Cord Blood America, Inc. Announces Financial Results for the Third Quarter Ended September 30, 2017
November 13, 2017 at 08:01 am EST
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Cord Blood America, Inc. announced financial results for the third quarter ended September 30, 2017. For the three months ended September 30, 2017, total revenue was $0.75 million, a decrease of approximately $0.03 million or 3.5% from $0.78 million in third quarter 2016. Of the $0.03 million decrease, approximately $0.02 million was attributable to the reduction in storage and processing revenue from a previously terminated agreement with a third party. Recurring storage revenue for the third quarter 2017 was $0.67 million, a decrease of 2.4% from recurring storage revenue of $0.69 million for the third quarter 2016. Net income for the three months ended September 30, 2017 was $0.18 million compared to $0.14 million in third quarter 2016. EBITDA for the three months ended September 30, 2017 was $0.24 million, an increase of $0.05 million or 26.7% from $0.19 in third quarter 2016 despite the reduction in revenue as the company has reduced costs.
CBA Florida, Inc., formerly Cord Blood America, Inc., through its CorCell program and its subsidiary CorCell Companies, Inc., provides cord blood and cord tissue stem cell services. The Company's subsidiaries include Cord Partners, Inc., CorCell Companies, Inc., CorCell, Ltd., (Cord Partners, Inc., CorCell Companies, Inc. and CorCell, Ltd. are referred to collectively as Cord), CBA Properties, Inc. (Properties), and Career Channel, Inc. The Company and its subsidiaries provides private cord blood and cord tissue stem cell storage services to families throughout the United States and Puerto Rico, and Properties was formed to hold corporate trademarks and other intellectual property. Cord's operations provide umbilical cord blood banking and cord tissue services to expectant parents. Cord provides various services, which includes collection materials, physician and customer support, transportation, testing and cord blood storage.