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BioStem Technologies is a leading innovator in regenerative therapies, utilizing perinatal tissue to develop and commercialize allografts that change lives. Their proprietary BioREtain® processing method preserves tissue structure and growth factors, setting them apart in the market. With quality brands like AmnioWrap2™ and VENDAJE®, BioStem Technologies is at the forefront of regenerative medicine.
BioStem Technologies reported a record first quarter revenue of $41.9 million for 2024, marking a significant 71-fold increase from $0.6 million in Q1 2023. This impressive growth is attributed to the commercial success of AmnioWrap2®, a placental-derived allograft product. Gross profit surged to $39.7 million, representing 95% of revenue, up from 82% in the same period last year. The company also achieved a positive GAAP net income for the first time, reflecting strong financial health. Operationally, BioStem completed a two-year audit, expanded processing capacity, and enhanced its clinical capabilities. Key developments include the USPTO's prioritized examination of a critical patent and the engagement of McCoy Clinical Consulting for clinical trials.
BioStem Technologies Inc. (OTC: BSEM) will report its first quarter 2024 financial results on Tuesday, May 14, 2024. The leading biotechnology company specializes in placental derived allografts for advanced wound care. A conference call and webcast discussing the financial results and corporate updates will be held at 4:30 pm ET on the same day.
BioStem Technologies Inc. (OTC: BSEM) has been granted Prioritized Examination by the USPTO for its patent application on STERILE HUMAN PLACENTAL ALLOGRAFTS AND METHODS OF MAKING THEREOF. This patent protects BioStem's method of processing human amniotic tissue, important for wound care treatment. The global wound care dressing market is projected to grow at a CAGR of 4.16% from 2024 to 2030.
BioStem Technologies Inc. (OTC: BSEM) has hired Nick McCoy to lead the Diabetic Foot Ulcer (DFU) and Venous Leg Ulcer (VLU) clinical trials for their BioREtain Allografts. These trials aim to meet the evolving reimbursement landscape requirements and ensure patient access to their products. McCoy's extensive experience in clinical research will help accelerate the completion of trials and demonstrate the real-world benefits of BioStem's products.