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    Erik Voss • Mission Vertical

    Erik Voss's questions to Biostem Technologies Inc (BSEM) leadership

    Erik Voss's questions to Biostem Technologies Inc (BSEM) leadership • Q1 2025

    Question

    Erik Voss of Mission Vertical asked about the quantifiable impact of the Local Coverage Determination (LCD) deadline uncertainty on Q1 2025 results and whether business trends recovered after the delay was announced. He also sought an update on the progress of the Form 10 review with the SEC and the subsequent filing timeline.

    Answer

    CEO Jason Matuszewski explained that the company tracked a downturn in insurance verification requests (IVRs) in Q1 leading up to the potential LCD dates, confirming a negative impact. He stated that IVR submissions began to recover and trended upwards in Q2 immediately after the LCD implementation was pushed to 2026. CFO Mike Fortunato confirmed they are in the final stages of the SEC review for the Form 10, with the main issue being the accounting treatment of payments to Venture Medical (gross vs. net revenue). Fortunato noted that while he couldn't give a precise timeline, they are actively preparing the updated Form 10 to be filed quickly once they receive final feedback from the SEC.

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    Erik Voss's questions to Biostem Technologies Inc (BSEM) leadership • Q4 2024

    Question

    Erik Voss from Mission Vertical sought confirmation that earnings and EBITDA would remain unchanged under potential accounting adjustments, asked about the expected effective tax rate for 2025, and requested details on the current state and expansion potential of the company's distribution network.

    Answer

    CFO Michael Fortunato confirmed that earnings and EBITDA would not materially change, although a minor adjustment is possible. He stated the company is estimating a forward effective tax rate of around 24% now that NOLs are utilized. CEO Jason Matuszewski detailed the distribution strategy, highlighting the current concentration on the West Coast and in mobile wound care, with significant greenfield opportunities for expansion on the East Coast and into hospital, ambulatory surgery center, and VA segments.

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