OLDSMAR, Fla., Oct. 14, 2022 (GLOBE NEWSWIRE) — Cryo-Cell International, Inc. (NYSE American LLC symbol: CCEL) (the “Company”), the first private cord blood bank in the world to separate and store stem cells in 1992, announced its results for the third fiscal quarter ended August 31, 2022.
Consolidated revenue for the third quarter of Fiscal 2022 was $7.7 million, compared to $7.5 million for the third quarter of Fiscal 2021. Revenue for the third quarter of Fiscal 2022 consisted of $7.5 million in processing and storage fees, $21,000 in product revenue and $137,825 in public bank revenue compared to $7.3 million in processing fees and storage, $18,200 in product revenue, and $158,936 in public banking revenue for the third quarter of fiscal 2021.
The Company reported net income for the three months ended August 31, 2022 of $467,000, or $0.06 per basic and diluted share, compared to net income of $857,000, or $0.10 per share of basic and diluted for the three months ended August 31, 2021. During the three months ended August 31, 2022, revenue increased 2%, cost of sales decreased 4% and selling, general and administrative expenses increased by 3%. For the three months ended August 31, 2022, the Company recorded an increase of $412,000 compared to a decrease of $325,000 for the three months ended August 31, 2021, in the fair value of the contingent consideration liability arising from the potential earnout to which Cord: Use is permitted from the Company’s sale of public inventory of purchased cord blood.
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 banking, 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 transplants and operates cord blood donation sites across the United States at leading 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 a license. In addition to being accredited by the AABB as a cord blood facility, Cryo-Cell was also the first cord blood bank in the United States (for private use only) to receive FACT accreditation for adhere to the most stringent cord blood quality standards established by internationally recognized, independent accrediting body. Cryo-Cell owns the exclusive rights to PrepaCyte-CB, the industry’s most advanced cord blood processing technology.
Cryo-Cell’s mission is to provide the best cord blood and cord tissue cryopreservation services, to develop, manufacture and administer cell therapies to dramatically improve the lives of patients worldwide and to offer the highest quality and most cost effective biostorage available. In February 2021, Cryo-Cell entered into a license agreement with Duke University which the company claims has allowed Cryo-Cell to begin its transformation into a stand-alone, vertically integrated cell therapy company. In March 2022, Cryo-Cell launched ExtraVault to offer its expertise in biostorage and distribution to biopharmaceutical companies and healthcare facilities. For more information, please visit (www.extravault.com).
This press release contains “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 “Securities Act”). Exchange Act”). In some cases, you can identify forward-looking statements by words such as “will”, “may”, “should”, “could”, “should”, “expect”, “plan”, ” anticipates”, “believes”, “estimates”, “predicts”, “plans”, “potential” or “continues” or the negative form of these terms or any other comparable terminology. Generally, the words “anticipate”, “believe”, “continue”, “expect”, “intend”, “estimate”, “project”, “plan” and similar expressions identify forward-looking statements. In particular, statements regarding 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 opinions, expectations and assumptions regarding future events and our future performance. Should risks or uncertainties materialize, or should 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 any forward-looking statements we make include, among others, risks relating to: the impact of the COVID-19 pandemic on our sales, our operations and supply chain, the success of the Company’s global expansion initiatives and product diversification, including its addition of ExtraVault services, the Company’s actual future involvement in future therapies arising from its partnerships collaborative research, the success related to its intellectual property portfolio, the Company’s future competitive position in stem cell innovation, the future success of its core business and the competitive impact of public cord blood banks on Company’s business, the success of the Company’s initiative to expand its core business units to include manufacturing biopharmaceutical and clinical operations, the uncertainty of the profitability of its biopharmaceutical and clinical manufacturing operations, the Company’s ability to minimize the Company’s cost risks related to R&D initiatives and collaborations and the success of these initiatives and collaborations and the success and enforceability of the Company’s umbilical cord blood and cord tissue license agreements, and the associated intellectual property and their ability to provide the Company with royalties, as well as risk factors set forth in the Company’s Quarterly Report on Form 10-Q filed July 11, 2022.
However, this list of risks and uncertainties 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 these forward-looking statements. These risks and uncertainties may cause our actual future results to differ materially from those expressed in our forward-looking statements. These forward-looking statements speak only as of the date hereof. Except as required by applicable law, we do not undertake and expressly disclaim any obligation to update these statements or to publicly announce the results of any revisions to these statements to reflect future events or developments. All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements.