LAS VEGAS, Aug. 11, 2011 /PRNewswire/ -- Cord Blood America, Inc. (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 announced revenues of $2.89 million for the first six months of 2011, up 61 percent compared to revenues of $1.79 million in the same period in 2010. Revenues for the second quarter ended June 30, 2011 totaled $1.43 million, up 50 percent compared to revenues of $951,561 in the second quarter of 2010.
Gross profit totaled $1.96 million for the first half of 2011, up 100 percent compared to 2010, and $970,603 in the second quarter of 2011, up 76 percent from the comparable period in 2010. "We anticipate that, by growing and expanding our business, and processing and storing cord blood in our own facilities, our direct costs will continue to decrease and our gross profits will continue to improve," said Matthew Schissler, co-founder and CEO.
"We are very pleased by our financial results and believe we will continue to improve our performance in the third quarter and beyond," Mr. Schissler said. "We are particularly pleased to report that our net loss decreased by 36 percent in the second quarter and by 31 percent for the first half of 2011."
Biocordcell Argentina S.A., Buenos Aires, contributed $890,000 to the six month revenue totals and Stellacure, GmbH, Hamburg Germany, which serves families in Germany, Spain and Italy, contributed $288,000 to revenues through June 30, 2011. The balance, $1.7 million, is from storing umbilical cord blood stem cells at birth for families in the U.S. and the collection of placentas for major tissue banks.
"We are working to manage our expenses and to reduce overall costs and that cost control will continue throughout 2011," Mr. Schissler said. "We continue to develop relationships with insurance companies and have announced multiple new contracts in 2011 that will fuel organic growth. In addition, we are seeing the year over year impact of our international acquisitions, and we expect storage fees from cord blood previously stored by Reproductive Genetics Institute, Inc., Chicago, and NeoCells, also formerly an Illinois stem cell storage company, both first half of 2011 purchases, to positively impact the third quarter and beyond."
"We continue to evaluate possible acquisitions, including the LOIs previously announced, but with the high cost of capital at present time, CBAI will be very selective in this process. We want to be opportunistic but we also will take into account the impact on the Company, and its shareholders. We will follow the wisdom of Cicero, who said, 'Rashness belongs to youth; prudence to old age,'" Mr. Schissler concluded.
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
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pknopick@eandecommunications.com
Safe Harbor: This press release contains forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend" or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned that such forward looking statements should not be construed as a guarantee or assurance of future performance or results. Actual events or results may differ materially from those discussed in forward-looking statements as a result of various factors. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained herein will in fact occur.These forward-looking statements are based on current expectations, and the Company assumes no obligation to update this information. Readers are urged to carefully review and consider the various disclosures made by the Company in its Form 10-K and in the Company's other reports filed with the Securities and Exchange Commission that discuss certain of the risks and factors that may affect the Company and its business.
SOURCE Cord Blood America, Inc.
