NEW YORK (GenomeWeb News) – Cellular Dynamics said after the close of the market on Monday that its revenues for the fourth quarter increased 45 percent year over year.
The Madison, Wis.-based developer of fully functional human cells for research applications reported total revenues of $4.2 million for the three months ended Dec. 31, 2013, up from $2.9 million in the year-ago fourth quarter. Product sales rose 9 percent to $2.5 million from $2.3 million, while revenues from collaborations, partnerships, and other sources more than doubled to $1.7 million from $657,000.
The company's net loss for the quarter rose to $6.7 million, or $.43 per share, from a net loss of $5.8 million, or $3.35 per share, a year ago. Cellular Dynamics used nearly 15.8 million shares to calculate is loss on a per-share basis in the recently completely quarter, compared to 1.7 million shares a year ago. The company went public in July 2013. It also said that it converted Series A and Series B preferred stock to common stock immediately prior to consummation of its IPO.
Its R&D spending was up 26 percent year over year to $4.9 million from $3.9 million. Its SG&A costs increased 36 percent to $4.9 million from $3.6 million.
Highlights in the fourth quarter included a service agreement with the Coriell Institute for Medical Research; a collaboration with the Hamner Institute to develop predictive in vitro screening assays; and an agreement with the Jain Foundation to create five induced pluripotent stem cell lines from patients with muscular dystrophy.
For full-year 2013, Cellular Dynamics' total revenues rose to $11.9 million, up 80 percent year over year from $6.6 million in 2012. Its product sales increased 54 percent to $8.0 million from $5.2 million, while collaborations, partnerships, and other revenues spiked to $3.9 million from $1.4 million.
The firm's R&D costs were up 16 percent year over year to $16.6 million from $14.3 million. Its SG&A costs increased 39 percent to $17.2 million from $12.4 million a year ago.
It net loss in 2013 reached $25.0 million, or $3.17 per share, compared to a net loss of $22.3 million, or $12.89 per share, in 2012. Cellular Dynamics used 7.9 million shares to calculate the loss for 2013 on a per-share basis, compared to 1.7 million shares in 2012.
The firm exited 2013 with $62.0 million in cash and cash equivalents.
In a statement, Cellular Dynamics Chairman and CEO Bob Palay said that a growing number of pharmaceutical, biotech, and contract research organizations are adopting the firm's products for research programs, and in 2013 the company sold its products to 150 customers, up from 128 in 2012.