- Firm stories report preliminary fourth quarter internet income of $102.9 Million, contributing to a complete of $301.8 Million in income for 2024
- Achieves preliminary GAAP internet earnings of $15.5 million, or $0.94 per share, marking the fourth consecutive quarter of profitability
- Preliminary This fall 2024 Adjusted EBITDA of $11.1 Million
- Monetary Outcomes Convention Name and Webcast to be held on April 14, 2025 at 4:30 pm ET
POMPANO BEACH, Fla., April 14, 2025 (GLOBE NEWSWIRE) — BioStem Applied sciences, Inc. BSEM (the “Firm” or “BioStem”), a number one MedTech firm centered on the event, manufacture, and commercialization of placental-derived biologics, in the present day reported preliminary monetary outcomes for the fourth quarter and full 12 months ended December 31, 2024. The Firm will host a webcast and convention name in the present day, April 14, 2025, at 4:30 pm ET. These outcomes are unaudited, have been ready according to the Firm’s present accounting insurance policies and are topic to decision of all SEC feedback on the Firm’s pending Type 10 associated to its deliberate uplisting to Nasdaq as mentioned under.
Jason Matuszewski, CEO of BioStem, commented: “2024 was a transformative 12 months for BioStem, with our fourth consecutive quarter of report income progress, preliminarily reporting $102.9 million within the fourth quarter and $301.8 million for the total 12 months. These outcomes replicate the sustained demand for our merchandise and emphasize the energy of our portfolio of pores and skin substitutes powered by BioREtain. The continued success of AmnioWrap2™ continues to drive progress, and we’re additionally inspired by the robust first-quarter income from Vendaje AC®. I want to acknowledge our devoted crew at BioStem and our business companions at Enterprise Medical for his or her excellent efficiency within the fourth quarter and all year long.”
Mr. Matuszewski continued: “BioStem stays dedicated to demonstrating the scientific effectiveness of our BioREtain® expertise. Because the fourth quarter, we now have initiated three scientific trials evaluating the efficacy of BioREtain-powered merchandise towards the usual of care in sufferers with diabetic foot ulcers or venous leg ulcers. Individually, we had been happy to announce groundbreaking ends in the fourth quarter from a retrospective examine on DFU wound closure, which was revealed within the peer-reviewed Worldwide Wound Journal. These trials are aimed toward demonstrating scientific superiority for healthcare professionals and payers, which can assist ongoing market enlargement.”
Fourth Quarter 2024 and Current Company Highlights:
Over the previous a number of months, BioStem has achieved a sequence of scientific, regulatory, and monetary milestones that replicate the Firm’s ongoing progress and innovation in regenerative drugs. In October 2024, BioStem initiated the BR-AC-DFU-101 scientific trial to review the therapeutic results of its BioREtain® expertise in treating diabetic foot ulcers. Shortly thereafter, the Firm secured nationwide pricing for Vendaje AC® from the Facilities for Medicare & Medicaid Providers (CMS), enabling reimbursement in all Medicare Administrative Contractor (MAC) areas. With reimbursement established, BioStem proceeded with the nationwide launch of Vendaje AC® in collaboration with Enterprise Medical.
Strengthening its scientific proof base, BioStem reported breakthrough outcomes from a diabetic foot ulcer wound closure examine in October, exhibiting BioREtain® outperformed commonplace of care therapies. These findings strengthened the worth of the corporate’s expertise in superior wound care.
In November 2024, BioStem reported report third quarter income of $82.6 million, persevering with its pattern of robust monetary efficiency. That very same month, the Firm obtained a Discover of Allowance from the U.S. Patent and Trademark Workplace for a patent software associated to its sterile human placental allografts—increasing its mental property portfolio.
Coming into 2025, BioStem launched a brand new scientific trial in January to guage the efficacy of BioREtain® in treating diabetic foot ulcers utilizing Vendaje®. Most not too long ago, in February 2025, BioStem obtained Institutional Evaluation Board (IRB) approval to advance a brand new scientific trial aimed toward demonstrating the therapeutic advantages of BioREtain® in treating venous leg ulcers—broadening the platform’s scientific attain.
