CollPlant Biotechnologies, a company specializing in regenerative medicine and aesthetics, announced on Thursday that their net loss for fiscal year 2023 decreased to $7 million, or $0.62 per share, compared to their previous yearly loss of $16.9 million or $1.53 per share.
When adjusted for certain considerations, the net loss for the year stands at $5.2 million, or $0.46 per share, a significant decrease from the previous year's adjusted net loss of $15.2 million, or $1.37 per share.
The year's revenue reached $11 million. This increase was predominantly fuelled by contributions from AbbVie, CollPlant's business partner, and contrasts starkly with their revenue of $299,000 in 2022. This surge in revenue was primarily attributed to the accomplishment of a milestone under the terms of the agreement with AbbVie, which led to a $10 million payment and a $600,000 increase in sales of rhCollagen products.
Moreover, the year's gross profit clocked in at $9 million, demonstrating a substantial improvement from 2022 when the company experienced a gross loss of $101,000.
