MADISON, Wis., Nov. 10, 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 third quarter
and nine months ended September 30, 2014.
Total revenues for the third quarter of 2014 were $3.6 million, an
increase of 41% from $2.5 million in the third quarter of last year.
Net loss for the third quarter of 2014 was $8.2 million compared to
$7.5 million in the third quarter of 2013.
In the nine months ended September 30, 2014, Total revenues increased
by 31% to $10.1 million, compared to $7.7 million in 2013. Net loss for
the nine month periods was $24.8 million in 2014 and $18.2 million in
2013.
Total revenues for the trailing twelve months ended September 30, 2014,
increased 34% to $14.3 million compared to $10.7 million for the
trailing twelve months ended September 30, 2013. The trailing twelve
month average revenue from our top 10 customers through September 30,
2014, increased by 36% to $960,000 versus $704,000 for the same period
last year. Total customers over the trailing twelve month period
increased to 185 through September 30, 2014, from 142 through September
30, 2013.
“Our strong revenue growth this quarter is continued evidence of our
leadership in the in vitro and stem cell banking market segments. It
further demonstrates the benefits of our diversified suite of products
and varying sources of revenue,” said Bob Palay, Chairman and CEO of
CDI. “In addition, as recently announced, during the third quarter, the
National Eye Institute (NEI) awarded CDI a $1.2M contract to develop
and manufacture clinically compatible induced pluripotent stem cells
(iPSC’s) and retinal pigmented epithelial cells (RPE’s), for use in a
NEI clinical program on dry age-related macular degeneration (AMD). The
NEI contract is CDI’s first announced deal in the cellular therapeutics
market segment.”
Additional financial information
— Collaborations, partnerships and other revenues grew 160% for the third
quarter to $1.9 million in 2014 from $730,000 in 2013. For the nine month
period, growth was 109% to $4.6 million in 2014 from $2.2 million in
2013. These increases were driven principally by activity on our
contracts with the California Institute for Regenerative Medicine (CIRM)
and Coriell Institute for Medical Research (Coriell), increases in
revenue on our NHLBI grant with the Medical College of Wisconsin and
growth in the unit volume of iCell(R) Hepatocytes. In addition to
$828,000 of revenue from our CIRM and Coriell contracts in the third
quarter, Deferred revenue related to these two contracts increased
$441,000 during the third quarter and is now at $3.1 million as of
September 30, 2014.
— Gross margins on Product sales remained strong at 75% for the quarter and
for the nine month period.
— Total costs and expenses (excluding Cost of product sales) were $11.0
million for the third quarter, compared to $9.3 million for the same
quarter last year, an increase of 18%. This growth is largely
attributable to increases in Research and development expenses related to
our contract with CIRM and to the continued development and order
fulfillment of our iCell Hepatocytes, which are included in
Collaborations, partnerships and other revenues. Sales and marketing
expenses have also increased compared to the prior year quarter due to
the expanding headcount in and activities of our sales and customer
support staff.
— At September 30, 2014, CDI’s Cash and cash equivalents totaled $41.0
million.
