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    OSX   AU0000053324

OSTEOPORE LIMITED

(OSX)
Delayed Australian Stock Exchange  -  12:49 2022-09-30 am EDT
0.2050 AUD   -6.82%
09/27Osteopore Products to be Added to Australian Prostheses List
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08/31Osteopore Limited Reports Earnings Results for the Half Year Ended June 30, 2022
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Osteopore : Activities Update Qtr Ending June 2022 and Appendix 4C

07/24/2022 | 08:24pm EDT

For personal use only

ASX RELEASE│OSTEOPORE LIMITED

JUNE 2022 QUARTERLY ACTIVITIES REPORT

Highlights:

  • Osteopore achieved record revenue of S$431,171 (A$453,052) for Q2 CY22.
  • Revenue increased 16% over Q1 CY22, resulting in the third consecutive quarter of revenue growth, and a 39% increase over the previous year's revenue for the corresponding period of Q2 CY21.
  • Osteopore's Chief Technology Officer, Dr Lim Jing, was appointed as Chief Operating Officer as part of the Company's internal development strategy to improve efficiency and support business growth.
  • The Company continued its successful expansion into additional markets, with first shipments achieved in Columbia, Spain and South Africa.
  • Osteopore entered the Oral & Maxillofacial (OMF) markets in Australia and New Zealand, via an exclusive three-year Distribution Agreement with MAXONIQ.
  • A Collaboration Agreement with Livingstone Health Holding Limited ("Livingstone Health"), will see both companies jointly develop new applications and products for regenerating bone and tissue.
  • Highly encouraging commercial outlook, as Osteopore pushes ahead on further commercialisation and revenue generation by focusing on key markets and inorganic opportunities, while growing its footprint across more regions and developing a complementary pipeline of new products for additional bone regeneration applications.

25 July 2022: Osteopore Limited (ASX: OSX) ("Osteopore" or the "Company"), a revenue-generating Australian and Singapore based global leader in the manufacture of innovative regenerative implants at commercial scale empowering natural tissue regeneration, is pleased to release its quarterly results and Appendix 4C cash flow statement for the three-month period ending 30 June 2022.

Record Financial Performance

Osteopore achieved S$431,171 (A$453,052) in revenue for Q2 CY22 and ended the quarter with A$2,336,000 cash on hand. Q2 CY22 revenue was up 16% on Q1 CY22, and up 39% over the previous year's revenue for the corresponding period of Q2 CY21. This result was Osteopore's highest quarterly revenue in the Company's history, and the third consecutive quarter of revenue growth despite COVID-19 continuing to disrupt global healthcare systems.

This sequential growth and rebound in revenue indicates both strong adoption and increasing surgeries at hospitals. Osteopore's sales team and distribution partners are seeing increased access

Osteopore Limited(ACN 630 538 957)│ASX:OSX│16 Ord Street, West Perth, WA 6005│+618 9482 0500│www.osteopore.com

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to hospitals and surgeons as the pandemic resides in key markets, and are taking advantage of a backlog of elective surgeries which have been disrupted by the pandemic. Medical trade shows have reverted back to "in-person", which is also helping Osteopore engage with healthcare decision makers.

Osteopore Executive Chairman, Mark Leong said; "Todays result is testament to the team's hard work and dedication in scaling the business. While we still have a long way to go, Osteopore has ambitions to become the most valuable regenerative medical device company in the world. We have proven, superior bone regeneration technology, and believe our implants will become the standard of care globally for natural tissue regeneration. The lifting of COVID restrictions across key markets during the quarter also enabled the sales team to be on-ground in both the US and EU, to support current distributors and sign-up new partners. We have a laser focus to drive further commercialisation and revenue generation through a renewed focus on key markets and exploring inorganic opportunities to scale up. "

Appointment of Chief Operating Officer

During the quarter, Osteopore's Chief Technology Officer, Dr Lim Jing, recipient of the "In-Vivo 30 Rising Leaders for 2022", a global listing of people who are making waves across the MedTech sector, was appointed Chief Operating Officer as part of the Company's internal development strategy to improve efficiency and support business growth and expansion, as it breaks into new markets.

As Chief Operations Officer, Dr Lim Jing is already overseeing the daily business and administrative operations, assessing and enhancing the efficiency of internal and external operational processes, and collaborating with management and other stakeholders to identify initiatives to increase the value of the Company. Dr Lim Jing is also continuing his role as Osteopore's Chief Technology Officer.

Given the significant business transformation program now being implemented at Osteopore, these two executive roles will be pivotal to the ongoing success of the Company. Under this structure, Dr Lim Jing's operational scope will expand to allow for the increased utilisation of the Company's tissue regeneration technology across new applications, and accelerate the development of next generation implants to access multiple billion-dollar markets.

Osteopore Limited(ACN 630 538 957)│ASX:OSX│16 Ord Street, West Perth, WA 6005│+618 9482 0500│www.osteopore.com

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Successful expansion into Latin America

In early April, Osteopore announced its successful expansion into the Latin American market with the first shipment of cranial (skull) regenerative implants to Colombia. The initial orders were received from Osteopore's Colombian based distribution partner, Implar SAS, who will promote the technology to their extensive network of hospitals and surgeons across the region.

Osteopore's implants were also successfully cleared for marketing and sales from Colombia's regulatory agency, INVIMA (Instituto Nacional de Vigilancia de Medicamentos y Alimentos). The move into this region represents an endorsement of Osteopore's strategy to penetrate new markets and drive uptake amongst surgeons. The Company is already harnessing this opportunity to gain regulatory approval in additional Latin American jurisdictions.

