Q2 2024 Collplant Biotechnologies Ltd Earnings Call Transcript
Key Points
- CollPlant Biotechnologies Ltd (CLGN) has made significant progress with its novel breast implant program, including the production of commercial-size implants using proprietary rhCollagen-based bioinks.
- The company is addressing a large market opportunity, with the global breast implant market estimated at $3 billion and projected to grow to $6.5 billion by 2033.
- Positive preclinical study results for the breast implants showed evidence of well-developed connective tissue and no adverse tissue reactions.
- CollPlant's collaboration with AbbVie on a dermal filler product has reached clinical phase, with potential for additional milestone payments and meaningful product royalties.
- The company has released its first environmental, social, and governance (ESG) report, demonstrating a commitment to sustainability and responsible business practices.
- GAAP revenues for Q2 2024 were significantly lower at $249,000 compared to $10.2 million in Q2 2023, primarily due to a $10 million milestone payment from AbbVie in 2023.
- GAAP gross loss for Q2 2024 was $287,000, compared to a gross profit of $9.6 million in Q2 2023.
- GAAP net loss for Q2 2024 was $4.2 million, or $0.37 per share, compared to a net income of $5.8 million, or $0.51 per share, in Q2 2023.
- Operating expenses increased to $4.1 million in Q2 2024 from $3.9 million in Q2 2023, mainly due to higher employee salaries and share-based compensation expenses.
- The company did not disclose specific timelines for the next milestones in its collaboration with AbbVie, creating uncertainty about future revenue streams.
Welcome to the CollPlant Biotechnologies investor conference call to discuss financial results for the second quarter of 2024 and corporate updates. (Operator Instructions). Please note, this conference is being recorded.
Now, I'll turn the call over to Dan Ferry of LifeSci Advisors. Please go ahead, sir.
I would like to welcome everyone to CollPlant Biotechnologies financial results conference call to discuss the results for the second quarter ended June 30, 2024, where management will also provide a corporate business update.
With us on the call today from CollPlant are Yehiel Tal, Chief Executive Officer, who will provide an overview of the company's programs and associated updates; and Eran Rotem, Deputy CEO and Chief Financial Officer, who will provide a summary of CollPlant's financial results for the second quarter ending June 30, 2024. Both will be available to answer questions at the end of the call.
Before we get started, I would like to remind everyone that statements made on this
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