Abstract Monetary Data1:
The next desk represents preliminary internet income, gross margin, working bills, and different bills for the fourth quarter and year-to-date durations ended December 31, 2024, and December 31, 2023, respectively:
| Yr ended December 31, | Three months ended December 31, | |||||||||||||||||||||||
| 2024 | 2023 | $ Change | % Change | 2024 | 2023 | $ Change | ||||||||||||||||||
| Internet income | $ | 301,827,302 | $ | 16,685,405 | $ | 285,141,897 | 1709 | % | $ | 102,874,353 | $ | 11,541,146 | $ | 91,333,207 | ||||||||||
| Gross revenue | $ | 288,081,477 | $ | 15,424,847 | $ | 272,656,630 | 1768 | % | $ | 99,339,786 | $ | 10,912,917 | $ | 88,426,869 | ||||||||||
| Gross revenue % | 95 | % | 92 | % | 3 | % | 97 | % | 95 | % | ||||||||||||||
| Working bills | $ | 256,880,836 | $ | 23,203,816 | $ | 233,677,020 | 1007 | % | $ | 90,858,208 | $ | 11,177,634 | $ | 79,680,574 | ||||||||||
| Working earnings (loss) | $ | 31,200,641 | $ | (7,778,969 | ) | $ | 38,979,610 | 501 | % | $ | 8,481,578 | $ | (264,717 | ) | $ | 8,746,295 | ||||||||
| Different expense, internet | $ | 683,680 | $ | (704,015 | ) | $ | 1,387,695 | 197 | % | $ | 7,038,920 | $ | (244,999 | ) | $ | 7,283,919 | ||||||||
| Internet earnings (loss) | $ | 31,884,321 | $ | (8,482,984 | ) | $ | 40,367,305 | 476 | % | $ | 15,520,498 | $ | (509,716 | ) | $ | 16,030,214 | ||||||||
_______________
1 As will probably be mentioned in additional element on the BioStem convention name, BioStem is at present going via an SEC assessment course of in reference to its deliberate uplist to Nasdaq. The continued discussions with the SEC relate to the accounting remedy of the Bona Fide Service Charges (BFSF) paid to Enterprise and the associated influence to reported income, gross margin and working bills. The entire monetary data supplied herein, together with on this Abstract Monetary Data, are unaudited, has been ready according to the Firm’s present accounting insurance policies and is topic to decision of all SEC feedback and completion of all closing and audit procedures which can trigger precise outcomes to vary materially from these offered on this press launch.
Fourth Quarter 2024 Monetary Highlights:
- Internet income was $102.9 million in This fall 2024, in comparison with $11.5 million in This fall 2023, which is a rise of $91.3 million, or $791%
- Gross revenue was $99.3 million in This fall 2024, or 97% of internet income, in comparison with $10.9 million in This fall 2023, or 95%
- Adjusted EBITDA was $11.1 million in This fall 2024, in comparison with adjusted EBITDA of $1.3 million in This fall 2023. (See the non-GAAP monetary measures desk under)
- GAAP Internet earnings was $15.5 million or $0.94 per share in This fall 2024, in comparison with a internet lack of $510 thousand or ($0.04) per share in This fall 2023
Monetary Outcomes for the Three-Months Ended December 31, 2024:
Internet income for the three months ended December 31, 2024, was $102.9 million, in comparison with $11.5 million for a similar interval in 2023, reflecting a rise of $91.3 million for the quarter. This enhance was pushed primarily by the nationwide launch of Vendaje AC® and continued market demand for AmnioWrap2®.
Gross revenue for the three months ended December 31, 2024, was $99.3 million, or 97% of internet income, in comparison with $10.9 million, or 95% of internet income for a similar interval in 2023, reflecting a rise of $88.4 million. This enchancment was largely as a consequence of nationwide launch of Vendaje AC® in This fall 2024, which has no licensing price and continued market demand for AmnioWrap2®.
