The global healthcare company continues to achieve its near-term optimisation and expansion initiatives.
Admedus is in a strong financial position with an end of quarter cash balance of $19.5 million and a clear path to profitability in FY18.
The launch of its latest product, VascuCel® into the U.S. market, is on target for November 1, 2016.
Furthermore, cost reductions are forecast to continue over the coming quarters.
Admedus holds assets from research and development, through clinical development as well as sales, marketing and distribution.
Its flagship product is CardioCel®, a bio-engineered tissue scaffold to repair congenital heart defects, and expanding into the heart valve market.
CardioCel is becoming a surgeon-preferred biomaterial for heart valve repair surgeries.
It represents a disruptive technology in the $2.5 billion heart valve repair and replacement market, which is dominated by products commercialized by large medical device companies.
It is now being sold in Canada, Australia, Asia, the Middle East, and North Africa, covering 135 medical centres.
Admedus also recently received FDA 510(k) clearance to market its vascular product, VascuCel in the U.S.
Furthermore, the Admedus infusion portfolio has over 800 customers providing hospital-wide infusion solutions across the Australian and New Zealand healthcare systems.
Beyond CardioCel and infusion sales, Admedus is developing a DNA-based therapeutic vaccine for HSV-2 and HPV.
September quarter highlights
Highlights form the September quarter include:
- Financials on track and in-line with previous guidance;
- New marketing campaign and field force strategy in place to optimise market presence and competitive positioning;
- Revenue up 50% from last quarter and up 100% from corresponding quarter;
- Net loss down 36% from previous quarter to $3.5 million, including one-off payments; and
- Healthy cash balance of $19.5 million.
Admedus continues to implement numerous cost savings and has made significant improvements in its sales and marketing globally.
Net losses are forecast to reduce by a further 25% next quarter and are anticipated to continue in subsequent quarters.
FDA clearance has been received for its VascuCel product which is on schedule to launch in November 2016.
Admedus believes VascuCel will take significant market share in the U.S. vascular market – the global vascular repair market is estimated at $500 million.
Wayne Paterson, interim CEO, will provide an update on the future direction of the company at the annual general meeting on November 10, 2016.