SUNRISE, Fla., March 13, 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 positive financial results for the year ended December 31, 2018.
Consistent with performance for the past two years, revenue continues to increase, up 21% or $1.2m for year-end, 2018 compared to 2017, from $5.5m to $6.7m. Likewise, for the three months ended December 31, 2018, the Company reported a $190k or 13% increase in revenue, from $1.5m to $1.7m, compared to the same period last year.
"It is remarkable to watch demand increase for stem cell therapy, as more and more Americans are exploring this option as a solution for chronic pain," said Mike Tomas, President and CEO of U.S. Stem Cell, Inc. "We are on the cusp of regenerative medicine becoming a more integral part of patient plan of care," said Tomas.
Net increase in gross profit margin for year end 2018 compared to 2017 is 26%, or $955k, from $3.6m to $4.6m. Likewise net increase in gross profit margin for the three months ended December 31, 2018, compared to the same period in 2017, is 25%, or $232k, from $936k to $1.2m.
Operating expenses increased 28%, from $4.4m to $5.7m for the year end, and 55% from $784k to $1.2m for the three months ended Dec. 31, mostly due to stock-based and other employee compensation. Non-cash compensation for the year and for the three months ended Dec. 31 also increased, from $645k to $1.2m and from $83k to $416k, respectively.
Net operating (loss) was $1.1m for 2018, compared to $805k for 2017. For the three months ended December 31, 2018, net operating (loss) was $47k compared to a profit of $152k for the same period last year.
Currently, Americans have the option to either utilize their own healing stem cells harvested from fat or bone marrow or to use tissue-based products like those from birth tissue or cord blood. Dr. Kristin Comella, USRM's Chief Science Officer, is one of the most published scientists in the world on autologous adipose stem cell therapy. She and her colleagues have published several articles in the past few months regarding the benefits of autologous stem cell therapy for chronic conditions, including decubitus ulcers (perpetual sores common in spinal injury patients and the elderly); meniscal tears, and psoriasis. Chronic conditions can cause chronic pain — the source of a national opioid epidemic which The New York Times reports is the leading cause of death for Americans under the age of 50.
Autologous stem cell therapy involves taking a small sample of a patient's fat and separating the stem cells from the fat or adipose tissue. Because there are 500 times more stem cells from fat as compared to bone marrow (and much less invasive to retrieve), the protocol has begun to attract more and more patients in the United States, even though the treatment has been available abroad and offshore for many years.
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.