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Organovo Holdings Announces Second Quarter 2016 Fiscal Results and Long-Range Outlooks
Nov. 10, 2015 07:50AM PST
Emerging TechnologyOrganovo Holdings (NYSE MKT:ONVO) has announced its financial results for the fiscal second quarter of 2016, as well as its full-year fiscal and long-range outlooks.
Organovo Holdings (NYSE MKT:ONVO) has announced its financial results for the fiscal second quarter of 2016, as well as its full-year fiscal and long-range outlooks.
According to the press release:
Net loss was $11.3 million, or $0.12 per share, for the fiscal second quarter of 2016, as compared to $8.9 million, or $0.11 per share, for the fiscal second quarter of 2015.
Organovo reported fiscal second-quarter total revenue of $0.3 million, which consisted of $0.2 million of products and services revenue and $0.1 million of collaborations and grants revenue. Total revenue increased 502 percent versus the comparable period of fiscal 2015. Products and services revenue, which primarily represents revenue from the exVive3DTM Human Liver Tissue research service and product, increased by $0.2 million from the year-ago period. The Company commercially released the exVive3D Human Liver Tissue in November 2014.
The Company also achieved its next milestone for its kidney program ahead of schedule. Functional validation of its kidney tissue, due to be achieved in December 2015, was completed in October 2015. The Company is preparing the data, which includes functional measurement of tissue performance, as well as characteristic toxic behavior of known molecules, for submission to a peer-reviewed journal. Organovo remains on schedule to initiate contracting for this product in the calendar third quarter of 2016.
“We affirmed our fiscal 2016 and long-range outlook across the board today and are pleased with our momentum through the fiscal second quarter,” said Keith Murphy, CEO, Organovo. “We participate in attractive and growing markets with critical unmet needs, benefit from favorable competitive dynamics that come with a first mover advantage, and own a leading technology with a strong IP portfolio. Taking all this together, we expect solid revenue growth through an expanding product and service platform.”
Click here to read the full press release.