Cryo-Save Group N.V. - solid half year results
(Thomson Reuters ONE) -
Revenue up 8% to ?21.1 million and operating profit up 6% to ?2.0 million
Cryo-Save Group N.V. (Euronext: CRYO, 'Cryo-Save', or 'the Group'), the leading
international family stem cell bank, has published its financial results for the
six months ended 30 June 2011.
Financial highlights
* Revenue up 8% to ?21.1 million (1 HY 2010: ?19.5 million)
* EBITA(*) up 10% to ?2.7 million (1 HY 2010: ?2.5 million)
* Operating profit up 6% to ?2.0 million (1 HY 2010: ?1.9 million)
* Profit before taxation up 7% to ?1.7 million (1 HY 2010: ?1.6 million)
* Net profit up 2% to ?1.3 million (1 HY 2010: ?1.3 million)
* Basic earnings per share 13.9 euro cents (1 HY 2010: 13.7 euro cents)
* Net cash from operating activities ?1.7 million (1 HY 2010: ? 2.0 million)
* Cash position of ?3.6 million as at 30 June 2011
* EBITA is defined as Earnings Before Interest, Taxation and Amortization of
identified intangible assets
Operational highlights
* 19,600 new samples stored in 1 HY 2011, up 6% (1 HY 2010: 18,500). Of these,
12,600 were new cord blood samples and 7,000 new cord tissue samples
* 184,000 samples stored in total
* Release of sample to treat 6 year old girl with Cerebral Palsy at Duke
University, USA
* 65% 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
* Permission granted in Serbia and Switzerland for combined storage of
umbilical cord tissue and stem cells from umbilical cord blood. The Group
now offers this combined service in all main countries of operation
* Incorporation of Cryo-Save USA, Inc. to commercialize and further develop
the Cryo-Lip(®) service in North America, along with strategic partner
General BioTechnology
* Joint venture established in South Africa with John Daniel Holdings and
Lazaron Biotechnologies to form Cryo-Save South Africa
Outlook
* Cryo-Save has a strong strategic position and product portfolio
* The Cryo-Lip(®) service will be introduced in the USA in the second half of
2011
* Cryo-Save will continue to collaborate with new partners or make
acquisitions in line with its strategy
* Promising developments in the use of stem cell technology in the treatment
of diseases and for cellular therapy and regenerative medicine
* Cryo-Save is confident it will continue to maintain its leadership position
as the international family stem cell bank of choice
Thanks to a considerable volume growth of the combined service of storing the
umbilical cord tissue and stem cells derived from umbilical cord blood, Cryo-
Save reported strong revenue of ?21.1 million for the first half of 2011
compared to the first half of 2010 (?19.5 million). Gross profit margin improved
to 67.0% compared to the second half of 2010 (66.5%), but declined when compared
to the first half of 2010 (68.7%). Operational expenses increased with ?0.4
million due to the impact of the acquisitions of Tissue Bank Cryo Center
Bulgaria AD ('TBCCB') and Life R.F. doo, Serbia ('Life") and further investments
in Cryo-Lip(®). The acquisitions also impacted the amortization of intangible
assets which increased with ?0.2 million. Hence, operating profit was up 6% to
?2.0 million, from ?1.9 million in 1 HY 2010.
Arnoud van Tulder, Chief Executive officer, commented:
"This solid performance and revenue growth will allow us to invest further in
our services and maintain our position as the leading international family stem
cell bank.
"We are excited about our expansion into the US and the potential for the
commercialisation of the Cryo-Lip(®) service together with our partners.
"We are also very pleased to have been able to release a sample for a stem cell
transfusion at Duke University in the US. The treatment and the acceptance of
the Cryo-Save sample by the treating physicians demonstrate the value of storing
your own stem cells, as well as the quality of Cryo-Save's processing and
storage procedures."
Enquiries:
Cryo-Save Group + 31 (0) 575 548 998
Arnoud van Tulder, Chief Executive Officer
SPJ Financiële Communicatie (The Netherlands) +31 (0)20 647 8181
Kees Jongsma/Leon Melens
Daniel Stewart & Company plc (UK) + 44 (0) 20 7776 6550
Sean Lunn
College Hill (UK) + 44 (0) 20 7457 2020
Rozi Morris/ Adrian Duffield
Free footage is available on www.videobankonline.com.
Please click here for full press release in PDF:
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http://hugin.info/143308/R/1540170/470839.pdf
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Source: Cryo-Save Group N.V. via Thomson Reuters ONE
[HUG#1540170]
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Datum: 23.08.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 58033
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