SUNRISE, FL / ACCESSWIRE / March 15, 2017 / U.S. Stem Cell, Inc., a Florida corporation and leader in novel regenerative medicine solutions and physician-based stem cell therapies for human and animal patients, is pleased to announce the following results from operations for the year ending December 31, 2016.
"U.S. Stem Cell, Inc. continues to increase revenue, decrease liabilities, and decrease operating expenses," said Mike Tomás, President and CEO of U.S. Stem Cell, Inc. "As a world leader in stem cell research and development for degenerative conditions, we are excited about the industry's future and dedicated to making a positive impact in our patients' lives."
Working with physician partners to offer over 30 protocols to patients, U.S. Stem Cell, Inc. is increasing business opportunities by expanding its services, treatments, and therapies both inside and outside the United States.
Financial highlights from 2016 include:
- Revenue up by 38% from $2.2M in 2015 to $3.03M in 2016
- Current liabilities down by $1.9M, or 23.8%, from $8.0M in 2015 to $6.1M in 2016
- Operating Expenses down 16.5% (or $631,825) from 3.82M in 2015 to $3.19M in 2016
- Net loss improved 136% from $2.6M (gain) in 2015 to $1.15M in 2016
- And for the first time in the company's history, U.S Stem Cell, Inc. ended the year on a cash positive note: $108,596 cash positive as a result of operations in 2016 compared to $844,690 cash negative from operations in 2015
Operating results for the year ending December 31, 2016 are not necessarily indicative of the results that can be expected for the year ending December 31, 2017.
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.
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, 2015, and its Quarterly Reports on Form 10-Q.
U.S. Stem Cell, Inc.
13794 NW 4th Street, Suite 212
Sunrise, Fl 33325
SOURCE: U.S. Stem Cell, Inc.