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Cellular Dynamics' Q2 Revenues More Than Double

NEW YORK (GenomeWeb News) – Cellular Dynamics International today reported that its second quarter revenues increased 123 percent year over year, driven by sales of its iCell products.

The Madison, Wis.-based firm brought in total revenues of $2.8 million for the three months ended June 30, compared to $1.3 million for the second quarter of 2012. It said that the revenue growth was primarily attributable to growth in unit sales of its iCell human induced pluripotent stem cell-derived products.

It also noted that it reported the first product revenues of $170,000 from its MyCell products line. Those products are used for iPS cell reprogramming, genetic engineering, and cell differentiation.

CDI reported a net loss of $5.1 million, or $2.92 per share, for the quarter, compared to a net loss of $6.2 million, or $3.58 per share, for the second quarter of 2012.

The firm's R&D spending climbed 3 percent to $3.9 million from $3.8 million, and its SG&A expenses also rose 3 percent to $3.3 million from $3.2 million.

It finished the quarter with $33.5 million in cash and cash equivalents. But, subsequent to the end of the quarter, CDI completed an initial public offering that brought in net proceeds of around $43 million.

In Thursday morning trade on the Nasdaq, shares of CDI were up a fraction of 1 percent at $12.75.