Gained an initial foothold in Spain

Osteopore successfully expanded further into the European market, with its first shipment of cranial (skull) regenerative implants to Spain. The initial orders were received from Osteopore's Spain based distribution partner, Acuña y Fombona S.A, who have more than 50 years of industry experience and are one of the main distributors of medical and surgical materials in the region.

The initial shipment of Osteopore products will provide Acuña y Fombona S.A with sufficient inventory to engage their established network of health professionals, hospitals and health services, as well as support the sales team to successfully initiate clinical usage in the Spanish market.

Acuña y Fombona S.A. General Manager, Sergio López-Fombona, said, "We are excited to work with Osteopore to bring their Regenerative Implant for Craniofacial applications to Spain. This will allow us to expand our product portfolio with an outstanding technology and serve a wider range of needs across our network of surgeons, and ultimately to give a better treatment opportunity to their patients."

Osteopore Limited(ACN 630 538 957)│ASX:OSX│16 Ord Street, West Perth, WA 6005│+618 9482 0500│www.osteopore.com

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Osteopore's Marketing Executive, Natasha Zaman, attends the 2022 Spanish Neurosurgeon Society Annual Conference with our Spanish distribution partner Acuña y Fombona.

Successful inroads into the African market

The Company made encouraging inroads into the African market, with its first shipment of cranial (skull) regenerative implants to South Africa. Osteopore's implants are also cleared for marketing and sales by the South African Health Products Regulatory Authority, presenting another immediate commercial opportunity for the business.

The initial orders were received from Osteopore's South Africa based distribution partner, Chronos Medical, who will promote the technology to their network of hospitals and surgeons across the country. Work has already begun to increase adoption in South Africa and the African continent.

Chronos Medical Director, Tristan Baijnath, and Co-Director, Dean Twigg, said, "We are thrilled to be bringing Osteopore to our shores and cannot wait to see the difference this astounding product makes to the lives of our surgeons and patients."

Strengthened our position in Australia

Osteopore signed an exclusive three-year Distribution Agreement with MAXONIQ to promote and sell Osteomesh®, an innovative product for use in orbital floor reconstruction surgery. Osteomesh® already has Therapeutics Goods Administration ("TGA") listing, and MAXONIQ has already begun efforts to engage with doctors and hospitals.

MAXONIQ is an Australian based company specialising in solutions for complex oral and maxillofacial applications. They have an established network of health professionals, hospitals and health services, as well as the sales and client support needed for Osteopore to drive uptake amongst surgeons within the sector.

This collaboration was part of Osteopore's initiative to increase accessibility to its products for surgeons globally, and will help strengthen our reach beyond the Cranial space into the OMF area

Osteopore Limited(ACN 630 538 957)│ASX:OSX│16 Ord Street, West Perth, WA 6005│+618 9482 0500│www.osteopore.com

For personal use only

where our solutions have been successfully adopted in Asia. This also helps gain a deeper foothold into our home market of Australia.

Collaboration to develop new bone and tissue regeneration applications

Osteopore signed a Collaboration Agreement with SGX Catalist-listed Livingstone Health Holding Limited ("Livingstone Health"), to jointly develop new applications and products for regenerating bone and tissue. Livingstone Health have 19 medical doctors and healthcare professionals, practising at 14 clinics located throughout Singapore.

Under the Collaborative Agreement, surgeons from Livingstone Health will use Osteomesh® for tendon repair, including rotator cuff and Achilles tendon. This marks the first time Osteomesh® will be used for orthopaedic applications in Singapore. Livingstone Health will also use an entirely new Osteopore product, a synthetic fibular strut graft, for bone reconstruction in the upper and lower limbs.

Both of these procedures form part of Osteopore's strategy to not only develop new products, but also uncover new potential applications using its existing commercially available implants. This is a key step in expanding the commercial use of Osteopore's platform technology and will provide Osteopore with important patient data to further support regulatory clearances, market adoption and penetration in Singapore and beyond.

Dr. Wilson Tay, CEO of Livingstone Health, said, "It is an exciting partnership which puts Livingstone Health at the forefront of orthopaedic technology and is in line with the Group's commitment to providing holistic healthcare for our patients. We look forward to working closely with Osteopore to develop cutting-edge products that accelerate healing and reduce the risk of complications patients face post-surgery."

Global television segments

During the quarter, Osteopore was featured in a number of television segments. The first, a segment called "The Future of Medicine" featured Osteopore's innovative tissue engineering and regenerative medicine technology, and was hosted by Laurence Fishburne. The feature aired on the 'In Depth' educational television website across the United States.

The second, was a segment on Channel NewsAsia 3D Nation - Saving Lives, which highlighted that 3D printing is the future in medical implants and surgery. The episode followed Osteopore as the Company created a 3D printed implant for a young man struggling with a concave chest, and a doctor who used 3D printing to visualise and strategise for an upcoming complex surgery.

Osteopore technology featured in "The Future of Medicine" aired on US "In Depth education TV" website with introduction by actor Laurence Fishburne.

A patient with a Osteopore printed partial rib implant was featured on Channel News Asia Documentary "3D Nation - Saving Lives".

Osteopore Limited(ACN 630 538 957)│ASX:OSX│16 Ord Street, West Perth, WA 6005│+618 9482 0500│www.osteopore.com

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Osteopore Ltd. published this content on 25 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 July 2022 00:23:01 UTC.


© Publicnow 2022
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Financials
Sales 2021 1,11 M 0,72 M 0,72 M
Net income 2021 -3,62 M -2,33 M -2,33 M
Net cash 2021 4,44 M 2,86 M 2,86 M
P/E ratio 2021 -7,29x
Yield 2021 -
Capitalization 24,0 M 15,5 M 15,5 M
EV / Sales 2020 34,8x
EV / Sales 2021 19,7x
Nbr of Employees -
Free-Float 35,0%
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Swee Hin Teoh Non-Executive Director
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