Mesoblast bigger revenues, loss drops and hires new CFO

Company News

by Jessica Amir

Regenerative medicine company Mesoblast (ASX:MSB) reported an after tax loss of US$14.5 million in the nine months to 31 March 2018, an improvement of 71 per cent compared to the larger loss it made in the same time last year.

The company which provides treatments for inflammatory ailments, cardiovascular disease and back pain meantime saw its revenues march ahead by 19 per cent on a quarterly basis, to US$1.1 million, compared to the prior quarter, with revenues being largely bolstered by royalties on sales.

It also ramped up its R&D spend, forking out US$16.8 million in the third quarter.

At the same time, it also announced Josh Muntner as its new chief financial officer, who’ll be based in New York. He has 20 years of financial and healthcare investment banking experience under his belt and has been involved in transactions valued at $11 billion. He replaces the outgoing CFO who has been with the company for four years.

Shares in Mesoblast (ASX:MSB) are trading 2.4 per cent higher to $1.51.
 

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 with a passion for equities and funds management. As Head of News, she has been a broadcast journalist for over seven years, specialising in finance. She has been a journalist with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for regional Channel 7 and 9. She also previously worked as a financial planner and real estate agent.