- BioStem Technologies (BSEM, Financial) reported a record fourth-quarter 2024 net revenue of $102.9 million, showing a 791% year-over-year increase.
- The company's full-year 2024 revenue was $301.8 million, marking a 1,709% growth from 2023.
- BioStem achieved a gross profit margin of 97% in Q4 2024 with $99.3 million in gross profit.
BioStem Technologies, Inc. (BSEM) has announced record preliminary financial results for the fourth quarter and full year of 2024, highlighted by a significant increase in revenues and profitability. The company recorded net revenue of $102.9 million in the fourth quarter of 2024, a substantial rise compared to $11.5 million in the same period of 2023, representing a 791% increase. The dramatic rise in revenue was largely attributed to the successful nationwide launch of Vendaje AC® and sustained demand for AmnioWrap2®.
For the full year, BioStem Technologies reported net revenue of $301.8 million, up from $16.7 million in 2023, reflecting an extraordinary 1,709% increase. The company's robust growth trajectory was further underscored by a remarkable gross profit margin of 97% during Q4 2024, generating a gross profit of $99.3 million compared to $10.9 million in the prior year.
Operating expenses for Q4 2024 were reported at $90.9 million, a significant increase from $11.2 million in the corresponding period of 2023, largely due to an expanded headcount and higher service fees. Despite the rise in operating costs, BioStem Technologies achieved a GAAP net income of $15.5 million, or $0.94 per share, marking its fourth consecutive profitable quarter.
The company also reached several strategic milestones in the fourth quarter, including the initiation of three clinical trials for its BioREtain® technology. These trials aim to demonstrate the technology's efficacy in treating diabetic foot ulcers and venous leg ulcers. Additionally, BioStem succeeded in securing national CMS pricing for Vendaje AC® and received a patent allowance for its sterile human placental allografts.
BioStem’s commitment to innovation and its strategic clinical initiatives are set to drive further growth and market expansion. The company is currently undergoing an SEC review for its planned uplisting to Nasdaq, which may cause adjustments in the reported financials.
