The across the board improvements to the ORGS financial picture from the latest update illustrate who well this company is being run now. The CEO sums up his current financial success and the prospects for the new mobile testing program going forward...
From the news:
Vered Caplan, CEO of Orgenesis, said, “I am pleased to report that revenue for the fourth quarter of 2022 increased by 98% to $13.6 million, compared to $6.9 million for the same period last year as we are progressing with the planned rollout of our POCare platform. In addition to our strong revenue growth, we reduced our operating loss by 91% for the fourth quarter of 2022 versus the same period last year, which reflects our cost-effective and highly scalable business model. The goal of our Orgenesis Mobile Processing Units and Labs (OMPUL) strategy is to provide autologous cell and gene therapies to patients in need at the point-of-care, which, in turn, is expected to dramatically lower costs. Our latest investments have allowed us to increase our capacity and advance our go-to-market strategy as we aim to expand the deployment of our Orgenesis Mobile Processing Units and Labs (OMPULs). Most recently, we signed a non-binding memorandum of understanding (MOU) with University of California, Davis (UC Davis) to deploy our OMPULs at UC Davis and other healthcare universities within the State of California. Additionally, we are focused on supporting the POCare Centers located at strategic locations in various countries across North America, Europe, Asia, and the Middle East, which serve as hubs for the respective regions.”
Ms. Caplan continued, “Orgenesis is also advancing our POCare therapeutic pipeline, while leveraging grants and partnerships. In 2022, our subsidiary, Koligo Therapeutics, supplied Kyslecel to five medical institutes supplying total pancreatectomy - islet auto transplant (TP-IAT) cases. Production from this one site enabled Koligo to achieve positive cash flow from operations in the fourth quarter of the year as a separate business unit. Additionally, Koligo passed an FDA inspection of this site as a registered tissue production establishment in February. Following this confirmation of the infrastructure design and production protocols, and building on increasing demand, we are now pursuing plans for site expansion in the US and internationally. In the EU, Koligo is utilizing the expertise of Orgenesis to enable regional production capacity and leverage grants to drive clinical development towards marketing approval.”
The complete financial results for the fourth quarter and year ended December 31, 2022 are available on the Company’s website in the Company’s Annual Report on Form 10-K, which has been filed with the Securities and Exchange Commission.
Bullish
