HomeBiotechBioStem Shares Rise After Company Reports Record Revenue
BioStem Shares Rise After Company Reports Record Revenue
May 15, 2024 at 1:32 pm - by Catie Corcoran
Shares in regenerative medicine company, BioStem Technologies (OTC: BSEM) climbed nearly 10.0% in morning trading on Wednesday after the company announced its earnings for the first quarter of 2024. BioStem reported record-breaking revenue of $41.9 million, demonstrating significant growth over the previous period.
Commenting on the results, BioStem CEO, Jason Matuszewski, said, “BioStem had an outstanding first quarter. Revenue reached $41.9 million, nearly 71 times higher than revenue of roughly $0.6 million for last year’s comparable quarter.”
The company says its strong growth has been largely driven by the launch of AmnioWrap2, BioStem’s innovative placental-derived allograft product designed to address a broad spectrum of wound applications, and the product’s continued successful commercial acceptance into the private office setting. BioStem attributes its increased reach and the resulting sales numbers to its distribution agreement with Venture Medical, signed in September 2023.
During the quarter, BioStem engaged McCoy Clinical Consulting to lead its clinical studies evaluating its BioREtain products in the treatment of Diabetic Foot Ulcer (DFU) and Venous Leg Ulcer (VLU). The consultant’s role will be to advance BioStem’s clinical capabilities, and accelerate trial processes as the company works to demonstrate the real-world benefits of its allograft product suite.
“Completing our strategic two-year audit strengthens our financial transparency and governance. These advancements in operations, governance, clinical trials, and sales strategies have launched BioStem 2.0, marking a new phase in our evolution as a global MedTech leader, focused on driving revenue growth and expanding our operational scale,” said Mr. Matuszewski.
On a US GAAP basis, BioStem is net income positive for the first time in the history of the company, and has converted from a net shareholders’ deficit position into a net positive equity position.
About BioStem Technologies, Inc.
BioStem Technologies is a leading innovator focused on harnessing the natural properties of perinatal tissue in the development, manufacture, and commercialization of allografts for regenerative therapies. The Company is focused on manufacturing products that change lives, leveraging its proprietary BioRetain® processing method. BioRetain® has been developed by applying the latest research in regenerative medicine, focused on maintaining growth factors and preserving tissue structure. BioStem Technologies’ quality management system and standard operating procedures have been reviewed and accredited by the American Association of Tissue Banks (“AATB”). These systems and procedures are established per current Good Tissue Practices (“cGTP”) and current Good Manufacturing Processes (“cGMP”). Our portfolio of quality brands includes AmnioWrap2®, VENDAJE®, VENDAJE AC®, and VENDAJE OPTIC®. Each BioStem Technologies placental allograft is processed at the Company’s FDA registered and AATB accredited site in Pompano Beach, Florida. For more information, please visit: http://www.biostemtechnologies.com
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