BioStem Technologies Announces Filing of 2021 First Quarter Financial Reports
Pompano Beach, Fl., May 24, 2021 (GLOBE NEWSWIRE) -- BioStem Technologies (OTC PINK: BSEM) ("BioStem" or the "Company"), a leading life sciences company specializing in perinatal tissue allografts for use in regenerative therapies, today announced that it has filed its first quarter financial reports for 2021.
First Quarter 2021 Financial Results Summary:
- Sales of $952,508 for the three months ended March 31, 2021, up 22% compared to sales of $777,365 for the three months ended March 31, 2020.
- Cost of sales of $216,414, and a 77.23% gross margin for the three months ended March 31, 2021, compared to cost of sales of $423,578, and a gross margin of 45.5% for the three months ended March 31, 2020, an improvement of over 31% in overall gross margin on the products.
- Net loss for the three months ended March 31, 2021 decreased 25% year-over-year to $292,782.
- On March 25, 2021, the Company announced that it has received the TRIP (TRG Rapid Inquiry Program) response from the FDA’s Tissue Reference Group (TRG) for the Company’s amniotic membrane allograft, VENDAJE™.
- On April 20, 2021, the Company announced the addition of three new scientific advisory board members.
“BioStem’s momentum continued into 2021 with first quarter growth of 22% year-over-year, despite the impact of the COVID-19 resurgence on procedure volumes in January,” said Jason Matuszewski, CEO of BioStem. “Looking ahead, we're positioning ourselves for long-term success as we implement our growing sales model and increase our profitability on our allografts.”
First Quarter 2021 Results:
The following table represents net revenue by product grouping for the three months ended March 31, 2021 and March 31, 2020, respectively:
|Three Months Ended March 31st||Change|
|Cost of Sales||$||216,414.00||$||423,578.00||$||(207,164.00||)||-48.91||%|
Sales for the first quarter of 2021 were $952,508, compared to $777,365 for the first quarter of 2020, an increase of $175,143, or 22.5%.
Gross Profit for the first quarter of 2021 was $736,094, or 77% of Sales, compared to $353,787, or 45% of Sales, for the first quarter of 2020, an increase of $382,307, or 108%. The increase in Sales was primarily attributable to the expanded sales force, increased sales to existing and new customers, and increased adoption of our amniotic product portfolio, including our RHEO™, AEON™ and OROPRO™ products.
Cost of Sales for the first quarter of 2021 was $216,414, or 22.7% of Sales, compared to $423,578, or 54.5% of Sales, for the first quarter of 2020, a decrease of $ 207,164 or 48.9%. The decrease in Cost of Sales resulted primarily from moving to a standard costing method from an average costing method, as well as a shift in product mix to our higher gross margin products.
About BioStem Technologies, Inc. (OTC PINK: BSEM): BioStem Technologies, Inc. is a global life sciences corporation, providing innovative technologies with a concentration in Regenerative Medicine. The company's mission is to discover, develop and produce the most effective Regenerative Medicine products in the world. BioStem Technologies offers a comprehensive portfolio of high-quality brands that include RHEO™, VENDAJE™, VENDAJE™ AC, and VENDAJE™ OPTIC. The company is comprised of a diverse group of scientists, physicians, and entrepreneurs who collaborate to create innovative products. These technologies improve the Quality of Life for our patients and, as a result, drive shareholder value.
Forward-Looking Statements: Except for statements of historical fact, the matters discussed in this press release are forward looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "plan" or "planned," "expects," believe" or "projected." These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the company's control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, limited operating history, difficulty in developing, exploiting and protecting proprietary technologies, intense competition and additional risks factors as discussed in reports filed by the company with OTC Markets.