MADISON, Wis., May 5, 2014 (GLOBE NEWSWIRE) — Cellular Dynamics
International, Inc. (CDI) (Nasdaq:ICEL), a developer and manufacturer
of fully functioning human cells in industrial quantities to precise
specifications, today reported financial results for the three months
ended March 31, 2014.
“We continue to be pleased with the revenue growth of the company.
Total revenues for the three months ended March 31, 2014, increased 23%
when compared to the same period last year. Trailing twelve month
revenues as of March 31, 2014, increased 59% to $12.4 million compared
to $7.8 million for the trailing twelve months ended March 31, 2013. We
also are pleased that that the trailing twelve months average sales to
our top 10 customers through March 31, 2014, increased by 70% to
$875,000 versus $516,000 for the same period last year,” said Bob
Palay, Chairman and CEO of CDI.
“Our revenue from Collaborations, partnerships and other revenues was
attractive this quarter, growing 132% over the corresponding quarter
last year. That growth was driven principally by a large increase in
the unit volume of iCell(R) Hepatocytes, as well as by increases in
revenue on our NHLBI grant with the Medical College of Wisconsin and on
our contracts with the California Institute for Regenerative Medicine
(CIRM) and Coriell Institute for Medical Research (Coriell).
“In addition to $331,000 of revenue from our CIRM and Coriell contracts
in the first quarter, Deferred revenue related to these two contracts
increased by $937,000 to $1.9 million at March 31, 2014. While growth
in Product sales did not match prior periods, we believe this reflects
the natural volatility of order placement for cryopreserved products
that our customers can inventory. We remain encouraged about future
growth in Product sales. We believe this quarter’s results reinforce
the value of our strategy of developing a broad portfolio of
differentiated cell types to meet the research and therapeutic goals of
our life science customers,” concluded Palay.
First Quarter 2014 Selected Financial Results
Revenue. Total revenues for the three months ended March 31, 2014, were
$2.9 million compared to $2.4 million for the three months ended March
31, 2013, an increase of 23%. Growth in Total revenues was driven by
strong performance from Collaborations, partnerships and other
revenues.
Costs and expenses. Gross margin from product sales was 69% for the
three months ended March 31, 2014, up from 67% in the same period last
year. Our period over period margins benefited from reductions in
royalty expense offset somewhat by lower margins on MyCell(R) and new
products.
Total costs and expenses (excluding Cost of product sales) were $10.3
million for the three months ended March 31, 2014, compared to $7.5
million for the three months ended March 31, 2013, an increase of 38%.
This growth is largely attributable to increases in Research and
development expenses related to our contract with CIRM and to the
delivery of additional Collaborations, partnerships and other revenues,
principally arising from increased iCell Hepatocytes unit volume.
General and administrative expenses also grew during the three months
ended March 31, 2014, due to expenses related to our status as a public
company and to compensation and benefit increases initiated since the
IPO.
Net loss. For the first quarter of 2014, Net loss was $8.1 million, or
$0.52 per share, compared with a Net loss of $5.7 million, or $3.28 per
share, for the first quarter of 2013. Weighted average shares
outstanding for the first quarter of 2014 were 15,760,125 versus
1,733,654 for the first quarter of 2013. The difference in weighted
average shares outstanding is principally attributable to both the
common shares issued in our IPO and the conversion of our Series A and
Series B preferred stock to common shares immediately prior to the
consummation of our IPO.
Cash and cash equivalents. At March 31, 2014, Cash and cash equivalents
totaled $53.7 million.
