Cord Blood America Files First Quarter 2010 Financial Results
"The first quarter represents an investment in growth," said Matthew Schissler, Cord Blood America co-founder and CEO. "We invested in Europe and will begin recognizing revenues, and expenses, for our purchase of 51 percent of stellacure GmbH, one of the largest cord blood banking services in Germany, in the second quarter of 2010. We continue negotiations for an acquisition in South America, and announced a licensing agreement in China, as we seize the opportunity in a 'down' market to build a global brand."
The Company announced that revenue decreased to $839,343 in the quarter ended March 31, 2010, compared to $941,938 in the same period in 2009. This reflects continued de-emphasis of Rainmakers International, Cord Blood America's advertising company, with total focus on becoming a "pure," worldwide, stem cell company. Revenues from the storage of umbilical cord blood stem cells was up slightly in 2010 compared to the first quarter of 2009, which the Company said signals a stabilizing of the overall market for cord blood processing and storage.
"Our new laboratory in Las Vegas became fully operational in March 2010. This will allow us to improve cost controls by having our own, in-house operations for processing and storage. During the first quarter, we were paying both for getting our lab ready for operations and for outsourcing this function," Mr. Schissler said. Mr. Schissler also stressed that, compared to $106,883 in cash at March 31, 2009, the Company reported its cash position increased to $836,186 at March 31, 2010, with several financing instruments also in place. "I continue to be confident that we have positioned Cord Blood America to take advantage of acquisition opportunities in the sector in 2010, to increase organic growth, and to diversify our revenue stream," CBAI's CEO said. |
Thread abonnieren
