Celularity Says That Its Expected Net Sales For Q1 2024 Are Trending Ahead Of The Expectations It Announced In February For Its Advanced Biomaterial Products And Biobanking Businesses; Implements Planned 2024 SG&A Reductions And Manufacturing Ramp For Advanced Biomaterial Products
Portfolio Pulse from Benzinga Newsdesk
Celularity Inc. (NASDAQ:CELU) announced its Q1 2024 net sales for advanced biomaterial products and biobanking businesses are trending ahead of previous expectations. The company is experiencing its 4th consecutive quarter of sales growth and is implementing SG&A reductions, including executive pay cuts, to invest in production expansion. Celularity's product pipeline includes four commercial-stage products (Biovance®, Biovance® 3L, Interfyl®, CentaFlex®) and three investigational products, with a focus on leveraging its placental-derived technology across various medical indications.
April 15, 2024 | 12:15 pm
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Celularity Inc. reports higher than expected Q1 2024 sales, indicating strong market adoption of its advanced biomaterial products. The company is also reducing SG&A expenses, including executive compensation, to further invest in production capabilities.
The positive sales growth trend and strategic cost reductions are likely to be viewed favorably by investors, potentially leading to a short-term positive impact on CELU's stock price. The company's focus on expanding production and its diversified product pipeline further support a bullish outlook.
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