I know annual reports are increasingly long winded (and OCC's more so as the company gains pace and scope) and many investors tire of reading them. They are arguably the third most important report after half year and full year earnings. Most of the report a clarification and conglomeration of notifications and results already given of course, including those earnings. But, well worth a read for those who understandably don’t diligently follow company notices in all their investments.Some expansion in places to what we previously knew, I feel, loosely summarised as (I slog through this for myself anyway so no effort to share):
Summary of Key Events
A little more expansive on their forecasts and the Striate sales beat:
“The ramp up of product sold during the first period (FY23) has been significantly better than expected. Following discussions with BioHorizons, the Company forecast ~4,000 Striate+ units to be sold in FY23. Actual sales to BioHorizons in FY23 have been 10,936 units, which equates to almost 3 x the original forecast.”
Similarly, a little more expansive on the new Henry Schein deal beyond Bio Horizons:
“The subsidiary will market and distribute Perform on the same terms and conditions in the BioHorizons global licence and distribution agreement. Adding the subsidiary to the list of US distributors, will increase the representation of the product and assist in servicing a wide range of dental customers in the US.”
“EU/UK and AUS market entry The Company and BioHorizons progressed entry into the EU and UK markets. The Company attended the Oral Reconstruction Global Symposia in Rome, IT (May 18-20) to grow awareness of Striate+, the new leading dental membrane coming to market. In addition, BioHorizons submitted their first purchase order to supply Key Opinion Leaders and key accounts and is planning a product launch in 3Q CY2023.”
Quite a bit on the Nerve Symposium @KainCarver and others discussed prior on the Media thread:
“Orthocell also completed its inaugural Nerve Transfer and Reconstruction Symposium on 30 June 2023. The event brought together an internationally recognised faculty who shared their collective experience in peripheral nerve repair and regeneration with 20 key orthopaedic and plastic surgeons in attendance. The R&D team at Orthocell was particularly pleased to have the opportunity to connect with experienced collaborators from Washington University - Dr Regis O’Keefe, Chair of the Department of Orthopaedic Surgery, Dr David Brogan and Dr Christopher Dy - who shared their unique insights in the field of nerve reconstruction and repair. Dr Brogan and Dr Dy recently joined Orthocell as Scientific Advisors.”
No moved guidelines (unusually) in Remplir release for US thankfully:
“This preclinical study will be conducted by Professor Bill Walsh, Director of Surgical and Orthopaedic Research Laboratories (SORL) at the Prince of Wales Hospital in Sydney and the University of New South Wales. The Company anticipates study completion in Q2 2024. The Company also continues to work closely with US regulatory advisers, to evaluate opportunities for expedited approval of Remplir™ for nerve regeneration.”
ATI they literally have two days to release the surgery vs ATI results to their continued guidance!:
“Outcomes from the study are anticipated to be released following the last patient 12 month follow up (planned for 3Q CY 2023) and will provide pivotal data for a planned application to the Therapeutics Goods Administration (TGA) for inclusion on the Australian Register of Therapeutic Goods (ARTG). The Company has also been progressing its US commercialisation plans including investigations into technology scale up, FDA engagement and commercial preparation activities being to support a Phase 2b randomised controlled study for FDA submission.”
Executive & Board remuneration in summary, pleasingly very slim compared to far too generous past years….
Financials pretty much per the preliminary full year report, the small typo I pointed out, fixed in recognised revenues of $2,304,000 (of the Bio Horizons deal) of the total $5.173 million in total revenue per note 3 of the financials.They appear to be doing a simple and not unusual linear recognition of BH revenues in accounting:
(20min delay)