Organovo (NASDAQ:ONVO) the 3D bioprinting company with headquarters in San Diego, CA has reported annual revenue of $1.5 million for fiscal 2016. Total product and service revenue is more than double the amount reported at end of fiscal 2015.
Current cash and cash equivalents assets have also increased by over $12 million.
The report coalesces with the trends seen from the company in Q2, despite some turbulence earlier in the year.
L’Oreal partnership, kidney tissues and commercially selling stem-cells
This most recent financial year was busy period for the company. In April 2015 Organovo entered into a high-profile skin-printing partnership with cosmetics manufacturer L’Oreal USA.
Furthermore, pre-clinical trials for liver fabrication also proved promising as the company successfully implanted 3D bioprinted tissue into mice.
Organovo Chairman and Chief Executive Officer Keith Murphy hints at more imminent revelations for 2017,
We plan to share some high-level data and our next steps in the coming months, and we expect this will be exciting for investors.
Just a year ago, in January 2016, Organovo also launched its Samsara subsidiary giving stem cells commercial availability, which has been reflected in the report.
Closing his statement on the results, Murphy adds:
As for our liquidity position and balance sheet profile, when you take our fiscal 2016 year-end cash balance and our forecasted cash needs in fiscal 2017, we have approximately two years of cash on hand to execute our current business plan. We’ll continue to be thoughtful in deploying our resources to balance growth and operating efficiency.
As an agreement with Japan’s biopharmaceutical suppliers Cosmo Bio (JASDAQ:3386) occurred late 2016, it is still too early to measure the impact this has to distribution. This, coupled with Organovo’s heavy investments in Research & Development (over $18 million) certainly bode for an interesting 2017.
Featured image shows Organovo ringing the bell on the NASDAQ Stock Market. Photo via Organovo on Twitter