Revenue remains highly erratic with quarterly figures fluctuating between $1.3 million and $7.0 million, while fixed costs consistently outpace income, resulting in a negative operating margin of 4.9% in 2025Q4.
| Metric | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 |
|---|
| Sales/Revenue | 17.2M | 5.9M | 7.5M | 10.21M | 7.46M | 32.16M | 16.72M | 17.34M | 2.41M | 42.55M | 23.75M | 25.98M | 28.79M | 38.28M | 120.92M | 5.5K | 890.71K | 909.81K | 1.68M | 2.82M | 502.88K |
| Revenue Growth % | 191.39% | -21.32% | -26.54% | 36.95% | -76.81% | 92.3% | -3.57% | 618.95% | -94.33% | 79.16% | -8.59% | -9.75% | -24.8% | -68.34% | 2198468.82% | -99.38% | -2.1% | -45.82% | -40.49% | 461.11% | - |
| Cost of Goods Sold | 5.13M | 41.07M | 54.92M | 63.57M | 85.73M | 81.5M | 75.17M | 5.51M | 12.06M | 29.76M | 23.78M | 25.43M | 21.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | 29.83% | 695.87% | 732.2% | 622.58% | 1149.83% | 253.44% | 449.55% | 31.76% | 500.21% | 69.95% | 100.15% | 97.9% | 73.88% | - | - | - | - | - | - | - | - |
| Gross Profit | 12.07M | -35.17M | -47.42M | -53.36M | -78.28M | -49.34M | -58.45M | 11.83M | -9.65M | 12.79M | -35K | 546K | 7.52M | 38.28M | 120.92M | 5.5K | 890.71K | 909.81K | 1.68M | 2.82M | 502.88K |
| Gross Margin % | 70.17% | -595.87% | -632.2% | -522.58% | -1049.83% | -153.44% | -349.55% | 68.24% | -400.21% | 30.05% | -0.15% | 2.1% | 26.12% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | 134.32% | 25.84% | 11.13% | 31.83% | -58.64% | 15.59% | -593.97% | 222.58% | -175.5% | 36628.57% | -106.41% | -92.74% | -80.36% | -68.34% | 2198468.82% | -99.38% | -2.1% | -45.82% | -40.49% | 461.11% | - |
| Operating Expenses | 74.51M | 48.98M | 76.79M | 90.78M | 115.06M | 107.56M | 97.88M | 92.03M | 92.5M | 98.44M | 137.14M | 98.36M | 88.86M | 64.99M | 27.16M | 11.13M | 10.32M | 8.85M | 8.69M | 9.11M | 1.49M |
| OpEx % of Revenue | 433.25% | 829.87% | 1023.73% | 889.09% | 1543.17% | 334.5% | 585.36% | 530.71% | 3834.87% | 231.35% | 577.48% | 378.58% | 308.71% | 169.77% | 22.46% | 202402.44% | 1158.6% | 972.67% | 517.64% | 322.7% | 296.18% |
| Selling, General & Admin | 39.31M | 23.63M | 53.11M | 57.97M | 63.59M | 50.92M | 36.98M | 27.41M | 35.07M | 52.26M | 65.38M | 54.17M | 51.68M | 28.05M | 11.84M | 3.57M | 3.17M | 2.64M | 4.11M | 3.75M | 997.65K |
| SG&A % of Revenue | 228.57% | 400.31% | 708% | 567.69% | 852.82% | 158.35% | 221.16% | 158.09% | 1454.06% | 122.83% | 275.3% | 208.51% | 179.53% | 73.28% | 9.8% | 64837.89% | 356.35% | 290.39% | 244.63% | 132.81% | 198.39% |
| Research & Development | 34.81M | 25.35M | 27.19M | 32.81M | 53.01M | 56.19M | 59.81M | 65.93M | 58.91M | 50.01M | 77.59M | 55.3M | 43.11M | 36.94M | 15.31M | 7.57M | 7.15M | 6.21M | 4.58M | 5.36M | 491.77K |
| R&D % of Revenue | 202.39% | 429.57% | 362.47% | 321.37% | 711% | 174.74% | 357.7% | 380.18% | 2442.54% | 117.54% | 326.73% | 212.88% | 149.75% | 96.49% | 12.66% | 137564.55% | 802.24% | 682.27% | 273.01% | 189.89% | 97.79% |
| Other Operating Expenses | 395K | 0 | 0 | 30.76M | 32.65M | 25.23M | 15.48M | -1.31M | 10.53M | 25.92M | 122K | 16.49M | 15.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -62.44M | -84.15M | -69.29M | -80.57M | -109.1M | -74.87M | -80.2M | -77.34M | -90.04M | -55.89M | -113.39M | -72.38M | -60.08M | -48.72M | 93.76M | -10.39M | -9.43M | -7.94M | -7.01M | -6.28M | -986.54K |
| Operating Margin % | -363.08% | -1425.74% | -923.73% | -789.09% | -1463.2% | -232.84% | -479.62% | -445.99% | -3733.08% | -131.35% | -477.48% | -278.58% | -208.71% | -127.28% | 77.54% | -188851.78% | -1058.6% | -872.67% | -417.64% | -222.7% | -196.18% |
| Operating Income Growth % | 25.79% | -21.44% | 14.01% | 26.14% | -45.71% | 6.65% | -3.7% | 14.11% | -61.11% | 50.71% | -56.67% | -20.47% | -23.31% | -151.96% | 1002.7% | -10.16% | -18.76% | -13.2% | -11.61% | -536.98% | - |
