Exhibit 99.1
Appendix 4E
Preliminary final report for the twelve months to 30 June 2023
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| Name of entity |
MESOBLAST LIMITED ABN 68 109 431 870 |
1.Reporting period
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| Report for the financial year ended | 30 June 2023 |
| Previous corresponding period is the financial year ended | 30 June 2022 |
2.Results for announcement to the market
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| Up/down | % change | | Amount reported for the year ended 30 June 2023 USD’000 |
Revenues from ordinary activities (item 2.1) | Down | 27% | to | 7,501 |
Loss from ordinary activities after tax attributable to members (item 2.2) | Down* | 10% | to | 81,889 |
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Net loss for the period attributable to members (item 2.3) | Down* | 10% | to | 81,889 |
| *decrease in loss | | | | |
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There are no dividends being proposed or declared for the period (item 2.4 and 2.5) |
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| Commentary related to the above results | | | | |
| Please refer to ‘Item 5.A Operating results’ within the Form 20-F for the year ended 30 June 2023. |
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3.Net tangible assets per security
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| 30 June 2023 | 30 June 2022 |
Net tangible (liability)/asset backing per ordinary security (in USD cents) | (7.77) cents | (10.18) cents |
A large proportion of the Company’s assets are intangible in nature, consisting of goodwill, acquired licenses to patents, in-process research and development acquired, currently marketed products and right-of-use assets. Our intangible assets primarily relate to the acquisition of both Mesoblast, Inc and the culture-expanded Mesenchymal Stem Cell technology. These assets and the associated provision for contingent consideration are excluded from the calculation of net tangible assets per security. As at June 30, 2023 and 2022, the value of deferred tax liabilities was $Nil.
4.Other documents accompanying this Appendix 4E
This Appendix 4E should be read in conjunction with the Mesoblast annual report on the form 20-F, which includes:
-Item 18 Financial Statements; and
-Other sections as tabled below.
This preliminary final report and the associated Directors’ Report are found throughout the various sections of the accompanying Mesoblast annual report on the form 20-F.
The following table has been provided to assist readers to locate each section of the Directors’ Report within the accompanying annual report on the form 20-F.
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| Sections of Directors’ Report | Form 20-F Reference |
| Principal activities | Item 5.A Operating Results See subheading – “Financial Overview” |
| Review of operations and activities | Item 4.B Business Overview Item 5.A Operating Results |
| Business strategies and prospects for future years |
Item 4.B Business Overview |
| Business risks | Item 3.D Risk Factors |
| Significant changes in the state of affairs | Item 5.A Operating Results See subheading – “Significant changes in the state of affairs” |
| Matters subsequent to the end of the financial year | Item 8.B Significant Changes |
| Likely developments and expected results of operations | Item 5.A Operating Results See subheading – “Likely developments and expected results of operations” |
| Environmental regulations | Item 5.A Operating Results See subheading – “Environmental regulations” |
| Dividends | Item 4.B Business Overview See subheading – “Dividends” |
| Information on directors | Item 6.A Key Management Personnel See subheading – “Details of Directors and Senior Management” |
| Remuneration report | The Remuneration report starts at Item 6 and ends part way through Item 6.B as indicated |
| Indemnification of officers | Item 6.B Compensation See subheading – “Indemnification of officers” |
| Proceedings on behalf of the group | Item 6.B Compensation See subheading – “Proceedings on our behalf” |
| Non-Audit Services | Item 6.B Compensation See subheading – “Non-audit services” |
| Auditor’s independence declaration | Exhibits 99.2 |
| Directors’ Resolution | Item 6.B Compensation See subheading – “Directors’ resolution” |
5.Audited Financial Report 2023
This preliminary final report has been based on accounts which have been audited. The independent auditors report includes the following statement:
We draw attention to Note 1(i) in the financial report, which indicates that the Group had net cash outflows from operating activities of $63.3 million and the ability of the Group to continue as a going concern is dependent upon the Group implementing cost containment and deferment strategies and obtaining additional funding from one or more sources to meet the Group’s projected expenditure consistent with its business strategy. These conditions, along with other matters set forth in Note 1(i), indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
A copy of the audited Financial Statements for the year ended 30 June 2023 is included in Item 18 Financial Statements within the Form 20-F.
- End of Appendix 4E -
