CollPlant (NASDAQ: CLGN) Reports 4th Quarter and Year End 2K18 Financial Results and Provides Business Update

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CollPlant (NASDAQ: CLGN), a regenerative medicine company, recently declared financial results for the 4th quarter and year finished December 31, 2K18 and offered an update on the Company’s business developments. Certain metrics, counting those expressed on an adjusted basis, are non-GAAP measures. See “Use of Non-IFRS (non-GAAP) Measures” below.

CollPlant stated revenues of $4.2M for the 4th quarter of 2K18. The Company finished the 4th quarter of 2K18 with $5.4M in cash and cash equivalents. Comprehensive income for the 4th quarter of 2K18 was $1.0M on a GAAP basis, or adjusted comprehensive income of $904,000, on a non-GAAP basis.

“Throughout the 4th quarter, we were very happy to enter into a global licensing and commercialization contract with United Therapeutics (UTHR) for 3D bioprinting of lungs. We recognized $4M as revenues in 2K18 regarding the UTHR license contract which, when combined with revenues from the sale of our commercialized products, resulted in a net profit throughout the 4th quarter,” stated Yehiel Tal, CollPlant’s Chief Executive Officer.

4th Quarter 2K18 Financial Results

Revenues from the licensing contract and the sale of our Bioink, VergenixFG and VergenixSTR products for the 4th quarter of 2K18 were $4.2M (NIS 15.8M), a boost of 1,559 percent difference to $254,000 (NIS 952,000) for the 4th quarter of 2K17. Revenues recognized in the 4th quarter of 2K18 are mainly attributable to revenue from the UTHR license contract in the amount of $4.0M (NIS 14.7M).

Gross profit for the 4th quarter of 2K18 was $4.0M (NIS 15.0M), a boost of 1,567 percent difference to $240,000 (NIS 900,000) in the 4th quarter of 2K17.

Research and development costs for the 4th quarter of 2K18, net of participations, were $2.5M (NIS 9.2M), a boost of 207 percent difference to $800,000 (NIS 3.0M) for the 4th quarter of 2K17. Research and development costs, net, for the 4th quarter of 2K18 includes royalty costs paid to the Israel Innovation Authority (IIA) in connection with the UTHR license contract, amounting to $1.2M (NIS 4.7M).

General, administrative, and marketing costs for the 4th quarter of 2K18 were $862,000 (NIS 3.2M), a decrease of 22 percent difference to $1.1M (NIS 4.1M) for the 4th quarter of 2K17.

Operating income for the 4th quarter of 2K18 was $669,000 (NIS 2.5M), a boost of 140 percent difference to operating loss of $1.7M (NIS 6.2M) for the 4th quarter of 2K17.

The Company posted a comprehensive income of $1.00M (NIS 3.8M), or $0.004 (NIS 0.02) per share, for the 4th quarter of 2K18, difference to a net loss of $1.6M (NIS 5.9M), or $0.01 (NIS 0.02) per share, for the 4th quarter of 2K17.

Year Finished December 31, 2K18 Financial Results

Revenues from the sale of our Bioink, VergenixFG and VergenixSTR products in the year finished December 31, 2K18 were $4.8M (NIS 18.0M), a boost of 959 percent, difference to $453,000 (NIS 1.7M) in the year finished December 31, 2K17. Revenues recognized in 2K18 are mainly attributable to revenues from the UTHR license contract in the amount of $4.0M (NIS 14.7M).

Gross profit for 2K18 was $4.4M (NIS 16.6M), a boost of 938 percent difference to $427,000 (NIS 1.6M) for the year finished December 31, 2K17.

Research and development costs for the year finished December 31, 2K18, net of participation, were $5.2M (NIS 19.4M), a boost of 38 percent difference to $3.8M (NIS 14.1M) for the year finished December 31, 2K17. Research and development costs, net, includes royalty costs paid to the IIA in connection with the UTHR license contract, amounting to $1.2M (NIS 4.7M).

General, administrative, and marketing costs for the year finished December 31, 2K18 were $3.3M (NIS 12.5M), a boost of 51 percent difference to $2.2M (NIS 8.3M) for the year finished December 31, 2K17. Operating loss for the year finished December 31, 2K18 was $4.1M (NIS 15.3M), a decrease of 26 percent difference to $5.5M (NIS 20.8M) for the year finished December 31, 2K17.

Comprehensive loss was $3.7M (NIS13.9M), or $0.02 (NIS 0.06) per share, for the year finished December 31, 2K18 difference to a net loss of $5.6M (NIS 20.9M), or $0.05 (NIS 0.16) per share, for the year, finished December 31, 2K17.

4th Quarter 2K18 Financial Results on Non-IFRS Basis (non-GAAP”)

On a non-GAAP basis, the operating costs and costs for the 4th quarter of 2K18 were $3.1M (NIS 11.8M), difference to $1.6 (NIS 6.0M) for the 4th quarter of 2K17. The comprehensive income on a non-GAAP basis for the 4th quarter of 2K18 was $904,000 (NIS 3.4M), or $0.004 (NIS 0.02) per share, difference to comprehensive loss of $1.3M (NIS 4.8M), or $0.01 (NIS 0.04) per share, for the 4th quarter of 2K17. Non-GAAP measures exclude certain non-cash costs. The table at the end of this press release titled “Reconciliation of GAAP to Non-GAAP Financial Measures” includes a reconciliation of the Company’s GAAP results to non-GAAP results. The net reconciliation reflects non-cash income in the amount of $104,000 (NIS 309,000) in the 4th quarter of 2K18, with respect to (i) change in fair value of financial instruments and (ii) share-based compensation to employees, directors, and consultants.

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