Organovo Announces Fiscal Second-Quarter 2017 Results; Company Affirms Full-Year Fiscal 2017 And Long-Range Outlook

SAN DIEGO, Nov. 03, 2016 (GLOBE NEWSWIRE) -- Organovo Holdings, Inc. (NASDAQ:ONVO) ("Organovo"), a three-dimensional biology company focused on delivering scientific and medical breakthroughs using its 3D bioprinting technology, today reported financial results for the fiscal second quarter of 2017 and affirmed its full-year fiscal 2017 and long-range outlook.  Net loss was $9.4 million, or $0.10 per share, for the fiscal second quarter of 2017, as compared to $11.3 million, or $0.12 per share, for the fiscal second quarter of 2016.

Organovo reported fiscal second-quarter total revenue of $1.4 million, which consisted largely of product and service revenue (1).  Total revenue increased 358 percent versus the comparable period of fiscal 2016 and 54 percent versus the fiscal first quarter of 2017. 

"The first half of fiscal 2017 represents a meaningful inflection point in our growth trajectory, as we more than doubled our product and service revenue when compared to all of fiscal 2016," said Keith Murphy, CEO, Organovo.  "We also affirmed our recently increased total revenue guidance, supported by solid adoption of our tissue research services.  We are penetrating the global Top 25 pharma segment at a rapid clip, having recently added three customers to bring our total to ten with this group, and continue to see good momentum with biopharmaceutical companies of all sizes."    

Murphy continued, "With just two months behind us since commercialization, we're pleased with the early traction of our kidney tissue.  We've signed multiple orders, including with two global Top 25 pharma customers, bringing to market an advanced way to investigate kidney toxicity of new drug candidates.  Kidney is a natural expansion of our preclinical solutions portfolio, showcasing the power and versatility of our technology platform."

Murphy concluded, "As we look to the second half of our fiscal year, we're focused on a few key targets including expanding our liver tissue revenue, scaling our kidney tissue offering, business development initiatives in the drug discovery space and advancing bioprinted human liver as the first candidate in our therapeutic tissue portfolio." 

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