Mon, Jul 15, 9:03 PM (54 days ago)
Cryo-Cell International, Inc.'s quarterly report for the period ended May 31, 2024, highlights several key financial metrics and operational updates. The company reported a revenue increase to $15,895,046 for the six months ended May 31, 2024, from $15,597,105 in the same period of 2023, driven by a 4% rise in processing and storage fees. However, public cord blood banking revenue saw a significant decline to $85,190 from $394,513, reflecting customer demand volatility. Cost of sales slightly decreased by 1% to $4,185,218, while selling, general, and administrative expenses rose by 6% to $8,361,002. Research and development expenses also increased due to clinical trial funding. The company reported net income of $1,212,031, up from $987,788, despite higher interest expenses and a $308,000 impairment of Tianhe stock investment. Cash flow from operations was $1,416,616, down from $3,633,026, with significant cash used in investing activities for property and equipment purchases. Financing activities provided $1,742,159, primarily from a line of credit. Future operations may be impacted by the potential spin-off of Celle Corp., regulatory compliance, and the need for additional capital to fund clinical trials and biopharmaceutical manufacturing capabilities.