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Cellular Dynamics Q3 Revenues up Sharply

NEW YORK (GenomeWeb News) – Cellular Dynamics said after the close of the market on Tuesday that revenues in its third quarter more than doubled year over year.

Total revenues for the three months ended Sept. 30 reached $2.5 million, compared to $1.2 million a year ago. Product sales increased to $1.8 million from $1.1 million a year ago, while collaborations, partnerships, and other revenues shot up to $730,000 from $158,000.

The revenue jump, Cellular Dynamics said, resulted from growth in unit sales of its iCell products and increases in revenue from collaborations under its center of excellence agreements with Eli Lilly and AstraZeneca.

The third quarter net loss for the Madison, Wis.-based firm, which went public in June, was $7.5 million, or $.62 per share, compared to a net loss of $5.5 million, or $3.16 per share, a year ago. Cellular Dynamics used more than 12 million shares to calculate its net loss per share figure for Q3 2013, compared to 1.7 million shares in the year-ago period.

The company spent $3.9 million on R&D in the recently completed quarter, an 11 percent increase year over year from $3.5 million. Its SG&A costs rose 86 percent to $5.4 million from $2.9 million.

The company exited the quarter with $68.6 million in cash and cash equivalents.