CollPlant Biotechnologies FY23 Net Loss Narrows

(RTTNews) - CollPlant Biotechnologies (CLGN), a regenerative and aesthetics medicine company, reported Thursday that its fiscal 2023 net loss narrowed to $7.0 million or $0.62 basic loss per share from last year's net loss of $16.9 million or $1.53 basic loss per share.

Adjusted net loss for the year was $5.2 million, or $0.46 basic loss per share, compared to $15.2 million loss, or $1.37 basic loss per share a year ago.

Revenues were $11.0 million, including revenues mainly from AbbVie, CollPlant's business partner, compared to $299,000 for the year 2022. The increase was mainly related to the achievement of a milestone under the AbbVie Agreement, which triggered a $10.0 million payment and a $600,000 increase in sales of rhCollagen products.

Gross profit for the year was $9.0 million, compared to gross loss of $101,000 in 2022.

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