Celularity Achieves Remarkable Revenue Growth in 2024
Significant Surge in Growth for Celularity in 2024
FLORHAM PARK, N.J. — Celularity Inc. (NASDAQ: CELU) has made headlines with its remarkable growth in net product sales in the third quarter of 2024. The company recently filed its Quarterly Report on Form 10-Q for the period concluding on September 30, 2024, ensuring all its filings are up to date.
Impressive Revenue Figures
In the comparison of total net revenues for the nine months ended September 30, 2024, Celularity has demonstrated a stellar growth. The reported revenue stood at $36.1 million, which is a considerable leap from $10.7 million in the same duration last year. This achievement marks a staggering increase of 238.6%.
Looking closely at the three-month figures, the total net revenues for the period ended September 30, 2024, reached $9.3 million. This also reflects substantial growth of 145.5% from $3.8 million reported during the same frame the previous year. The direct-to-customer sales of advanced biomaterial products were a primary contributor to these outstanding results, with product sales expanding remarkably to $26.2 million for the nine months compared to just $3.6 million previously.
Statements from Leadership
Robert J. Hariri, M.D., Ph.D., who serves as the Founder, Chairman, and CEO of Celularity, expressed his satisfaction with the revenue results reported through September 30, 2024. He reaffirmed that this growth underlines the confidence they have in their business strategy, stating, “In line with recent announcements, we have raised our full-year net sales guidance.” Dr. Hariri highlighted that alongside revenue growth, the company is maintaining a focus on stringent expense management, evaluating opportunities as the business progressively adjusts and expands, particularly in collaboration with Genting Berhad in key regions.
Compliance and Future Reporting Aims
Moreover, on November 27, 2024, it was brought to attention that Celularity had received a notification from Nasdaq's Listing Qualifications department, alerting them of a temporary non-compliance issue regarding the filing of their Quarterly Report for the third quarter of 2024. However, with the timely filing of the Q3 report, Celularity has successfully adhered to Nasdaq’s listing requirements.
Dr. Hariri further commented on their dedication to upholding compliance with the Nasdaq listing standards. He noted, “The completion of our quarterly report reflects our commitment to establishing robust reporting processes to avert potential future delays and assure timely financial disclosures.”
About Celularity Inc.
Celularity Inc. (NASDAQ: CELU) stands at the forefront of regenerative medicine, specializing in the development and commercialization of advanced biomaterial products and placental-derived cell therapies. These innovative treatments are designed to address pressing issues related to aging, cancer, and immune disorders, employing unique cellular technologies. By harnessing the unique biology of the placenta, Celularity aims to provide effective and affordable therapies that cater to unresolved global health challenges.
Frequently Asked Questions
What significant growth did Celularity achieve in 2024?
Celularity reported a 238.6% increase in total net revenues for the nine months ending September 30, 2024, compared to the same period in 2023.
What products contributed to Celularity's revenue growth?
The major contributors to revenue growth were direct-to-customer sales of advanced biomaterial products which saw an impressive increase.
How does Celularity ensure compliance with Nasdaq?
Celularity has reaffirmed its commitment to compliance with Nasdaq by timely filing necessary reports and strengthening its reporting processes to prevent future delays.
What are Celularity's therapeutic targets?
Celularity's therapeutic programs primarily target aging-related diseases, including degenerative diseases, cancer, and immune disorders.
Who can be contacted for investor inquiries regarding Celularity?
Investor inquiries can be directed to Carlos Ramirez, the Senior Vice President of Celularity Inc.
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