The following is a summary of the BioStem Technologies, Inc. (BSEM) Q2 2024 Earnings Call Transcript:
Financial Performance:
BioStem Technologies reported a record Q2 2024 revenue of $74.5 million, up considerably from the previous year's $1.6 million for the same period.
Gross profit for the quarter was $70.7 million, representing 95% of revenue.
Net income for Q2 2024 was $6.4 million, or $0.39 per share, a significant improvement from the net loss of $2.9 million, or $0.22 per share, in Q2 2023.Operating expenses increased due to workforce expansion and partnership fees but were balanced by strong revenue growth.
Business Progress:
BioStem has initiated several strategic moves including plans to uplist to NASDAQ as a fully reporting entity, which is expected to enhance visibility and attract institutional investors.
Advanced in clinical trials, specifically the IRB approved study evaluating AmnioWrap2 in diabetic foot ulcers, aimed at demonstrating efficacy and securing expanded insurance coverage.
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