Working bills for the fourth quarter of 2024 had been $90.9 million, in comparison with $11.2 million for the fourth quarter of 2023, a rise of $79.7 million. The rise in working bills is primarily as a consequence of elevated headcount, increased Bona Fide Service Charges related to the distributor settlement for AmnioWrap2® and will increase in share-based compensation.
Full Yr 2024 Monetary Highlights:
- Internet income for fiscal 2024 was $301.8 million, in comparison with $16.7 million reported for fiscal 2023, which is a rise of $285.1 million, or $1,709%
- Gross revenue was $288.1 million for fiscal 2023, or 95% of internet income, in comparison with $15.4 million for fiscal 12 months 2023, representing a 1,768 % enhance
- Adjusted EBITDA was $39.4 million for fiscal 2024, in comparison with an adjusted EBITDA lack of $$892 thousand for a similar interval in 2023. (See the non-GAAP monetary measures desk under)
- Internet earnings was $31.9 million, or $1.95 per share, in comparison with a internet lack of $8.5 million, or $0.62 per share for a similar interval final 12 months
Monetary Outcomes for 12-Month Interval Ended December 31, 2024:
Internet income for the 12-month interval ended December 31, 2024, was $301.8 million, in comparison with $16.7 million for a similar interval in 2023, a rise of $285.1 million. This enhance was pushed primarily by the nationwide launch of Vendaje AC® and continued market demand for AmnioWrap2®.
Gross revenue for the 12-months ended December 31, 2024, was $288.1 million, or 95% of internet income, in comparison with $15.4 million, or 92% of internet income for a similar interval in 2023, a rise of $272.7 million. This progress was primarily attributable to new gross sales volumes from the launch of Vendaje AC® and the continued progress of AmnioWrap2®.
Working bills for the 12-months of 2024 had been $256.9 million, in comparison with $23.2 million for a similar interval in 2023, a rise of $233.7 million. The rise was as a consequence of increased prices associated to scaling our operations, together with workforce enlargement, increased Bona Fide Service Charges related to the Enterprise Medical distributor agreements and will increase in share-based compensation.
Convention Name & Webcast Data:
The stay and archived webcast of the decision can even be out there on the BioStem Applied sciences web site underneath the Investor Relations part HERE.
About BioStem Applied sciences, Inc.:
BioStem Applied sciences is a number one innovator centered on harnessing the pure properties of perinatal tissue within the growth, manufacture, and commercialization of allografts for regenerative therapies. The Firm is targeted on manufacturing merchandise that change lives, leveraging its proprietary BioRetain® processing methodology. BioRetain® has been developed by making use of the most recent analysis in regenerative drugs, centered on sustaining progress components and preserving tissue construction. BioStem Applied sciences’ high quality administration system and commonplace working procedures have been reviewed and accredited by the American Affiliation of Tissue Banks (“AATB”). These programs and procedures are established per present Good Tissue Practices (“cGTP”) and present Good Manufacturing Processes (“cGMP”). Our portfolio of high quality manufacturers contains AmnioWrap2®, VENDAJE®, VENDAJE AC®, and VENDAJE OPTIC®. Every BioStem Applied sciences placental allograft is processed on the Firm’s FDA registered and AATB accredited website in Pompano Seashore, Florida. For extra data, please go to: www.biostemtechnologies.com.
Preliminary Outcomes
BioStem’s monetary outcomes for the fourth quarter and full 12 months 2024 included on this press launch are preliminary, unaudited and topic to finalization of year-end monetary and accounting procedures and backbone of all SEC feedback on the Type 10 BioStem filed with the SEC in reference to its deliberate uplist to Nasdaq. These monetary outcomes shouldn’t be considered as an alternative choice to audited outcomes ready in accordance with U.S. typically accepted accounting rules (“GAAP”). The preliminary monetary outcomes signify administration estimates that represent forward-looking statements topic to dangers and uncertainties. In consequence, the preliminary monetary outcomes and different data supplied herein could materially differ from the precise outcomes that will probably be mirrored within the consolidated audited monetary statements for the 12 months ended December 31, 2024 when they’re accomplished and publicly disclosed. BioStem undertakes no obligation to replace or complement the knowledge supplied herein till it stories its last audited monetary outcomes for the 12 months ended December 31, 2024.
