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 recently declared operational highlights and financial results for the year finished December 31, 2K18.
2K18 Operational Highlights
- HemaCare celebrated its 40th anniversary since being founded in 1978.
- Noteworthyrevenue development attributable to existing and new cell therapy and global customers and key distributors.
- Product and services revenue development was mainly because of customized cell isolation, processing and cryopreservation, and specialized collections of leukopaks and mobilized peripheral blood.
- In November 2K18, the company moved its worldwide headquarters to Northridge, California. In this new facility, HemaCare doubled its donor collection capacity and on-site cell dispensation capabilities. Located at the 44.00-acre Harman Campus, in the heart of the San Fernando Valley, the 40,000.00-square-foot newly renovated facility reflects the company’s accelerated development. This new location also get bigger HemaCare’s onsite GMP capabilities beyond collection to include four clean rooms enabling GMP cell processing, isolation, cryopreservation, and biobanking services to further support the development efforts of novel cellular therapies.
- In November 2K18, HemaCare declared its involvement as a provider of leukapheresis process development material for 100 percent of the current FDA-approved immunocellular therapies, Kymriah® (Novartis; Switzerland), Yescarta® (Kite, a Gilead Company; CA, USA), and PROVENGE® (sipuleucel-T) (Dendreon Pharmaceuticals LLC; CA, USA). During the development process, HemaCare worked collaboratively with every company to source healthy donors per project requirements. All leukapheresis material was collected and shipped following stringent standards as developed by the AABB and accepted by the FDA.
- On November 26, 2K18, partnership negotiations resulted in a planned partnership with Charles River Laboratories partner, Vital River, to provide the scientific community in China with direct access to healthy and disease-state human primary cells.
- On December 20, 2K18, OneBlood exercised its option to make the third tranche investment of $1.25M in shares of HemaCare’s common stock at $3.44 per share.
- For the year finished December 31, 2K18, HemaCare stated total revenues of $28.5M, difference to $20.2M for the year finished December 31, 2K17, representing a boost of $8.3M, or about 41 percent. The raise in revenues was mainly derived from a boost in customer development and product mix improvement.
- Gross profit for the year finished December 31, 2K18 was $15.7M, or 55 percent of net revenues, difference to $10.6M, or 53 percent of net revenues, for the year finished December 31, 2K17.
- For the year finished December 31, 2K18, HemaCare’s income before tax benefit and costs raised to $6.2M, as difference to $3.4M for the year finished December 31, 2K17, representing a boost of $2.8M or about 82 percent.
- HemaCare’s net income for the year finished December 31, 2K18 raised to $4.5M, as difference to $4.4M for the year finished December 31, 2K17, which includes a one-time tax benefit of $1M.
- Capital expenditures raised by $6.2M, net of tenant improvement allowance, at December 31, 2K18 difference to $0.7M at December 31, 2K17, mainly because of the move to the new state-of-the-art facility.
- As of December 31, 2K18, HemaCare had $10.2M in cash and cash equivalents difference to $9.3M in cash at December 31, 2K17.