11 July 2017

Final Results for the year ended 31 March 2017

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 2017.

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Financial Highlights

  • Group revenue and other income increased by 26% to £4.09 million (2016: £3.24 million)
  • Adjusted LBITDA (before separately identifiable items): £1.26 million (2016: £0.41 million)
  • Net cash balances at 31 March 2017: £8.98 million (2016: £2.49 million)
  • Balance sheet strengthened with up to £10.8 million (gross) in equity and venture debt facility

Operational Highlights

  • Commercial organisation delivered nine new commercial agreements
  • Online U.S. sales launch to provide additional access to the research markets
  • 60% stake taken in Cre8ive Collagen to move into Chinese market
  • Strengthened executive team with key R&D, Sales and Marketing, and General Management hires
  • Provisional patent for bone graft substitute filed
  • Australian patent for sourcing ultra-thin processed pericardium granted
  • Participation in second major Horizon 2020 project

Post Period End

  • On 30 June 2017, Stewart White, the Group's Chief Scientific Officer stepped down from the Executive Team and the Board. He will continue to provide services to the Group on a consultancy basis and remain a member of the Scientific Advisory Board
  • Initiated open label extension clinical study for ChondroMimetic® in Hungary

Annual General Meeting

  • The Company's AGM will be held at 3 Robroyston Oval, Nova Business Park, Glasgow, G33 1AP on 30 August 2017 at 11:00am

Jamal Rushdy, Chief Executive Officer of Collagen Solutions, commented: "I am pleased with the progress our team has made over the past year with our new focused strategy to deliver growth in our core supply, development, and manufacturing business through several commercial initiatives, and to build strategic value with our proprietary products R&D pipeline. In addition, our recent financing at the end of the financial year strengthened our balance sheet to fuel these growth initiatives. Finally, we strengthened our leadership team with three key appointments in Sales and Marketing, Research and Development, and General Management. With this momentum, funding, and team in place we remain positive about our vision to be the industry's first choice in regenerative biomaterials and progress towards our goals to deliver our revenue growth and profitability targets."

 

Enquiries:

Collagen Solutions Plc  
Jamal Rushdy, CEO Contact via Walbrook
Gill Black, CFO  
   
Cenkos Securities plc (Nominated Adviser and Broker)  
Stephen Keys Tel: 0207 397 8900
Steve Cox  
   
Walbrook PR Ltd Tel: 020 7933 8780 or collagen@walbrookpr.com
Mike Wort Mob: 07900 608 002
Anna Dunphy Mob: 07876 741 001