HemaCare Corp. Reports Strong, Profitable 2016 Results

LOS ANGELES--(BUSINESS WIRE)--HemaCare Corporation (OTCBB: HEMA) today reported financial results for 2016, showing robust gains in revenue, gross profit, and net income from continuing operations compared to the prior year. For the full year, revenue from continuing operations grew 43% to $13.8 million, while gross profit of $7.1 million (51% of sales) increased by 62% over the prior year (45% of sales). Net income from continuing operations totaled $781,000, versus a prior year loss. For complete audited December 31, 2016 Financial Statements, please click here.

Pete van der Wal, HemaCare’s President and Chief Executive, stated, “2016 was another pivotal year for us as we achieved operational profitability and continued to expand our global customer base, realizing a 240% increase in international revenues. Our rapid revenue growth gives management a high level of confidence that our customers value the quality of HemaCare’s bioresearch products and services. This was further validated by the January 2017 purchase of $2.5 million of HemaCare’s common stock at $3.44 per share, and a discretionary option to purchase up to a total of $5 million of shares at the same price over the next two years, by a subsidiary of OneBlood, an industry-leading blood center. In 2017, we will continue to build our sales and marketing team, increase our operational capabilities, enlarge our portfolio of healthy and disease-state products, and continue to expand into additional strategic markets. Furthermore, we will continue to strengthen our leadership position as a critical supplier to customers performing cell therapy research, process development, and commercialization. This includes expanding our highly functional cryopreserved isolated cell product line, as well as our superior leukapheresis collections for autologous and allogeneic cell therapies.”

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