Core Insights - BioStem Technologies, Inc. reported preliminary financial results for Q2 2025, highlighting a sixth consecutive quarter of positive adjusted EBITDA despite facing revenue challenges due to increased competition and reimbursement uncertainties [4][9][11]. Recent Business Highlights - The company appointed Brandon Poe as the new Chief Financial Officer, bringing over 25 years of healthcare finance experience [4][8]. - BioStem completed enrollment in a clinical trial for BioREtain® Amnion Chorion aimed at treating diabetic foot ulcers, with data expected in Q4 2025 [8]. - The commercial organization is expanding with new direct representatives to access additional care sites [8]. - The intellectual property portfolio has been expanded with three new U.S. patent applications, totaling 58 issued and 68 pending patents [8]. Preliminary Financial Highlights - Net revenue for Q2 2025 was $49.3 million, a 34% decrease from Q2 2024, primarily due to lower volumes in the wound care portfolio [9][27]. - Gross profit was $48.6 million, representing 98.6% of net revenue, compared to $70.7 million or 95.0% of net revenue in Q2 2024 [10]. - Operating expenses decreased to $48.5 million from $61.9 million in Q2 2024, driven by lower revenue and reduced sales and marketing costs [10]. - Adjusted EBITDA for Q2 2025 was $2.5 million, down from $10.1 million in Q2 2024, reflecting lower gross profit but offset by reduced operating expenses [11]. - The company reported a GAAP net loss of $0.6 million or ($0.03) per share, compared to net income of $6.3 million or $0.39 per share in Q2 2024 [12][27]. - Cash and cash equivalents increased to $30.8 million as of June 30, 2025, up from $26.7 million as of March 31, 2025 [12][27]. Uplisting and Audit Update - BioStem is pursuing an uplisting to Nasdaq and is currently working through the audit of its historical financial statements [5][6]. - The company has clarified the accounting treatment for its distribution agreement with Venture Medical and is preparing to file an amended Form 10 to address SEC comments [5][6].