Lattice Biologics Ltd. Reports Third Quarter 2017 Highlights

Published: Aug 30, 2017

First profitable quarter of $.02 per share

BELGRADE, Mont.--(BUSINESS WIRE)--Lattice Biologics Ltd. (TSX-V: LBL) (OTCQB: LBLTF) (“Lattice Biologics” or the “Company”) announces financial results for the third quarter ended June 30, 2017:

Highlights:

  • Grenville Strategic Royalty debt restructuring significantly strengthens balance sheet
  • Total liabilities decrease by $2.8 million for nine months ended June 30, 2017, a 27% reduction.
  • AmnioBoost sales increased 61% quarter over quarter.
  • Higher gross profit for nine months ended June 30, 2017, 31.1% vs. 21.1% over the previous period
  • Relocation of facility from Scottsdale, AZ to Belgrade, MT results in over $80,000 per month savings.
  • Inventory levels remain consistent at $2.1 million vs $2.2 million for nine months ended June 30, 2017 over the previous period.
  • Higher margin amnion based products grew from 10% of sales in the prior period and now account for 20.4% of all sales.
  • G&A expenses reduced to 13% of sales vs 18% of sales on higher margins, for nine months ended June 30, 2017
  • Net loss decreases from $6.3 million for nine months ended June 30, 2016 to $.59 million for nine months ended June 30, 2017, a decrease of 90%.

Back to news