Ahead-Wanting Statements:
Aside from statements of historic reality, this launch additionally accommodates forward-looking statements inside the that means of relevant securities legal guidelines. These forward-looking statements relate to expectations or forecasts of future occasions. Ahead-looking statements could also be recognized utilizing phrases similar to “forecast,” “intend,” “search,” “goal,” “anticipate,” “imagine,” “anticipate,” “estimate,” “plan,” “outlook,” and “undertaking” and different related expressions that predict or point out future occasions or developments or that aren’t statements of historic issues. Ahead-looking statements on this launch embody statements relating to the Firm’s plans and expectations for future efficiency, together with: (i) the preliminary monetary outcomes for the fourth quarter and full 12 months ended December 31, 2024; (ii) the influence of Vendaje AC® on income progress and SG&A bills; (iii) the Firm’s scientific technique and the influence of breakthrough information; (iv) the anticipated timing for future scientific trials in addition to the expectation that such trials will show the scientific superiority of the Firm’s merchandise; (v) the Firm’s expectations relating to its capability to uplist to Nasdaq; (vi) the SEC’s feedback to the Firm’s Type 10 and its capability to resolve such feedback; (vii) potential adjustments to the Firm’s monetary reporting on account of the SEC assessment course of, together with any ensuing impacts to the Firm’s income, internet earnings, Adjusted EBITDA or EPS; (viii) the Firm’s strategic initiatives and the Firm’s capability to speed up progress, innovate and compete in 2025 and past; (ix) first quarter income; (x) demand for its merchandise; (xi) the end result of the proposed Native Protection Dedication changes; and (xii) continued monetary progress, additional scientific validation, expanded payer protection, and ongoing market penetration of our core merchandise.
Ahead-looking statements with respect to the operations of the Firm, methods, prospects and different facets of the enterprise of the Firm are primarily based on present expectations which might be topic to identified and unknown dangers and uncertainties, which might trigger precise outcomes or outcomes to vary materially from expectations expressed or implied by such forward-looking statements. The next is an inventory of things, amongst others, that would trigger precise outcomes to vary materially from these contemplated by the forward-looking statements: the influence of any adjustments to the reimbursement ranges for the Firm’s merchandise; market demand and acceptance of the Firm’s merchandise; capability to maintain income progress; capability to successfully compete with its opponents; capability to persuade physicians that its merchandise are protected and efficient options to present therapies and that its merchandise must be used of their procedures; capability to boost funds to develop its enterprise; adjustments in relevant legal guidelines or laws; the likelihood that the Firm could also be adversely affected by different financial, enterprise, and/or aggressive components; capability to take care of manufacturing of its merchandise in enough portions to fulfill demand; capability to conduct scientific research to show the efficacy of the Firm’s merchandise and the dangers described in our registration assertion on Type 10 filed with the Securities and Change Fee (the “SEC”) on January 23, 2025, and as could also be recognized in subsequent stories filed with the SEC. You might be cautioned to not place undue reliance upon any forward-looking statements, which communicate solely as of the date made. The Firm undertakes no dedication to replace or revise the forward-looking statements, whether or not on account of new data, future occasions or in any other case, besides as required by relevant securities legal guidelines.
Contacts:
BioStem Applied sciences, Inc.
