LAS VEGAS, Nov. 15, 2012 /PRNewswire/ -- Cord Blood America, Inc. (www.cordblood-america.com) (OTC Bulletin Board: CBAI) ("CBAI" or the "Company") today announced financial results for the three and nine months periods ended September 30, 2012.
Third Quarter 2012 Highlights
- Revenue increased 14% to $1.51 million from $1.33 million in the year ago period.
- Recurring revenue increased 13% to $698,103.
- Administrative and selling expenses decreased 14% to $1.09 million from $1.22 million in the year ago period.
- The company reported EBITDA of $166,841 compared to a loss of $206,949 in the year ago period.
Nine-Months Ended September 30, 2012 Highlights
- Revenue increase 18% to $4.64 million from $3.93 million in the year ago period.
- Our cash position increased over 100% to $369,186.
- Gross margin increased to 72.7% from 70.5% in the year ago period.
- SG&A decreased 24% or $1.17 million to $3.64 million from $4.81 million.
For the second consecutive quarter, we demonstrated marked improvement in three key performance metrics; revenue growth, expense control and EBITDA. The result is that we have improved our cash position, while reducing the current liabilities without adding to the debt obligations of the Company. We continue to see consistent growth in the number of new customers added each quarter that will layer on top of our existing recurring revenue base. We expect our new customers to have an annual recurring duration of approximately eighteen years demonstrating the significant lifetime value of each new client," commented Joseph Vicente, President of Cord Blood America, Inc.
The third quarter results also include a one-time charge for the sale of Stellacure GmbH as a Discontinued Operation on the Consolidated Statement of Operations, and are not included above the operating income (loss) line for year over year comparative purposes. As noted at the time of the announced sale of Stellacure, the realigned Company is stronger moving forward. Shedding the liabilities of Stellacure was also a key driver in improving the balance sheet of the Company by reversing a stockholder's deficit position at the end of 2011 of $.88 million to a stockholder equity position of $1.3 million; an improvement of $2.1 million in the nine month period.
Mr. Vicente concluded, "We will continue to focus on the fundamentals of performance. We are confident this is the path to increasing shareholder value, while we also understand the urgency associated with this mission. We are confident in our strategy and we need to continue to deliver improved results."
About Cord Blood America
Cord Blood America, Inc. is the parent company of CorCell, Companies, Inc. which facilitates umbilical cord blood stem cell preservation for expectant parents and their children. Collected through a safe and non-invasive process, cord blood stem cells offer a powerful and potentially life-saving resource for treating a growing number of ailments, including cancer, leukemia, blood, and immune disorders. To find out more about Cord Blood America, Inc. and CorCell Companies, Inc., visit our websites: http://www.cordblood-america.com/ for investor information and http://www.corcell.com/ for customer information.
Some statements made in this press release are forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We use words such as "anticipate," "believe," "expect,'' "future," "intend," "plan," and similar expressions to identify forward-looking statements. These statements including those related to the growth of the industry, new stem cell treatments, and the Company's performance, are only predictions and are subject to certain risks, uncertainties and assumptions. Additional risks are identified and described in the Company's public filings with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company's past performance is not necessarily indicative of its future performance. The Company does not undertake, and the Company specifically disclaims any obligation to update any forward-looking statements to reflect occurrences, developments, events, or circumstances after the date of such statement.
Web Site: http://www.cordblood-america.com
SOURCE Cord Blood America, Inc.