SUNRISE, Fla., May 7, 2019 /PRNewswire/ -- U.S. Stem Cell, Inc. (OTC: USRM), a leader in the development of proprietary, physician-based stem cell therapies and novel regenerative medicine solutions, today announced financial results for the first quarter ended March 31, 2019.
For the first time in two years, the Company's revenue decreased. The drop was 24%, from $1.7M in the first quarter of 2018 to $1.3M in the current quarter.
"We are working to achieve the transition of the autologous stem cell space from relatively unknown to a recognized, viable option in the marketplace, as more and more people learn about the healing potential from their own stem cells," said Mike Tomas, President and CEO of U.S. Stem Cell, Inc. "This quarter we saw a negative shift in our quarterly revenues and earnings. As the benefits of autologous stem cell therapy become more and more relevant, we look forward to continuing to provide leadership and opportunity in the field of regenerative care."
The Company's gross profit for the first quarter of 2019 decreased 35% compared to the same period last year, from $1.2M to $0.8M. Operating expenses were down 3% or $33k, for the first quarter of 2019 compared to last year, but remained at approximately $1.2M, due in large part to the Company's costs associated with the legal effort to defend, among other matters, claims challenging autologous stem cell therapy.
"Americans are given the technology inside their own bodies to heal, and we feel strongly the opportunity is here to preserve access to this treatment as an effective, regenerative therapy whose time has come," said Dr. Kristin Comella. "We are confident there will be a time when this therapy is part of the standard of care, and we look forward to that day."
Working capital deficit at the end of the first quarter of 2019 was up 9% to $4.8M, compared to $4.4M at year end 2018. The Company's operating loss increased from $9k in the first quarter of 2018 to $399k for the first quarter of 2019.
U.S. Stem Cell, Inc. is a leader in the regenerative medicine / cellular therapy industry specializing in physician training and certification and stem cell products including its leading therapy Adipocell™, as well as veterinary stem cell training, stem cell banking, and the creation and the management of stem cell clinics. To management's knowledge, USRM has completed more autologous stem cell clinical treatments than any other stem cell company in the world.
Forward-Looking Statements: Except for historical matters contained herein, statements made in this press release are forward-looking statements. Without limiting the generality of the foregoing, words such as "may", "will", "to", "plan", "expect", "believe", "anticipate", "intend", "could", "would", "estimate", or "continue", or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements and represent our management's beliefs and assumptions only as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future. The Company's business and the risks and uncertainties of the business are described in its filings with the Securities and Exchange Commission which can be found at sec.gov.
Media Contact: U.S. Stem Cell, Inc.
13794 NW 4th Street, Suite 212
Sunrise, FL 33325
SOURCE U.S. Stem Cell, Inc.