Good results15 Mar 2022 08:23
Financial Highlights
· Returned to double digit revenue growth up 20% to US$19.7m (2020: US$16.5m) due to a strong performance in the US
o BioRinse® (orthopaedics and dental) revenue of US$12.7m, up 33% (2020: US$9.5m)
o Joint venture GBM-v increased revenue of US$2.8m, up 5% (2020: US$2.6m)
o dCELL® (DermaPure®) sales remained consistent at US$4.2m (2020: US$4.2m)
· Gross Profit increased to US$8.5m (2020: US$7.5m)
· Operating Loss reduced to US$4.9m (2020: US$12.4m)
· Cash balance at 31 December 2021 of US$7.7m, supports current business growth plan
Operational Highlights
· Completion of the Phase 1 facility expansion at the San Antonio, Texas facility, in June 2021 on time and on budget
· Launch of dCELL® product line extensions; DermaPure® Meshed, VNEW™ and MatrixND™
· Reorganisation of the dCELL® commercial operations to reinvigorate sales growth
· Successfully secured several new strategic partners and distributors resulting in a 36% increase in units shipped during 2021
· ISO 13485 accreditation for the Garforth, Leeds facility received in February 2021
· Completion of restructuring of the dCELL® operations in January 2021 which will reduce the overhead cost base by c. US$700k on an annualised basis
· Sales for DermaPure® products to ARMS Medical were up 24%