SUNRISE, FL -- (Marketwired) -- 08/07/14 -- Bioheart, Inc. (OTCQB: BHRT) released today financial information based on results from Q2 2014. The financial data shows that Bioheart has grown in product revenues, increased income, reduced debt, and further strengthened the financial standing of the company.
Bioheart product revenues are up from $24,321 to $819,606 comparing YTD 2013 to YTD 2014. The revenues recognized to date are related to sales of MyoCath, patient treatments, AdipoCell systems and related supplies, and cell culturing and banking services. Bioheart's YTD net income increased to $226,034, as compared to a net loss of $1,269,231 in YTD 2013, primarily resulting from gain on settlement of debt.
"The financial backbone of Bioheart is getting stronger and we continue to make strides on a daily basis," said Mike Tomas, Bioheart's president and CEO. "We have experienced two very strong quarters this year and will try to continue to improve the well-being of Bioheart for our shareholders."
Bioheart has continued to take steps to streamline operational costs, decreasing its net cash used in operating activities by 54% from $1,095,000 in YTD 2013 down to $507,000 in YTD 2014. Bioheart has been focused on reducing debt and decreasing current liabilities by $3.6 million (27%) from the beginning of the year. In addition, Bioheart has made strides to improve its working capital deficiency, decreasing the deficit by 28% from the beginning of the year.
The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) that restructures financial reporting for development stage entities by eliminating development stage reporting. Bioheart, as well as all entities in a development stage, will no longer need to present inception-to-date statements of operations or cash flows.
About Bioheart, Inc.
Bioheart, Inc. is committed to maintaining its leading position within the cardiovascular sector of the cell technology industry delivering cell therapies and biologics that help address congestive heart failure, lower limb ischemia, chronic heart ischemia, acute myocardial infarctions and other issues. Bioheart's goals are to cause damaged tissue to be regenerated, when possible, and to improve a patient's quality of life and reduce health care costs and hospitalizations.
Specific to biotechnology, Bioheart is focused on the discovery, development and, subject to regulatory approval, commercialization of autologous cell therapies for the treatment of chronic and acute heart damage and peripheral vascular disease. Its leading product, MyoCell, is a clinical muscle-derived cell therapy designed to populate regions of scar tissue within a patient's heart with new living cells for the purpose of improving cardiac function in chronic heart failure patients. For more information on Bioheart, visit www.bioheartinc.com, or visit us on Facebook: Bioheart and Twitter @BioheartInc.
Forward-Looking Statements: Except for historical matters contained herein, statements made in this press release are forward-looking statements. Without limiting the generality of the foregoing, words such as "may," "will," "to," "plan," "expect," "believe," "anticipate," "intend," "could," "would," "estimate," or "continue" or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Also, forward-looking statements represent our management's beliefs and assumptions only as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
The Company is subject to the risks and uncertainties described in its filings with the Securities and Exchange Commission, including the section entitled "Risk Factors" in its Annual Report on Form 10-K for the year ended December 31, 2013, and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2014.