| EBITDA | -56.04M | -82.25M | -65.18M | -76.19M | -104.83M | -71.2M | -78.06M | -74.69M | -86.98M | -53.7M | -111.44M | -71.26M | -59.31M | -48.34M | 93.94M | -10.23M | -9.31M | -7.78M | -6.95M | -6.24M | -967.56K |
| EBITDA Margin % | -325.87% | -1393.63% | -868.98% | -746.2% | -1406.01% | -221.44% | -466.83% | -430.71% | -3606.34% | -126.2% | -469.24% | -274.27% | -206.02% | -126.29% | 77.69% | -186064.78% | -1045.14% | -855.44% | -413.91% | -221.16% | -192.4% |
| EBITDA Growth % | 31.86% | -26.19% | 14.45% | 27.32% | -47.23% | 8.79% | -4.52% | 14.14% | -62% | 51.81% | -56.39% | -20.15% | -22.68% | -151.46% | 1017.97% | -9.93% | -19.61% | -11.97% | -11.38% | -544.97% | - |
| D&A (Non-Cash Add-back) | 6.4M | 1.9M | 4.11M | 4.38M | 4.26M | 3.67M | 2.14M | 2.65M | 3.06M | 2.19M | 1.96M | 1.12M | 772K | 378.58K | 178.88K | 153.28K | 119.83K | 156.76K | 62.52K | 43.58K | 18.98K |
| EBIT | -80.06M | -57.97M | -62.66M | -74.3M | -88.92M | -72.64M | -86.67M | -64.15M | -90.22M | -90.82M | -91.39M | -71.45M | -60.08M | -48.72M | 92.26M | -14.78M | -10.13M | -7.94M | -7.01M | -8.19M | -1.36M |
| Net Interest Income | -19.38M | -18.83M | -18.61M | -17.29M | -10.71M | -14.17M | -10.98M | -1.46M | 468K | 1.08M | -10.53M | -4.08M | 0 | -289 | -14.91K | 739.79K | 704.41K | 0 | -542 | -110.09K | -107.12K |
| Interest Income | 3.55M | 1.82M | 831K | 0 | 0 | 542K | 719K | 366K | 468K | 1.08M | 0 | 0 | 0 | 0 | 0 | 739.79K | 704.41K | 0 | 0 | 0 | 0 |
| Interest Expense | 22.93M | 20.66M | 19.44M | 17.29M | 10.71M | 14.72M | 11.7M | 1.83M | 0 | 0 | 10.53M | 4.33M | 0 | 289 | 14.91K | 0 | 0 | 0 | 542 | 110.09K | 107.12K |
| Other Income/Expense | -39.37M | -4M | -12.81M | -10.48M | 9.47M | -12.48M | -18.34M | 9.24M | -173K | -34.93M | -4.45M | -3.15M | 0 | -289 | -1.52M | -4.39M | -2.86M | -2.12M | -1.71M | -2.01M | -483.83K |
| Pretax Income | -101.81M | -88.15M | -82.1M | -91.59M | -99.63M | -87.36M | -98.75M | -65.98M | -90.22M | -90.82M | -119.37M | -80.95M | -60.08M | -48.72M | 92.24M | -14.78M | -12.29M | -10.06M | -8.73M | -8.3M | -1.47M |
| Pretax Margin % | -592% | -1493.51% | -1094.53% | -896.93% | -1336.24% | -271.66% | -590.56% | -380.47% | -3740.26% | -213.46% | -502.64% | -311.6% | -208.71% | -127.28% | 76.28% | -268743.55% | -1379.29% | -1105.99% | -519.74% | -294.09% | -292.39% |
| Income Tax | 330K | -191K | -212K | -239K | -819K | -9.41M | -8.96M | -30.69M | -13.4M | -86.69M | 6.1M | 5K | 1.58M | 22.42M | 1.63M | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.32% | 0.22% | 0.26% | 0.26% | 0.82% | 10.78% | 9.07% | 46.51% | 14.85% | 95.46% | -5.11% | -0.01% | -2.64% | -46.02% | 1.77% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -102.14M | -87.96M | -81.89M | -91.35M | -98.81M | -77.94M | -89.8M | -35.29M | -76.81M | -4.13M | -119.37M | -80.96M | -61.66M | -71.15M | 90.61M | -14.78M | -12.29M | -10.06M | -8.73M | -8.3M | -1.47M |
| Net Margin % | -593.92% | -1490.27% | -1091.71% | -894.59% | -1325.25% | -242.38% | -537.01% | -203.51% | -3184.7% | -9.7% | -502.64% | -311.62% | -214.21% | -185.86% | 74.93% | -268743.55% | -1379.29% | -1105.99% | -519.74% | -294.09% | -292.39% |
| Net Income Growth % | -16.13% | -7.41% | 10.35% | 7.55% | -26.78% | 13.21% | -154.46% | 54.06% | -1761.28% | 96.54% | -47.44% | -31.29% | 13.33% | -178.52% | 713% | -20.31% | -22.09% | -15.29% | -5.18% | -464.39% | - |
| Net Income (Continuing) | -102.14M | -87.96M | -81.89M | -91.35M | -98.81M | -77.94M | -89.8M | -35.29M | -76.81M | -4.13M | -96.24M | -75.53M | -61.66M | -71.14M | 90.61M | -14.78M | -12.29M | -10.06M | -8.73M | -8.3M | -1.47M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.84 | -0.89 | -0.98 | -1.30 | -1.60 | -1.50 | -1.80 | -0.76 | -1.40 | -0.08 | -2.20 | -1.50 | -1.10 | -1.30 | 3.90 | -0.27 | -0.23 | -0.19 | -0.16 | -0.15 | -0.03 |
| EPS Growth % | 5.62% | 9.18% | 24.62% | 18.75% | -6.67% | 16.67% | -136.84% | 45.71% | -1718.18% | 96.5% | -46.67% | -36.36% | 15.38% | -133.33% | 1544.44% | -17.39% | -21.05% | -18.75% | -6.67% | -455.56% | - |
