U.S. Stem Cell, Inc. Reports Positive Results for 3Q 2015
[ACCESSWIRE]
SUNRISE, FL / ACCESSWIRE / November 6, 2015 / U.S. STEM CELL, Inc., a Florida corporation, (f/k/a/ Bioheart, Inc.) (PINKSHEETS: BHRTD) 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 September 30, 2015:
- Current Liabilities (Debt) decreased 30.6% or $3.4 million, as of September 30, 2015 from $11.1 million to $7.7 million
- Working capital deficit improved 25% for the same time period year-over-year from $10 million (Q3 2014) to $7.5 million (Q3 2015)
- Revenue remained consistent and increased by 3.06% from $1,564,000 (Q3 2014) to $1,612,000 (Q3 2015)
- Expenses for the quarter decreased by 64.3% or over $1 million from $1.6 million (Q3 2014) to $564,000 (Q3 2015)
- Expenses as of September 30, 2015 decreased 31.5% (or over $1 million ) from approx. $3.3 million (YTD Q3 2014) to approx. $2.5 million (YTD Q3 2015)
"We are very pleased with our continuing quarter-over-quarter and year-over-year improvements in operations and balance sheet performance," stated Mike Tomas, President & CEO of U.S. Stem Cell Inc. "Moreover, we are making a real and positive impact on the lives of the patients we are treating. With our new brand in place and the completion of our reverse split, we continue to advance our key strategic business initiatives, which are to grow top line revenues, move the company to positive cash flows and to seek out new business opportunities for exponential growth. 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.
