on Ondine Biomedical Inc (LON:OBIMF)
Ondine Biomedical Reports Robust Growth in H1 2024
Ondine Biomedical Inc., a leader in light-activated antimicrobial technology, announced significant operational and financial results for the first half of 2024. The company saw a remarkable 190% increase in hospital adoption of its Steriwave® technology, expanding to 29 hospitals by June 2024.
Financial highlights include a revenue surge to $0.9 million, a 101% increase from H1 2023, and a gross margin improvement to 62%. However, the company reported an operational loss of $7.8 million and cash reserves of $1.4 million as of June 30, 2024.
Strategically, Ondine entered a partnership with Mölnlycke Health Care to bring Steriwave to key international markets. Clinical progress also includes plans for a Phase 3 trial in the US with HCA Healthcare and a research collaboration to study Steriwave in ICU settings.
CEO Carolyn Cross attributes this growth to the efficacy of their technology and anticipates continued momentum in the second half of 2024.
R. E.
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