- Orgenesis (NASDAQ:ORGS) jumps 11% premarket after announcing financial results for the first quarter ended March 31, 2021.
- The company reported Q1 total revenues of $9.4M, an increase of 400% over prior year.
- ORGS achieved positive operating profit of $0.08M for Q1 vs. operating loss of $6.7M in same period prior year.
- Net loss for Q1 narrowed to $0.3M or ($0.01) per share compared to loss of $7M or ($0.39) per share in Q1 2020.
- Cash and cash equivalents as of March 31 were of $41.8M compared to $44.9M at the end of December 31, 2020.
- “Our first quarter results illustrate the potential of our new POCare strategy, as evidenced by more than a four-fold increase in revenue for the first quarter of 2021. This growth is a direct result of long-term contracts with our regional partners as they work to advance our therapeutic pipeline and scale production capabilities in their respective territories," stated Vered Caplan, CEO.
- Recently, FDA OK'd Orgenesis IDE for its clinical trial of Tissue Genesis Icellator2 to treat ARDS due to COVID-19.
- Previously (May 7): Orgenesis reports Q1 results