MADISON, Wis., Aug. 29, 2013 (GLOBE NEWSWIRE) -- Cellular Dynamics International, Inc. (Nasdaq:ICEL), a leading developer and manufacturer of fully functioning human cells in industrial quantities to precise specifications, today reported financial results for the second quarter ended June 30, 2013.
"We are proud of the strong revenue growth demonstrated in this, our first quarterly earnings announcement as a public company," said Robert J. Palay, Chairman and CEO of Cellular Dynamics. "We believe the proceeds from our recent initial public offering provide us the financial resources to continue building our suite of iCell® and MyCell® Products, while enabling ongoing commercial progress in our three target markets: in vitro drug discovery and toxicity testing, stem cell banking and cellular therapeutics."
Second Quarter 2013 Selected Financial Results
Revenue. Total revenues for the second quarter of 2013 were $2.8 million compared to $1.3 million for the second quarter of 2012, an increase of 123%. For the trailing twelve months ended June 30, 2013, total revenues were $9.4 million, compared to $3.8 million for the trailing twelve months ended June 30, 2012, an increase of 147%. Growth in total revenue is primarily attributable to growth in unit sales of the Company's iCell products. In addition, the Company recorded its first product sales revenue of $170,000 from its MyCell Products line.
Costs and expenses. Total operating expenses (excluding cost of product sales) were $7.2 million for the second quarter of 2013 compared to $7.0 million for the second quarter of 2012, an increase of less than 3%. Also for the second quarter of 2013, cost of product sales as a percentage of product sales revenue was 34%, for a gross margin from product sales of 66%. This compares favorably to the second quarter of 2012 gross margin from product sales of 64%.
Net loss. For the second quarter of 2013, net loss was $5.1 million, or $2.92 per share, compared with a net loss of $6.2 million, or $3.58 per share, for the second quarter of 2012.
Cash and cash equivalents. On June 30, 2013, cash and cash equivalents totaled $33.5 million. On June 28, 2013, the Company borrowed $12.0 million under a credit agreement with Sixth Floor Investors LP and other lenders. In connection with the borrowing, $222,000 of debt issuance costs were incurred. Subsequent to the close of the quarter on July 30, 2013, CDI closed its initial public offering, receiving net proceeds of approximately $41.0 million, leaving a balance of cash and cash equivalents in excess of $74 million.
About Cellular Dynamics International, Inc.
Cellular Dynamics International, Inc. (CDI) is a leading developer of induced pluripotent stem cell technologies for in vitro drug development, stem cell banking and in vivo cellular therapeutic research. CDI harnesses its unique manufacturing technology to produce differentiated tissue cells in industrial quality, quantity and purity from any individual's induced pluripotent stem cell line created from a standard blood draw. CDI was founded in 2004 by Dr. James Thomson, a pioneer in human pluripotent stem cell research at the University of Wisconsin-Madison. CDI's facilities are located in Madison, Wisconsin, with a second facility in Novato, California. See www.cellulardynamics.com.
To the extent that statements contained in this press release are not descriptions of historical facts regarding Cellular Dynamics International, Inc., including statements regarding the adequacy of the financial resources available to pursue our strategy, they are forward-looking statements reflecting the current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "believe," "expect," "anticipate," "estimate," "intend," and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Forward-looking statements in this release involve substantial risks and uncertainties that could cause our product development efforts, actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements. Cellular Dynamics undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of the Company in general, see Cellular Dynamic's Prospectus filed with the Securities and Exchange Commission on July 26, 2013.
|Cellular Dynamics International, Inc.|
|(dollars in thousands)||December 31,||June 30,|
|Cash and cash equivalents||$ 33,900||$ 33,539|
|Accounts receivable, net of allowances||2,658||2,153|
|Prepaid expenses and other assets||662||2,288|
|Total current assets||39,601||40,623|
|Property and equipment, net||873||738|
|Intangible assets, net||4,195||4,178|
|Debt issuance costs, net||—||222|
|Liabilities and shareholders' equity|
|Current maturities of long-term debt||336||18|
|Total current liabilities||3,771||3,933|
|Long-term debt, less current portion||734||11,736|
|Series A Convertible preferred stock, $0.01 par value — authorized, 28,413,291 shares at December 31, 2012 and at June 30,2013 ; issued and outstanding, 2,914,187 shares at December 31, 2012 and at June 30, 2013||28,191||28,191|
|Series B Convertible preferred stock, $0.01 par value — authorized, 70,512,809 at December 31, 2012 and June 30, 2013; issued and outstanding, 7,232,092 at December 31, 2012 and June 30, 2013||91,413||91,413|
|Common stock, $0.0001 par value — authorized, 135,715,623 at December 31, 2012 and June 30, 2013; issued and outstanding, 1,733,651 shares at December 31, 2012 and 1,734,599 shares at June 30, 2013||—||—|
|Total shareholders' equity||46,991||36,658|
|Cellular Dynamics International, Inc.|
|Statements of operations|
| Three months ended |
| Six months ended |
|(dollars in thousands, except per share data)||2012||2013||2012||2013|
|Collaborations, partnerships and other revenues||86||843||589||1,479|
|Costs and expenses:|
|Cost of product sales||418||676||561||1,253|
|Research and development||3,765||3,911||6,823||7,767|
|Sales and marketing||1,078||1,504||1,992||3,031|
|General and administrative||2,173||1,778||3,992||3,887|
|Total costs and expenses||7,434||7,869||13,368||15,938|
|Loss from operations||(6,174)||(5,057)||(10,962)||(10,736)|
|Other (expense) income:|
|Total other expense||(9)||(4)||(18)||(11)|
|Net loss per share of common stock, basic and diluted||($3.58)||($2.92)||($6.38)||($6.20)|
|Shares used in computing net loss per share of common stock, basic and diluted||1,726,782||1,734,484||1,720,501||1,734,080|
Source: Cellular Dynamics International, Inc.
CONTACT: MEDIA CONTACTS: Joleen Rau Senior Director, Marketing & Communications Cellular Dynamics International, Inc. (608) 310-5142 firstname.lastname@example.org Investor Relations Gitanjali Jain Ogawa The Trout Group, LLC 646 378-2949 email@example.comSource:Cellular Dynamics International, Inc.