BioStem Technologies Inc. (OTC:BSEM), a regenerative medicine company focused on the development, manufacture, and commercialization of placental derived biologics today, reported financial results for the quarter ended March 31, 2022.
The quarterly financial results were as follows:
- Net revenue of $2.749 million for the quarter up 211%, compared to net revenue of $0.882 million for the quarter ended March 31, 2021.
- Net loss of ($0.897) million for the quarter ended March 31, 2022, compared to a net loss of ($0.130) million for the quarter ended March 31, 2021.
- Adjusted EBITDA of 1.479 million, or 54% of net revenue compared to Adjusted EBITDA of $0.082 million, or 9% of net revenue, for the quarter ended March 31, 2021, an increase of $1.396 million. See the GAAP to Adjusted EBITDA reconciliation below.
Statement of Operations Highlights:
- Revenue was $2.749 million, an increase of $1.866 million, or 212% year over year.
- Gross profit was $2.345 million, or 85% of revenue, an increase of $1.752 million, or 289% year over year.
- Operating expenses for the quarter were $3.122 million.
Cashm flows and Balance Sheet Highlights:
- Cash flows provided by operations were $0.555 million for the quarter, compared to cash flows used in operations of ($1.145) million for the quarter ended March 31, 2021.
- The company maintained cash on hand as of March 31 $0.809 million compared to $0.238 million as of March 31, 2021.
"As I shared in our Fourth Quarter press release, we have put our company on a tremendous growth trajectory for 2022 and beyond. Our Advanced Wound Care product Vendaje® continues to be in high demand and, over the last two quarters, has delivered impressive growth of 4,354%, from the fourth quarter of 2021 through the first quarter of 2022." said CEO Jason Matuszewski. "We are executing our growth strategy outlined in 2022 and driving strong performance in commercializing our initial products."
