Cryo-Save Group N.V.: Revenue up 4% to ?41.9 million
(Thomson Reuters ONE) -
Cryo-Save Group N.V. (Euronext: CRYO, 'Cryo-Save', or 'the Group'), the leading
international stem cell storage brand and the largest family stem cell bank in
Europe, has published its financial results for the year ended 31 December 2011.
Financial highlights
· Revenue up 4% to ?41.9 million (2010: ?40.4 million)
· Operating expenses before depreciation and amortisation increased with
?1.6 million mainly due to further investments in Cryo-Lip(®) (?0.8 million)
and acquisition impact (?0.7 million)
· EBITDA(*): ?6.3 million (2010: ?7.3 million)
· EBITA(**): ?4.5 million (2010: ?5.8 million)
· Operating profit: ?2.9 million (2010: ?4.5 million)
· Profit before taxation: ?3.0 million (2010: ?3.9 million)
· Net profit: ?2.3 million (2010: ?2.6 million)
· Basic earnings per share 25.0 euro cents (2010: 27.6 euro cents)
· Robust net cash from operating activities ?6.2 million (2010: ? 2.8
million)
· Solid cash position of ?7.0 million as at 31 December 2011 (2010: ?6.0
million)
· Dividend per share of ?0.08, up 14% (2010: ?0.07)
( )
(*) EBITDA is defined as Earnings Before Interest, Taxation Depreciation and
Amortisation
(**) EBITA is defined as Earnings Before Interest, Taxation and Amortisation of
identified intangible assets
Operational highlights
· 39,900 new samples stored in 2011, up 4% compared to previous year
(2010: 38,300). Of these, 25,200 were new cord blood samples and 14,700 new cord
tissue samples
· 204,000 samples have been stored in total at 31 December 2011
· 67% of new customers opt for combined service of cord blood and cord
tissue storage
· Acquisition of Serbian distributor Life R.F. for ?2.3 million in cash
and 30,000 Cryo-Save shares
· Cryo-Save USA founded, to commercialize and develop the Cryo-Lip(®)
service in North America
· Cryo-Save South Africa joint venture established and stem cell
processing and storage laboratory opened in Cape Town together with John Daniel
Holdings and Lazaron Biotechnologies
· A six-year-old girl from Portugal with Cerebral Palsy was treated at
Duke University in the US with her own cord blood stem cells, which were stored
and released by Cryo-Save
Outlook
* Cryo-Save has a strong strategic position and product portfolio to further
enhance its business
* Cryo-Save will continue to collaborate with new partners and make
acquisitions in line with its strategy to grow in current markets as well as
in new geographies
* Promising developments continue in the use of stem cell technology in the
treatment of diseases. Thus enhancing the added value of Cryo-Save's high-
tech storage solutions of stem cells
* Fast growing fields of cellular therapy and regenerative medicine offer
further attractive market potential for Cryo-Save
* The Group is confident it will continue to maintain its market leading
position as the leading international stem cell storage brand and the
largest family stem cell bank in Europe
Revenue increased with ?1.4 million to ?41.9 million, largely due to increased
sales volumes in several countries, acquisitions and increased number of new
cord tissue samples, partly offset by lower business volume in mainly Southern
Europe. The impact of the economic crisis also resulted in a significantly lower
number of births in almost all countries. An increasing demand for discounts on
the service fee and instalment plans to facilitate the payment of the service
fee has been another factor affecting revenue growth.
The gross profit margin decreased with 1% to 66.6%, among others due to an
increased demand for higher reimbursements of the collection of the umbilical
cord blood and cord tissue in the hospitals.
The gross profit margin remained at the same level compared to the second half
of 2010 (66.5%).
Operational expenses increased with ?1.6 million due to incremental expenses
related to Cryo-Lip(®) (?0.8 million), and the impact of the acquisitions of
Tissue Bank Cryo Center Bulgaria AD ("TBCCB") and Life R.F. doo, Serbia ("Life")
(?0.7 million).
The acquisitions also impacted the amortization of intangible assets which
increased by ?0.3 million. Finally, depreciation increased by ?0.1 million as a
result of the impact of investments in property, plant and equipment such as the
dual storage location and the new processing and storage facility in Cape Town,
South Africa. Operating profit was therefore ?2.9 million (2010: ?4.5 million).
Due to improved financial result and the reduced effective tax rate, net profit
for the year was ?2.3 million compared to ?2.6 million in 2010.
Arnoud van Tulder, Chief Executive officer, commented:
"We are pleased to report revenue growth notwithstanding the challenging
economic times. Our strong product portfolio and geographical spread once more
confirms our ability to absorb such business challenges.
"Because of our leading role in the stem cell storage industry, Cryo-Save has
developed multiple educational programs aimed at increasing global awareness
about current treatments and future promising applications. Everyone should be
aware of the important progress being made by applying stem cells in different
medical areas and the resulting benefits of storing stem cells."
Click here for full press release in PDF:
http://hugin.info/143308/R/1595276/502316.pdf
Click here for Presentation FY Results 2011:
http://hugin.info/143308/R/1595276/502338.pdf
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other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Cryo-Save Group N.V. via Thomson Reuters ONE
[HUG#1595276]
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Datum: 20.03.2012 - 07:02 Uhr
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News-ID 126276
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