CEO Blog: May has been an exciting month
Dear shareholders and friends,
May has been an exciting month with diverse accomplishments for U.S. Stem Cell, Inc. Our revenues continue to trend positive and all financial indicators are moving in the right direction. We have also helped open the first Stem Cell Centers of Excellence and the first patient has successfully been treated.
We are very pleased with the 2017 improvements in operations and balance sheet performance. We are progressing with our principal strategic business initiatives which include growing top line revenues and pursuing new business opportunities for exponential growth.
Here is a summary of the excellent financial figures for Q1 of 2017 recently reported:
Revenue up by 62% from $710,000 in Q1 2016 to $1.15M in Q1 2017
Gross profit up by 45.6% from $556,000 in Q1 2016 to $810,000 in Q1 2017
Cash Flow is positive Q1 2017 at $268,000 compared to Q1 2016 at ($62,000)
All debt-to-equity convertible notes have been either fully paid or converted as of March 31, 2017.
The first Stem Cell Centers of Excellence opened its doors and successfully treated its first patient this month in the beautiful city of South Miami, Florida. The center is the first of ten we plan to help open in key metropolitan areas over the next three years. The clinics will deliver patient-specific cellular treatments to patients suffering from degenerative diseases or injury.
Learn more about Stem Cell Centers of Excellence: www.stemcellcoe.com
At the beginning of the year, we applied for the FDA’s new Regenerative Medicine Advanced Therapy (RMAT) designation for our MyoCell™ product. In March 2017, the FDA reinstated our IND (MARVEL trial) to active status. In May, the FDA acknowledged that they received our additional information and are still in the process of reviewing our application for RMAT. Please note the FDA takes up to 60 days to review information submitted.
