Medical-grade collagen manufacturer Collagen Solutions PLC (LON:COS) has hailed the “strength and quality” of its sales pipeline ahead of what it expects will be a busy second half of the year.
The AIM-quoted company has said all along that it expects its results to be second-half weighted, a point it reiterated again on Thursday.
WATCH: Collagen Solutions assesses last patient in ChondroMimetic trial
First-half revenues are set to come in at £1.86mln (H1 2016: £1.89mln), slightly behind what was achieved in the same period last year due to customers delaying orders and “revenue recognition issues”.
The good news for investors is that sales affected by revenue recognition will flow through in the second half of the year.
As a result of the strong pipeline, Collagen said it should still hit full-year targets.
“We remain positive on the long-term prospects of Collagen Solutions and current pipeline of opportunities and new products,” said chief executive Jamal Rushdy.
“During the first half of the financial year, we added eight new early-stage customer deals compared with nine in the entirety of last year.”
READ: Collagen Solutions moves up the medtech value chain
He added: “Additionally, a key milestone was met in September when we completed patient assessments in our ongoing eight-year extension clinical study of ChondroMimetic osteochondral scaffold.
“The resulting data is due to be reported in Q1 2018, followed by a CE mark submission later in 2018, whilst now engaging in partnering discussions.”
in afternoon trading, Collagen shares remained 11.8% lower at 3.75p.
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