Cord Blood America is very pleased to announce its large profits for the first quarter of this year. Revenues increased 208% from $551,060 in the first quarter of 2006 to $1.698 Million in the first quarter of 2007.
Gross profits experienced an even larger increase from $25,852 in the first quarter of 2006 to $599,255 in the first quarter of 2007, totaling for a 2300% gain.
While the company grew, they greatly lowered costs by decreasing fees to directors, and by making cuts in labor and marketing. Through the changes Cord Blood decreased their loss from operations 145%. Matthew Scissler, Chairman and CEO, stated, “These are the numbers we sought and we will continue to improve them in upcoming quarters.”
He continued to say, “The robust growth for this quarter shows that the business model we have established is working well. We will continue to seek accretive acquisitions and growth that makes sense but do not dilute shareholders. Strengthening our balance sheet is a primary objective of our Company.”
The revenues from the company’s acquisition of CorCell were a principle part of the increase as the company sets a new consecutive record of four straight quarters with over $1 Million dollars in revenues.
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