NEW YORK (GenomeWeb) – Cellular Dynamics reported after the close of the market on Monday that revenues in its first quarter were up 21 percent year over year, driven by collaborations and partnerships.
The company said that for the three months ended March 31, it had $2.9 million in revenues, compared to $2.4 million in the first quarter of 2013. Product sales were down 17 percent to $1.5 million from $1.8 million, but collaborations, partnerships, and other revenues more than doubled to $1.5 million from $636,000.
"While growth in product sales did not match prior periods, we believe this reflects the natural volatility of order placement for cryopreserved products that our customers can inventory," Cellular Dynamics Chairman and CEO Bob Palay said in a statement.
Cellular Dynamics' net loss for the quarter was $8.1 million, or $.52 per share, compared to a net loss of $5.7 million, or $3.28 per share, a year ago. The company, which went public in July, used 15.8 million shares to calculate its loss on a per share basis for Q1 2014, compared to 1.7 million shares for Q1 2013.
It increased its R&D spending 28 percent year over year to $4.9 million from $3.9 million and upped its SG&A spending 50 percent to $5.4 million from $3.6 million.
"We believe this quarter's results reinforce the value of our strategy of developing a broad portfolio of differentiated cell types to meet the research and therapeutic goals of our life science customers," Palay said.
Cellular Dynamics had $53.7 million in cash and cash equivalents to end the quarter.