NEW YORK (GenomeWeb) – Cellular Dynamics International today reported that its second quarter revenues increased 29 percent year over year, but the firm missed Wall Street estimates on the top and bottom lines.
The Madison, Wis.-based provider of stem cells for research purposes reported total revenues of $3.6 million for the three months ended June 30, up from $2.8 million in the second quarter of 2013. Analysts, on average, had expected revenues of $4.9 million.
The company reported product sales of $2.4 million compared to $2 million for Q2 2013. Sales from collaborations, partnerships, and other revenues totaled $1.2 million, up from 843,000.
Cellular Dynamics posted a net loss of $8.6 million, or $.54 per share, for the quarter, falling short of the consensus Wall Street estimate of $.49 per share. For Q2 2013, the firm had reported a net loss of $5.1 million, or $2.92 per share. It used around 15.8 million shares to calculate its loss per share in Q2 2014 versus roughly 1.7 million shares in Q2 2013, before it became a publicly traded company in the summer of 2013.
Cellular Dynamics' R&D spending climbed 44 percent to $5.6 million from $3.9 million, while its SG&A expenses increased 73 percent to $5.7 million from $3.3 million.
The firm finished the quarter with $47.4 million in cash and cash equivalents.