International Stem Cell (OTC BB: ISCO) Q3/11 and 9 Months Results
A Q3/11 net loss of $2.672M or $0.03 per share.
A net loss of $2.672M or $0.03 per share versus (restated) $3.019M or $0.04 in Q3/10.
ISCO reported revenue of $842K for Q3/11, a 141% increase from Q3/10. For Q3/11, development expenses, excluding cost of sales, were $360K, an increase of 15% compared to Q3/10. R&D expenses were $1.129M reflecting increased R&D activities on therapeutic programs and new product development for both subsidiaries. Sales and marketing expenses ($364K) related to skin care products, partially offset by a reduction in G&A ($2.107M) expenses, also contributed to the increase in development expenses. Loss from development activities were $3.12M. Change in the value of warrants was $559K. Weighted averages of outstanding on a fully diluted basis were 77.8M.
- Cash and cash equivalents were $2.584M with $246K recieveables at 9/30/11.
For the 9month period ending 9/30/11: OTC BB: ISCO revenue of $3.47M, a year-over-year increase of 227%. The increases in revenue was driven by strong sales from the initial launch of ISCO’s wholly-owned subsidiary Lifeline Skin Care (LSC), which commenced operations in Q4/10. In addition, steady growth in sales from ISCO’s other wholly-owned subsidiary, Lifeline Cell Technology (LCT), contributed to the increases in revenues for both periods. Development expenses, excluding cost of sales, were $10.77M, an increase of 30% when compared with the prior year period. The increase is attributed primarily to increased research activities on therapeutic products and product development programs for LSC and LCT, increased stock-based compensation expense, increased headcount and higher general corporate expenses coupled with increased sales and marketing expenses related to our skin care products. Total assets were $7.324M but, current liabilities were $2.189M.
