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Ondine Biomedical Inc. (LSE:OBI), a prominent provider of light-activated antimicrobial technology aimed at preventing and treating hospital infections, has reported robust operational results for the first half of 2024. The company highlights significant advancements in both its commercial and clinical initiatives, underscoring its commitment to innovation in healthcare.
Financial Overview
All financial figures in this report are presented in Canadian dollars unless stated otherwise. In H1 2024, Ondine recorded a revenue of $0.9 million, marking a 101% increase from $0.4 million in the same period of 2023. The company achieved a gross margin of 62%, reflecting a 300 basis point improvement from 59% in H1 2023. Despite these positive trends, Ondine reported a loss from operations of $7.8 million, slightly down from $8.0 million in H1 2023.
As of June 30, 2024, the company held cash, cash equivalents, and restricted cash totaling $1.4 million, a decline from $3.1 million at the end of 2023. In support of its commercial growth and operational activities, Ondine secured approximately $11 million in capital during the period. This includes $6 million raised in May 2024 and a post-period private placement of $5 million, expected to be completed by November 8, 2024. Additionally, the company's Founder and CEO, Carolyn Cross, provided $0.7 million in financial support on an interest-free, unsecured basis and committed to offering ongoing working capital support under similar terms until the company secures long-term financing.
Operational Highlights
Ondine has made noteworthy strides in its commercial efforts, particularly in the adoption of its innovative light-activated antimicrobial product, Steriwave®, which saw a remarkable 190% increase in use across 29 hospitals by the end of H1 2024, up from 10 hospitals in H1 2023. Following this period, the company initiated the commercial rollout of its second-generation Nasal Illuminator in Canada.
In a significant development, Ondine announced a strategic partnership with Mölnlycke Health Care, a leading MedTech firm specializing in wound care and surgical solutions. This collaboration aims to expand the reach of Ondine’s Steriwave nasal decolonization technology into the UK, EU, and Middle Eastern markets.
Further bolstering its clinical initiatives, Ondine signed a clinical trial agreement in June for a Phase 3 trial in the U.S. with HCA Healthcare. The company, along with HCA and a contract research organization, is currently finalizing details and site selection for this important trial.
In its efforts to penetrate the critical ICU market, Ondine has partnered with the Royal Columbian Hospital Foundation's Advancing Innovation in Medicine (AIM) division to investigate the application of Steriwave within intensive care units.
