SUNRISE, FL / ACCESSWIRE / March 17, 2015 / Bioheart, Inc., a Florida Corporation (BHRT), an emerging enterprise in the regenerative medicine / cellular therapy industry is pleased to announce, following the release of its Form 10-K Annual Report, key 2014 accomplishments including but not limited to:
1. A 2,040% increase in year over year revenues to $2.1 million in 2014 from $0.1 million in 2013,
2. A 28% decrease in year over year net loss to ($2.25) million in 2014 from ($3.14) million in 2013,
3. A 42% decrease in year over year cash used in operating activities to $1.1 million in 2014 from $1.9 million in 2013,
4. A 20% reduction ($2.3 million) in year over year current liabilities to $11.1 million at December 31, 2014 from $13.4 million at December 31, 2013, and
5. A 20% reduction in the Company's working capital deficit.
"Bioheart is moving in the right direction," said Mike Tomas, President and Chief Executive Officer. "We are extremely proud of what we have accomplished in 2014 and through an extraordinary effort have set the stage for continuing improvements in both income statement and balance sheet performance in 2015. In 2015, we will continue our efforts to reshape Bioheart into a growth oriented, profit generating company capable of delivering regenerative / cellular therapies and products globally while advancing our clinical development pipeline to market. In the coming months, we look forward to announcing new strategic relationships that will introduce new opportunities for growth as well as jump starting long delayed clinical programs. I extend my sincere thanks to Dr. William P. Murphy, Jr., our Chairman, our Board of Director, Kristin Comella, our Chief Scientific Officer, the Bioheart Team and most especially you, our shareholders for your continuing support, commitment and dedication to our Company. We are excited about Bioheart's future and we look forward to keeping you posted on our progress."
About Bioheart, Inc.
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 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.
US Stem Cell Training, ("SCT"), an operating division of Bioheart, Inc., is a content developer of regenerative medicine / cell therapy informational and training materials for physicians and patients. SCT also provides in-person and online training courses which are delivered through in-person presentations at SCT's state of the art facilities and globally at university, hospital and physician's office locations as well as through online webinars. Additionally, SCT provides hands-on clinical application training for physicians and health care professionals interested in providing regenerative medicine / cell therapy procedures.
Vetbiologics, ("VBI"), an operating division of Bioheart, Inc., is a veterinary regenerative medicine company committed to providing veterinarians with the ability to deliver the highest quality regenerative medicine therapies to dogs, cats and horses. VBI provides veterinarians with extensive regenerative medicine capabilities including the ability to isolate regenerative stem cells from a patient's own adipose (fat) tissue directly on-site within their own clinic or stall-side. VBI regenerative medicine technologies are designed, implemented and produced according to the highest standards. VBI follows the FDA guidelines for human cellular therapy production which means each product produced must be validated and must pass stringent criteria.
US Stem Cell Clinic, LLC, ("SCC"), a partially owned investment of Bioheart, Inc., is a physician run regenerative medicine / cell therapy clinic providing cellular treatments for patients afflicted with neurological, autoimmune, orthopedic and degenerative diseases. SCC is operating in compliance with the FDA 1271s which allow for same day medical procedures to be considered the practice of medicine. We isolate stem cells from bone marrow and adipose tissue and also utilize platelet rich plasma.
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.
13794 NW 4th Street, Suite 212
Sunrise, Florida 33325
SOURCE: Bioheart, Inc.