Stem cell therapies company US Stem Cell Inc (OTC:USRM) on Monday reported a net loss of USD3.5m in 2017.

This is up 68% from net loss of USD2.1m in 2016, which was due to non-operating items, the largest being a USD1.9m loss on change of fair value of derivative liability.

Revenue of USD5.5m were generated in 2017, up 70% or USD2.4m from revenues of USD3.1m in 2016.

The company said it has sustained revenue growth for two consecutive years .This sustained growth may be attributable to an increased awareness of stem cell therapy, as Americans seek alternatives to pain management and opioids. Moreover, market demand for stem cell therapy may also be increasing as a result of an improving economy, which makes out-of-pocket procedures like stem cell therapy more attainable.

Net gross profit of USD2.1m was recorded in 2017, an increase of 72% from net gross profit of USD1.5m in the previous year.