International Stem Cell, a biotech company developing novel stem cell-based therapies, today reported its financial results for the first quarter ended March 31, 2013.
Quarterly revenues increased 19 percent to $1.29 million from $1.08 million reported in the first quarter of the year prior. Revenues for Lifeline Skin Care (LSC) increased by 19 percent while revenue for Lifeline Cell Technology (LCT) increased by 20 percent, accounting for 51 percent and 49 percent of total quarterly revenue, respectively.
ISCO posted a first-quarter loss of $0.02 per share, narrowed compared to a loss of $0.05 per share for the comparable quarter a year ago.
Gross margin improved by 410 basis points to 74.0 percent while general and administrative expenses reduced by 30 percent to $1.42 million.
Marketing expenses increased 3 percent to $0.51 million, primarily reflecting higher spending on advertising and promotions for the company’s skin care business.
Cash and cash equivalents totaled $1.91 million at March 31, 2013, compared to $0.65 million as of December 31, 2012.
” … the strong sales growth achieved by our subsidiaries confirms that the sales and marketing tactics we have been implementing are starting to deliver the results we anticipated and begin to partially offset our core Research and Development expenses,” Dr. Andrey Semechkin, ISCO CEO and co-chairman stated in the press release. “At the same time we continue to challenge ourselves to become ever more efficient and this continued vigilance is reflected in both the reduced general and administrative expenses and increased gross margin.”
For more information, visit www.internationalstemcell.com
Let us hear your thoughts: International Stem Cell Corp. Message Board