LAS VEGAS, March 31, 2014 /PRNewswire/ -- Cord Blood America, Inc. (www.cordblood-america.com) (OTC Bulletin Board: CBAI) ("CBAI" or the "Company") today announced financial results for the year ended December 31, 2013.
Full Year Ended December 31, 2013 Highlights
- Recurring revenues increased approximately 14% to $3.05 million for the year ended 2013, which represents 51% of total revenue.
- SG&A expenses decreased 10% or $510,000 to $5.12 million in 2013 from $5.63 million in 2012.
- Net cash balance increased over 80% to $709,000 from the year ago period.
- Positive cash flow from operations of $500,000, an improvement of 509% compared to the year ago period.
Joseph Vicente, President of Cord Blood America, Inc. commented "During 2013, we continued to focus on ensuring profitable operations while increasing our cash balance. This focus resulted in a 509% increase in our operating cash flow to a record $500,000, bringing our total cash balance at year-end to over $700,000. Although our overall revenue was slightly down for the year, when factoring out the loss from the exchange rate in our Argentina operations, we did show a slight increase in adjusted revenue for the year. Our revenue mix for 2013 showed a 14% growth in recurring revenue, which is our most profitable segment, driven by the continued growth in the number of storage customers which now total over 30,000 between both operating divisions."
"In addition to our operational improvements, the company also launched a new product offering in 2013 starting in May, significantly increasing our addressable market opportunity. The new cord tissue product offering saw solid adoption rates since its launch, and we have seen over 60% of our customers during this period collect and store both the traditional cord blood and new cord tissue product. We offered a discount on the collection fees for customers who choose to store both and in the process have increased the recurring storage revenue annually for each of these customers by over 55%.
Subsequent to year-end, we received our AABB accreditation for cell therapy activity associated with cord blood processing, storage and distribution. This was a result of a rigorous 12 month internal process, which validated that our operations meet and exceed the gold standard in the industry and opens up additional opportunities for the company," commented Mr. Vicente.
About Cord Blood America
Cord Blood America, Inc. is the parent company of CorCell Companies, Inc. which, along with Cord Blood America, Inc., facilitates umbilical cord blood stem cell preservation for expectant parents and their children. Collected through a safe and non-invasive process, cord blood stem cells offer a powerful and potentially life-saving resource for treating a growing number of ailments, including cancer, leukemia, blood, and immune disorders. To find out more about Cord Blood America, Inc. and CorCell Companies, Inc., visit our websites: http://www.cordblood-america.com/ for investor information and http://www.corcell.com/ for customer information.
Some statements made in this press release are forward-looking statements. We use words such as "anticipate," "believe," "expect,'' "future," "intend," "plan," and similar expressions to identify forward-looking statements. These statements including those related to the growth of the industry, new stem cell treatments, and Cord Blood America's performance, are only predictions and are subject to certain risks, uncertainties and assumptions. Additional risks are identified and described in the Company's public filings with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company's past performance is not necessarily indicative of its future performance. The Company does not undertake, and the Company specifically disclaims any obligation to update any forward-looking statements to reflect occurrences, developments, events, or circumstances after the date of such statement.
SOURCE Cord Blood America