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VANCOUVER - Ondine Biomedical Inc. (AIM:OBI), known for its light-activated antimicrobial technologies, has disclosed a significant revenue increase in its full year results for 2024. The company announced a 70% surge in revenue to $2.0 million, up from $1.2 million the previous year, attributing the growth to an 81% rise in hospital deployments and increased per-hospital revenue.
Despite a 40% cut in sales and marketing expenses, the Vancouver-based firm expanded its commercial reach, particularly in the UK, where its Steriwave® product became the first light-activated antimicrobial listed on the NHS Supply Chain. This listing is expected to facilitate access to hospitals across England and Wales.
Ondine Biomedical also entered a strategic distribution partnership with Mölnlycke Health Care, aiming to extend Steriwave’s international presence into key markets such as the UK, EU, and Middle East. Mölnlycke is a globally recognized MedTech company whose products are utilized in over 100 countries.
Financially, the company saw its gross margin improve to 64% from the previous year’s 58%, a result of operational efficiencies and the launch of an enhanced Steriwave nasal illuminator. The new illuminator is designed for high-volume manufacturing and is expected to contribute to improved margins.
In terms of funding, Ondine successfully raised $21.7 million net cash in 2024 and secured an additional $5.7 million from a leading US healthcare entity post-financial year-end. These funds are earmarked for initiating the Phase 3 LANTERN clinical trial and supporting further commercial expansion.
The company’s pivotal US Phase 3 LANTERN clinical trial commenced in December 2024, with patient recruitment actively progressing at 10 of the 14 planned HCA Healthcare (NYSE:HCA) hospitals. However, the company anticipates a delay in last patient recruitment by approximately one quarter.
Additionally, Ondine has collaborated with the Royal Columbian Hospital Foundation on a clinical development program to speed up entry into the ICU market. A four-month ICU pilot trial began recruiting patients in March 2025.
Despite the revenue growth, the company reported an operating loss of $19.4 million, up from $14.8 million in 2023, reflecting increased investment in clinical trials, FDA audit readiness, and operational infrastructure to support future growth.
Dr. Nicolas Loebel, President and CTO, will provide further details on the results in a live presentation today, with a recording and related slides to be made available on the company’s website. This article is based on a press release statement.
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