Cryo-Cell International, Inc. (NYSE American LLC: CCEL)
(the “Company”), the world’s first private cord blood bank to
separate and store stem cells in 1992, announced results for the
fiscal second quarter ended May 31, 2023.
Financial Results
Revenue
Consolidated revenues for the second quarter of fiscal 2023 were
$7.77 million compared to $7.63 million for the second quarter of
fiscal 2022, a 2% increase. The revenues for the second quarter of
fiscal 2023 consisted of $7.58 million in processing and storage
fee revenue, $164,000 in public banking revenue and $27,000 in
product revenue compared to $7.48 million in processing and storage
fee revenue, $117,000 in public banking revenue and $36,000 in
product revenue for the second quarter of fiscal 2022.
Net Income
The Company reported net income for the three months ended May
31, 2023 of $220,976, or $0.03 per basic and diluted shares,
compared to net income of $634,719, or $0.08 per basic share and
$0.07 per diluted share for the three months ended May 31, 2022.
During the three months ended May 31, 2023, revenue increased by 2%
and cost of sales decreased by 3%, which was offset by a 3%
increase in selling, general and administrative expenses. For the
three months ended May 31, 2023, the Company recorded $304,682 in
research, development and relating engineering (“R&D”) expenses
versus $80,896 for the three months ended May 31, 2022. The
increase in R&D expenses as of the three months ended May 31,
2023 versus the same period in 2022 is due to the Clinical Study
and Research Agreement the Company entered into with Duke to
provide funding to complete the Duke IMPACT Study (as previously
disclosed) and the expenses related to the development of a
manufacturing laboratory related to the Duke License Agreement.
During the second quarter of fiscal 2023, the Company entered into
an interest rate SWAP agreement to manage exposure to interest rate
risk related to its variable debt obligation under its Term Note
(as previously disclosed). For the three months ended May 31, 2023
the Company recorded a loss on the change in the fair value of the
derivative of $223,974. The fair value is based on prevailing
market data and derived from proprietary models based on well
recognized financial principles and reasonable estimates about
relevant future market conditions.
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 has
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, to develop, manufacture and
administer cellular therapies to significantly improve the lives of
patients worldwide and to offer the highest quality and most cost
effective biostorage solutions available. In February 2021,
Cryo-Cell entered into a license agreement with Duke University
that the Company believes has allowed Cryo-Cell to begin its
transformation into an autonomous, vertically integrated
cellular therapy company. In March 2022, Cryo-Cell launched
ExtraVault to offer its expertise in biostorage and distribution to
biopharmaceutical companies and healthcare institutions. For more
information, please visit (www.extravault.com).
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended (the “Securities Act”) and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). In some
cases, you can identify forward-looking statements by terminology
such as “will,” “may,” “should,” “could,” “would,” “expects,”
“plans,” “anticipates,” “believes,” “estimates,” “predicts,”
“forecasts,” “potential” or “continue” or the negative of these
terms or other comparable terminology. Generally, the words
“anticipate,” “believe,” “continue,” “expect,” “intend,”
“estimate,” “project,” “plan” and similar expressions identify
forward-looking statements. In particular, statements about our
expectations, beliefs, plans, objectives, assumptions or future
events or performance contain forward-looking statements.
We have based these forward-looking statements on our current
expectations, assumptions, estimates and projections. These
forward-looking statements involve risks and uncertainties and
reflect only our current views, expectations and assumptions with
respect to future events and our future performance. If risks or
uncertainties materialize or assumptions prove incorrect, actual
results or events could differ materially from those expressed or
implied by such forward-looking statements. Risks that could cause
actual results to differ from those expressed or implied by the
forward-looking statements we make include, among others, risks
related to: 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, including its
addition of the ExtraVault services, 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 and 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, along with the Risk Factors
set forth in the Company’s Annual Report on Form 10-K filed on
February 28, 2023.
This list of risks and uncertainties, however, is only a summary
of some of the most important factors and is not intended to be
exhaustive. Given these risks and uncertainties, you are cautioned
not to place undue reliance on such forward-looking statements.
These risks and uncertainties may cause our actual future results
to be materially different than those expressed in our
forward-looking statements. These forward-looking statements are
made only as of the date hereof. Except as otherwise required by
applicable law, we do not undertake and expressly disclaim any
obligation to update any such statements or to publicly announce
the results of any revisions to any such statements to reflect
future events or developments. All subsequent written and oral
forward-looking statements attributable to us, or to persons acting
on our behalf, are expressly qualified in their entirety by these
cautionary statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20230714389664/en/
Irene Smith 813-749-2102 Ismith@cryo-cell.com
Cryo Cell (AMEX:CCEL)
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Cryo Cell (AMEX:CCEL)
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