Admedus delivers more stellar results
Admedus (ASX:AHZ) continues to perform with overall sales of $7.8 million for the year ended 30 June 2014, up from the $7.4 million of the previous year.
The performance reflects some of the milestones the company has achieved including the first sales in May of its lead regenerative tissue product CardioCel® in the U.S.
Total income for the year including tax rebate and grants was $10.4 million.
This included $1.9 million in grant funding from the Commercialisation Australia grant, which is supported by the Australian Government.
The closing cash balance at the end of the period was a robust $19.5 million after a successful rights issue and share purchase plan.
The company remains in a strong financial position as it progresses with the launch and marketing of CardioCel® in Europe and the U.S.
Analysis
Admedus' increased sales of $7.8 million demonstrates the progress that the company has made with its CardioCel® lead regenerative tissue product in the past 12 months.
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