Cord Blood America Revenues Up 14 Percent in Third Quarter 2010
LAS VEGAS, Nov. 22, 2010 /PRNewswire-FirstCall/ — Cord Blood America, Inc. (http://www.cordblood-america.com) (OTC Bulletin Board: CBAI), the umbilical cord blood stem cell preservation company focused on bringing the life saving potential of stem cells to families nationwide and internationally, today said revenues for the third quarter ended September 30, 2010, increased 14 percent to $958,449 compared to $838,238 in the same period in 2009.
The Company also announced that revenues for the first nine months of 2010 totaled $2.75 million, up 6 percent compared to revenues of $2.59 million in 2009. Gross profit for the first nine months totaled $1.5 million
The third quarter and nine month financial results include revenues from Stellacure GmbH, the stem cell collection company in Germany that Cord Blood America purchased, and from selling placentas to a major tissue bank in the U.S. It does not include revenues from the Company’s subsidiary in South America, which began operations as a Cord Blood America company in September 2010, nor from its operations in China, which will become active shortly. It does however include the balance sheet impact of BioCells, which assisted the company in producing positive shareholder equity as it contributed to a significant increase in assets, a crucial indicator of the Company’s efforts to strengthen key financial metrics.
“All three selling units were up this quarter. The revenue increase is due to our growth in our customer list in the U.S., from the placenta project, and from Germany,” said Matthew Schissler, co-founder, CEO and President. “Our strategy to grow organically, with recent announcements of insurance alliances in Hawaii and with the organization representing major health care insurance polices, combined with our ability to acquire firms that bring value to our investors, are moving CBAI forward in a positive way.”
Mr. Schissler said the interest expense in the third quarter of 2010 is $1 million less than in the same period in 2009, showing how the Company has been able to reduce debt. “Our total debt balance has remained consistent throughout 2010 while still accomplishing acquiring controlling interest in two companies that strengthen our platform for growth,” Mr. Schissler said.
“Cord Blood America is proud that it has made major acquisitions, and is now participant in this growth industry in the U.S., Europe, South America and China, without increasing cash expenses. This is a business that requires critical mass to achieve true efficiencies and our continued efforts to grow will help us achieve that wherever possible,” Cord Blood America’s CEO concluded. The entire 10Q is available at www.sec.gov.
About Cord Blood America
Cord Blood America is the parent company of CorCell, which facilitates umbilical cord blood stem cell preservation for expectant parents and their children. Its mission is to be the most respected stem cell preservation company in the industry. 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., visit our website at http://www.corcell.com/. For investor information, visit http://www.cordblood-america.com/.
CONTACT: Paul Knopick E & E Communications 949/707-5365 email@example.com
Some statements made in this press release are forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. 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 the 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.
SOURCE Cord Blood America, Inc.