$LSTA
LISATA THERAPEUTICS, INC.

2012 Q2 Form 10-Q Financial Statement

#000114420412028121 Filed on May 11, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2012 Q1 2011 Q1
Revenue $3.372M $3.773M $19.59M
YoY Change 52.53% -80.74% 23.76%
Cost Of Revenue $2.736M $2.956M $14.28M
YoY Change 52.79% -79.3% 31.58%
Gross Profit $636.1K $817.0K $5.314M
YoY Change 51.42% -84.63% 6.72%
Gross Profit Margin 18.86% 21.66% 27.13%
Selling, General & Admin $4.733M $6.412M $9.635M
YoY Change -46.63% -33.45% 53.18%
% of Gross Profit 744.05% 784.83% 181.3%
Research & Development $2.715M $1.947M $2.755M
YoY Change 70.58% -29.33% 111.94%
% of Gross Profit 426.75% 238.33% 51.84%
Depreciation & Amortization $380.0K $390.0K $2.200M
YoY Change -129.69% -82.27% 185.71%
% of Gross Profit 59.74% 47.73% 41.4%
Operating Expenses $7.448M $8.359M $12.39M
YoY Change -28.8% -32.53% 63.24%
Operating Profit -$6.811M -$7.542M -$7.076M
YoY Change -32.16% 6.6% 171.1%
Interest Expense $450.9K $524.1K $852.2K
YoY Change -36.13% -38.5% -8622.43%
% of Operating Profit
Other Income/Expense, Net -$426.6K -$436.7K -$1.103M
YoY Change 183.95% -60.4% 589.18%
Pretax Income -$7.238M -$7.979M -$8.178M
YoY Change -28.97% -2.44% 194.18%
Income Tax $0.00 $0.00 $592.6K
% Of Pretax Income
Net Earnings -$20.51M -$9.348M -$10.17M
YoY Change 93.34% -8.11% 120.67%
Net Earnings / Revenue -608.09% -247.78% -51.93%
Basic Earnings Per Share
Diluted Earnings Per Share -$15.31M -$8.348M -$13.74M
COMMON SHARES
Basic Shares Outstanding 132.6M shares 114.3M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q2 2012 Q1 2011 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.100M $21.80M $9.400M
YoY Change -57.14% 131.91% -25.4%
Cash & Equivalents $2.113M $7.005M $9.412M
Short-Term Investments $0.00
Other Short-Term Assets $47.70M $2.800M $166.2K
YoY Change 669.35% 1584.72% -97.32%
Inventory $1.161M $17.98M $26.20M
Prepaid Expenses
Receivables $1.257M $10.44M $7.100M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $52.25M $52.98M $50.40M
YoY Change 20.4% 5.11% 20.57%
LONG-TERM ASSETS
Property, Plant & Equipment $11.30M $47.33M $11.76M
YoY Change -77.53% 302.62% -52.79%
Goodwill $11.12M $19.67M $7.014M
YoY Change 180.41%
Intangibles $14.78M $36.27M $5.700M
YoY Change 536.38%
Long-Term Investments
YoY Change
Other Assets $3.507M $6.164M $581.9K
YoY Change 3.15% 959.36% 190.95%
Total Long-Term Assets $85.77M $114.3M $125.4M
YoY Change -32.41% -8.84% 56.36%
TOTAL ASSETS
Total Short-Term Assets $52.25M $52.98M $50.40M
Total Long-Term Assets $85.77M $114.3M $125.4M
Total Assets $138.0M $167.3M $175.8M
YoY Change -18.95% -4.84% 44.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.171M $19.40M $12.40M
YoY Change -76.65% 56.41% 39.33%
Accrued Expenses $2.109M $3.430M $4.100M
YoY Change -56.97% -16.33% 241.67%
Deferred Revenue
YoY Change
Short-Term Debt $3.500M $19.40M $4.700M
YoY Change -55.7% 312.77% 113.64%
Long-Term Debt Due $200.0K $300.0K $14.70M
YoY Change -98.2% -97.96% 16.67%
Total Short-Term Liabilities $48.02M $47.14M $40.90M
YoY Change 23.75% 15.25% 31.09%
LONG-TERM LIABILITIES
Long-Term Debt $3.600M $4.200M $6.400M
YoY Change -38.98% -34.38% -53.28%
Other Long-Term Liabilities $70.53K $25.00M $540.5K
YoY Change -99.73% 4525.35% -92.79%
Total Long-Term Liabilities $34.58M $34.19M $540.5K
YoY Change 8.06% 6225.46% -97.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $48.02M $47.14M $40.90M
Total Long-Term Liabilities $34.58M $34.19M $540.5K
Total Liabilities $82.59M $81.32M $110.8M
YoY Change -23.38% -26.6% 20.3%
SHAREHOLDERS EQUITY
Retained Earnings -$173.1M -$152.6M
YoY Change
Common Stock $137.6K $129.9K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $46.35M $63.37M $65.00M
YoY Change
Total Liabilities & Shareholders Equity $138.0M $167.3M $175.8M
YoY Change -18.95% -4.84% 44.1%

