Orthocell Ltd (ASX: OCC) shares are in focus today after the share price tumbled 7% on Monday to start the week.
This came following the company's Quarterly Activity Report.
Orthocell is a regenerative medicine company. The company is engaged in the development and commercialisation of biological medical devices, cell therapies, and related technologies to address unmet clinical needs in human health in the regenerative medicine industry.
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What did Orthocell report?
The company released its Quarterly Report for the quarter ended 31 March 2026 yesterday.
It reported:
- Year-to-date (Q1–Q3 FY26) revenue of $9.4 million represents a 45% increase on the prior corresponding period
- March quarter revenue in line with the prior quarter, with US sales reaching $300k
- Total revenue of $3.2m
Speaking on the result, Orthocell CEO and MD, Paul Anderson, said:
This quarter reflects continued strong progress in the commercialisation of Remplir, particularly in the United States, where we are seeing growing surgeon adoption and increasing revenue contribution.
The consistency of our revenue performance and the growth in key commercial metrics, including hospital uptake, surgeon utilisation and distributor expansion, is particularly encouraging. Notably, the acceleration in U.S. revenue in March provides early evidence of a potential inflection point as these commercial efforts begin to scale.
Investors were seemingly left wanting more, as they largely exited their positions in Orthocell shares on Monday.
What did Bell Potter have to say?
Following the result, the team at Bell Potter released updated guidance on the company.
The broker said the March quarter total revenue of $3.2m was flat QoQ (+45% pcp), which appears broadly consistent with softer seasonal conditions typically seen in calendar Q1.
It also pointed to some lag on repeat ordering as first use surgeons evaluate product performance in their own case.
The quarter also marked the first meaningful US revenue contribution, with $300k of Remplir revenue, including $170k generated in March alone.
Speculative buy rating for Orthocell shares
Orthocell shares closed yesterday at $0.955 per share, down 7.7%.
However, Bell Potter maintained its speculative buy rating, while also increasing its price target to $1.240 (previously A$1.150).
From yesterday's closing price, this updated target indicates an upside of approximately 30%.
We maintain our BUY (spec.) recommendation and raise our valuation to $1.24. While the military hospital access win represents a meaningful de-risking event, we expect uptake across these channels to take time to establish, with the greater earnings contribution likely to emerge over later years.