| EPS (Basic) | -0.84 | -0.89 | -0.98 | -1.30 | -1.60 | -1.50 | -1.80 | -0.76 | -1.40 | -0.08 | -2.20 | -1.50 | -1.10 | -1.30 | 4.10 | -0.27 | -0.23 | -0.19 | -0.16 | -0.15 | -0.03 |
| Diluted Shares Outstanding | 120.78M | 98.67M | 83.93M | 68.29M | 60.51M | 52.88M | 49.44M | 46.57M | 53.77M | 53.77M | 53.77M | 53.77M | 53.77M | 53.77M | 53.77M | 53.77M | 53.77M | 53.77M | 53.77M | 53.77M | 53.77M |
| Basic Shares Outstanding | 120.78M | 98.67M | 83.77M | 68.27M | 60.51M | 52.88M | 49.44M | 46.56M | 53.77M | 53.77M | 53.77M | 53.77M | 53.77M | 53.77M | 53.77M | 53.77M | 53.77M | 53.77M | 53.77M | 53.77M | 53.77M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Regulatory approval and liquidity
As reported in recent financial filings, Mesoblast's revenue trajectory remains highly erratic, with quarterly figures fluctuating between $1.3 million and $7.0 million, reflecting a reliance on unpredictable milestone payments rather than consistent, scalable commercial demand for its proprietary mesenchymal precursor cell platform.
The revenue profile is characterized by lumpy, non-recurring inflows that obscure the lack of meaningful organic growth in core royalty streams. Investors should monitor the sustainability of these payments, as the current trajectory suggests a business model that remains tethered to transactional events rather than a predictable commercial ramp.
Based on the company's reported income statements, the cost structure is dominated by persistent R&D and SG&A expenses, which consistently exceed total revenue, resulting in a structural operating deficit that necessitates frequent external capital injections to maintain ongoing clinical development activities.
The high fixed-cost base reflects the intensive nature of late-stage clinical trials and the regulatory requirements for cell therapy manufacturing. This expense discipline appears constrained by the necessity of funding long-dated pipeline assets, leaving little room for operational flexibility without further dilutive financing.
According to historical income statement data, Mesoblast exhibits a lack of operating leverage, as operating losses have widened to $34.4 million in recent periods, indicating that the company's current scale is insufficient to absorb the heavy overhead required for its complex manufacturing and clinical operations.
The inability to scale operating income relative to gross profit suggests that the company is far from achieving a self-sustaining commercial state. This trend warrants further investigation into whether future manufacturing efficiencies can realistically bridge the gap between current operating losses and potential profitability.
As highlighted by recent regulatory disclosures, the primary risk to the income statement narrative is the recurring failure to secure FDA approval, which threatens to render the company's significant R&D investments as sunk costs rather than future revenue-generating assets for the firm.
Short-sellers would likely focus on the persistent cash burn and the binary nature of the remestemcel-L approval process, which remains the central pillar of the company's valuation. The reliance on milestone payments to offset operating losses may prove unsustainable if regulatory delays continue to push back commercialization timelines.
Quick answers to the most common questions about buying MESO stock.
For fiscal year 2025, Mesoblast Limited (MESO) reported total revenue of $17.2M. This represents a 3319.9% increase compared to $0.5M in 2005.
Mesoblast Limited (MESO) reported a net loss of $102.1M for the fiscal year ending 2025.
Mesoblast Limited (MESO) reported an operating income of $-62.4M, resulting in an operating profit margin of -363.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Mesoblast Limited (MESO) generated $12.1M in gross profit for the year, representing a gross profit margin of 70.2%. This demonstrates the company's core pricing power and production efficiency.