The Next Science Ltd (ASX: NXS) share price is charging higher today.
At the time of writing, the medical technology company's shares are up 4.05% to $1.54.
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Why is the Next Science share price rallying today?
Investors are looking at the Next Science share price more optimistically following the release of its second quarter update.
According to the release, the company pulled in US$3.9 million in revenue for the first half. This reflected an increase of 271% on the prior corresponding period.
Pleasingly for shareholders, this was a record rate of growth from Next Science.
Additionally, its XPerience No Rinse Antimicrobial Solution was cleared by the United States Food and Drug Administration.
The solution helps prevent surgical site biofilm based infections.
The approval process for use in US hospitals is now underway.
Furthermore, Next Science's antimicrobial wound gel, BlastX returned to the company and sales commenced.
Next Science regained the global distribution rights to BlastX from 3M (NYSE: MMM) in April 2021.
The patented medical product has also received approval from Australia's Therapeutic Goods Administration (TGA).
After burning through US$1.9 million in cash during the first half, the company maintains US$13.2 million cash on hand.
Managing Director commentary
Managing Director, Judith Mitchell spoke about the record result for the company:
The strategies we are executing to commercialise our proprietary Xbio technology platform are delivering record results. The 271% revenue growth we have reported for 1H was driven by sales from our existing products.
Following the approval of our market leading "no rinse antimicrobial solution", XPerience, by the FDA on 23 April, we are building an excellent platform for future growth. Our focus has been to secure VAC approvals across US hospitals to facilitate commercial sales in the US. As at mid-July, we had made 123 VAC submissions covering 211 hospitals and we had received 20 approvals.
Next Science share price snapshot
Thanks to today's gains, the Next Science share price is 18.46% higher over the past year.
However, investors who bought at the 52-week high of $2.06 in June are still down 25.24%.
