BioStem Technologies Announces Filing of 2021 First Quarter Financial Reports
BioStem Technologies, Inc. (BSEM) reported its first quarter 2021 results, showcasing a 22% increase in sales to $952,508 compared to $777,365 in Q1 2020. The cost of sales decreased to $216,414, significantly improving the gross margin to 77.23%, up from 45.5% year-over-year. Net losses also fell by 25% to $292,782. Recent highlights include receiving FDA TRIP response for their VENDAJE™ allograft and expanding their scientific advisory board.
- 22% increase in sales to $952,508.
- Gross margin improved to 77.23%, up from 45.5%.
- Net loss decreased by 25% to $292,782.
- None.
Pompano Beach, Fl., May 24, 2021 (GLOBE NEWSWIRE) -- BioStem Technologies, Inc. (OTC PINK: BSEM) ("BioStem" or the "Company"), a leading life sciences company specializing in perinatal tissue allografts for use in regenerative therapies, today announced that it has filed its first quarter financial reports for 2021.
First Quarter 2021 Financial Results Summary:
- Sales of
$952,508 for the three months ended March 31, 2021, up22% compared to sales of$777,365 for the three months ended March 31, 2020. - Cost of sales of
$216,414 , and a77.23% gross margin for the three months ended March 31, 2021, compared to cost of sales of$423,578 , and a gross margin of45.5% for the three months ended March 31, 2020, an improvement of over31% in overall gross margin on the products. - Net loss for the three months ended March 31, 2021 decreased
25% year-over-year to$292,782.
Recent highlights
- On March 25, 2021, the Company announced that it has received the TRIP (TRG Rapid Inquiry Program) response from the FDA’s Tissue Reference Group (TRG) for the Company’s amniotic membrane allograft, VENDAJE™.
- On April 20, 2021, the Company announced the addition of three new scientific advisory board members.
“BioStem’s momentum continued into 2021 with first quarter growth of
First Quarter 2021 Results:
The following table represents net revenue by product grouping for the three months ended March 31, 2021 and March 31, 2020, respectively:
| Three Months Ended March 31st | Change | |||||||||||||||
| 2021 | 2020 | $ | % | |||||||||||||
| Sales | $ | 952,508.00 | $ | 777,365.00 | $ | 175,143.00 | 22.53 | % | ||||||||
| Cost of Sales | $ | 216,414.00 | $ | 423,578.00 | $ | (207,164.00 | ) | -48.91 | % | |||||||
| Gross Profit |
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FAQ
What were BioStem Technologies' first quarter earnings results for 2021?
BioStem reported sales of $952,508, a 22% increase year-over-year, and a net loss of $292,782, down 25%.
How did the gross margin change for BSEM in Q1 2021?
The gross margin improved to 77.23% in Q1 2021, compared to 45.5% in the same quarter of 2020.
What significant developments occurred for BioStem Technologies in early 2021?
In early 2021, BioStem received FDA TRIP response for their VENDAJE™ allograft and added three members to their scientific advisory board.
BIOSTEM TECHNOLOGIES NEW
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