Increased Product Volume
Despite a challenging pricing environment, BioStem sold 40% more products on a volume basis compared to the previous quarter, indicating strong underlying demand and market share growth.
Seventh Consecutive Quarter of Positive Adjusted EBITDA
BioStem achieved its seventh consecutive quarter of positive adjusted EBITDA, highlighting the resilience and strength of its business model.
Strong Gross Margins
BioStem maintained industry-leading gross margins, with a gross profit of $9.3 million, representing a gross margin of 88.5% for Q3.
Successful FDA Inspection
BioStem's facility passed a follow-up and routine FDA inspection with no nonconformance observations, indicating a strong quality system and readiness to scale production.
Expansion into New Markets
BioStem expanded into the Medicaid market with initial success in Medi-Cal and Texas Medicaid, and partnered with a Service-Disabled Veteran-Owned Small Business to serve the VA.