Aziyo Biologics gains on higher revenue, smaller loss

Elutia

23/03/2023 10:28

** Shares of regenerative medicine co Aziyo Biologics Inc
 AZYO.O  up 10.9% at $1.32 in premarket trading
    ** Co posts Q4 net sales of $12.7 million vs $10.9 million
last year
    ** Says revenue growth was led by two of its
products-CanGaroo and SimpliDerm - which on an aggregate basis,
grew 30% in Q4
    ** Reports smaller net loss of $5.4 million vs net loss of
$9.1 million a year earlier
    ** Earlier this week, FDA declined the clearance application
for co's CanGaroo RM Antibacterial Envelope - a device intended
to securely hold a cardiac implantable electronic device or
neurostimulator
    ** AZYO says due to the delay in the market clearance it
recognizes the need to extend its cash runway and has
implemented measures to eliminate/defer expenses
    ** Up to last close, stock was down 72%

 (Reporting by Ashwini Raj in Bengaluru)
 ((Ashwini.Raj@thomsonreuters.com))