Mesoblast Posts $51.3M H1 Revenue, Secures $125M Credit Facility
Mesoblast reported H1 fiscal 2026 revenue of $51.3 million, including $49 million from Ryoncil, with a 93% gross margin and onboarding 49 treatment centers covering over 280 million lives. R&D expense rose to $46.1 million as clinical trials ramped, and the company held $130 million cash after securing a $125 million credit facility.
1. H1 Financial Results
Mesoblast delivered $51.3 million in H1 fiscal 2026 revenue, driven by $49 million net product sales of Ryoncil and achieving a 93% gross margin. The company reported an operating loss of $40.2 million and used $30.3 million in operating cash before financing activities.
2. Product Launch Momentum
Since Ryoncil’s April 2025 launch, Mesoblast has onboarded 49 treatment centers and secured coverage across insurance plans representing over 280 million lives. Management is targeting 20% market share by year end one, with no step therapy required under major payer policies.
3. Operating Expenses and Cash Position
R&D expenses surged to $46.1 million from $5.1 million prior, reflecting expanded GVHD, low back pain and LVAD trials, plus BLA preparations. SG&A rose to $28.5 million, while ending December with $130 million in cash and drawing $75 million of a $125 million non-dilutive credit facility.
4. Pipeline and Regulatory Milestones
Mesoblast plans adult GVHD pivotal sites to start after central IRB approval in March, and expects Phase III back pain enrollment to finish by April. A BLA filing for Revascor in LVAD patients is planned next quarter, with data submissions for low back pain projected in 2027.