Cashflow Statement

Concept 2012 Q2 2012 Q1 2011 Q1
OPERATING ACTIVITIES
Net Income -$20.51M -$9.348M -$10.17M
YoY Change 93.34% -8.11% 120.67%
Depreciation, Depletion And Amortization $380.0K $390.0K $2.200M
YoY Change -129.69% -82.27% 185.71%
Cash From Operating Activities -$2.960M $2.106M -$10.20M
YoY Change -3.58% -120.66% 295.16%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K $132.0K $707.2K
YoY Change -115.63% -81.34% -118.81%
Acquisitions
YoY Change
Other Investing Activities -$2.160M $20.00K -$2.400M
YoY Change -40.5% -100.83% 179.07%
Cash From Investing Activities -$2.210M -$110.1K -$3.105M
YoY Change -33.43% -96.45% -32.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.540M $7.185M 7.081M
YoY Change -12.99% 1.48% -38.22%
NET CHANGE
Cash From Operating Activities -2.960M $2.106M -10.20M
Cash From Investing Activities -2.210M -$110.1K -3.105M
Cash From Financing Activities 1.540M $7.185M 7.081M
Net Change In Cash -3.630M $9.182M -6.219M
YoY Change -21.43% -247.64% -245.99%
FREE CASH FLOW
Cash From Operating Activities -$2.960M $2.106M -$10.20M
Capital Expenditures -$50.00K $132.0K $707.2K
Free Cash Flow -$2.910M $1.974M -$10.90M
YoY Change -14.16% -118.11% -1023.93%

