Cord Blood America, through its wholly owned subsidiary CorCell Companies, Inc., collects, tests, and preserves umbilical cord blood for potential use in future stem cell therapy. The company Thursday reported its third-quarter financial results for the three months ended September 30, 2013.
Total revenue decreased 2 percent to approximately $1.49 million from revenue of $1.51 million in the same period of 2012. Recurring revenue increased approximately 8 percent to $684,374 from the year ago period.
Cash provided by operations increased 247 percent to $333,034 for the nine months ended September 30, 2013, as compared to a loss of $227,064 in the year ago period.
Cash balance increased $201,484 from the beginning of 2013 to $595,316 or 52%.
EBITDA from U.S. operations increased 33 percent to $160,660 compared to $120,311 in the year ago period.
“During the third quarter we continued to see our core U.S. operations, which accounts for approximately 65 percent of our revenue, drive strong EBITDA growth from the increasing base of recurring revenue now totaling approximately $600,000. This has allowed us to make significant increases in our marketing initiatives, targeting high ROI programs to drive future growth. This also correlates to our new cord tissue product offering we launched earlier this year in which we saw approximately 58 percent of customers in the third quarter store both the traditional cord blood and cord tissue, increasing future annual recurring storage revenue by 56 percent per customer,” Joseph Vicente, president of CBAI.
For more information visit www.cordblood-america.com or www.corcell.com
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