Cryo-Cell, a leader in cord blood banking, announces third quarter 2024 financial results

OLDSMAR, Fla., October 15, 2024–(BUSINESS WIRE)–Cryo-Cell International, Inc. (NYSE American LLC symbol: CCEL) (the “Company”), the world’s first private cord blood bank that separated and stored stem cells in 1992, announced results for the third fiscal quarter ended August 31, 2024.

Financial results

revenue

Consolidated revenue for the third quarter of fiscal 2024 was $8.07 million compared to $7.87 million for the third quarter of fiscal 2023.

Net income

The Company reported net income of $1.05 million, or $0.13 per basic and diluted share, for the three months ended August 31, 2024, compared to net income of $681,000, or $0.08 -Dollars per basic and diluted share for the three months ended August 31, 2023 For the three months ended August 31, 2024, gains on marketable securities were $522,000 compared to $93,000 for the three months ended August 31, 2024 August 31, 2023.

David Portnoy, Chairman and Co-CEO, commented: “As previously reported, the Company is evaluating strategic alternatives to maximize shareholder value, and this process is ongoing. There can be no guarantee that a transaction will be completed. Please also.” Note that the Company’s Form 10-Q filed with the Securities and Exchange Commission on October 15, 2024 contains important disclosures related to the Company’s filing of the Demand for Arbitration with Duke University are. Consequently, the planned spin-off of Celle Corp. is currently on hold.”

Mr. Portnoy added: “Given the Company’s strong historical cash generation and its reduced expense forecast related to the Duke License Agreement, Cryo-Cell’s Board of Directors is considering implementing a regular quarterly dividend payment to shareholders.”

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 umbilical cord blood and umbilical 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 transplants and operates cord blood donation sites throughout the United States at renowned 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 that require licensing. In addition to receiving AABB accreditation 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 meeting the most stringent cord blood quality standards set by an internationally recognized company became. independent accreditation organization. Cryo-Cell owns exclusive rights to PrepaCyte-CB, the industry’s most advanced umbilical cord blood processing technology

The story continues

Cryo-Cell’s mission is to provide world-class umbilical cord blood and tissue cryopreservation services, to develop, manufacture and deliver cell therapies to significantly improve the lives of patients worldwide, and to provide the highest quality and most cost-effective biostorage solutions available. In February 2021, Cryo-Cell entered into a licensing agreement with Duke University, which the company believes has enabled Cryo-Cell to begin transforming into an autonomous, 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 organizations. For more information, visit (www.extravault.com).

Forward-Looking Statements

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 “Exchange Act”) “). In some cases, you can identify forward-looking statements by words such as “will,” “could,” “should,” “could,” “would,” “expects,” “plans,” “anticipates,” “believes.” “”estimates”, “projects”, “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 forward-looking statements. In particular, statements about our expectations, beliefs, plans, objectives, assumptions or future events or performance contain forward-looking statements.

These forward-looking statements are based on our current expectations, assumptions, estimates and forecasts. These forward-looking statements involve risks and uncertainties and reflect only our current views, expectations and assumptions regarding future events and our future performance. Should 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, but are not limited to, the success of the Company’s global expansion initiatives and product diversification, including the addition of ExtraVault services, as well as the Company’s actual future ownership interest in future therapies arising from its collaborative research partnerships, the success associated with its IP 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 the 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 complexities, uncertainties, required consents and timing associated with the possible spin-off from Celle Corp., the uncertainty of the profitability of its biopharmaceutical manufacturing operations and operational clinics, the Company’s ability to minimize future costs to the Company associated with 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 tissue licensing agreements and related thereto intellectual property and its ability to pay royalties to the Company, together with the risk factors set forth in the Company’s Form 10-Q filed on October 15, 2024.

However, this list of risks and uncertainties represents only a summary of some of the most important factors and is not intended to be exhaustive. Given these risks and uncertainties, you are urged not to place undue reliance on such forward-looking statements. These risks and uncertainties could 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 otherwise required by applicable law, we undertake no obligation, and expressly disclaim any obligation, to update such statements or to publicly announce the results of any revisions to such 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 the terms of this cautionary statement.

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Contacts

Irene Smith
813-749-2102
[email protected]