Total research and development expenses were $0.9 million in the fourth quarter of 2012, compared to no expense in the same period of 2011. Selling, general and administrative expenses were $3.7 million in the fourth quarter of 2012, compared to $2.0 million in the same period of 2011.
The Company recorded a net loss of ($3.8) million, or ($0.04) per share in the three-month period ended December 31, 2012, compared to a net income of $0.8 million, or $0.02 per share in the comparable period in 2011.
Twelve-Month Period Ended December 31, 2012
Consolidated revenue of $10.6 million was comprised of product sales of $7.2 million and $3.3 million from licensing and royalty fees. This represents a 46% increase from the $7.2 million in consolidated revenue recorded in the same period of 2011, which was comprised of product sales of $5.9 million and $1.3 million from licensing fees.
The $7.2 million in product revenues in 2012 included AutoloGel sales of $0.6 million and Angel sales of $6.6 million. Product sales growth of 23% over prior year was mainly driven by continuing commercial efforts to increase Angel sales. The 20% growth in Angel sales was driven by 8% growth domestically and 212% internationally.
Gross margin on product sales for the year decreased to 46% from 54% in 2011. The decrease was primarily due to shift to lower margin machines and disposables sold to distributors in Europe, the Middle East, and Australia.
Total research and development expenses were $3.4 million in 2012, as compared to $0.1 million in 2011. Selling, general, and administrative expenses were $16.2 million, which included non-cash charges of $2.3 million, compared to $7.9 million in 2011, which included non-cash charges of $0.5 million.
The Company recorded a net loss to common stockholders of ($19.8) million, or ($0.24) per basic and diluted share in the twelve-month period ended December 31, 2012, compared to a net loss of ($3.9) million, or ($0.08) per basic and diluted share in 2011.
Cash and Liquidity
Cash and cash equivalents were approximately $2.6 million as of December 31, 2012. In February 2013, the Company announced financing for up to $27.5 million overall, which included a tranched $7.5 million senior secured term loan facility, a $5 million equity raise, and a $15 million committed equity facility. Approximately $9.5 million of gross proceeds was received upon closing with commitments for up to an additional $18 million.
Cash used in operations was $4.2 million in the fourth quarter and $11.4 million for the year. There were approximately 94 million shares of common stock issued and outstanding as of December 31, 2012.
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About Cytomedix, Inc.
Cytomedix, Inc. is a fully integrated regenerative medicine company commercializing and developing innovative platelet and adult stem cell separation products that enhance the body's natural healing processes. The Company's advanced autologous technologies offer clinicians a new treatment paradigm for wound and tissue repair. The Company's patient-derived PRP systems are marketed by Cytomedix in the U.S. and distributed internationally. Our commercial products include the AutoloGel System, cleared by the FDA for wound care and the Angel® Whole Blood Separation System. The Company is developing novel regenerative therapies using our proprietary ALDH Bright Cell ("Lahr") technology to isolate a unique, biologically active population of a patient's own stem cells. A Phase 2 trial evaluating the use of ALDHbr for the treatment of ischemic stroke is underway. For additional information please visit www.cytomedix.com.
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