BioStem (BSEM) Reports Record Second Quarter Revenue of $74.5M with $116.4M Generated for the First Half of 2024
Advanced wound care technology company BioStem Technologies (BSEM) announced its second quarter financials and achieved a second consecutive record quarter for the company. BioStem reported $74.5M in revenue for the second quarter compared to $1M in 2023, which totaled first half revenue for the year to $116.4M. Gross profit was $70.7 million, or 95% of net revenue, and the Company generated net income of $6.4 million, or $0.39 per share, versus a net loss of ($2.8) million in the three-month period of 2023. Additionally, BioStem’s cash balance increased at the end of Q2 to $6.6M, which was an approximate $6M increase from the previous quarter as margins remained strong and sustainable.
BioStem’s AmnioWrap2 continues to be a major growth driver achieving an impressive 56.5% sequential revenue increase compared to Q1 2024. In June, the company reported breakthrough results on AmnioWrap2 that were published in the peer-reviewed journal, Health Science Reports which found BioStem’s products offered better treatment efficacy in general would closure. In July, BioStem received Institutional Review Board (IRB) approval to initiate a clinical study evaluating AmnioWrap2 in diabetic foot ulcers to demonstrate the efficacy of the product to advance expanded payer insurance coverage.
On its conference call, BioStem mentioned they are currently in the process of updating their registration with Q2 numbers, have filed an application with NASDAQ to uplist and are pending review by the SEC on their Form 10. The company expects an update on this in the next 60 – 90 days.
About BioStem Technologies, Inc. (OTC: BSEM): 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 visit biostemtechnologies.com and follow us on Twitter and Linkedin.
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