CARLSBAD, CA--(Marketwired - Aug 8, 2013) - International Stem Cell Corporation (OTCQB: ISCO) (www.internationalstemcell.com) ("ISCO" or "the Company"), a California-based biotechnology company developing novel stem cell based therapies and biomedical products, today announced financial results for the three and six months ended June 30, 2013.
Q2 2013 Highlights:
"We continue to focus our research and development efforts on our Parkinson's disease program. We made further progress in demonstrating the safety of our novel approach of using neural stem cells derived from our histocompatible stem cells to provide neuroprotective benefits and replace dying neurons, moving the program closer to the clinic," stated Dr. Andrey Semechkin, ISCO's CEO and Co-chairman.
"I am also pleased to report significant growth in sales from both subsidiaries, demonstrating that our sales and marketing strategies are working.This growth resulted in a considerable reduction in our net cash burn rate," Dr. Semechkin concluded.
Three Months Ended June 30, 2013
Revenue for the three months ended June 30, 2013 was $1.46 million, an increase of approximately 38% compared to $1.06 million for the same period in 2012.Sales for Lifeline Skin Care (LSC) and Lifeline Cell Technology (LCT) increased by 36% and 40%, respectively. LSC and LCT accounted for 49% and 51% of total revenue, respectively, in the three months ended June 30, 2013.
Cost of sales was $0.33 million, or 23% of revenue, compared to $0.31 million or 29% of revenue in the same period a year ago.Gross margins improved as a result of efficiencies in the manufacturing and supply chain management and increased sales contribution from higher margin products.
General and administrative expenses declined 5% to $1.67 million, driven primarily by lower personnel-related expenses resulting from lower headcount, lower stock-based compensation expenses and lower professional and corporate expenses. Marketing expenses increased 24% compared to the second quarter of 2012 to $0.68 million, reflecting higher spending on advertising and promotions for its skin care business.
Six Months Ended June 30, 2013
Revenue for the six months ended June 30, 2013 and 2012 was $2.74 million and $2.13 million, respectively. LCT contributed $1.38 million, up 30% from the same period in 2012 and LSC contributed $1.36 million, up 27% from the same period in 2012.
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International Stem Cell Corporation Announces Second Quarter 2013 Financial Results