Celularity Releases CEO Letter to Shareholders

FLORHAM PARK, N.J., Jan. 18, 2024 (GLOBE NEWSWIRE) -- Celularity Inc. (Nasdaq: CELU) has posted a Letter to Shareholders from Robert J. Hariri, M.D., Ph.D., Chairman, CEO, and Founder, which is included below and can also be accessed here.

Dear Shareholders,

I would like to wish everyone belated greetings for the new year as I take a moment and share some personal thoughts for the year ahead.

Celularity as you know is a novel combination of two commercial-stage, revenue-producing businesses — one manufacturing and selling advanced biomaterial products and the other providing specialized biobanking services — and a clinical-stage cellular medicine business focused on the treatment of immunological and degenerative disorders as well as diseases associated with aging. All three businesses leverage a common technology platform that we built around the postpartum placenta and the international patent estate developed over the course of two decades.

Within the last few weeks, we announced net sales expectations for the fourth quarter 2023 and the full year 2023, respectively. As disclosed in that announcement, we expect our advanced biomaterial products and biobanking businesses to achieve net sales percentage growth in the range of 176.1% to 193.0% for the fourth quarter 2023 compared to the fourth quarter 2022. For the full year 2023, we expect net sales percentage growth in the range of 22.7% to 26.6% compared to the full year 2022.

We anticipate shortly that we will announce our expectations for net sales in the first quarter 2024 and the full year 2024, respectively, reflecting three core focuses:

• First, maintain and build the sales momentum we achieved in the fourth quarter 2023, for which we expect to report triple-digit percentage growth in net sales by our advanced biomaterial products and biobanking businesses.
  
• Second, advance novel product candidates to meet market demand like we did with the introduction of Biovance3L, which led our fourth quarter 2023 triple-digit percentage net sales growth.
  
• Third, expand opportunistically outside our core wound care and surgical applications like, for example, the commercialization agreement we announced early this month around dental and oral healthcare applications in periodontology, implant dentistry, and oral surgery.
  

We are laser focused on opportunities to grow revenue from the sale of our advanced biomaterial products and biobanking services, with a goal of moving over time to being a cashflow positive enterprise.