The company expects to record revenue in excess of $9 million this financial year with a closing cash balance of about $20 million.
This compares with revenue of $7.4 million in the 2012/13 financial year.
Its CardioCel® regenerative tissue product is now being used in 12 centres throughout Europe, well within its goal of it being used in 15 surgical centres.
In addition, the company is receiving sales orders from key U.S. centres earlier than scheduled.
"The past 12 months have been extremely successful, with European and US marketing clearance for our lead regenerative tissue product CardioCel® and the completion of the HSV-2 vaccine Phase I study," chief executive officer Lee Rodne said.
"The initial target is to get CardioCel® into 15 key centres in Europe and in the US and as we scale up our manufacturing we will increase the number of new centres coming on-stream and continue to grow our revenue.
"We've had a very encouraging initial launch period for CardioCel® and the key for us during this early phase is centre penetration.
"This will provide the base to continue to grow revenue for the company as surgeons begin to experience the benefits of using CardioCel® first hand for the repair and reconstruction of cardiovascular defects in both children and adults."
Besides its use in Australia, Europe and the U.S., Admedus is also seeking marketing approvals in other jurisdictions.
It is also seeking the expansion of CardioCel® for other uses, including additional cardiovascular applications and other areas of surgical repair.
The company will make additional updates on these planned programs during the 2014/15 financial year.
It also expects its production of CardioCel® for the U.S. market at its Western Australia manufacturing site will begin in July this year.
In addition, the company and Professor Ian Frazer's science team at Coridon have in the past 12 months entered into a Phase I study for the Herpes simplex virus (HSV-2) therapeutic vaccine.
Interim results released earlier this year were promising and mean that the program will advance into Phase II, with the team currently finalising details for the study which is scheduled to be initiated by the end of 2014.
Admedus also expects to release further Phase I data in the next quarter once final assay analysis is completed.
Admedus has made considerable progress in the past 12 months and this is reflected in its forecast revenue in excess of $9 million for the current financial year, up from the $7.4 million it made last year.
Together with its expected closing cash position of about $20 million, it is well positioned to advance its CardioCel® regenerative tissue product and immunotherapies platform technologies.
This will also help deliver revenue growth.
Key milestones and share price catalysts over the next 12 months include:
- Getting CardioCel® into 15 key centres in Europe;
- CardioCel® into 15 key centres in the US;
- Initial Asian market approval for CardioCel®;
- Initiation of CardioCel® market expansion studies;
- Progression of CardioCel® with cellular therapies program;
- Expansion of the regenerative tissue portfolio;
- Complete the preclinical HPV therapeutic vaccine program;
- Initiation of the Herpes (HSV-2) Phase II clinical study; and
- Growing revenues for the group.
The very encouraging initial launch period for CardioCel® is significant and the key is centre penetration to grow revenues.
Apart from that Professor Ian Frazer and his team are due to release some very important and additional data from the Herpes simplex virus (HSV-2) study that is due in the next quarter. Any one of the key catalysts are likely to be game changers for Admedus.
Proactive Investors continues to maintain our share price target of $0.24 to $0.28.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.