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Cryo-Cell International, Inc.
CRYO-CELL REPORTS FINANCIAL RESULTS FOR FISCAL YEAR ENDED NOVEMBER 30, 2018
OLDSMAR, FL. February 28, 2019 Cryo-Cell International, Inc. (OTC:QB Markets Group Symbol: CCEL) (the Company), the worlds first private cord blood bank to separate and store stem cells in 1992, announced results for its fiscal year ended November 30, 2018.
Consolidated revenues for fiscal 2018 were $29.2 million compared to $25.4 million for fiscal 2017. The revenues for fiscal 2018 consisted of $27.8 million in processing and storage fee revenue, $1.0 million in licensee income, $104,000 in product revenue and $296,000 in public banking revenue compared to $23.9 million in processing and storage fee revenue, $1.0 million in licensee income, $442,000 in product revenue and $0 in public banking revenue for fiscal 2017. Due to the acquisition of Cord:Use Cord Blood Bank, Inc. (Cord:Use), the Company now records public banking revenue which is generated from the sale of the donated cord blood units to the National Marrow Donor Program (NMDP), which distributes the cord blood units to transplant centers located in the United States and around the world.
Net (Loss) Income
The Company reported a net loss of ($855,000) in fiscal 2018 or ($0.11) per basic and diluted shares, compared to net income of $2.3 million, or $0.33 per basic shares and $0.30 per diluted shares in fiscal 2017. The net loss for the fiscal year ended November 30, 2018 resulted from a combination of factors, including a 15% increase in revenue offset by a 27% increase in cost of sales and a 16% increase in selling, general and administrative expenses. The increase in selling, general and administrative expenses is due in part to $580,000 of non-recurring expenses related to the Cord:Use purchase. Also, $3.1 million of non-cash income tax expense was incurred 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 Companys deferred tax asset which resulted in this increase in the income tax expense. Finally, in fiscal year 2018, the Company recorded a $415,000 adjustment to the fair value of the contingent consideration. The contingent consideration is the earnout that Cord:Use is entitled to from the Companys sale of the public cord blood inventory from and after closing of the acquisition of substantially all of Cord:Uses assets. The reduction of the contingent consideration liability resulted in a reduction of the Companys net loss for the fiscal year ended November 30, 2018. Net income for the fiscal year ended November 30, 2017 principally resulted from the 10% increase in total revenues and an 8% decrease in selling, general and administrative expenses. This was partially offset by a 16% increase in cost of sales.
About Cryo-Cell International, Inc.
Founded in 1989, Cryo-Cell International, Inc. is the worlds first private cord blood bank. More than 500,000 parents from 87 countries have entrusted Cryo-Cell International with their babys cord blood
The following information was filed by Cryo Cell International Inc (CCEL) on Friday, March 1, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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