Telephone: 954-380-8342
Web site: http://www.biostemtechnologies.com
Electronic mail: [email protected]
Twitter: @BSEM_Tech
Fb: BioStem Technologies
PCG Advisory
Adam Holdsworth
Telephone: 917-497-9287
Electronic mail: [email protected]
| BioStem Applied sciences, Inc. and Subsidiaries | ||||||||
| Consolidated Stability Sheets | ||||||||
| December 31, 2024 | December 31, 2023 | |||||||
| Present Belongings | ||||||||
| Money and money equivalents | $ | 22,832,706 | $ | 239,406 | ||||
| Accounts receivable, internet | 104,980,085 | 11,371,730 | ||||||
| Stock | 1,824,001 | 658,678 | ||||||
| Brief-term mortgage receivable | 1,250,000 | – | ||||||
| Pay as you go bills and different belongings | 2,874,317 | 329,239 | ||||||
| Complete present belongings | 133,761,109 | 12,599,053 | ||||||
| Lengthy-Time period Belongings | ||||||||
| Property and tools, internet | 1,504,578 | 1,154,856 | ||||||
| Development-in-process | 190,422 | 202,700 | ||||||
| Proper-of-use asset, internet | 271,214 | 11,443 | ||||||
| Intangible belongings, internet | 224,137 | 347,604 | ||||||
| Goodwill | 244,635 | 244,635 | ||||||
| Deferred tax belongings | 4,179,632 | – | ||||||
| Complete belongings | $ | 140,375,727 | $ | 14,560,291 | ||||
| Revenue tax payable | 2,908,730 | – | ||||||
| Accrued curiosity | 1,962,983 | 1,697,787 | ||||||
| Brief-term finance lease | – | 8,988 | ||||||
| Working lease liabilities | 106,722 | – | ||||||
| Notes payable, internet of low cost | 3,957,744 | 4,445,782 | ||||||
| Different present liabilities | 711,361 | 289,409 | ||||||
| Complete present liabilities | 99,169,960 | 15,620,888 | ||||||
| Lengthy-Time period Liabilities | ||||||||
| Working lease liabilities, much less present portion | 180,235 | – | ||||||
| Finance lease liabilities, much less present portion | – | 3,294 | ||||||
| Notes payable, much less present portion | 150,000 | 265,635 | ||||||
| Different long-term liabilities, much less present portion | – | 14,850 | ||||||
| Complete long-term liabilities | 330,235 | 283,779 | ||||||
| Complete liabilities | 99,500,195 | 15,904,667 | ||||||
| Commitments and contingencies (Be aware 8) | ||||||||
| Stockholders’ Fairness (Deficit) | ||||||||
| Sequence A-1 convertible most well-liked inventory, $0.001 par worth licensed, 300 shares; issued and excellent, 300 shares as of December 31, 2024 and December 31, 2023. | – | – | ||||||
| Sequence B-1 convertible most well-liked inventory, $0.001 par worth licensed, 500,000 shares; issued and excellent 5 shares as of December 31, 2024 and December 31, 2023. | – | – | ||||||
| Frequent inventory, $0.001 par worth licensed, 975,000,000 shares issued and excellent 16,661,482 and 16,214,390 shares as of December 31, 2024 and December 31, 2023, respectively. | 16,662 | 16,215 | ||||||
| Further paid-in capital | 54,642,012 | 44,306,872 | ||||||
| Treasury inventory, 18,000 shares at value | (43,346 | ) | (43,346 | ) | ||||
| Accrued deficit | (13,739,796 | ) | (45,624,117 | ) | ||||
| Complete stockholders’ fairness (deficit) | 40,875,532 | (1,344,376 | ) | |||||
| Complete liabilities and stockholders’ fairness | $ | 140,375,727 | $ | 14,560,291 | ||||
| BioStem Applied sciences, Inc. and Subsidiaries | |||||||
| Consolidated Statements of Operations | |||||||
| Years Ended | |||||||
| December 31, 2024 | December 31, 2023 | ||||||
| Income, internet | $ | 301,827,302 | $ | 16,685,405 | |||
| Price of products offered | 13,745,825 | 1,260,558 | |||||
| Gross revenue | 288,081,477 | 15,424,847 | |||||
| Working Bills: | 95.4 | % | 92.4 | % | |||
| Gross sales and advertising bills | 236,058,090 | 11,986,385 | |||||
| Common and administrative bills | 18,690,414 | 10,646,421 | |||||
