BioStem Technologies Reports Record First Quarter Revenue of $41.9 Million
POMPANO BEACH, Fla., May 14, 2024 (GLOBE NEWSWIRE) -- BioStem Technologies Inc. (OTC: BSEM), a leading regenerative medicine company focused on the development, manufacture, and commercialization of placental-derived biologics, today reported financial results for the first quarter ended March 31, 2024.
- Jason Matuszewski, CEO of BioStem, commented, “BioStem had an outstanding first quarter.
- Revenue reached $41.9 million, nearly 71 times higher than revenue of roughly $0.6 million for last year’s comparable quarter.
- Net revenue grew to $41.9 million in the first quarter of 2024 compared to $0.6 million in the first quarter of 2023.
- Adjusted EBITDA income was $7.9 million in the first quarter of 2024 compared to an Adjusted EBITDA loss of ($1.0) million in the first quarter of 2023.