursue the large and critical ICU market, and has partnered with the Royal Columbian Hospital Foundation's Advancing Innovation in Medicine (AIM) division to study Steriwave in intensive care units (ICU).\n \nFinancial Highlights\n \n· Revenue of $0.9 million, reflecting a 101% increase compared to $0.4 million in H1 2023.\n· Gross margin at 62%, up 300 basis points from 59% in H1 2023.\n· Loss from operations of $7.8 million (H1 2023: $8.0 million).\n· Cash,...