Collagen Solutions PLC Trading update and notice of results (6453U)

TIDMCOS

RNS Number : 6453U

Collagen Solutions PLC

26 October 2017

Collagen Solutions Plc

(the "Company" or the "Group")

Trading Update and Notice of Results

Collagen Solutions plc (AIM: COS), the developer and manufacturer of medical grade collagen-based biomaterials for use in research, diagnostics, medical devices, and regenerative medicine, provides an update on trading for the six months to 30 September 2017.

Revenue and other income is expected to be GBP1.86m, (H1 2016: GBP1.89m). Whilst the quality and scale of our sales pipeline are both at their highest levels to date, our first half revenues have been impacted by revenue recognition issues (GBP150k) and anticipated orders which, for various reasons, have either not materialised or have been delayed by our customers' own internal issues (2016 equivalent GBP341k). Those revenues affected by revenue recognition will flow through positively during the second-half of the financial year. As already highlighted in our August AGM statement, revenue growth this year is expected to occur in the second-half of the financial year and the Directors believe that the strength and quality of our sales pipeline continues to have the potential to deliver in line with these expectations.

Commenting on outlook, Jamal Rushdy, CEO says: "We remain positive on the long-term prospects of Collagen Solutions and current pipeline of opportunities and new products. During the first half of the financial year, we added eight new early-stage customer deals compared with nine in the entirety of last year. Additionally, a key milestone was met in September when we completed patient assessments in our ongoing eight-year extension clinical study of ChondroMimetic osteochondral scaffold. The resulting data is due to be reported in Q1 2018, followed by a CE mark submission later in 2018, whilst now engaging in partnering discussions. We look forward to providing more detail of progress within the business when we report our Interim results."

The Company will announce its interim results for the six months to 30 September 2017 on Tuesday, 5 December 2017.

About Collagen Solutions:

Collagen Solutions Plc is a global provider of medical grade collagen formulations and components for use in regenerative medicine, medical devices and in-vitro diagnostics and research. The capabilities of the Company include the provision of native, soluble and powdered collagen formulations, processed and semi-processed tissues such as pericardium, bone, and blood vessels, and expertise in the development and contract manufacture of collagen components for use as engineered tissue scaffolds and other medical devices. These products are used in a wide variety of applications including orthopaedics, cardiovascular, dental, plastic surgery, wound healing, neurology and urology. Collagen Solutions' unique offering extends beyond material supply and contract services through the highly skilled staff who support customers through the various stages of development and regulatory approval. For additional information, please visit www.collagensolutions.com.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

Enquiries:

 
 Collagen Solutions Plc                                             Contact via Walbrook 
 Jamal Rushdy, Chief Executive 
  Officer 
 Gill Black, Chief Financial 
  Officer 
 
 Cenkos Securities plc (Nominated                                     Tel: [phone] 
  Adviser and Broker) 
  Stephen Keys 
  Steve Cox 
 
 Walbrook PR                               Tel: [phone] or [e-mail] 
 Mike Wort                                                            Mob: [phone] 
 Anna Dunphy                                                          Mob: [phone] 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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October 26, 2017 02:00 ET (06:00 GMT)