Orgenesis Inc. (NASDAQ: ORGS) shares went up 24.40% during the trading session of Friday. The strong performance of the firm came after the firm disclosed its financial results for the first quarter completed March 31, 2021. The firm disclosed that it has kept a solid balance sheet with $41.8 million of cash as of March 31, 2021.
ORGS revealed that its first quarter 2021 revenue soared 400% to $9.4 Million. The increase in revenue indicated the initial success of POCare platform. It has also attained the operating profit for the first quarter of 2021. The revenue of the firm for the quarter increases four-fold.
The strong revenue growth of the firm is a result of long-term deals with its regional partners as they work to grow its therapeutic pipeline and accelerate production capabilities in their particular territories. ORGS is currently in the early phases of its rollout and it has attained positive operating income for the quarter.
Moreover, the firm is looking forward to working in a hostile way to attain its goal of building a sustainable long-term profitable business model, which the firm is confident is realistic thanks to the acceleration of its POCare strategy.
The firm has also disclosed that goal of POCare platform. The main objective of the platform is to offer sophisticated cures to large numbers of sufferers at decreased costs within the point-of-care setting. Currently, it is focusing on autologous, cell-based immunotherapies, therapeutics for metabolic diseases, anti-viral diseases, and tissue regeneration.