BioStem Puts Its Best Foot Forward, Achieving Third Sequential Quarter of Record Growth
The MedTech company BioStem Technologies, Inc. (BSEM) known for its focus on developing, manufacturing, and commercializing placental-derived biologics has reported its third quarter earnings which also marks its third sequential quarter of record growth. BioStem’s revenue for the first nine months of 2024 totals almost $200M, $82.6M of which has come from its third quarter. The company has also achieved its third consecutive quarter of positive net income of $6.8M or $0.42 per share and posted $9.9M for its 3Q adjusted EBITDA.
The company attributes its strong financial performance to the continued success of its AmnioWrap2® allografts which has garnered significant commercial acceptance across a wide range of non-acute sites of service. Additionally, the company has initiated the launch of its Vendaje AC® in partnership with Venture Medical and has received National Average Sale Price (ASP) approval across all Medicare Administrative Contractor (MAC) regions. The company expects to realize revenue from this product which will be provided in its fourth quarter results.
Additionally, BioStem is continuing to advance toward uplisting to a senior exchange as the company has filed its Registration Statement on Form 10 with the SEC and submitted an application for Nasdaq uplisting.
As it relates to its diabetic foot ulcer clinical strategy, BioStem CEO Jason Matuszewski stated, “We continue to execute on our clinical strategy and recently announced breakthrough data for a diabetic foot ulcer study in a peer-reviewed journal, demonstrating the clinical efficacy of BioREtain compared to the standard of care. BioStem also launched the BR-AC-DFU-101 diabetic foot ulcer clinical trial in 60 patients at 10 sites across the U.S., and we are expecting to launch a similarly designed trial for venous leg ulcers, BR-AC-VLU-101. These studies are critical to demonstrating the clinical superiority of BioStem’s products over existing treatments and will be instrumental in expanding payer coverage across commercial plans, Medicare Advantage, and Medicaid.”
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: www.biostemtechnologies.com.
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