Corporate Banner
Satellite Banner
Scientific Communities
Become a Member | Sign in
Home>News>This Article

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
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 2,800+ scientific posters on ePosters
  • More Than 4,000+ 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 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.

Related Content

SeouLin Bioscience to Distribute Cellular Dynamics' Products in Korea
SeouLin Bioscience will distribute CDI’s iCell® catalog of products.
Friday, August 21, 2015
Cellular Dynamics to Host Annual iForum™ Meetings
Meetings focused on human iPSC research and applications.
Friday, August 14, 2015
Cord Blood Registry and CDI Announce Collaboration
Collaboration to reprogram newborn stem cells into induced pluripotent stem cells.
Wednesday, January 14, 2015
Using iPSC-derived Cells to Coat Blood Vessels in Kidney Scaffolds
Cellular Dynamics and Northwestern University take first steps toward rebuilding an organ using manufactured human cells.
Tuesday, November 18, 2014
Cellular Dynamics International Reports Third Quarter 2014 Financial Results
Cellular Dynamics International, Inc. reported financial results for the third quarter and nine months ended September 30, 2014.
Tuesday, November 11, 2014
Cellular Dynamics Awarded $1.2 M NEI Contract
Contract will see company develop patient-derived stem cells in gear-up for age-related macular degeneration trial.
Tuesday, October 28, 2014
Cellular Dynamics Awarded NEI Contract
Contract awarded for the development of patient-derived stem cells in gear-up for age-related macular degeneration trial.
Monday, October 27, 2014
Cellular Dynamics Awarded U.S. Patent
Patent strengthens CDI’s position as leading manufacturer of human cells for research and clinical applications.
Friday, August 29, 2014
Cellular Dynamics Awarded Pluripotent Stem Cells Patents
Patents secure CDI’s position as leading manufacturer of human cells from most common, easily accessible donor source for research, drug discovery and regenerative medicine.
Thursday, July 10, 2014
Cellular Dynamics Q4 Revenues Increase 41%
Cellular Dynamics International, Inc. reported financial results for the fourth quarter and for the fiscal year ended December 31, 2013.
Tuesday, March 11, 2014
Cellular Dynamics Signs Agreement with Nestlé Institute of Health Sciences
Agreement will see company to supply iCell® and MyCell® products for nutritional research.
Wednesday, January 08, 2014
The Hamner Institutes and Cellular Dynamics Collaborate
The parties will develop predictive in vitro screening assays for chemical, environmental and pharmaceutical toxicology assessments.
Monday, December 09, 2013
Jain Foundation Signs Agreement with Cellular Dynamics
Company will create iPSC lines from patients with muscular dystrophies for use as disease models for basic research and drug discovery.
Wednesday, December 04, 2013
Cellular Dynamics Receives Formal Notice of Grant Award (NGA) for $16 Million Stem Cell Banking Project
NGA signifies entry into a definitive agreement and initiation of funding.
Tuesday, November 05, 2013
Cellular Dynamics Issued U.S. Patent
The patent relates to the method by which induced pluripotent stem cells are differentiated into the diverse types of endothelial and hematopoietic cells.
Thursday, October 17, 2013
Scientific News
High Throughput Mass Spectrometry-Based Screening Assay Trends
Dr John Comley provides an insight into HT MS-based screening with a focus on future user requirements and preferences.
Kitchen Utensils Can Spread Bacteria Between Foods
In a recent study researchers found that produce that contained bacteria would contaminate other produce items through the continued use of knives or graters—the bacteria would latch on to the utensils commonly found in consumers' homes and spread to the next item.
Exploring the Causes of Cancer
Queen's research to understand the regulation of a cell surface protein involved in cancer.
Safer, Faster Way To Remove Pollutants From Water
Using nanoparticles filled with enzymes proves more effective than current methods.
Drug May Prevent Life-Threatening Muscle Loss in Advanced Cancers
New data describes how an experimental drug can stop life-threatening muscle wasting (cachexia) associated with advanced cancers and restore muscle health.
Ancient Viral Molecules Essential for Human Development
Genetic material from ancient viral infections is critical to human development, according to researchers at the Stanford University School of Medicine.
Novel Tumor Treatment
In the first published results from a $386,000 National Cancer Institute grant awarded earlier this year, a paper by Scott Verbridge and Rafael Davalos has been published.
Speeding Up the Process of Making Vaccines
System uses a freeze-dry concept to develop "just-add-water" solution.
Chemical Design Made Easier
Rice University scientists prepare elusive organocatalysts for drug and fine chemical synthesis.
New Analysis Technique for Chiral Activity in Molecules
Professor Hyunwoo Kim of the Chemistry Department and his research team have developed a technique that can easily analyze the optical activity of charged compounds by using nuclear magnetic resonance (NMR) spectroscopy.
Scroll Up
Scroll Down
Skyscraper Banner

Skyscraper Banner
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
2,800+ scientific and medical posters
A library of 2,500+ scientific videos on LabTube
4,000+ scientific videos