Orthocell Ltd (ASX:OCC, OTC:ORHHF) managing director Paul Anderson joins Proactive’s Jonathan Jackson to discuss significant growth in sales of its medical devices, Striate+™ and Remplir™, achieving record revenue for the June 24 Quarter and for FY24.
Anderson highlighted the company’s strong performance with a robust distribution network and increasing product adoption positioning Orthocell as a key global player. Striate+ is used for dental bone regeneration and Remplir for peripheral nerve repair, targeting a combined global market of approximately US$3 billion. Orthocell aims to capture a 20% market share for each product, projecting significant recurring revenue.
Striate+ is distributed by BioHorizons Implant Systems Inc., while Remplir is distributed by Device Technologies across Australia, New Zealand and Asia. The company's strategic partnerships have led to substantial revenue increases, with Q4 FY24 revenue at $1.84 million, a 14.41% increase from Q3 FY24. Annual revenue for FY24 is projected at $6.72 million, a 30.40% rise from FY23. Striate+ is available in the US, Europe/UK, Australia and New Zealand while Remplir is sold in Australia and New Zealand.
Orthocell is preparing to expand into new markets, with a regulatory strategy to support this. The company recently completed all nerve repair surgeries in the Remplir US Market Authorisation Study, with top-line results expected in Q4 CY24.
Orthocell plans to submit its US 510(K) market authorisation application by the end of Q4 CY24. The company has a strong cash position of $20.6 million, supporting its growth and expansion strategy.