Mesoblast (ASX:MSB) reported a financial turnaround for the half-year ended Dec. 31, 2025, underpinned by the successful US commercial launch of its flagship product, Ryoncil.
Total revenue surged to US$51.3 million, an increase from the US$3.2 million recorded in the prior year period.
The growth was primarily fuelled by Ryoncil sales, which generated US$48.7 million in net revenue and a gross profit of US$44.2 million.
The company's operational scaling has seen 49 transplant centres onboarded to date, with coverage now extending to 280 million US lives through government and commercial payers.
A key catalyst for this adoption was the October 2025 issuance of a specific HCPCS J-Code, which streamlined billing and reimbursement.
Clinical data remains encouraging, showing that 84% of patients in real-world settings completed the initial 28-day treatment regimen.
Mesoblast narrowed its net loss to US$40.2 million, an improvement of US$7.8 million year-over-year.
The company ended the period with a robust cash balance of US$130 million, bolstered by a new US$125 million five-year credit facility.
Management noted that the strong operating performance is allowing for continued investment in its R&D pipeline, including Phase 3 trials for chronic low back pain and lifecycle extensions for Ryoncil.
Looking ahead, the company expects a reduction in net operating cash spend as quarterly revenues continue to scale.