Increased net sales, profit, acquisitions and new products on the way to fuel an active and healthy global community of users and resellers. Swedish bioprinting startups CELLINK presented the results for the second quarter of fiscal year 2018/2019, showing continued growth profit.
In the second quarter alone, net sales amounted to €2.3 million (SEK 23.8 million) and total revenue amounted to €3.2 million (SEK 32.9 Million), resulting in 173% net sales increase compared to the same period in the previous fiscal year. Of this, most is relative to organic growth (150%), while the rest comes from recent acquisitions.
CELLINK Fiscal Q2 2018-2019
CELLINK has worked on sales at a global level during the quarter, resulting in continued sales growth and increased visibility in new application areas. The company’s management attributes improved performance to the growing sales team and its members’ ability to spend time with customers, products and application specialists. Actively recruiting new sellers has been vital for the expansion and also, to manage the new product launches.
The company’s Boston office has grown significantly as a sales manager for North America was appointed to manage sales in the entire US region. Recruiting work has also focused on hiring application specialists with a good background in biology, biomaterials, and bioprinting. Several of these application specialists have been recruited from leading research institutions around the world and will spend time with customers to improve application development. The company expects that these will generate more and recurring orders.
New products and acquisitions
In the second quarter, the focus has been placed on expanding the product portfolio with complementary products that add value for both new and existing customers. CELLINK began only a couple of years ago by offering a few printer systems and bioinks. Now the company’s offer includes technology platforms enabling real-time microscopy monitoring of human cells, preparation for the bioprinting process, improved bioprinting and cell-dispensing platforms, and assay methods to validate printed tissues.
This has provided an expanded market potential for the company’s product portfolio, as well as new markets where the company can grow. During the quarter, the company’s very first acquisition was German company Dispendix GmbH. Dispendix’s platform enables single-cell printing and compound dispensing, complementing CELLINK’s printer portfolio. Direct sales synergies have already been implemented in the quarter as the product was sold to current customers in the pharmaceutical industry.
The new real-time microscope, CELLCYTE X, was developed internally and launched by CELLINK´s team for microscopy. A new IP has been defined, which is now patent-pending to protect products on the market. CELLCYTE X has been very well received. The product enables customers to view and study human cell growth in preparation for the actual bioprinting process. Once the bioprinting process is complete, the tissues can be placed in the microscope and analyzed in real time to validate tissue growth.
In the quarter, CELLINK also partnered with American technology company Prellis Biologics. The partnership consists of a new bioprinter with groundbreaking and patented technologies that enable printing of capillaries and vascular tissues. The Holograph X technology platform is sold exclusively by CELLINK and has been launched for USD 1.2 million. The customer group is core-labs and centralized research institutes that work with advanced bioprinting.