SANTA MONICA, Calif., April 16 /PRNewswire-FirstCall/ -- Cord Blood America, Inc. (OTC Bulletin Board: CBAI), the umbilical cord blood stem cell preservation company (http://www.cordblood-america.com) focused on bringing the life saving potential of stem cells to families nationwide and internationally, said today that revenues for the stem cell collection portion of its business increased 8.7 percent, or $0.3 million, to $3.4 million for the fiscal year ended December 31, 2008.
The increase was due to organic growth in the collection of more umbilical cord blood samples, said Matthew Schissler, Cord Blood America Founder and CEO. Revenue for the Company decreased to $4.2 million for the fiscal year, a drop entirely attributable to a decrease in emphasis on Rain, the Company's advertising operations, with Cord Blood America centrally focused on growing its stem cell collection operations.
Gross profit increased approximately $350,000 to $2.3 million in 2008, which was 56 percent of revenues, up from 34 percent in 2007. "Economies of scale are really starting to improve our financial performance," Mr. Schissler said. "Expenses were down 37.2 percent, or $2.2 million, for the fiscal year as Cord Blood America continues to streamline and reduce expenses in all areas."
"We accomplished much in 2008 and we look forward to continuing the positive trends throughout 2009," Mr. Schissler said.
About Cord Blood America
Cord Blood America (OTC Bulletin Board: CBAI) is the parent company of CorCell, which facilitates umbilical cord blood stem cell preservation for expectant parents and their children. Its mission is to be the most respected stem cell preservation company in the industry. Collected through a safe and non-invasive process, cord blood s
|SOURCE Cord Blood America, Inc.|
Copyright©2009 PR Newswire.
All rights reserved