Business
Avalon GloboCare Reports Laboratory Services MSO Revenue of $14.7 Million and Net Income of $6.3 Million in 2022
40% Profit Sharing Arrangement with Laboratory Services MSO is Expected to Result in Significant Future Cash Flow to the Company FREEHOLD, N.J., April 27,
About this update from Avalon Globocare Corp.
[{"type":"text","content":"40% Profit Sharing Arrangement with Laboratory Services MSO is Expected to Result in Significant Future Cash Flow to the Company\nFREEHOLD, N.J., April 27, 2023 (GLOBE NEWSWIRE) -- Avalon GloboCare Corp. (“Avalon” or the “Company”) (NASDAQ: ALBT), a developer of innovative cell-based technology, cellular therapy and precision diagnostics, today reported financial results for Laboratory Services MSO, LLC (“LSM”) for the twelve months ended December 31, 2022. In February 2023, Avalon acquired a 40% interest in LSM, a premier clinical diagnostics and reference laboratory. LSM 2022 Financial Highlights Revenue was $14.7 millionGross profit was $8.1 millionTotal operating expense was $2.4 millionNet income was $6.3 million “We are pleased to report strong financial results and profitability for LSM in 2022, which we believe is further validation of our strategic investment,” stated David Jin, M.D., Ph.D., President and Chief Executive Officer of Avalon GloboCare. “LSM offers an extensive test menu, from general bloodwork to anatomic pathology, urine toxicology, pharmacogenomics (PGx) testing and more, with quick turnaround times. Our goal is to continue to grow LSM’s top and bottom line by taking advantage of a unique roll-up opportunity within the highly fragmented market for laboratory testing and services. By targeting laboratories with exceptional performance, a positive revenue track record and niche-market advantage, we believe we can effectively leverage LSM’s experience and infrastructure to achieve significant synergies.” Headquartered in Costa Mesa, California, LSM provides a broad portfolio of diagnostic tests including drug testing, toxicology, pharmacogenetics, and a broad array of test services, from general bloodwork to anatomic pathology. Specific capabilities include STAT blood testing, qualitative drug screening, genetic testing, urinary testing, sexually transmitted disease testing and more. LSM has a sophisticated and state-of-the-art facility for clinical diagnostics and reference laboratory. It has also developed a premier reputation for customer service satisfaction and fast turnaround time in the industry. LSM has completed over 600,000 tests since inception and currently has two operational locations in California. About Avalon GloboCare Corp. Avalon GloboCare Corp. (NASDAQ: ALBT) is a clinical-stage biotechn...