Celularity (NASDAQ: CELU) Issues Preliminary Update on Financial Performance

Celularity Inc., a regenerative and cellular medicine company, recently provided a preliminary update on its expected net sales for the period ending October 31, 2024. The information, released on November 7, 2024, sheds light on the company’s current financial expectations but does not represent finalized results for the third quarter ended September 30, 2024, or the fourth quarter ending December 31, 2024.

The unaudited and preliminary information was shared in a press release, a copy of which is attached as Exhibit 99.1 to the company’s Form 8-K filing. It’s important to note that this data may be subject to updates and adjustments as Celularity continues its review of consolidated financial statements for the relevant periods.

Additionally, Celularity also updated its financial guidance for the full year 2024. The company revised its expected net sales guidance to a range of $54 million to $60 million, reflecting an increase from the previous guidance of $50 million to $56 million.

The notable highlight in the update is the strong performance observed by Celularity, with an increase in net sales through October reaching $44.4 million. This period saw a record single-month net sales figure of $8.3 million to $8.9 million in October.

Celularity attributes this growth to the success of its new Rebound™ product, a part of its portfolio of placental-derived advanced biomaterial products. The company reported that Rebound™ contributed approximately $9 million to the ten-month net sales figure. Overall, Celularity anticipates a substantial increase in net sales of advanced biomaterial products for 2024.

Dr. Robert J. Hariri, Founder, Chairman, and CEO of Celularity, expressed optimism about the company’s performance, emphasizing the positive reception of the Rebound™ product and the potential it holds for the future revenue outlook. He highlighted Celularity’s commitment to advancing innovative products and leveraging its technical infrastructure to capitalize on opportunities in the evolving field of cellular and regenerative medicine.

Furthermore, Celularity confirmed the filing of its quarterly report on Form 10-Q for the second quarter of 2024, making the company compliant with Nasdaq Listing Rule 5250(c)(1) after receiving a notice of non-compliance in October 2024. Dr. Hariri reiterated Celularity’s dedication to regaining and maintaining compliance with Nasdaq listing requirements through enhanced reporting processes and collaboration with external auditors.

As Celularity continues to navigate the dynamic landscape of regenerative medicine, the company maintains its focus on addressing global healthcare needs through accessible and effective therapies derived from the unique biology of the placenta.

The full 8-K filing is available for review on the SEC’s website for further details on Celularity’s financial updates and business outlook.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Celularity’s 8K filing here.

About Celularity

Celularity Inc, a clinical-stage biotechnology company, develops off-the-shelf placental-derived allogeneic cell therapies for the treatment of cancer, immune, and infectious diseases. It operates through three segments: Cell Therapy, Degenerative Disease, and BioBanking. The company's lead therapeutic programs include CYCART-19, an allogeneic CAR-T cell for the treatment of non-Hodkin's lymphoma (NHL) and mantle cell lymphoma (MCL); CYNK-001, an allogeneic unmodified natural killer cell that is in Phase I/II clinical trial for the treatment of acute myeloid leukemia (AML); and APPL-001, a genetically modified placental-derived mesenchymal-like adherent stromal cell for the treatment of Crohn's disease.