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HemaCare Corporation (OTCMKTS: HEMA), a global leader and trusted brand in the customization of human-derived biological products and services for biomedical research, drug discovery, and cellular therapy process development, today announced operational highlights and financial results for the year ended December 31, 2018.
2018 Operational Highlights
For complete audited December 31, 2018 Financial Statements, please click here.
Pete van der Wal, HemaCare’s President and Chief Executive Officer, stated: “2018 was a transformative year for HemaCare. We celebrated the company’s 40th anniversary, successfully relocated the company to a state-of-the-art much larger facility, while simultaneously exceeding our financial growth targets. The multi-year sustained growth in revenue and earnings continues to validate HemaCare’s strategic focus on providing clients with superior purity, viability and functionality of the human biological cells they purchase from HemaCare.”
HemaCare is a global leader in the customization of human-derived biological products and services for biomedical research, drug discovery and cellular therapy process development. The company’s network of FDA-registered, GMP/GTP-compliant collection centers ensure fresh donor material is available to customers and for use within HemaCare’s isolation laboratory. Human biological material including peripheral blood, bone marrow, and cord blood is isolated into various primary cells types for fresh and frozen distribution. For over 40 years, HemaCare has developed an extensive registry of repeat donors and provides human-derived primary blood cells and tissues for biomedical and drug discovery research and cell therapy clinical trials, and supports commercialization with apheresis collections, directly enabling customers to advance both autologous and allogeneic cellular therapies.
For more information please visit www.hemacare.com.
Forward Looking Statements
This press release contains forward-looking statements. The words “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “plan,” “expect” and similar expressions that convey uncertainty of future events or outcomes are intended to identify forward-looking statements. Forward-looking statements in this press release address plans for facility utilization, among other subjects. Forward-looking statements are inherently subject to risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements, including, without limitation, the following: the ability of our donors to provide sufficient quality source material; our ability and the ability of our suppliers to maintain compliance with cGMP and other regulatory obligations; the results of regulatory inspections; adverse developments in our customer-base or the markets we serve; results of the Company’s collaboration with strategic partners; adverse changes in regulatory, social and political conditions affecting our industry; our ability to timely and effectively implement 2019 staffing, operations, and product menu changes; our ability to manage growth; and general market, economic and business conditions. Forward-looking statements are made as of the date of this release, and we expressly disclaim any obligation or undertaking to update forward-looking statements.
|Cash and cash equivalents||$||10,274,000||$||9,251,000|
|Accounts receivable, net||4,776,000||2,959,000|
|Product inventories and supplies, net||3,299,000||2,520,000|
|Other current assets||141,000||-|
|TOTAL CURRENT ASSETS||18,729,000||14,892,000|
|Property and equipment, net||9,502,000||1,358,000|
|Deferred income taxes||-||1,128,000|
|TOTAL NONCURRENT ASSETS||9,502,000||2,556,000|
LIABILITIES AND SHAREHOLDERS' EQUITY
|Accrued payroll and payroll taxes||1,979,000||1,658,000|
|Other accrued expenses||123,000||210,000|
|Current portion of deferred rent||-||9,000|
|Current portion of capital lease obligations||201,000||99,000|
|TOTAL CURRENT LIABILITIES||4,487,000||2,658,000|
|Deferred rent, net of current portion||2,409,000||-|
|Deferred income taxes||35,000||-|
|Long-term portion of capital lease obligations||176,000||93,000|
|TOTAL LONG-TERM LIABILITIES||2,620,000||93,000|
COMMITMENTS AND CONTINGENCIES
Common stock, no par, 40,000,000 shares authorized, 12,860,956 and 12,011,545 shares issued and outstanding, respectively
|TOTAL SHAREHOLDERS' EQUITY||21,124,000||14,697,000|
|TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY||$||28,231,000||$||17,448,000|
|STATEMENTS OF INCOME|
|FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017|
|COST OF REVENUE||12,840,000||9,594,000|
|GENERAL AND ADMINISTRATIVE EXPENSES||9,434,000||7,195,000|
|INCOME BEFORE INCOME TAX BENEFIT (EXPENSE)||6,232,000||3,423,000|
|Income tax benefit (expense)||(1,716,000||)||1,009,000|
HemaCare Media Contact:
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