International Stem Cell Corp., a biotech company developing novel stem cell-based therapies and biomedical products, today announced financial results for the three and six months ended June 30, 2013.
Revenue for the quarter increased 38 percent to $1.46 million, compared to revenues of $1.06 million for the same period in 2012.
Sales for the company's Lifeline Skin Care (NYSEARCA:LSC) and Lifeline Cell Technology (LCT) increased by 36 percent and 40 percent, respectively; LSC and LCT accounted for 49 percent and 51 percent of total revenue, respectively. ISCO's marketing expenses for the quarter increased 24 percent $0.68 million, reflecting higher spending on advertising and promotions for LSC.
Gross margin improved by 600 basis points to 77 percent, reflecting efficiencies in the manufacturing and supply chain management as well as increased sales contribution from higher margin products.
For the six-months ended June 30, 2013, ISCO reported revenues of $2.74 million, compared to revenues of $2.13 million for the prior year period. LCT contributed $1.38 million, up 30 percent year-over-year, while LSC contributed $1.36 million, an increase of 27 percent from the same period in 2012.
Gross profit and gross margin for the first six months of 2013 were $2.08 million and 76 percent, compared to $1.50 million and 70 percent in 2012.
Cash burn, excluding capital expenditures and patent costs, for the first six months of 2013 reduced by 16 percent compared to the same period of 2012.
As of June 30, 2013, cash and cash equivalents totaled $0.65 million, essentially unchanged from $0.65 million as of December 31, 2012. Cash outflows from operations for the first half of 2013 were $2.89 million, down from $3.46 million in the comparable period in 2012.
ISCO received approximately $3.27 million, net of stock issuance costs, from the issuance of 16,325,000 shares of common stock in the first six months of 2013. The company invested approximately $0.37 million in capital and patent expenditures in the first six months of 2013 compared to $0.45 million in the same period in 2012.
As previously announced, subsequent to the end of the second quarter of 2013, ISCO completed a financing transaction under an effective Form S-1 Registration Statement filed with the U.S. Securities and Exchange Commission, raising approximately $2.50 million in net proceeds.
Tomorrow at 11am ET, the company will be hosting a conference call and web cast. Details are available below.
Participants from US Domestic: 1 877 317-6776
Participants from International: 1 412 317-6776
Conference ID: 10032411
Webcast link: webcast.mzvaluemonitor.com/Cover.aspx?PlatformId=1545
For more information, visit InternationalStemCell.com
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