Zutphen,Cryo-Save Group N.V. (EURONEXT: CRYO) (Cryo-Save, or the Group), Europes leading adult stem cell storage bank, has published its interim results for the six months ended 30 June 2010.
1. Revenue up 5% to EUR 19.5 million (1HY 2009: EUR 18.6 million)
2. EBITA* up 23% to EUR 2.5 million (1HY 2009: EUR 2.0 million)
3. Operating profit up 31% to EUR 1.9 million (1HY 2009: EUR 1.4 million)
4. Profit before taxation up 33% to EUR 1.6 million (1HY 2009: EUR 1.2 million)
5. Net profit up 36% to EUR 1.3 million (1HY 2009: EUR 0.9 million)
6. Basic earnings per share 13.7 euro cents (1HY 2009: 10 euro cents)
7. Strong net cash from operating activities EUR 2.0 million (1HY 2009: EUR 2.6 million)
8. Solid cash position of EUR 5.9 million as at 30 June 2010
EBITA is defined as Earnings Before Interest, Taxation and Amortisation of identified intangible assets
1. Strengthened market position and product range in key markets
2. Over 50% of new customers opted for combined service of cord blood and cord tissue storage in the countries where it is offered
3. Successful European launch of Cryo-Lip®, a new product that allows the collection, processing and storage of adult stem cells from fatty tissue
4. Volume growth of 13,300 samples
5. Total number of samples stored: 135,000
Statement with respect to US court decision regarding embryonic stem cell research
Cryo-Save processes and stores adult stem cells collected from the umbilical cord blood and tissue immediately after birth and from fatty tissue from adults. Cryo-Save reconfirms that it is not involved in research, storage or expansion of embryonic stem cells. The court decision taken earlier this week in the United States relates to the temporary stop of government funding of embryonic stem cell research. This will not impact our business, on the contrary it should encourage the usage and potential of adult stem cells. Clinical trials and stem cell therapies use adult stem cells, embryonic stem cells are used for fundamental research.
Arnoud van Tulder, Chief Executive officer, commented:
The first half of 2010 showed solid revenue and returns despite the economic environment which has affected some of our markets. A combination of tight cost control and the fact that we operate in a number of countries with an increasing range of products, has tempered the tougher conditions.
We are very excited to be the first company in the world that offers adults the opportunity to store their stem cells from fatty tissue via Cryo-Lip®, further strengthening our product range.
The strategic rationale for stem cell storage continues to grow as medical advances widen the potential uses for stored cells, whilst our geographical reach, product range and operational gearing enable us to maintain our leading position.
Notes to Editor
With more than 135,000 samples saved, Cryo-Save is the leading stem cell bank in Europe and one of the fastest growing in the world. Driven by its international business strategy, Cryo-Save is now represented in 39 countries on three continents with state-of-the-art processing facilities in Belgium, Germany, Dubai, India and France.