BioStem Technologies Reports Record Revenue of $11.5M for Q4 2023
April 04, 2024 at 11:34 am - by Catie Corcoran
Leading regenerative medicine company, BioStem Technologies (OTC: BSEM) has reported record revenues for the fourth quarter of 2023, reaching $11.5 million, a 1,355% increase year-over-year. The company achieved gross profit of $10.9 million, adjusted EBITDA income of $1.67 million in the fourth quarter of 2023, and net revenue of $16.7 million, an increase of 143% year-over-year.
The company achieved a number of key milestones during the year, including the successful acquisition of Auxocell Laboratories, a leading solid tissue processing equipment manufacturer, and entering a partnership with NovaBay Pharmaceuticals for the commercialization of the Avenova Allograft™ optic allograft.
Jason Matuszewski, CEO of BioStem, commented, “BioStem had an outstanding fourth quarter. Revenue reached $11.5 million, nearly 14 times higher than revenue of roughly $0.8 million for last year’s comparable quarter.”
Mr. Matuszewski said the impressive growth was driven by the successful commercial launch of AmnioWrap2, the company’s innovative placental-derived allograft product designed to address a broad spectrum of wound applications, in partnership with Venture Medical.
“The launch was supported by the fourth quarter publication of local MAC (Medicare Administrative Contractor) pricing by CMS (Centers for Medicare and Medicaid Services). Gross margin reached 95% of revenue compared to 84% last year, reflecting the increase in sales and the benefit from our distribution agreement with Venture Medical.”
BioStem’s full product portfolio was listed with the U.S Department of Defense and Veterans’ Administration during the year, and the company successfully obtained Q-Code and CMS reimbursement for Vendaje AC® and AmnioWrap2.
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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