Cryo-Cell Reports Financial Results for Fiscal Year Ended November 30, 2021
22 Febrero 2022 - 3:30PM
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 its fiscal year ended November 30, 2021.
Visit here to read the fiscal year 2021 letter
to shareholders.
Financial Results
Revenue
Consolidated revenues for fiscal 2021 were $28.9
million compared to $31.1 million for fiscal 2020. The revenues for
fiscal 2021 consisted of $28.4 million in processing and storage
fee revenue, $111,000 in product revenue and $376,000 in public
banking revenue compared to $29.5 million in processing and storage
fee revenue, $630,000 in licensee income, $244,000 in product
revenue and $727,000 in public banking revenue for fiscal 2020.
Net Income
The Company reported net income of $2.1 million
in fiscal 2021 or $0.26 per basic and $0.25 per diluted share,
compared to net income of $3.6 million in fiscal 2020 or $0.48 per
basic and $0.45 per diluted shares. Net income for the fiscal year
ended November 30, 2021 was due to a 7% decrease in revenue, a 7%
decrease in cost of sales and a 2% increase in selling, general and
administrative expenses compared to the prior fiscal year. For the
twelve months ended November 30, 2021 and November 30, 2020, the
Company recorded a gain of $782,000 and $1.9 million, respectively,
due to the decrease in 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. Also included in net income for the
twelve months ended November 30, 2021 and November 30, 2020 was a
public bank inventory impairment charge of $1.2 million and $1.3
million, respectively. Due to changes in sales trends and estimated
recoverability of cost capitalized into the public bank inventory,
an impairment charge was recognized during fiscal 2021 and 2020 to
reduce inventory from cost to net realizable value.
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 has been 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. In February 2021, Cryo-Cell
entered into a license agreement with Duke University that the
Company believes, has allowed the Company to begin it
transformation into an autonomous, vertically integrated
cellular therapy company. For more information, please visit
Cryo-Cell Investor Relations Website.
Forward-Looking Statements
This press release and certain information
provided periodically in writing or orally by the Company’s
officers or its agents may contain statements which constitute
forward-looking statements. 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
Cryo Cell (NASDAQ:CCEL)
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