11 July 2016

Final Results for the year ended 31 March 2016

 

Collagen Solutions plc (AIM: COS), the developer and manufacturer of medical grade collagen components for use in regenerative medicine, medical devices and in-vitro diagnostics, announces its final results for the year ended 31 March 2016.

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Financial Highlights

  • Group revenue and other income increased to £3.24 million (2015: £1.04 million), ahead of guidance of £2.8 million in January 2016
  • Adjusted LBITDA (before separately identifiable items): £410,016 (2015: £689,816)
  • Net cash balances at 31 March 2016: £2.49 million (2015: £3.39 million)

Operational Highlights

  • Southern Lights Biomaterials acquisition realised value and significant growth
  • Exclusive IP licence and acquisition of assets for the ChondroMimetic pipeline
  • US patent granted for novel processing of pericardium for heart valve replacement
  • Participation in various collaboration projects with leading academic and industry partners
  • New distribution channels set up with Sigma, a part of Merck KGaA, and BBI Solutions
  • Further expansion of global customer and raw materials sourcing base
  • Increased investment in global R&D facilities and in global sales and marketing operations

Post Period End

  • In May 2016 Jamal Rushdy was appointed as Chief Executive Officer, with Dr Stewart White assuming the role of Chief Scientific Officer
  • A joint venture set up with Cre8ive in April 2016 to exploit distribution channels in China

Annual General Meeting

  • The Company's AGM will be held at 3 Robroyston Oval, Nova Business Park, Glasgow, G33 1AP on 24 August 2016 at 11:00am

Jamal Rushdy, Chief Executive Officer of Collagen Solutions, commented: "Our focused strategy is to scale our commercial platform, and develop finished devices through both internal development and acquired technologies, such as the ChondroMimetic platform, that we will commercialise via licensing and distribution partnerships.

We strengthened and grew our core biomaterials supply and manufacturing business resulting in a full year of solid results from our acquired Southern Lights Biomaterials business, and we have also executed new customer agreements and continue to establish a global commercial organisation focused on core business growth.

The past year was transformational for the Company in terms of a step change in scale, product and technology breadth, and organisational development. This has given us a strong foundation as we continue to make progress in the current financial year, with clear and specific strategic initiatives, an engaged management team and a shared vision: to become the industry's first choice for regenerative biomaterials."

 

Enquiries:

Collagen Solutions Plc  
Jamal Rushdy, CEO Mob: +1 612 405 7709
Gill Black, CFO Tel: 0141 648 9100
   
Panmure Gordon & Co (Nominated Adviser and Broker)  
Freddy Crossley, Duncan Monteith (Corporate Finance) Tel: 020 7886 2500
Maisie Atkinson (Corporate Sales) Tel: 020 7886 2905
   
Walbrook PR Ltd Tel: 020 7933 8780 or collagen@walbrookpr.com
Mike Wort Mob: 07900 608 002
Anna Dunphy Mob: 07876 741 001