Cord Blood Banking Leader Cryo-Cell Reports Fiscal Third Quarter 2021 Financial Results
15 Ottobre 2021 - 10:36PM
Cryo-Cell International, Inc. (The Nasdaq Stock Market
Symbol: CCEL) (the “Company”), the world’s first private
cord blood bank to separate and store stem cells in 1992, announced
results for the fiscal third quarter ended August 31, 2021.
Financial Results
RevenueConsolidated revenues
for the third quarter of fiscal 2021 were $7.5 million compared to
$8.1 million for the third quarter of fiscal 2020. The revenues for
the third quarter of fiscal 2021 consisted of $7.3 million in
processing and storage fees, $18,200 in product revenue and
$158,936 in public banking revenue compared $7.5 million in
processing and storage fees, $427,874 in licensee income, $82,800
in product revenue and $116,826 in public banking revenue for the
third quarter of fiscal 2020.
Net Income The Company reported
net income for the three months ended August 31, 2021 of $857,000,
or $0.10 per basic share and diluted share, compared to net income
of $784,000, or $0.10 per basic and diluted share for the three
months ended August 31, 2020. During the three months ended August
31, 2021, revenue decreased 8%, cost of sales increased 4% and
selling, general and administration expenses increased 3%. Selling,
general and administrative expenses increase was mainly
attributable to $167,000 in expenses associated with the
development of the Cryo-Cell Institute for Cellular Therapies’ and
$131,000 in patent expenses related to the Patent and Technology
License Agreement with Duke University (“the Agreement”). Also, for
the three months ended August 31, 2021, the Company recorded
$255,000 in amortization expense related to the Agreement. For the
three months ended August 31, 2021, the Company recorded a decrease
of $325,000 versus $146,000 for the three months ended August 31,
2020, to the fair value of the contingent consideration liability
from the potential earn out to which Cord:Use is entitled from the
Company’s sale of the purchased public cord blood inventory
David Portnoy, Chairman of the Board
and Co-CEO, commented, “We are proud to report another
quarter of solid financial results even with the additional
expenses related to our transformation into a vertically
integrated, cellular therapy company.”
About Cryo-Cell International,
Inc.
Founded in 1989, Cryo-Cell International, Inc.
is the world’s first private cord blood bank. More than 500,000
parents from 87 countries have entrusted Cryo-Cell International
with their baby’s cord blood and cord tissue stem cells. In
addition to its private bank, Cryo-Cell International has a public
banking program in partnership with Duke University. Cryo-Cell’s
public bank has provided cord blood for more than 600
transplantations and operates cord blood donation sites across the
U.S in prominent hospitals such as Cedars–Sinai Hospital in Los
Angeles and Baptist Hospital in Miami. Cryo-Cell’s facility is FDA
registered, cGMP-/cGTP-compliant and licensed in all states
requiring licensure. Besides being AABB accredited as a cord blood
facility, Cryo-Cell was also the first U.S. (for private use only)
cord blood bank to receive FACT accreditation for adhering to the
most stringent cord blood quality standards set by any
internationally recognized, independent accrediting organization.
Cryo-Cell owns the exclusive rights to PrepaCyte-CB, the
industry’s most advanced cord blood processing technology.
Cryo-Cell’s mission is to provide the premier
cord blood and cord tissue cryopreservation services and to
develop, manufacture and administer cellular therapies to
significantly improve the lives of patients worldwide. In February
2021, Cryo-Cell entered into a license agreement with Duke
University that transformed Cryo-Cell into an autonomous,
vertically integrated cellular therapy company.
For more information, please visit
IR.cryo-cell.com.
Forward-Looking Statements
Statements herein the terms “believe”,
“intends”, “projects”, “anticipates”, “expects”, and similar
expressions as used are intended to reflect “forward-looking
statements” of the Company. The information contained herein is
subject to various risks, uncertainties and other factors that
could cause actual results to differ materially from the results
anticipated in such forward-looking statements or paragraphs, many
of which are outside the control of the Company. These
uncertainties and other factors include the impact of the COVID-19
pandemic on our sales, operations and supply chain, the success of
the Company’s global expansion initiatives and product
diversification, the Company’s actual future ownership stake in
future therapies emerging from its collaborative research
partnerships, the success related to its IP portfolio, the
Company’s future competitive position in stem cell innovation,
future success of its core business and the competitive impact of
public cord blood banking on the Company’s business, the success of
the Company’s initiative to expand its core business units to
include biopharmaceutical manufacturing and operating clinics, the
uncertainty of profitability from its biopharmaceutical
manufacturing and operating clinics, the Company’s ability to
minimize future costs to the Company related to R&D initiatives
and collaborations and the success of such initiatives and
collaborations, the success and enforceability of the Company’s
umbilical cord blood and cord tissue license agreements, together
with the associated intellectual property and their ability to
provide the Company with royalty fees, and those risks and
uncertainties contained in risk factors described in documents the
Company files from time to time with the Securities and Exchange
Commission, including the most recent Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and any Current Reports on Form 8-K
filed by the Company. The Company disclaims any obligations to
subsequently revise any forward-looking statements to reflect
events or circumstances after the date of such statements.
Contact:
Irene Smith 813-749-2102
Ismith@cryo-cell.com
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