Cryo-Cell Reports Financial Results for Fiscal Year Ended November 30, 2020

OLDSMAR, Fla., Feb. 24, 2021 (GLOBE NEWSWIRE) -- Cryo-Cell International, Inc. (OTC:QB Markets Group Symbol: CCEL) (the “Company”), the world’s first private cord blood bank to separate and store stem cells in 1992, announced results for its fiscal year ended November 30, 2020.

Financial Results

Revenue

Consolidated revenues for fiscal 2020 were $31.1 million compared to $31.8 million for fiscal 2019. The revenues for fiscal 2020 consisted of $29.5 million in processing and storage fee revenue, $630,000 in licensee income, $244,000 in product revenue and $727,000 in public banking revenue compared to $30.0 million in processing and storage fee revenue, $1.0 million in licensee income, $172,000 in product revenue and $652,000 in public banking revenue for fiscal 2019.

Net Income

The Company reported net income of $3.6 million in fiscal 2020 or $0.48 per basic and $0.45 per diluted share, compared to net income of $2.3 million in fiscal 2019 or $0.29 per basic and $0.27 per diluted shares. Net income for the fiscal year ended November 30, 2020 was due to a 2% decrease in revenue, a 4% decrease in cost of sales, a 4% decrease in selling, general and administrative expenses and the recording of a loss of $1.1 million pursuant to the cancellation of the Erie Group Revenue Sharing Agreement, as previously disclosed. Net income for the fiscal year ended November 30, 2019 resulted from a 9% increase in revenue and a 5% decrease in selling, general and administrative expenses offset by an 18% increase in cost of sales. For the twelve months ended November 30, 2020 and November 30, 2019, the Company recorded a gain of $1.9 million and $743,000, respectively, due to the decrease in the fair value of the contingent consideration liability from the potential earn out to which Cord:Use is entitled from the Company’s sale of the purchased public cord blood inventory. Also included in net income for the twelve months ended November 30, 2020 and November 30, 2019 was a public bank inventory impairment charge of $1.3 million and $2.3 million, respectively. Due to changes in sales trends and estimated recoverability of cost capitalized into the public bank inventory, an impairment charge was recognized during fiscal 2020 and fiscal 2019 to reduce inventory from cost to net realizable value.