BioStem Technologies ( (BSEM) ) has released its Q3 earnings. Here is a breakdown of the information BioStem Technologies presented to its investors.
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BioStem Technologies, Inc., a leading MedTech company based in Pompano Beach, Florida, specializes in the development, manufacture, and commercialization of placental-derived biologics, leveraging its proprietary BioRetain® technology for regenerative therapies.
In its latest earnings report for the third quarter of 2024, BioStem Technologies showcased remarkable financial achievements, announcing a record revenue of $82.6 million for the quarter. This marks the third consecutive quarter of record growth, contributing to a total of $199 million in revenue for the first nine months of the year. The company also reported a GAAP net income of $6.8 million, translating to $0.42 per share, and an Adjusted EBITDA of $9.9 million.
Key financial indicators reveal BioStem’s impressive performance metrics, with net revenue increasing by 2259% compared to Q3 2023, driven mainly by the robust market demand for their AmnioWrap2® product. The gross profit margin strengthened to 94.9%, and operating income saw a significant boost of 795%. The company has also made strategic strides with the nationwide launch of Vendaje AC® and the publication of breakthrough clinical data in diabetic foot ulcer treatment, further solidifying its market position.
Looking ahead, BioStem Technologies remains confident in its growth trajectory, underpinned by strategic advancements such as the Nasdaq uplisting application. The company anticipates continued success through its clinical trials and product launches, aiming to expand its market reach and create greater value for shareholders as it progresses through the rest of 2024 and beyond.
