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Biostem Technologies (BSEM) investor relations material
Biostem Technologies Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Achieved seventh consecutive quarter of positive adjusted EBITDA and 40% quarter-over-quarter growth in product volume, maintaining industry-leading gross margins despite a challenging reimbursement environment and increased competition.
Restated historical financials to reclassify bona fide service fees as contra revenue, with no impact on EBITDA, net income, or cash flow.
Advanced clinical programs, including top-line results from a randomized controlled trial for BioREtain and progress in venous leg ulcer trials.
Expanded market access through new VA partnership, Medicaid, and secured land for future headquarters.
Remediated all prior FDA inspection concerns; latest inspection completed with no non-conformances.
Financial highlights
Q3 2025 revenue was $10.5 million, down from $11 million in Q2 2025 and $18.4 million in Q3 2024, primarily due to pricing pressures, reimbursement changes, and competition.
Gross profit was $9.3 million (88.5% margin), up from 77% in Q3 2024, reflecting a favorable product mix.
Operating expenses were $7.8 million, up from $4.9 million in Q3 2024 but down from $10.2 million in Q2, driven by clinical trial and infrastructure investments.
GAAP net income was $0.8 million ($0.05 per share), down from $6.8 million ($0.42 per share) in Q3 2024.
Cash and cash equivalents totaled $27.2 million at quarter-end, up from $22.8 million at year-end 2024.
Outlook and guidance
Positioned to benefit from CMS reimbursement reform in 2026, which will implement a flat-rate model and eliminate current pricing gaps.
Anticipates completion of KPMG audits for 2024 and 2025 by end of Q1 2026, with NASDAQ uplisting targeted for mid-2026.
Plans to expand commercial reach through new distribution channels, VA, Medicaid, and potential strategic acquisitions.
Anticipates top-line readout from the BioREtain venous leg ulcer trial in Q1 2026.
Expects ongoing market share gains despite evolving reimbursement and competitive landscape.
What specific actions drive 2026 market share gains?
How will new clinical data drive VA/Medicaid growth?
Capital allocation strategy post-restatement?
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Next Biostem Technologies earnings date
Q4 202513 Apr, 2026
Next Biostem Technologies earnings date
Q4 202513 Apr, 2026
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Frequently asked questions
BioStem Technologies Inc. is a life sciences and regenerative medicine company that focuses on developing, manufacturing, and commercializing placental-derived allografts for advanced wound care. The company uses its proprietary BioRetain process to produce perinatal tissue allografts, preserving key biological properties that support tissue regeneration. BioStem’s products are used in a range of medical applications, including wound management and tissue repair. The company's portfolio includes products such as VENDAJE, VENDAJE AC, and AmnioWrap2. The company is headquartered in Pompano Beach, Florida, and its shares are listed on the OTC market.
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