| Analysis and growth bills | 1,911,031 | 341,996 | |||||
| Depreciation and amortization expense | 221,301 | 229,014 | |||||
| Complete working bills | 256,880,836 | 23,203,816 | |||||
| Revenue (loss) from operations | 31,200,641 | (7,778,969 | ) | ||||
| Different earnings (expense): | |||||||
| Curiosity expense, internet | (587,222 | ) | (700,326 | ) | |||
| Different expense | – | (3,689 | ) | ||||
| Different earnings (expense), internet | (587,222 | ) | (704,015 | ) | |||
| Complete Revenue (loss) from operations earlier than earnings taxes | 30,613,419 | (8,482,984 | ) | ||||
| Revenue tax profit | 1,270,902 | – | |||||
| Internet Revenue (loss) | $ | 31,884,321 | $ | (8,482,984 | ) | ||
| Fundamental internet earnings (loss) per share attributable to widespread stockholders | $ | 1.95 | $ | (0.62 | ) | ||
| Diluted internet earnings (loss) per share attributable to widespread stockholders | $ | 1.47 | $ | (0.62 | ) | ||
| Fundamental weighted common widespread shares excellent | 16,368,429 | 13,748,035 | |||||
| Diluted weighted common widespread shares excellent | 21,698,384 | 13,748,035 | |||||
Non-GAAP Monetary Measures
Our administration makes use of monetary measures that aren’t in accordance with typically accepted accounting rules in the US, or GAAP, along with monetary measures in accordance with GAAP to guage our working outcomes. These non-GAAP monetary measures must be thought of supplemental to, and never an alternative choice to, our reported monetary outcomes ready in accordance with GAAP. Our administration makes use of Adjusted EBITDA, which we calculate as internet earnings much less curiosity, taxes, depreciation and amortization and share-based compensation expense, to guage our working efficiency and developments and make planning selections. Our administration believes Adjusted EBITDA helps determine underlying developments in our enterprise that would in any other case be masked by the impact of the objects that we exclude. Accordingly, we imagine that Adjusted EBITDA offers helpful data to traders and others in understanding and evaluating our working outcomes, enhancing the general understanding of our previous efficiency and future prospects, and permitting for larger transparency with respect to key monetary metrics utilized by our administration in its monetary and operational decision-making.
The next is a reconciliation of GAAP internet earnings (loss) to non-GAAP EBITDA and non-GAAP Adjusted EBITDA for every of the durations offered:
| Yr ended December 31, | Three Months Ended December 31, | ||||||||||||||||||||||||||||
| 2024 | 2023 | $ Change | % Change | 2024 | 2023 | $ Change | % Change | ||||||||||||||||||||||
| Internet earnings (loss) | $ | 31,884,321 | $ | (8,482,984 | ) | $ | 40,367,305 | 476 | % | $ | 15,520,498 | $ | (509,716 | ) | $ | 16,030,214 | 3145 | % | |||||||||||
| Curiosity expense | 587,222 | 700,326 | 113,104 | 16 | % | 65,751 | 237,084 | 171,333 | 72 | % | |||||||||||||||||||
| Depreciation and amortization | 221,301 | 229,014 | (7,713 | ) | -3 | % | 56,723 | 54,606 | 2,117 | 4 | % | ||||||||||||||||||
| Revenue Tax Profit | (1,270,902 | ) | – | (1,270,902 | ) | 100 | % | (7,102,174 | ) | – | (7,102,174 | ) | 100 | % | |||||||||||||||
| EBITDA | 31,421,942 | (7,553,644 | ) | 38,975,586 | 516 | % | 8,540,798 | (218,026 | ) | 8,758,824 | 4017 | % | |||||||||||||||||
| Share-based compensation | 7,987,478 | 6,661,793 | 1,325,685 | 20 | % | 2,520,642 | 1,526,807 | 993,835 | 65 | % | |||||||||||||||||||
| Adjusted EBITDA | $ | 39,409,420 | $ | (891,851 | ) | $ | 40,301,271 | 4519 | % | $ | 11,061,440 | $ | 1,308,781 | $ | 9,752,659 | -745 | % | ||||||||||||
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