HemaCare Corporation (OTCBB:HEMA) today reported financial results for the six months ended June 30, 2017, showing continued robust gains in revenue, gross profit, and net income compared to the same period of 2016. Revenue from operations grew 50% to $8.7 million, while gross profit of $4.5 million (52% of sales) increased by 53% compared to the same period in 2016 (51% of sales). Net income increased to $552,000, versus a prior-year loss. For complete unaudited June 30, 2017 Financial Statements, please click here.
Pete van der Wal, HemaCare’s President and Chief Executive, stated, “HemaCare continues to strengthen our leadership position as a critical supplier to customers performing cell therapy research, process development, and commercialization. Our portfolio of products and services includes leukapheresis patient collections for autologous cell therapy processing, which leads to the use of patients’ own cells to fight disease. Additionally, we provide superior leukapheresis starting material from a highly characterized, recallable donor pool, which is critical when manufacturing off-the-shelf allogeneic therapy products.”
He further stated, “We have secured long-term access to a state-of-the-art facility allowing HemaCare to optimize process flow, utilize flexible production environments to serve our customers’ increasingly complex requirements, and provide sufficient scalability to support the increasing demand of our global customer base.”
| HEMACARE CORPORATION | ||||||||
| BALANCE SHEETS | ||||||||
| JUNE 30, 2017 AND DECEMBER 31, 2016 | ||||||||
ASSETS | ||||||||
| (unaudited) | ||||||||
| June 30, 2017 | December 31, 2016 | |||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 4,803,000 | $ | 2,271,000 | ||||
| Accounts receivable, net | 2,774,000 | 2,269,000 | ||||||
| Product inventories and supplies, net | 1,937,000 | 1,935,000 | ||||||
| Prepaid expenses and other current assets | 181,000 | 158,000 | ||||||
| Current portion of restricted cash | 119,000 | 119,000 | ||||||
| TOTAL CURRENT ASSETS | 9,814,000 | 6,752,000 | ||||||
| OTHER ASSETS | ||||||||
| Property and equipment, net | 1,217,000 | 1,038,000 | ||||||
| Restricted cash, net of current portion | 309,000 | 309,000 | ||||||
| Other assets | 70,000 | 64,000 | ||||||
| TOTAL NONCURRENT ASSETS | 1,596,000 | 1,411,000 | ||||||
| TOTAL ASSETS | $ | 11,410,000 | $ | 8,163,000 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES | ||||||||
| Accounts payable | $ | 579,000 | $ | 437,000 | ||||
| Accrued payroll and payroll taxes | 1,081,000 | 1,252,000 | ||||||
| Other accrued expenses | 183,000 | 103,000 | ||||||
| Current portion of deferred rent | 16,000 | 77,000 | ||||||
| Current portion of capital lease obligations | 96,000 | 47,000 | ||||||
| TOTAL CURRENT LIABILITIES | 1,955,000 | 1,916,000 | ||||||
| LONG-TERM LIABILITIES | ||||||||
| Deferred rent, net of current portion | 4,000 | 7,000 | ||||||
| Long-term portion of capital lease obligation | 143,000 | 66,000 | ||||||
| TOTAL LONG- TERM LIABILITIES | 147,000 | 73,000 | ||||||
| TOTAL LIABILITIES | 2,102,000 | 1,989,000 | ||||||
| SHAREHOLDERS' EQUITY | ||||||||
Common stock, no par, 40,000,000 shares authorized, 11,612,759 and 10,698,312 shares issued and outstanding | 19,640,000 | 17,058,000 | ||||||
| Accumulated deficit | (10,332,000 | ) | (10,884,000 | ) | ||||
| TOTAL SHAREHOLDERS' EQUITY | 9,308,000 | 6,174,000 | ||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 11,410,000 | $ | 8,163,000 | ||||
| HEMACARE CORPORATION | ||||||||
| STATEMENTS OF OPERATIONS (unaudited) | ||||||||
| FOR THE SIX MONTHS ENDED JUNE 30, 2017 AND 2016 | ||||||||
| Six months ended | Six months ended | |||||||
| June 30, 2017 | June 30, 2016 | |||||||
| REVENUE | $ | 8,657,000 | $ | 5,779,000 | ||||
| COST OF REVENUE | 4,160,000 | 2,849,000 | ||||||
| GROSS PROFIT | 4,497,000 | 2,930,000 | ||||||
| GENERAL AND ADMINISTRATIVE EXPENSES | 3,917,000 | 2,999,000 | ||||||
| OTHER INCOME (EXPENSE) | (6,000 | ) | (4,000 | ) | ||||
| INCOME (LOSS) FROM OPERATIONS BEFORE INCOME TAXES | 574,000 | (73,000 | ) | |||||
| Provision for income taxes | (22,000 | ) | (6,000 | ) | ||||
| NET INCOME (LOSS) | $ | 552,000 | $ | (79,000 | ) | |||
About HemaCare
HemaCare Corporation is a provider of human blood products and services in support of the rapidly expanding field of immune therapy, including stem cell therapy. Our expertise has evolved through 39 years in the business of blood collection, processing and storage. In addition, we have established a robust donor recruitment and management system which supports an extensive registry of well-characterized repeat donors. HemaCare’s controlled procedures ensure a readily available inventory of high-quality, consistent and selectable primary human cells and biological products for advanced biomedical research. Our customers are engaged in basic research and development of clinical therapies that are designed to manipulate the immune system for treatment and cure of cancer, degenerative diseases and immune and genetic disorders. HemaCare’s products and services address several key markets, including immune therapy research, cell manufacturing for clinical therapy, and clinical laboratory instrument development. We specialize in custom cell collections for customers who may require donors with specific attributes (phenotypic or disease state, for example), or sub-sets of immune cells that can be selected in our laboratory using the latest technology. HemaCare’s products and services address all stages of cell therapy development, from basic biological research in academic institutions to pharmaceutical cell development in large drug companies.
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Contacts:
Rochelle
Martel
818-728-8868
rmartel@hemacare.com
