Cord Blood America reported, before the market opened today, that total revenues for 2007 totaled $5.8 million. These revenues represent a 74% increase from the $3.3 million in total revenues generated in 2006. According to President and CEO of Cord Blood America, Matthew Schissler, there was a onetime charge of $500,000 deducted from the total revenues number to reflect a different way of accounting for yearly storage revenue, or the total would have been well north of $6 million.
Gross Profit for Cord Blood America was reported at an impressive $1.97 million, a 34% gross margin. This is a 604% increase from just $280,913 from the previous year, or a gross margin of just 8.5%. Schissler said that the results were drastically improved because of the company’s ability to reduce debt of their acquisitions and noted, “…the acquisition of CorCell, Inc. in Philadelphia, PA. was especially noteworthy.” On a closing note to the company’s performance, Schissler said, “We are pleased by our continued growth, encouraged that we have reduced our debt and some operating expenses, and confident that the storage of umbilical cord blood for the future treatment of significant diseases will continue to grow exponentially.”
The company continues to strategically align itself for success in the future. As people continue to realize the value that stem cell research holds, and the potential benefits of storing the valuable cells for the future, the company should continue to prosper. Today stem cells are being used in the treatment of leukemia, breast cancer, lymphoma, Hodgkin’s disease, aplastic anemia, sickle cell anemia, various other cancers, blood diseases, hereditary and genetic conditions, and immune system disorders.
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