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Cytomedix, Inc. (OTC.BB: CMXI) Q1/12 Results and Highlights

Last updated: 14:27 16 May 2012 BST, First published: 18:27 16 May 2012 BST

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Net loss to common stockholders of $4.74M or $0.07 per share

 

Net loss of $4.74M or $0.07 per share included $3.44M in non-recurring and/or non-cash expenses and transaction costs, compared with a net loss  of $1.50M or $0.03 per share.

 

Total revenues for Q1/12 were $3.02M, an increase of 121% compared with total revenues of $1.37M for Q1/11. The increase was largely attributable to the recognition of $1.33M in license revenue from the $4.50M in total non-refundable option fees received to date in connection with the potential agreement with a global pharmaceutical company, as well as from higher sales of the Angel and AutoloGel Systems. Sales from the Angel product line increased 18% to $1.51M from $1.28M in Q1/11. Record quarterly AutoloGel System sales of $164,000 increased 89% compared with Q1/11. Gross profit for Q1/12 increased 201% to $2.17M from $720K for Q1/11, primarily due to the $1.33M in licensing revenue that had no related cost of revenue. Gross profit on product sales increased 16% to $838K. Gross margin on product sales for Q1/12 was 50% compared with 53% for Q1/11 primarily the result of a shift in product mix to lower-margin products as CMXI recorded a significant number of Angel device sales to international distributors and wrote off some obsolete inventory. Q1/12 cash margin on product sales, excluding $116K in patent amortization and depreciation expense, was 56%. Cash margin is a non-GAAP financial measure, most directly comparable to gross margin, and should not be considered as an alternative thereto. CYMX defines cash margin as gross margin exclusive of patent amortization and depreciation expense, and it is a significant performance metric used by management to indicate cash profitability on product sales. Operating expenses for Q1/12 increased to $4.89M from $2.20M in q1/11. This increase was primarily attributable to transaction related costs associated with the Aldagen acquisition of approximately $528K, and approximately $979K in non-recurring, non-cash stock compensation expense for options granted to former Aldagen employees, consultants and board members. CMXI also incurred additional expenses in Q1/12 related to reimbursement, regulatory and marketing initiatives. Other expense for Q1/12 of $2M compared with other income of $78K in Q1/11.  The change was primarily due to approximately $1.5M in non-cash inducement expense associated with common stock issued in exchange for the early conversion of Series D preferred stock and incentive warrants issued in exchange for the early exercise of existing warrants. Additionally, there was an approximate $424K in expense associated with non-cash interest costs and change in fair value of derivative liabilities. CMXI used $509K in cash to fund operating activities during the first quarter 2012. An additional $1.18M in cash from warrant exercises was received post quarter end associated with the remaining binding commitments for warrant exercises by 6/30//12. Shares used in computing the net loss were 63.26M in Q1/12 and 46.05M in Q1/11.

 

  • Cash and cash equivalents as of 3/31/12 were $8.5M, compared with $2.25M as of 12/31/11.

 

Q1/12 highlights:

 

  • The acquisition of Aldagen broadened CMXI footprint in regenerative medicine and provided a robust pipeline of product candidates in areas of large unmet medical need. CMXI are in the process of integrating the Aldagen technology into the business and have made progress with ongoing development programs. CMXI has advanced the P2 RECOVER-Stroke trial, which is assessing ALD-401 to treat post-acute ischemic stroke, and saw positive data from a P1 clinical trial of ALD-201 to treat ischemic heart failure published in the American Heart Journal;
  • CMXI continued to post significant revenue growth for the Angel® Whole Blood Separation System during the quarter, and looks forward to expanding its potential with enhanced targeted marketing efforts as well as expansion into other indications to increase utilization. CMXI has a 510(k) application on file with the FDAfor Angel to process bone marrow and are evaluating strategies to leverage the utility of this product in sports medicine and orthopedics where there is a growing market opportunity. In addition, CMXI also posted a record revenue quarter for AutoloGel even though commercial sales focus was on Angel while AutoloGel efforts were dedicated to reimbursement and partnership initiatives.

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