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Admedus rapid revenue growth driven by global sales success

Sales of the company’s CardioCel® cardiovascular repair product have contributed to a 29% increase in full-year revenue to $10.2 million. Further growth is anticipated in FY2016 and beyond as the company continues its global launch.

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Admedus (ASX:AHZ) has recorded a 16% increase in revenue to $2.9 million for the June 2015 quarter over the previous quarter and 36% over the previous corresponding quarter.

Full-year revenue is up 29% to $10.2 million including Total CardioCel® sales of $2.57 million.

Total income for the group was $11.4 million, which included a tax rebate of $1.1 million and grants of $148,000.

Closing cash balance as at 30th June 2015 was $24 million following a placement of shares in March that raised $28 million.

CardioCel®, the company’s lead regenerative tissue product for the repair of cardiovascular defects, has now being launched in the U.S., Europe, Canada, Singapore and Hong Kong.

Notably, it is used in over 90 centres globally with over 70 centres added just in the past 12 months.

Admedus continues to invest in the expansion of the CardioCel® product portfolio and the overall ADAPT tissue product portfolio in areas such as dura mater repair, building the potential for future revenue growth.

It also continues to work with Professor Ian Frazer and his team to advance the clinical development of its Herpes Simplex 2 (HSV-2) and Human papillomavirus (HPV) therapeutic vaccine programs.

Earlier this year the HSV-2 therapeutic vaccine moved into a Phase II study, with interim results anticipated towards the end of the 2015 calendar year.

The HPV therapeutic vaccine is progressing into clinical studies this financial year.


CardioCel® Activity

During FY2015, the company enhanced its sales teams in Europe, the U.S., Asia and Australia, with CardioCel® now used in over 90 centres.

To date, 2,600 patients have been implanted with the device to treat and repair their heart defects.

In June, Admedus announced positive long-term data from the CardioCel® Phase II clinical trial, which showed no evidence of calcification after 7 years.

Importantly, there have been no repeat heart procedures related to CardioCel for the monitored patients in the study and there are no signs of CardioCel calcification.


Analysis

Admedus’ growing revenue reflects the growing use of its CardioCel® regenerative tissue product as well as increase in sales of its infusion devices.

CardioCel® is now used in more than 90 centres globally to treat and repair heart defects.

The company continues to increase the number of centres using CardioCel® and expects continued sales growth as it brings additional regenerative tissue products onto the market for other large applications.

Catalysts ahead for CardioCel are:

- Growing number of global heart centres using CardioCel to repair heart defects including repairing heart valves;
- Additional regulatory approvals in Asia for CardioCel;
- Initiation of an aortic valve repair study to show CardioCel’s utility and advantages in aortic repair vs aortic valve replacement (aortic valve market today is large and mostly using replacement procedures as they haven’t had suitable tissue to repair);
- Expanded ADAPT pipeline in areas such as vessel repairs, cellular therapies and progressing our dura mater product towards studies for market approvals;
- Interim results from the HSV-2 Phase II study expected towards the end of 2015; and
- HPV vaccine progressing into clinical studies this year.



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