Organovo Holdings, Inc. announced unaudited consolidated earnings results for the first quarter ended June 30, 2018. For the quarter, the company reported total revenues of $689,000 compared to $990,000 a year ago. Loss from operations was $7,577,000 compared to $10,200,000 a year ago. Net loss $7,416,000 or $0.07 per basic and diluted share compared to $10,102,000 or $0.10 per basic and diluted share a year ago, primarily due to lower employee and lab supply costs related to the Company's organizational restructuring and prioritization of R&D projects. Net cash used in operating activities was $7,022,000 compared to $10,653,000 a year ago.

For the fiscal year 2019, the company expects to have a net cash utilization rate of $22 million to $24 million in fiscal 2019, and believes it has sufficient funds to meet its operating and capital requirements into fiscal 2020.