News Cord Blood Banking Leader Cryo-Cell Reports Fiscal Third Quarter 2019 Financial Results
October 15, 2019 16:30 ET | Source: Cryo-Cell International, Inc.
OLDSMAR, Fla., Oct. 15, 2019 (GLOBE NEWSWIRE) -- Cryo-Cell International, Inc. (OTC:QB Markets Group 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, 2019.
Financial Results
Revenue
Consolidated revenues for the third quarter of fiscal 2019 were $8.2 million compared to $7.9 million for the third quarter of fiscal 2018. The revenues for the third quarter of fiscal 2019 consisted of $7.6 million in processing and storage fees, $423,173 in licensee income, $33,035 in product revenue and $160,561 in public banking revenue compared $7.2 million in processing and storage fees, $539,286 in licensee income, $29,308 in product revenue and $65,575 in public banking revenue for the third quarter of fiscal 2018.
Net Income
The Company reported net income for the three months ended August 31, 2019 of $1,116,000, or $0.14 per basic share and $0.13 per diluted share, compared to net income of $245,000, or $0.03 per basic and diluted share for the three months ended August 31, 2018. Net income for the three months ended August 31, 2019 resulted from a 4% increase in revenue and a 19% decrease in selling, general and administrative expenses offset by a 4% increase in cost of sales. The decrease in selling, general and administrative expenses is due in part to $580,000 of expenses related to the Cord:Use purchase during the third quarter of fiscal 2018. These expenses were non-recurring expenses related to the acquisition of Cord:Use.
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 family 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 mission is to provide clients with state-of-the-art cord blood and cord tissue cryopreservation services, raise awareness of the opportunity for expectant parents to bank or donate their baby’s cord blood and support the advancement of regenerative medicine. Cryo-Cell operates in a facility that 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. In addition, Cryo-Cell is ISO 13485:2003–certified by TÜV, an internationally recognized, quality assessment organization. Cryo-Cell is a publicly traded company, OTCQB:CCEL. For more information, please visit www.cryo-cell.com.
