BioStem Technologies Reports Record Breaking Second Quarter Sales
BioStem Technologies (BSEM) reported impressive financial results for Q2 2021, with sales increasing by 306% to $970,511 compared to Q2 2020. Gross profit surged 1,348% to $455,723, representing 47% of sales. The net loss decreased by 47% year-over-year to $373,651. For the first half of 2021, sales rose 89% to $1,923,019 with a gross profit of $1,191,817, or 62% of sales. The company attributed this growth to an expanded sales force and increased adoption of its amniotic product portfolio.
- Q2 2021 sales increased 306% to $970,511.
- Gross profit for Q2 2021 surged 1,348% to $455,723.
- Net loss decreased 47% year-over-year to $373,651.
- First half sales rose 89% to $1,923,019.
- First half gross profit increased 209% to $1,191,817.
- Net loss for Q2 2021 was $373,651, higher than expected.
- Current losses may affect future financing options.
Company on Pace to Exceed 2020 Revenues in 2021
Pompano Beach, Fl., Aug. 25, 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 reported financial results for three and six months ended June 30, 2021.
Second Quarter 2021 Financial Results Summary:
- Sales of
$970,511 for the three months ended June 30, 2021, up298% compared to sales of$238,827 for the three months ended June 30, 2020. - Gross profit of
$455,723 for the three months ended June 30, 2021, up 1,348% compared to gross profit of$31,470 for the three months ended June 30, 2020. - Net loss for the three months ended June 30, 2021 decreased
47% year-over-year to$373,651. - Adjusted EBITDA loss of
$80,791 , or4% of net revenue, for the second quarter of 2021, compared to Adjusted EBITDA loss of$437,679 , or43% of net revenue, for the second quarter of 2020, a decrease of$356,888.
“BioStem’s momentum continued into the second quarter of 2021, with second quarter growth of
Second Quarter 2021 Results:
The following table shows sales, cost of sales and gross profit for the three months ended June 30, 2021, and June 30, 2020, respectively:
| Three Months Ended June | Change | |||||||||||||||
| 2021 | 2020 | $ | % | |||||||||||||
| Sales | $ | 970,511 | $ | 238,827 | $ | 731,684 | 306.37 | % | ||||||||
| Cost of Sales | $ | 514,788 | $ | 207,357 | ||||||||||||
| Gross Profit | $ | 455,723 | $ | 31,470 | $ | 424,253 | 1348.12 | % | ||||||||
Sales for the second quarter of 2021 were
Gross profit for the second quarter of 2021 was
Net loss for the second quarter of 2021 was
First Half of 2021 Results:
The following table shows sales, cost of sales and gross profit for the six months ended June 30, 2021, and June 30, 2020, respectively:
| Six Months Ended June | Change | |||||||||||||||
| 2021 | 2020 | $ | % | |||||||||||||
| Sales | $ | 1,923,019 | $ | 1,016,193 | $ | 906,826 | 89.24 | % | ||||||||
| Cost of Sales | $ | 731,202 | $ | 630,935 | ||||||||||||
| Gross Profit | $ | 1,191,817 | $ | 385,258 | $ | 806,559 | 209.36 | % | ||||||||
Sales for the first half of 2021 were
Gross profit for the first half of 2021 was
Net loss for the six months ended June 30, 2021 was
Non-GAAP Financial Measures:
Our management uses financial measures that are not in accordance with generally accepted accounting principles in the United States, or GAAP, in addition to financial measures in accordance with GAAP to evaluate our operating results. These non-GAAP financial measures should be considered supplemental to, and not a substitute for, our reported financial results prepared in accordance with GAAP. Our management uses Adjusted EBITDA to evaluate our operating performance and trends and make planning decisions. Our management believes Adjusted EBITDA helps identify underlying trends in our business that could otherwise be masked by the effect of the items that we exclude. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and prospects, and allowing for greater transparency with respect to key financial metrics used by our management in its financial and operational decision-making.
The following is a reconciliation of GAAP net loss to non-GAAP Adjusted EBITDA for each of the periods presented:
| Three Months Ended June | Six Months Ended June | |||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||
| GAAP Net Loss | $ | (373,651 | ) | $ | (699,750 | ) | $ | (666,433 | ) | $ | (1,089,917 | ) | ||
| Interest Expense | $ | 173,123 | $ | 132,522 | $ | 273,971 | $ | 266,299 | ||||||
| Interest Income | - | $ | (2,738 | ) | - | $ | 2,741 | |||||||
| Depreciation | $ | 42,341 | $ | 114,622 | $ | 99,651 | $ | 114,622 | ||||||
| Amortization | - | $ | 8,665 | - | $ | 8,665 | ||||||||
| PPP Loan Forgiveness | - | $ | (142,452 | ) | ||||||||||
| Stock Based Compensation | $ | 77,396 | $ | 9,000 | $ | 191,075 | $ | 9,000 | ||||||
| Stock Issued for Services | - | - | ||||||||||||
| Adjusted EBITDA | $ | (80,396 | ) | $ | (437,679 | ) | $ | (244,188 | ) | $ | (688,590 | ) | ||
About BioStem Technologies, Inc. (OTC PINK: BSEM): BioStem Technologies, Inc. is a global life sciences corporation, providing innovative technologies with a concentration in Regenerative Medicine. BioStem's mission is to discover, develop and produce the most effective Regenerative Medicine products in the world. BioStem Technologies offers a comprehensive portfolio of high-quality brands that include RHEO™, VENDAJE™, VENDAJE™ AC, and VENDAJE™ OPTIC. BioStem is comprised of a diverse group of scientists, physicians, and entrepreneurs who collaborate to create innovative products. These technologies improve the Quality of Life for our patients and, as a result, drive shareholder value.
Forward-Looking Statements: Except for statements of historical fact, the matters discussed in this press release are forward looking. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as "future," "plan" or "planned," "expects," believe" or "projected." These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond BioStem's control that may cause actual results to differ materially from stated expectations. These risk factors include, among others, limited operating history, difficulty in developing, exploiting and protecting proprietary technologies, intense competition and additional risks factors as discussed in reports filed by BioStem with OTC Markets.
BioStem Technologies, Inc.
Phone: 954-380-8342
Website: http://www.biostemtechnologies.com
Email: info@biostemtech.com
Twitter: @BSEM_Tech
Facebook: BioStem Technologies
Investor Relations:
info@biostemtech.com
(954) 380-8342
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