CollPlant Biotechnologies Ltd. reported third‑quarter 2025 results that saw GAAP revenue climb to $77,000, a 1,900% year‑over‑year increase from $4,000 in Q3 2024. The jump was driven by higher sales of the company’s recombinant human collagen (rhCollagen) products, not by the $2 million milestone payment from AbbVie, which was received in February 2025 and contributed to earlier quarterly results.
The company posted a GAAP net loss of $3.5 million, or $0.27 per share, a modest improvement from the $4.3 million loss ($0.38 per share) reported a year earlier. Operating expenses fell to $3.3 million, a $1.0 million reduction from $4.3 million in Q3 2024, largely due to a 25% workforce reduction and a $519,000 cut in research and development costs tied to the breast‑implant program.
Analysts had forecast revenue between $2.76 million and $9.53 million and EPS of $0.38. CollPlant’s $77,000 revenue and –$0.27 EPS represent a miss of roughly $2.7 million in revenue and a $0.65 per‑share shortfall, underscoring the company’s difficulty in scaling sales beyond its niche rhCollagen market. The miss was driven by lower-than‑expected demand for the dermal‑filler line and limited commercial penetration of the breast‑implant platform.
CollPlant’s partnership with AbbVie continues to progress, with the company receiving a second milestone payment in February 2025. The collaboration remains a key revenue driver for the dermal‑filler program, but the milestone’s timing means it does not influence the current quarter’s results. Management emphasized that the company is focusing on cost discipline and strategic investments in high‑return verticals, including the regenerative breast‑implant program and a humanized bioprinted skin model for pre‑clinical research.
The company did not provide new guidance for the next quarter or the fiscal year. Market reaction was negative, with the stock falling 14% on the day of the announcement, reflecting investor disappointment over the revenue and earnings miss. CEO Yehiel Tal said the quarter “demonstrated the expanding role of our rhCollagen platform in enabling non‑animal alternatives for medical, pharmaceutical, and consumer research,” highlighting the company’s long‑term strategic focus despite short‑term setbacks.
CollPlant’s cost‑optimization measures, including a 25% workforce reduction and targeted R&D cuts, have extended its cash runway and improved its loss profile. However, the significant revenue miss signals that the company’s commercial traction remains limited, and investors will be watching for future milestones and clearer guidance to assess whether the company can translate its technology into sustainable revenue growth.
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