Sunrise, FL – May 5, 2016 – U.S. STEM CELL, Inc., a Florida corporation, (f/k/a/ Bioheart, Inc.) a leader in the regenerative medicine, cellular therapy industry providing physician based stem cell therapies to human and animal patients as well as a developer of novel autologous cell therapies, is pleased to highlight the following results from operations for the quarter ending March 31, 2016:
- Revenues increased $221,000 (45%) from $490,000 in Q1 2015 to $711,000 in Q1 2016,
- Gross margins, primarily due to in-house versus subcontracted lab kit construction, increased to 78% in Q1 2016 from 40% in Q1 2015,
- Net operating loss decreased ($794,000) (98%) from ($808,000) in Q1 2015 to ($14,000) in Q1 2016,
- Overall net loss decreased ($685,000) (65%) from ($1,048,000) in Q1 2015 to ($363,000) in Q1 2016. The decrease is attributable to higher gross margins and a decrease in marketing and general and administrative expenses,
- Cash used in operating activities decreased ($322,000) (84%) from ($384,000) in Q1 2015 to ($62,000) in Q1 2016. On a cash accounting basis, the Company generated $6,000 in positive cash flows, and
- The Company’s current liabilities and working capital deficit remained, for the most part, constant from Q1 2015 to Q1 2016.
“U.S. Stem Cell, Inc. continues to improve in its quarter-over-quarter P&L and balance sheet performance,” stated Mike Tomas, President and CEO of U.S. Stem Cell Inc. “Our mission to make a real and positive impact in the lives of the patients we are treating fuels our excitement for the future. As awareness of our successful patient treatment outcomes expands, we look forward to all of our performance indicators turning positive. We thank our shareholders for the long-standing support and we look forward to reporting on our future successes.”
About U.S. Stem Cell, Inc.
US Stem cell, Inc. (formerly Bioheart, Inc.) is an emerging enterprise in the regenerative medicine / cellular therapy industry. We are focused on the discovery, development and commercialization of cell based therapeutics that prevent, treat or cure disease by repairing and replacing damaged or aged tissue, cells and organs and restoring their normal function. We believe that regenerative medicine / cellular therapeutics will play a large role in positively changing the natural history of diseases ultimately, we contend, lessening patient burdens as well as reducing the associated economic impact disease imposes upon modern society.
Our business, which includes three operating divisions (US Stem Cell Training, Vetbiologics and US Stem Cell Clinic) includes the development of proprietary cell therapy products as well as revenue generating physician and patient based regenerative medicine / cell therapy training services, cell collection and cell storage services, the sale of cell collection and treatment kits for humans and animals, and the operation of a cell therapy clinic. Management maintains that revenues and their associated cash in-flows generated from our businesses will, over time, provide funds to support our clinical development activities as they do today for our general business operations. We believe the combination of our own therapeutics pipeline combined with our revenue generating capabilities provides the Company with a unique opportunity for growth and a pathway to profitability.
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. Also, forward-looking statements 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 publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
The Company is subject to the risks and uncertainties described in its filings with the Securities and Exchange Commission, including the section entitled “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2014, and its Quarterly Reports on Form 10-Q.