World's Largest Stem Cell Bank Reports Record Growth
Company reports record growth, increased revenues, and strong cash position
SAN BRUNO, Calif., Jul 15, 2004 /PRNewswire via COMTEX/ -- The world's largest stem cell bank, Cord Blood Registry (CBR) today announced the achievement of a record growth rate in excess of 83% compared to same period in 2003. The rapid increase in volume is primarily attributable to an expansion of business development activities, strategic alliances, and a much greater marketplace awareness of stem cells and their role in regenerative medicine.
"The expansion of our field organization, combined with our exclusive long-term alliances has fueled a substantial increase in our brand awareness and consumer sales," said Stephen Grant, VP and co-founder of CBR.
The company currently preserves over 260,000 units of cells for clients throughout the world. Its Tucson laboratory, the largest stem cell facility in the world, has a total capacity for over 10,000,000 units. CBR has provided more samples for use in medical treatments than all other family cord blood banks combined.
According to Johnnie Domingue, VP, COO, and CFO, "The company has recorded increased revenues every year and, since the first quarter of 1999, has been profitable with positive cash flow from operating activities. CBR's cash and investments have increased each year since 1999 and amounted to approximately $24.8 million as of June 30, 2004. The company has no outstanding debt and no long-term capital leases. We anticipate continued accelerated revenue growth and commensurate growth of our cash flow generated from operations. It is very important to our clients that we are a financially strong and profitable company so they can trust that we will be around for the long term. We are not a risky biotech company."
"We are very excited at the accelerating growth rates over the past year," said Tom Moore, CBR's Chief Executive Officer. "We feel confident that with our track record of profitability and our current rate of growth, CBR is well positioned to maintain and grow its strong leadership position in the industry."
About Cord Blood Registry
Cord Blood Registry is the leader in cord blood stem cell processing and cryopreservation for familial use in transplantation and regenerative medicine. The cord blood stem cells preserved by CBR are collected immediately after the birth of a newborn and are then available to be used in treatments for the newborn, siblings, and any compatible genetic family member. Once transplanted, the cells have the ability to repair damaged or diseased tissues with little risk of rejection and increased long-term survival. CBR's unique storage system protects each unit from potential cross contamination over extended periods of time. The company's research and development is focused on the collection, processing, and storage improvement to optimize cell yield. Additionally, CBR facilitates collection of donated research samples to provide a cellular resource for the nearly 200 research programs worldwide that are focused on stem cell expansion and cell-based therapies. Current stem cell research includes treatment of injuries and diseases of the central nervous system such as Parkinson's and Alzheimer's disease, as well as heart disease, and liver and pancreas diseases and injury. CBR was the first cord blood bank to be accredited by the American Association of Blood Banks in 1998 and has successfully provided more than 30 viable samples for use in lifesaving medical treatments. For more information visit http://www.cordblood.com, or call 1-888-CORD BLOOD. Cord Blood Registry is a registered trademark of Cbr Systems, Inc.
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