- Company Achieves Record-Breaking First Quarter Results for 2024, Marking the Launch of BioStem 2.0 -
- Company Reports First Quarter EBITDA of
- Project Continued Growth from Sales of AmnioWrap2® -
- Financial Results Conference Call and Webcast on Tuesday May 14, 2024 at
“An exciting recent development is the USPTO's prioritized examination of our patent for BioREtain® processing technology, essential for BioStem’s product differentiation and advanced wound care support. We've also advanced our clinical capabilities by engaging
Recent Highlights:
Engaged McCoy Clinical Consulting to spearhead pivotal clinical trials for Diabetic Foot Ulcer (DFU) and Venous Leg Ulcer (VLU) treatments, enhancing the company’s clinical capabilities.- Advanced intellectual property portfolio with the prioritized examination of a critical patent by the USPTO.
First Quarter 2024 Financial Highlights
- Net revenue grew to
$41.9 million in the first quarter of 2024 compared to$0.6 million in the first quarter of 2023. - Gross profit was
$39.7 million , or 95% of revenue, in the first quarter of 2024. - Adjusted EBITDA income was
$7.9 million in the first quarter of 2024 compared to an Adjusted EBITDA loss of($1.0) million in the first quarter of 2023. - First quarter in the history of the Company with positive GAAP income.
First Quarter 2024 Operational Highlights
- Completed two years of audited financial statements in continued preparation for moving the Company to a national exchange.
- Completed construction and provisioned equipment for expansion of processing capacity.
- Expanded the Quality, Operational, Sales and Marketing teams to support increased capacity and drive growth.
First Quarter–Financial Results:
The following table represents net revenue, gross margin, operating expenses, and other expenses for the first quarter
Three months ended | ||||||||||||||
2024 | 2023 | $ Change | % Change | |||||||||||
Net revenue | $ | 41,904,213 | $ | 576,103 | $ | 41,328,110 | 7174% | |||||||
Gross profit | $ | 39,679,509 | $ | 474,954 | $ | 39,204,556 | 8254% | |||||||
Gross profit % | 95% | 82% | 12% | |||||||||||
Operating expenses | $ | (35,071,396) | $ | (3,938,106) | $ | (31,133,289) | 791% | |||||||
Other expense, net | $ | (165,513) | $ | (116,935) | $ | (48,578) | -42% | |||||||
Financial Results for Three Months Ended
Net revenue for the three months ended
Gross profit for the three-months ended
Operating expenses for the three-months ended
Conference Call Details
Date: Tuesday, May 14, 2024
Time: 4:30 pm EDT
Webcast Link: https://events.q4inc.com/attendee/274186276
Participant Toll-Free Dial-In Number: 1 (888) 596-4144
Participant Toll Dial-In Number: 1 (646) 968-2525
To submit questions, participants must have Internet connectivity as questions will only be addressed via the webcast. The conference call line will be in listen-only mode.
About
Forward-Looking Statements
Except for statements of historical fact, this release also contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts of future events. Forward-looking statements may be identified using words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements with respect to the operations of the Company, strategies, prospects and other aspects of the business of the Company are based on current expectations that are subject to known and unknown risks and uncertainties, which could cause actual results or outcomes to differ materially from expectations expressed or implied by such forward-looking statements. These factors include, but are not limited to: (1) the impact of any changes to the reimbursement levels for the Company’s products; (2) the Company faces significant and continuing competition, which could adversely affect its business, results of operations and financial condition; (3) rapid technological change could cause the Company’s products to become obsolete and if the Company does not enhance its product offerings through its research and development efforts, it may be unable to effectively compete; (4) to be commercially successful, the Company must convince physicians that its products are safe and effective alternatives to existing treatments and that its products should be used in their procedures; (5) the Company’s ability to raise funds to expand its business; (6) the Company has incurred significant losses since inception and may incur losses in the future; (7) changes in applicable laws or regulations; (8) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (9) the Company’s ability to maintain production of its products in sufficient quantities to meet demand; and (10) the COVID-19 pandemic and its impact, if any, on the Company’s fiscal condition and results of operations; You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Although it may voluntarily do so from time to time, the Company undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
