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 first quarter ended February 28, 2022.
Financial Results
Revenue
The revenues for the first quarter of fiscal
2022 were $7.26 million compared to $6.86 million for the first
quarter of fiscal 2021. The revenues for the first quarter of
fiscal 2022 consisted of $7.12 million in processing and storage
fee revenue, $18,000 in product revenue and approximately $83,000
in public banking revenue compared to $6.74 million in processing
and storage fees, approximately $38,000 in product revenue and
approximately $84,000 in public banking revenue for the first
quarter of fiscal 2021.
Net Income
The Company reported net income of approximately
$832,000 or $0.10 per basic and diluted common share for the three
months ended February 28, 2022 compared to net income of
approximately $694,000, or $0.09 per basic common share and $0.08
per diluted common share for the same period in 2021. Net income
for the three months ended February 28, 2022 resulted from a 6%
increase in revenue, a 5% increase in cost of sales and a 2%
decrease in selling, general and administrative expenses. Also, for
the three months ended February 28, 2022, the Company recorded a
decrease of approximately $116,000 to the fair value of the
contingent consideration compared to an increase of approximately
$153,000 to the fair value of the contingent consideration for the
three months ended February 28, 2021. The contingent consideration
is the current valuation of the potential earnout that Cord:Use
Cord Blood Bank, Inc. is entitled to from the Company’s sale of the
public cord blood inventory from and after closing of the
acquisition of substantially all of Cord:Use’s assets.
Commentary
David Portnoy, Chairman of the Board
and Co-CEO, commented, “Cryo-Cell’s cord blood banking
business continues to produce solid results as we invest in a
variety of projects that we believe will allow us to treat patients
in need of innovative care with cellular therapies.”
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 Quarterly Report on Form 10-Q filed on April 13,
2022.
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.
Contact:
Irene Smith 813-749-2102
Ismith@cryo-cell.com
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