The following is a summary of the CollPlant Biotechnologies Ltd. (CLGN) Q4 2023 Earnings Call Transcript:
Financial Performance:
CollPlant reported Q4 2023 revenues of $299,000, an increase from $58,000 in Q4 2022, primarily from collagen product sales.
Full year 2023 revenues were $11 million, with a substantial contribution from their business partner AbbVie which included a $10 million milestone payment.
Fourth quarter cost of revenues was $773,000 compared to $62,000 in Q4 2022, and the full year cost of revenues for 2023 stood at $2 million, up from $400,000 in 2022.
CollPlant recorded a GAAP net loss for Q4 2023 of $4.7 million or $0.41 per share, compared to a net loss of $4.4 million or $0.39 per share for Q4 2022, and a full-year net loss for 2023 was $7 million or $0.62 per share as against $16.7 million or $1.53 per share in 2022.
The company reported cash and cash equivalents of $26.7 million as of December 31, 2023, sufficient for operational requirements until the end of 2025.
Business Progress:
CollPlant advanced their dermal filler product candidate towards commercialization with AbbVie. This product is currently in its clinical phase of development.
A U.S. patent approval related to photocurable dermal filler product strengthens their foothold in the aesthetics market.
They are also working on a regenerative breast implants product which is in preclinical development and have done large animal studies to optimize design and composition.
The company also initiated a joint development and collaboration agreement with Stratasys for the bioprinting of CollPlant's breast implants.
CollPlant's governance initiatives include joining the United Nations Global Compact and plans to reveal an ESG report for 2023 in Q2 2024.
Future plans include continuation and expansion of collaborations, additional large animal studies for commercial-sized breast implants, and ongoing development of regenerative aesthetic medicine applications leveraging their proprietary rhCollagen and bioink technologies.
More details: Collplant IR
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