ReNerve revenue shoots up 167pc in first half year result since IPO

• ReNerve releases first half yearly results since listing on ASX in November 2024
• Revenue for H1 FY25 rose 167% on previous corresponding period to $102,000
• Company said despite reporting a loss, it had made significant progress during half

Special Report: Nerve-repair company ReNerve has reported its first half-year results since listing on the ASX in November 2024, with revenue for H1 FY25 of $102,000 – a 167% increase on the prior corresponding period.

ReNerve (ASX:RNV) said it incurred several non-recurring expenses totalling $853k that have impacted its results, primarily relating to the company’s IPO and other capital-raising activities.

However, the biotech said despite reporting a loss, it had made significant progress, laying a strong foundation for future growth.

During H1 FY25, ReNerve raised $7 million (before costs) for growth initiatives and listed on the ASX on November 26, 2024.

US expansion underway

ReNerve emphasised it had been focused on expanding its US sales infrastructure through partnerships with agents and distributors, driving adoption of its NervAlign nerve cuff and resulting in substantial sales growth.

The company’s US sales have increased ~100% in 2024 compared to 2023, and its trademarked NervAlign nerve cuff was approved by the US Food and Drug Administration (FDA) in 2022.

Clinical development pipeline

ReNerve said it continued to advance its clinical programs to demonstrate the efficacy of its NervAlign technology.

The NervAlign nerve cuff is produced using a proprietary, non-toxic process designed to protect repaired nerves and facilitate remodelling and regeneration, with absorption into surrounding tissue within six months post-repair.

A clinical study evaluating the NervAlign nerve cuff for nerve recovery post nerve repair is ongoing, with data expected in March.

Furthermore, the company said continued positive feedback highlights the NervAlign nerve cuff’s benefits in surgical convenience, patient safety and efficacy.

ReNerve said it continued to develop its NervAlign nerve conduit and NervAlign nerve guide matrix programs with commercial partners.

The company noted the NerveAlign nerve guide matrix demonstrated positive animal study results, showing comparable efficacy to autologous nerve grafts.

Other international moves

ReNerve said it was leveraging its US clinical and patient data to expand into new international markets.

Recent distribution agreements in Hong Kong and the Middle East should enhance the company’s global reach and market access.

Post-half, ReNerve this week also announced it had inked an exclusive distribution partnership agreement with Imbiomex to progress its NervAlign nerve cuff in Mexico.

Outlook

 Looking ahead, ReNerve noted it remained focused on expanding US sales through strategic partnerships and marketing initiatives.

It added it would continue to drive international growth via established distribution networks and advance clinical programs to generate supporting data and validation for NervAlign products.

The company plans to progress development of the NervAlign nerve conduit and nerve guide matrix programs as it builds on momentum and works toward broader market adoption.

ReNerve ended H1 FY25 with $6.4 million in cash.

This article was developed in collaboration with ReNerve, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.