The regenerative medicine space rightly attracts a lot of attention from investors owing to the considerable growth prospects of the sector, and one of the companies from the sector that could be worth looking into is BioStem Technologies Inc. (OTC:BSEM). The regenerative medicine firm is involved in the commercialization, manufacturing, and development of biologics derived from placentas. On April 1, the company entered the news cycle after it announced its financial results for the fourth quarter and the fiscal year, both of which ended on December 31, 2023.
The company recorded net revenues of $11.5 million for the fourth quarter, which reflected year-on-year growth of a staggering 1355%. The gross profits for the quarter came in at $10.9 million, which worked out to 95% of revenues. The adjusted EBITDA income for the fourth fiscal quarter of 2023 was $1.67 million, and that was a strong turnaround from the adjusted EBITDA loss of $0.78 million in the prior year quarter. In the 2023 fiscal year, the net revenues went up to $16.7 million, which worked out to a boost of 143% from the previous fiscal year. The gross profit for the fiscal year was $15.4 million, which made up 92% of revenues.
In the 2023 fiscal year, the company suffered an adjusted EBITDA loss of $0.30 million. In the previous fiscal year, the company had posted adjusted EBITDA income of $0.94 million. The Chief Executive Officer of BioStem Technologies, Jason Matuszewski, spoke about the development as well. He noted that the fourth quarter had been an outstanding one for the company. The CEO stated that the growth in revenues was mainly brought about by the successful commercial launch of AmnioWrap2 in a private office setting. The product is a placenta-derived allograft meant to take care of a large number of wounds.
