Organovo (NYSE: ONVO) announced preliminary financial information (unaudited) for the fourth quarter and fiscal year ended March 31, 2015.

Based on preliminary financial information for the fiscal quarter and year-ended March 31, 2015, Organovo estimates:

• Total net revenues of approximately $268 thousand for the quarter, and approximately $571 thousand for the fiscal year
• Total net cash utilization during fiscal 2015 fourth quarter and fiscal year ended March 31, 2015 of approximately $6.3 million and $21.1 million, respectively; and
• The Company closed the year with cash and cash equivalents of approximately $50.1 million

*** The Street was looking for Q4 revenue of about $300,000 and FY14 revenue of $600,000.

"We are pleased to report preliminary fourth quarter and annual results which primarily reflect the initial uptake of our pre-launch product and services," said Chief Financial Officer Barry Michaels. "Fiscal 2015 was an exceptional year of accomplishment for Organovo, as we locked down our liver toxicity product and initiated commercial launch of our product and service in November. We expect to gain greater adoption from the global pharmaceutical community and look forward to partnering with them in the discovery and development of their products. Moreover, we are excited about our development progress with a kidney tissue product as well as the opportunity to expand our footprint to include applications within the cosmetics industry. We enter fiscal 2016 with confidence and momentum and look forward to continued expansion of our platform technology across multiple industries utilizing various fully cellular tissues."

We define net cash utilization as the change in the amount of cash and cash equivalents at the beginning of the reporting period as compared to the end of the reporting period, excluding financing activities ( which would include proceeds from the sale of common stock and the exercise of warrants and stock options). Net cash utilization is an operational measure that should be considered in addition to our results prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). This operational measure should not be considered as a substitute for, or superior to, GAAP results. We believe net cash utilization is a relevant and useful operational measure for the Company and our investors because it provides information regarding our cash burn rate.

Organovo will initiate quarterly earnings calls upon filing the fiscal 2015 10-K annual report with the SEC in early to mid-June, 2015. Earnings call details will be published approximately one week before the event.