Full Press Release Details
| For Immediate Release | Contact: | |
| David Portnoy | ||
| Chairman and Co-Chief Executive Officer | ||
| Cryo-Cell International, Inc. | ||
| 813-749-2100 | ||
| dportnoy@cryo-cell.com |
CORD BLOOD BANKING LEADER CRYO-CELL REPORTS FISCAL FIRST QUARTER 2018 FINANCIAL RESULTS
OLDSMAR, Fla. April 16, 2018 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, 2018.
Consolidated revenues for the first quarter of fiscal 2018 were $6.2 million compared to $5.8 million for the first quarter of fiscal
2017, an 8% increase. The revenues for the first quarter of fiscal 2018 consisted of $6.2 million in processing and storage fee revenue and $28,000 in product revenue compared to $5.6 million in processing and storage fees and $165,000
product revenue for the first quarter of fiscal 2017.
The Company reported a net loss of approximately $2.5 million, or $0.36 per basic and diluted common share for the three months ended
February 28, 2018 compared to net income of approximately $487,000 or $0.07 per basic and diluted common share for the same period in 2017. Net loss for the three months ended February 28, 2018 principally resulted from an 8% increase in
revenue offset by a 6% increase in cost of sales, a 16% increase in selling, general and administrative expenses, and approximately $3.0 million of non-cash income tax expense related to the reduction of
the federal income tax rate to 21% as of January 1, 2018 as a result of the Tax Cuts and Jobs Act that was signed into law on December 22, 2017. The decrease in the federal income tax rate caused a decrease in the Company s deferred
tax asset which resulted in an increase in the income tax expense.
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
trust Cryo-Cell to preserve their family members stem cells. Cryo-Cell s mission is to provide clients with
state-of-the-art stem cell cryopreservation services and support the advancement of regenerative medicine. Cryo-Cell operates in
a facility that is FDA registered, cGMP-/cGTP-compliant and is licensed in all states requiring licensure. Besides being AABB accredited as a cord blood facility, Cryo-Cell is 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 TUV, an internationally recognized, quality assessment organization. Cryo-Cell is a publicly traded company, OTCQB:CCEL. For more information, please visit www.cryo-cell.com.
Forward-Looking Statement
Statements wherein the terms believes , 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 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 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 menstrual stem cell technology license agreements and umbilical cord blood license agreements and their
ability to provide the Company with royalty fees, the ability of the reproductive tissue storage to generate new revenues for the Company 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.