Jason Napodano, CFA
Research analyst, medium-term horizon, biotech, small-cap

Time To Back Up The Truck On Cytomedix?

On March 31, 2014, Cytomedix, Inc. (CMXI) reported financial results for the fourth quarter and full year ended December 31, 2013. Total revenues in the quarter were $3.5 million, an increase of 65% over the fourth quarter 2012. Revenues were driven by $3.0 million in product sales, $0.3 million in royalties, and $0.2 million in licensing fees and other income. Product sales consisted of $2.8 million in recorded pass-through sales of Angel to Arthrex, Inc. and $0.2 million in sales of AutoloGel.

Angel sales increased 48% from the fourth quarter 2012. We remind investors that Cytomedix controls the manufacturing of the Angel device and thus records the associated revenue and expenses from the product on its income statement. Sales of

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