NEW YORK (GenomeWeb) – Cellular Dynamics International after the close of the market yesterday reported a 57 percent increase year over year in its fourth quarter revenues.
For the three months ended Dec. 31, 2014, Cellular Dynamics' total revenues increased to $6.6 million from $4.2 million in the prior-year period, besting analysts' consensus estimate of $5 million.
The increase was driven by increased sales of prototype stage iCell Hepatocytes and from activity on stem cell banking contracts with the California Institute for Regenerative Medicine and the Coriell Institute for Medical Research, the firm said in a statement. Revenue from collaborations and partnerships increased 139 percent to $4.0 million from $1.7 million in Q4 2013. Meantime, product sales were relatively flat at around $2.5 million.
"A growing number of pharmaceutical, biotech and CRO companies, as well as academic researchers continue to adopt [Cellular Dynamics'] products for their research programs," Cellular Dynamics CEO Bob Palay said in a statement. The firm sold to 200 customers in 2014, up from 150 in 2013. "We believe these results add to the growing evidence that we are the industry standard for manufactured human cells."
Sales of iCell Hepatocytes in particular (included in collaborations and partnerships) were $904,000 in the fourth quarter of 2014, compared with $390,000 in the fourth quarter of 2013, an increase of 132 percent.
Net loss for the quarter was down to $5.8 million, or $.36 per share, compared to a loss of $6.7 million, or $.43 per share, in Q4 2013, beating the consensus Wall Street estimate of $.45 loss per share.
R&D spending for the quarter was $6.2 million, up from $4.9 million. SG&A spending was $4.7 million, down from $4.9 million.
Revenues for full-year 2014 increased 40 percent year over year to $16.7 million from $11.9 million. Revenue from collaborations and partnerships was $8.6 million, up 122 percent year-over-year from $3.9 million, while roduct revenues inched up to about $8.1 million from $8.0 million.
Net loss for the year was $30.6 million, or $1.94 per share, compared to $25 million, or $3.17 per share, in 2013, beating the consensus analyst estimate of a loss per share of $2.02.
R&D spending for the year was $22.4 million, up from $16.6 million. SG&A spending was $21.1 million, up from $17.2 million.
Cellular Dynamics ended the year with $34.4 million in cash and cash equivalents.