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 stem cells offer a powerful and potentially life-saving resource for treating a growing number of ailments, including cancer, leukemia, blood, and immune disorders. To find out more about Cord Blood America, Inc. (OTC Bulletin Board: CBAI), visit our website at www.corcell.com. For investor information, visit www.cordblood-america.com.
Some statements made in this press release are forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We use words such as "anticipate," "believe," "expect," "future," "intend," "plan," and similar expressions to identify forward-looking statements. These statements including those related to the growth of the industry, new stem cell treatments, and the Company's performance, are only predictions and are subject to certain risks, uncertainties and assumptions. Additional risks are identified and described in the Company's public filings with the Securities and Exchange Commission. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company's past performance is not necessarily indicative of its future performance. The Company does not undertake, and the Company specifically disclaims any obligation to update any forward-looking statements to reflect occurrences, developments, events, or circumstances after the date of such statement.
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|SOURCE Cord Blood America, Inc.|
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