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Organovo reports smaller loss and sharp fall in revenue

The net loss for the quarter was lower compared to last year but revenues slid
3D
Organovo is a biotech company that develops 3D bioprinted tissues

Organovo Holdings Inc (NASDAQ:ONVO) said on Thursday it posted a net loss which was smaller than last year but revenue declined sharply because of a fall in research income.

The company said its net loss for the quarter was at US$7.4mln, a US$2.7mln improvement over the year ago level. The reason for the smaller loss is due to lower employee and lab suuply costs. Total revenue was US$700,000, from US$990,000 in the same period last year.

READ: Shares of Organovo fall after it narrows fiscal 2018 guidance

Revenue was driven down by lower income from liver tissue modeling research services.

Organovo is a biotechnology company that pioneers in the development of 3D bioprinted tissues aimed at treating a variety of liver diseases. The company is based in San Diego, California.

Contact Rene Pastor at [email protected]

 

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