Orthocell Limited (ASX: OCC) Reports Record Revenue Growth
Record Revenue Achievement
Orthocell Limited (ASX: OCC) has reported $2.21 million in revenue for the December ’24 Quarter, marking the third consecutive quarter of record revenue. This figure represents a 9% increase over the previous record of $2.03 million achieved in the September ’24 Quarter. Year-on-year, revenue grew by 46%, exceeding the $1.51 million recorded in December ’23.
Market Expansion and Product Sales
The surge in revenue is attributed to strong sales of Orthocell’s medical devices, Striate+™ and Remplir™, which are now sold in major markets including the US, UK, Europe, Canada, Australia, and New Zealand. Recently, Remplir recorded its first sales in Singapore, enhancing the company’s market penetration. Orthocell is also nearing regulatory approvals in multiple new international markets, aiming for a significant market opportunity estimated at around US$4.5 billion.
Regulatory Approvals and Future Outlook
A key focus for Orthocell is the anticipated FDA approval of Remplir™ in the US, expected by March/April 2025. This approval could unlock the substantial US$1.6 billion nerve repair market. The company maintains a robust financial position with approximately $31 million in cash and an R&D rebate of $3 million poised for the March Quarter, supporting its continued growth ambitions.
Executive Commentary
CEO and Managing Director Paul Anderson expressed satisfaction with the company’s performance, stating, “We are delighted with the continued growth in demand and record quarterly revenue for our market-leading products Striate+ and Remplir.” He noted the potential for exponential growth and highlighted the upcoming FDA approval as a significant catalyst for the company.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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