Corporate Banner
Satellite Banner
Cell Culture
Scientific Community
 
Become a Member | Sign in
Home>News>This Article
  News
Return

CDI Reports Third Quarter 2013 Financial Results

Published: Wednesday, November 13, 2013
Last Updated: Wednesday, November 13, 2013
Bookmark and Share
Revenues more than double.

Cellular Dynamics International, Inc. has reported financial results for the third quarter ended September 30, 2013.

“Trailing twelve months revenue as of September 30, 2013, more than doubled when compared to the corresponding period last year as did trailing twelve month average sales to our top 10 customers. Revenue for the third quarter also more than doubled when compared to the same period last year, and this growth was achieved with record gross margin from product sales of 79%," said Bob Palay, Chairman and CEO of CDI.

Palay continued, “A growing number of pharmaceutical companies are adopting CDI’s products for their research programs. By the end of the third quarter of 2013 CDI had sold to 142 customers for the trailing twelve months compared to 115 customers for the same period last year. Our top 10 customers averaged $704,000 in revenue for the trailing twelve months ended September 30, 2013, up from $313,000 for the same period last year. We believe these results add to the growing evidence that our iCell® and MyCell® products are becoming an industry standard for manufactured human cells.”

In addition, as recently announced, the Company received the Notice of Grant Award (NGA) from the California Institute of Regenerative Medicine (CIRM) to create a human induced pluripotent stem cell (iPSC) biobank from 3,000 individuals.

Receipt of the NGA signifies the entry into a definitive agreement with CIRM and the initiation of funding for the $16 million project. This contract resulted from the CIRM grant award to CDI announced last March.

The Company looks forward to the revenue from this contract contributing to our expected ongoing revenue growth in our base business.

Third Quarter 2013 Selected Financial Results
Revenue. Total revenues for the third quarter of 2013 were $2.5 million compared to $1.2 million for the third quarter of 2012, an increase of 108%. For the trailing twelve months ended September 30, 2013, total revenues were $10.7 million, compared to $4.6 million for the trailing twelve months ended September 30, 2012, an increase of 133%. Growth in total revenue is primarily attributable to growth in unit sales of the Company’s iCell products and significant increases in revenue from collaborations under our center of excellence agreements with Eli Lilly and Company and AstraZeneca UK Limited.

Costs and expenses. Total costs and expenses (excluding cost of product sales) were $9.3 million for the third quarter of 2013 compared to $6.4 million for the third quarter of 2012, an increase of 45%. This growth is attributable principally to an increase in supplies expense within our research and development organization, an increase in staffing within our sales and marketing organization and to general and administrative costs attributable to or triggered by our initial public offering. Approximately $669,000 of general and administrative expenses in the third quarter of 2013 reflect compensation and fee arrangements made effective as of the IPO date but attributable to service in the first and second quarter of 2013. Additionally, the Company incurred approximately $240,000 for travel and other expenses incurred in connection with our IPO. Tempering those operating cost increases, cost of product sales as a percentage of product sales revenue declined from 27% in the third quarter of 2012 to 21% in the third quarter of 2013, for a record gross margin from product sales of 79%. This compares favorably to the third quarter of 2012 gross margin from product sales of 73%.

Net loss. For the third quarter of 2013, net loss was $7.5 million, or $0.62 per share, compared with a net loss of $5.5 million, or $3.16 per share, for the third quarter of 2012. Weighted average shares outstanding for the third quarter of 2013 was 12.1 million versus 1.7 million for the third quarter of 2012. 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 September 30, 2013, cash and cash equivalents totaled $68.6 million.


Further Information

Join For Free

Access to this exclusive content is for Technology Networks Premium members only.

Join Technology Networks Premium for free access to:

  • Exclusive articles
  • Presentations from international conferences
  • Over 3,200+ scientific posters on ePosters
  • More than 4,700+ scientific videos on LabTube
  • 35 community eNewsletters


Sign In



Forgotten your details? Click Here
If you are not a member you can join here

*Please note: By logging into TechnologyNetworks.com you agree to accept the use of cookies. To find out more about the cookies we use and how to delete them, see our privacy policy.


Scientific News
Benchtop Automation Trends
Gain a better understanding of current interest in and future deployment of benchtop automated systems.
How Cancer Spreads in the Body
Cancer cells appear to depend on an unusual survival mechanism to spread around the body, according to an early study led by Queen Mary University of London.
Tumor Cells Develop Predictable Characteristics
Scientists have discovered that cancer cells at the edge of a tumor that are close to the surrounding environment are predictably different from the cells within the interior of the tumor.
What Makes a Good Scientist?
It’s the journey, not just the destination that counts as a scientist when conducting research.
How Prions Kill Neurons: New Culture System Shows Early Toxicity to Dendritic Spines
Boston University researchers have developed a cell culture system to study prions.
A Boost for Regenerative Medicine
Growing tissues and organs in the lab for transplantation into patients could become easier after scientists discovered an effective way to produce three-dimensional networks of blood vessels, vital for tissue survival yet a current stumbling block in regenerative medicine.
Bio-Mimicry Method For Preparing & Labeling Stem Cells Developed
Method allows researchers to prepare mesenchymal stem cells and monitor them using MRI.
Stem Cell Advance Could Be Key Step Toward Treating Deadly Blood Diseases
UCLA scientists get closer to creating blood stem cells in the lab.
Harnessing Engineered Slippery Surfaces For Tissue Repair
A new method could facilitate the transfer of intact regenerating cell sheets from the culture dish to damaged tissues in patients.
The Rise of 3D Cell Culture and in vitro Model Systems for Drug Discovery and Toxicology
An overview of the current technology and the challenges and benefits over 2D cell culture models plus some of the latest advances relating to human health research.
Skyscraper Banner

SELECTBIO Market Reports
Go to LabTube
Go to eposters
 
Access to the latest scientific news
Exclusive articles
Upload and share your posters on ePosters
Latest presentations and webinars
View a library of 1,800+ scientific and medical posters
3,200+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
4,700+ scientific videos
Close
Premium CrownJOIN TECHNOLOGY NETWORKS PREMIUM FOR FREE!