LAS VEGAS, March 31, 2014 /PRNewswire/ -- Cord Blood
America, Inc. (www.cordblood-america.com) (OTC Bulletin Board:
CBAI) ("CBAI" or the "Company") today announced financial results
for the year ended December 31,
2013.
Full Year Ended December 31,
2013 Highlights
- Recurring revenues increased approximately 14% to $3.05 million for the year ended 2013, which
represents 51% of total revenue.
- SG&A expenses decreased 10% or $510,000 to $5.12
million in 2013 from $5.63
million in 2012.
- Net cash balance increased over 80% to $709,000 from the year ago period.
- Positive cash flow from operations of $500,000, an improvement of 509% compared to the
year ago period.
Joseph Vicente, President of Cord
Blood America, Inc. commented "During 2013, we continued to focus
on ensuring profitable operations while increasing our cash
balance. This focus resulted in a 509% increase in our
operating cash flow to a record $500,000, bringing our total cash balance at
year-end to over $700,000. Although our overall revenue was
slightly down for the year, when factoring out the loss from the
exchange rate in our Argentina
operations, we did show a slight increase in adjusted revenue for
the year. Our revenue mix for 2013 showed a 14% growth in
recurring revenue, which is our most profitable segment, driven by
the continued growth in the number of storage customers which now
total over 30,000 between both operating divisions."
"In addition to our operational improvements, the company also
launched a new product offering in 2013 starting in May,
significantly increasing our addressable market opportunity.
The new cord tissue product offering saw solid adoption rates since
its launch, and we have seen over 60% of our customers during this
period collect and store both the traditional cord blood and new
cord tissue product. We offered a discount on the collection
fees for customers who choose to store both and in the process have
increased the recurring storage revenue annually for each of these
customers by over 55%.
Subsequent to year-end, we received our AABB accreditation for
cell therapy activity associated with cord blood processing,
storage and distribution. This was a result of a rigorous 12 month
internal process, which validated that our operations meet and
exceed the gold standard in the industry and opens up additional
opportunities for the company," commented Mr. Vicente.
About Cord Blood America
Cord Blood America, Inc. is the parent company of CorCell
Companies, Inc. which, along with Cord Blood America, Inc.,
facilitates umbilical cord blood stem cell preservation for
expectant parents and their children. Collected through a
safe and non-invasive process, cord blood stem cells offer a
powerful and potentially life-saving resource for treating a
growing number of ailments, including cancer, leukemia, blood, and
immune disorders. To find out more about Cord Blood America, Inc.
and CorCell Companies, Inc., visit our websites:
http://www.cordblood-america.com/ for investor information and
http://www.corcell.com/ for customer information.
Forward-Looking Statements
Some statements made in this press release are forward-looking
statements. We use words such as "anticipate," "believe,"
"expect,'' "future," "intend," "plan," and similar expressions to
identify forward-looking statements. These statements including
those related to the growth of the industry, new stem cell
treatments, and Cord Blood America's performance, are only
predictions and are subject to certain risks, uncertainties and
assumptions. Additional risks are identified and described in the
Company's public filings with the Securities and Exchange
Commission. Statements made herein are as of the date of this press
release and should not be relied upon as of any subsequent date.
The Company's past performance is not necessarily indicative of its
future performance. The Company does not undertake, and the Company
specifically disclaims any obligation to update any forward-looking
statements to reflect occurrences, developments, events, or
circumstances after the date of such statement.
Investor
Contact:
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Cameron
Donahue
|
|
Hayden IR
|
|
(651)
653-1854
|
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cameron@haydenir.com
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SOURCE Cord Blood America