Facts In Submission

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<div style="font: 10pt Times New Roman, Times, Serif"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b><u>Note 1&#xA0;&#xA0;&#x2013; The Business</u></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Overview</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>&#xA0;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> NeoStem, Inc. (&#x201C;NeoStem&#x201D; or the &#x201C;Company&#x201D;) was incorporated under the laws of the State of Delaware in September 1980 under the name Fidelity Medical Services, Inc. The Company&#x2019;s corporate headquarters are located at 420 Lexington Avenue, Suite 450, New York, NY 10170. The Company&#x2019;s telephone number is (212) 584-4180 and its website address is <i>www.neostem.com</i>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> NeoStem, Inc. is an international biopharmaceutical company. In 2011, we operated our business in three reportable segments: (i) Cell Therapy&#xA0;&#x2014;&#xA0;United States; (ii) Regenerative Medicine&#xA0;&#x2014;&#xA0;China; and (iii) Pharmaceutical Manufacturing&#xA0;&#x2014;&#xA0;China. Effective March 31, 2012, we committed to discontinue operations in the Regenerative Medicine &#x2013; China reportable segment, which is now reported in discontinued operation (see Note 15). We also continue to pursue the divestiture of the Pharmaceutical Manufacturing - China segment and anticipate it will have been exited by the close of 2012.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <i>&#xA0;</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Basis of Presentation</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (&#x201C;generally accepted accounting principles&#x201D;) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the accompanying Consolidated Financial Statements of the Company and its subsidiaries, which are unaudited, include all normal and recurring adjustments considered necessary to present fairly the Company&#x2019;s financial position as of March 31, 2012 and the results of its operations and its cash flows for the periods presented. The unaudited consolidated financial statements herein should be read together with the historical consolidated financial statements of the Company for the years ended December 31, 2011 and 2010 included in our Annual Report on Form 10-K for the year ended December 31, 2011. Operating results for the three month period ended March 31, 2012 are not necessarily indicative of the results that may be expected for the year ending December 31, 2012.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Use of Estimates</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Estimates also affect the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> <b>&#xA0;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> <b><i>Principles of Consolidation</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> The consolidated financial statements include the accounts of NeoStem, Inc. and its wholly owned and partially owned subsidiaries and affiliates as listed below:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <table cellspacing="0" cellpadding="0" align="center" style="font: 10pt Times New Roman, Times, Serif; width: 94%; border-collapse: collapse"> <tr> <td nowrap="nowrap" style="width: 42%; vertical-align: bottom; border-bottom: windowtext 1pt solid; text-autospace: none; text-align: center"> Entity</td> <td nowrap="nowrap" style="width: 1%; vertical-align: bottom; text-autospace: none"> &#xA0;</td> <td nowrap="nowrap" style="width: 32%; vertical-align: top; border-bottom: windowtext 1pt solid; text-autospace: none; text-align: center"> Percentage of Ownership</td> <td nowrap="nowrap" style="width: 1%; vertical-align: bottom; text-autospace: none"> &#xA0;</td> <td nowrap="nowrap" style="width: 24%; vertical-align: bottom; border-bottom: windowtext 1pt solid; text-autospace: none; text-align: center"> Location</td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-autospace: none">NeoStem, Inc.</td> <td nowrap="nowrap" style="text-autospace: none">&#xA0;</td> <td nowrap="nowrap" style="text-autospace: none; text-align: center">Parent&#xA0; Company</td> <td nowrap="nowrap" style="text-autospace: none">&#xA0;</td> <td nowrap="nowrap" style="text-autospace: none">United States of America</td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-autospace: none">NeoStem Therapies, Inc.</td> <td nowrap="nowrap" style="text-autospace: none">&#xA0;</td> <td nowrap="nowrap" style="text-autospace: none; text-align: center">100%</td> <td nowrap="nowrap" style="text-autospace: none">&#xA0;</td> <td nowrap="nowrap" style="text-autospace: none">United States of America</td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-autospace: none">Stem Cell Technologies, Inc.</td> <td nowrap="nowrap" style="text-autospace: none">&#xA0;</td> <td nowrap="nowrap" style="text-autospace: none; text-align: center">100%</td> <td nowrap="nowrap" style="text-autospace: none">&#xA0;</td> <td nowrap="nowrap" style="text-autospace: none">United States of America</td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-autospace: none">Amorcyte, LLC</td> <td nowrap="nowrap" style="text-autospace: none">&#xA0;</td> <td nowrap="nowrap" style="text-autospace: none; text-align: center">100%</td> <td nowrap="nowrap" style="text-autospace: none">&#xA0;</td> <td nowrap="nowrap" style="text-autospace: none">United States of America</td> </tr> <tr> <td nowrap="nowrap" style="vertical-align: bottom; text-autospace: none">CBH Acquisition LLC</td> <td nowrap="nowrap" style="vertical-align: bottom; text-autospace: none">&#xA0;</td> <td nowrap="nowrap" style="vertical-align: bottom; text-autospace: none; text-align: center"> 100%</td> <td nowrap="nowrap" style="vertical-align: bottom; text-autospace: none">&#xA0;</td> <td nowrap="nowrap" style="text-autospace: none">United States of America</td> </tr> <tr> <td nowrap="nowrap" style="text-autospace: none">China Biopharmaceuticals Holdings, Inc. (CBH)&#xA0;&#xA0;</td> <td nowrap="nowrap" style="text-autospace: none">&#xA0;</td> <td nowrap="nowrap" style="text-autospace: none; text-align: center">100% owned by CBH Acquisition LLC</td> <td nowrap="nowrap" style="text-autospace: none">&#xA0;</td> <td nowrap="nowrap" style="text-autospace: none">United States of America</td> </tr> <tr> <td nowrap="nowrap" style="text-autospace: none">Suzhou Erye Pharmaceuticals Company Ltd.</td> <td nowrap="nowrap" style="text-autospace: none">&#xA0;</td> <td nowrap="nowrap" style="text-autospace: none; text-align: center">51% owned by CBH</td> <td nowrap="nowrap" style="text-autospace: none">&#xA0;</td> <td nowrap="nowrap" style="text-autospace: none">People&#x2019;s Republic of China</td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-autospace: none">Progenitor Cell Therapy, LLC (PCT)</td> <td nowrap="nowrap" style="text-autospace: none">&#xA0;</td> <td nowrap="nowrap" style="text-autospace: none; text-align: center">100%</td> <td nowrap="nowrap" style="text-autospace: none">&#xA0;</td> <td nowrap="nowrap" style="text-autospace: none">United States of America</td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-autospace: none">NeoStem Family Storage, LLC</td> <td nowrap="nowrap" style="text-autospace: none">&#xA0;</td> <td nowrap="nowrap" style="text-autospace: none; text-align: center">100% owned by PCT</td> <td nowrap="nowrap" style="text-autospace: none">&#xA0;</td> <td nowrap="nowrap" style="text-autospace: none">United States of America</td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-autospace: none">Athelos Corporation</td> <td nowrap="nowrap" style="text-autospace: none">&#xA0;</td> <td nowrap="nowrap" style="text-autospace: none; text-align: center">80.1% owned by PCT</td> <td nowrap="nowrap" style="text-autospace: none">&#xA0;</td> <td nowrap="nowrap" style="text-autospace: none">United States of America</td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-autospace: none">PCT Allendale, LLC</td> <td nowrap="nowrap" style="text-autospace: none">&#xA0;</td> <td nowrap="nowrap" style="text-autospace: none; text-align: center">100% owned by PCT</td> <td nowrap="nowrap" style="text-autospace: none">&#xA0;</td> <td nowrap="nowrap" style="text-autospace: none">United States of America</td> </tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> &#xA0;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"> Pursuant to the Joint Venture Agreement that governs the ownership and management of Erye, through 2012: (i) 49% of undistributed profits (after tax) will be distributed to Suzhou Erye Economy and Trading Co Ltd. (&#x201C;EET&#x201D;), the owner of the remaining 49% interest in Erye and loaned back to Erye for use in connection with its construction of the new Erye facility (to be repaid gradually after construction is completed); (ii) 45% of the net profit after tax due to the Company will be provided to Erye as part of the new facility construction fund, which will be characterized as paid-in capital for our 51% interest in Erye; and (iii) only 6% of the net profit will be distributed to us directly for our operating expenses. The Company is pursuing the divestiture of Erye.</p> </div>
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