Contacts:
Phone: 954-380-8342
Website: http://www.biostemtechnologies.com
Email: info@biostemtech.com
Twitter: @BSEM_Tech
Facebook:
Investor Relations:
T: 646-863-6893
jramson@pcgadvisory.com
-Tables Follow-
Consolidated Balance Sheets | |||||||
(Unaudited) | |||||||
Current Assets | |||||||
Cash | $ | 643,241 | $ | 239,406 | |||
Accounts receivable, net | 41,622,643 | 11,371,730 | |||||
Inventory, net | 882,763 | 658,678 | |||||
Prepaid expenses and other assets | 585,489 | 329,239 | |||||
Total current assets | 43,734,136 | 12,599,053 | |||||
Long-Term Assets | |||||||
Property and equipment, net | 1,133,865 | 1,154,856 | |||||
Construction-in-process | 215,081 | 202,700 | |||||
Right-of-use asset, net | 9,636 | 11,443 | |||||
Intangible assets, net | 316,737 | 347,604 | |||||
244,635 | 244,635 | ||||||
Other assets | 20,000 | - | |||||
Total assets | $ | 45,674,089 | $ | 14,560,291 | |||
Current Liabilities | |||||||
Accounts payable and accrued expenses | $ | 2,818,370 | $ | 1,391,711 | |||
Bona fide services fee payable (Note 4) | 29,839,849 | 7,787,211 | |||||
Accrued interest | 1,762,824 | 1,697,787 | |||||
Short-term finance lease | 8,988 | 8,988 | |||||
Notes payable | 4,125,902 | 4,445,782 | |||||
Other current liabilities | 251,060 | 289,409 | |||||
Total current liabilities | 38,806,994 | 15,620,888 | |||||
Long-Term Liabilities | |||||||
Finance lease, less current portion | 1,397 | 3,294 | |||||
Notes payable, less current portion | 216,263 | 265,635 | |||||
Other long-term liabilities, less current portion | 7,425 | 14,850 | |||||
Total long-term liabilities | 225,085 | 283,779 | |||||
Total liabilities | 39,032,078 | 15,904,667 | |||||
Commitments and contingencies (Note 10) | |||||||
Stockholders' Equity (Deficit) | |||||||
Series A-1 convertible preferred stock, | - | - | |||||
Series B-1 convertible preferred stock, | - | - | |||||
Common stock, | 16,354 | 16,215 | |||||
Additional paid-in capital | 47,851,046 | 44,306,872 | |||||
(43,346 | ) | (43,346 | ) | ||||
Accumulated deficit | (41,182,043 | ) | (45,624,643 | ) | |||
Total stockholders' equity (deficit) | 6,642,011 | (1,344,376 | ) | ||||
Total liabilities and stockholders' equity (deficit) | $ | 45,674,089 | $ | 14,560,291 | |||
Consolidated Statements of Operations | |||||||
(Unaudited) | |||||||
Three-months ended, | |||||||
Revenue, net | $ | 41,904,213 | $ | 576,103 | |||
Cost of goods sold | 2,224,704 | 101,149 | |||||
Gross profit | 39,679,509 | 474,954 | |||||
Operating Expenses: | |||||||
Sales and marketing expenses | 30,547,721 | 133,257 | |||||
General and administrative expenses | 4,399,262 | 3,746,505 | |||||
Research and development expenses | 70,748 | - | |||||
Depreciation and amortization expense | 53,665 | 58,345 | |||||
Total operating expenses | 35,071,396 | 3,938,106 | |||||
Income/(loss) from operations | 4,608,114 | (3,463,153 | ) | ||||
Other Income (Expense): | |||||||
Interest expense | 163,942 | 120,426 | |||||
Other income (expense) | (1,571 | ) | 3,491 | ||||
Other income (expense), net | 165,513 | 116,935 | |||||
Total Income (loss) from operations before income taxes | 4,442,601 | (3,580,088 | ) | ||||
Income taxes | - | - | |||||
Net Income (loss) | $ | 4,442,075 | $ | (3,580,088 | ) | ||
Basic net income (loss) per share attributable to common stockholders | $ | 0.27 | $ | (0.28 | ) | ||
Diluted net income (loss) per share attributable to common stockholders | $ | 0.20 | $ | (0.28 | ) | ||
Basic weighted average common shares outstanding | 16,316,178 | 12,564,950 | |||||
Diluted weighted average common shares outstanding | 22,383,275 | 12,564,950 | |||||
NON-GAAP FINANCIALS MEASURES
Our management uses financial measures that are not in accordance with generally accepted accounting principles in
The following is a reconciliation of GAAP net income (loss) to non-GAAP EBITDA and non-GAAP Adjusted EBITDA for each of the periods presented:
Three months ended | |||||||||||||||
2024 | 2023 | $ Change | % Change | ||||||||||||
Net income (loss) | $ | 4,442,075 | $ | (3,580,088 | ) | $ | 8,022,162 | 224 | % | ||||||
Interest expense | 163,942 | 120,426 | 43,517 | -36 | % | ||||||||||
Depreciation and amortization | 53,665 | 58,345 | (4,680 | ) | -8 | % | |||||||||
EBITDA | $ | 4,659,682 | $ | (3,401,317 | ) | $ | 8,060,999 | 237 | % | ||||||
Share-based compensation | 3,279,098 | 2,428,546 | 850,552 | ||||||||||||
Adjusted EBITDA | $ | 7,938,780 | $ | (972,771 | ) | $ | 8,911,551 | 916 | % | ||||||
Adjusted EBITDA / Revenue | 1378 | % | -35 | % | 1413 | % | |||||||||
Source:
2024 GlobeNewswire, Inc., source