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Cellular Dynamics' Q3 Revenues Rise 41 Percent

NEW YORK (GenomeWeb) – Cellular Dynamics International today reported that its third quarter revenues increased 44 percent year over year.

The Madison, Wis.-based stem cell research products firm reported total revenues of $3.6 million, up from $2.5 million for Q3 2013. Cellular Dynamics fell short of the consensus Wall Street estimate for revenues of $4 million.

Its revenues from collaborations and partnerships more than doubled to $1.9 million from $730,000, and its product sales dropped to $1.7 million from $1.8 million.

The increase in revenues was driven by activity related to contracts with the California Institute for Regenerative Medicine and the Coriell Institute for Medical Research, an increase on a National Heart, Lung, and Blood Institute grant with the Medical College of Wisconsin, and growth in unit volume of iCell Hepatocytes, the firm said in a statement.

During the quarter, the National Eye Institute awarded Cellular Dynamics a $1.2 million contract to develop and manufacture pluripotent stem cells and retinal pigmented epithelial cells for use in a NEI clinical program on dry age-related macular degeneration. The contract is the firm's first deal in the cellular therapeutics market segment, CEO Bob Palay said.

The firm's net loss in the quarter was $8.2 million, or $.52 per share, compared to a net loss of $7.5 million, or $.62 per share, a year ago. Analysts, on average, had expected a loss of $.48 per share.

The firm's R&D spending increased 46 percent to $5.7 million from $3.9 million and its SG&A expenses decreased 4 percent to $5.2 million from $5.4 million.

Cellular Dynamics finished the quarter with $41 million in cash and cash equivalents.