American Cryostem Corporation 2017 Year End Update
ACCESSWIRE
EATONTOWN, NJ / ACCESSWIRE / January 16, 2018 / American CryoStem Corporation (OTC PINK: CRYO) a leading strategic developer, marketer and global licensor of patented adipose tissue-based cellular technologies for the Regenerative and Personalized Medicine industries, today released Summary corporate and financial highlight information regarding the Company's Year ending September 30, 2017;
Total Revenue increased to $1,865,364 in Fiscal 2017 versus $593,938 in Fiscal 2016, an increase of 214%,
Accounts Receivable increased to $171,860 in Fiscal 2017 from $65,335 in Fiscal 2016, an increase of 163%
International Revenue increased to $496,456 in Fiscal 2017 from $199,011 in Fiscal 2016 an increase of 149%
Tissue Storage and Processing increased to $1,364,373 in Fiscal 2017 from $394,927, in Fiscal 2016 an increase of 245%.
Short term liabilities increased to $1,922,100 in Fiscal 2017 from $1,272,991 in Fiscal 2016, an increase of 51% mainly attributed to the reclassification of certain long term debt to short term
Long term debt decreased from $1,265,684 to $108,651 a decrease of 91.4% also mainly attributable to the reclassification of certain long term debt to short term
Cost of Sales increased to $554,514 in Fiscal 2017 from $294,006 in Fiscal 2016, related to the increase in processing and sales. Cost of Sales as a percentage of Tissue Storage, Processing and Product Sales was reduced from 58% to 38%.
Professional fees decreased (principally legal and accounting) to $72,990 in Fiscal 2017 from $169,207 in Fiscal 2016, a decrease of 131%
Research and Development decreased from $114,453 in Fiscal 2016 to $87,210 in Fiscal 2017, a decrease of 24%, attributed to the completion of certain research projects
"American CryoStem's 2017 results reflect our continued focus on revenue production and cost control in all of the revenue segments of the company. We will continue to expand our tissue processing marketing efforts and the further development of our products and standardization of our laboratory operations," stated Anthony Dudzinski, COO, he continued "we will also continue to seek cost savings through our ongoing efforts to minimize laboratory expenses by optimizing processing efficiencies and potential outsourcing opportunities."
John S. Arnone, CEO stated, "We are very optimistic about the state of the Regenerative Medicine Industry globally as we enter 2018. We have seen a steady increase of new international companies seeking to license our turn-key stem cell collect-process-store program and associated Intellectual Property utilizing our proprietary products and services to create processing and storage facilities." Arnone further stated, "In 2018 we look forward to expanding our US based physician network, patient adipose tissue and stem cell storages, increasing our global laboratory licensing program and continuing an organization-wide initiative to create new products and optimize our internal quality systems and processes."
In 2018, management intends to continue its focus on increasing revenue, reducing costs, expanding our international licensing program and assisting our affiliate(s), Baoxin Asia Pacific Biotechnology Co, LTD (Baoxin) with establishing two new laboratory and therapy centers in Beijing and Shanghai to cover the regenerative medicine needs of China. Our plan includes assisting our partners with establishing a physician education facility in China to promote the use of ATGRAFT as a natural cosmetic filler, and as a preferred material to the artificial fillers currently used in cosmetic applications. We also plan to finalize and submit an Investigational New Drug (IND) application for our ATCellTM product to the U.S. FDA to support our cellular platform and regenerative medicine services.
About American CryoStem Corporation:
American CryoStem Corporation (PINK SHEETS: CRYO) was founded in 2008, and has evolved to become a biotechnology pioneer, standardizing adipose tissue-derived technologies (Adult Stem Cells) for the fields of Regenerative and Personalized Medicine. The Company operates a state-of-art, FDA-registered, clinical laboratory in New Jersey and licensed laboratories in Hong Kong, Shenzhen, China and Tokyo, Japan, operating on our proprietary platform, dedicated to the collection, processing, bio-banking, culturing and differentiation of adipose tissue (fat) and adipose-derived stem cells (ADSCs) for current or future use in regenerative medicine. CRYO maintains a strategic portfolio of intellectual property (IP) that surrounds our proprietary technology that supports a growing pipeline of stem cell applications and biologic products. We are leveraging our proprietary platform and a developed product portfolio to create a domestic and global footprint of licensed laboratory affiliates, physician's networks and research organizations who purchase tissue collection, processing, and storage consumables from our Company. Our laboratory stem cell bank/line products are characterized adult human Mesenchymal Stem Cell (MSC's) derived from adipose tissue that works in conjunction with our patented (non-animal) medium lines. The Company's R&D efforts are focused on discovering, developing and commercializing ADSC therapies by utilizing our standardized collection-processing-storage methodology and laboratory products combined with synergistic technologies to create jointly developed regenerative medicine applications and intellectual property.
Disclaimer: This press release may include statements of future expectations and other forward-looking statements that are based on the management's current views and assumptions and involve known or unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. In addition to statements which are forward-looking by reason of context, the words "may," "will," "should," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "potential," or "continue" and similar expressions identify forward-looking statements. Actual results, performance or events may differ materially from those in such statements due to without limitation, (i) general economic conditions such as performance of financial markets, credit defaults, currency exchange rates, interest rates, persistency levels and frequency/severity of insured loss events, (ii) mortality and morbidity levels and trends, (iii) changing levels of competition and general competitive factors, (iv) changes in laws and regulations and in the policies of central banks and/or governments, (v) the impact of acquisitions or reorganization, including related integration issues.
The company assumes no obligation to update any information contained herein.
