Cryo-Save Group N.V. (Euronext: CRYO, Cryo-Save, or the Group), the leading international stem cell storage brand and the largest family stem cell bank in Europe, has published its financial results for the year ended 31 December 2011.

Financial highlights

Revenue up 4% to EUR41.9 million (2010: EUR40.4 million) Operating expenses before depreciation and amortisation increased with EUR1.6 million mainly due to further investments in Cryo-Lip() (EUR0.8 million) and acquisition impact (EUR0.7 million) EBITDA(*): EUR6.3 million (2010: EUR7.3 million) EBITA(**): EUR4.5 million (2010: EUR5.8 million) Operating profit: EUR2.9 million (2010: EUR4.5 million) Profit before taxation: EUR3.0 million (2010: EUR3.9 million) Net profit: EUR2.3 million (2010: EUR2.6 million) Basic earnings per share 25.0 euro cents (2010: 27.6 euro cents) Robust net cash from operating activities EUR6.2 million (2010: EUR 2.8 million) Solid cash position of EUR7.0 million as at 31 December 2011 (2010: EUR6.0 million) Dividend per share of EUR0.08, up 14% (2010: EUR0.07) () (*) EBITDA is defined as Earnings Before Interest, Taxation Depreciation and Amortisation (**) EBITA is defined as Earnings Before Interest, Taxation and Amortisation of identified intangible assets

Operational highlights

39,900 new samples stored in 2011, up 4% compared to previous year (2010: 38,300). Of these, 25,200 were new cord blood samples and 14,700 new cord tissue samples 204,000 samples have been stored in total at 31 December 2011 67% of new customers opt for combined service of cord blood and cord tissue storage Acquisition of Serbian distributor Life R.F. for EUR2.3 million in cash and 30,000 Cryo-Save shares Cryo-Save USA founded, to commercialize and develop the Cryo-Lip() service in North America Cryo-Save South Africa joint venture established and stem cell processing and storage laboratory opened in Cape Town together with John Daniel Holdings and Lazaron Biotechnologies A six-year-old girl from Portugal with Cerebral Palsy was treated at Duke University in the US with her own cord blood stem cells, which were stored and released by Cryo-Save

Outlook

* Cryo-Save has a strong strategic position and product portfolio to further enhance its business * Cryo-Save will continue to collaborate with new partners and make acquisitions in line with its strategy to grow in current markets as well as in new geographies * Promising developments continue in the use of stem cell technology in the treatment of diseases. Thus enhancing the added value of Cryo-Saves high- tech storage solutions of stem cells * Fast growing fields of cellular therapy and regenerative medicine offer further attractive market potential for Cryo-Save * The Group is confident it will continue to maintain its market leading position as the leading international stem cell storage brand and the largest family stem cell bank in Europe

Revenue increased with EUR1.4 million to EUR41.9 million, largely due to increased sales volumes in several countries, acquisitions and increased number of new cord tissue samples, partly offset by lower business volume in mainly Southern Europe. The impact of the economic crisis also resulted in a significantly lower number of births in almost all countries. An increasing demand for discounts on the service fee and instalment plans to facilitate the payment of the service fee has been another factor affecting revenue growth.

The gross profit margin decreased with 1% to 66.6%, among others due to an increased demand for higher reimbursements of the collection of the umbilical cord blood and cord tissue in the hospitals. The gross profit margin remained at the same level compared to the second half of 2010 (66.5%).

Operational expenses increased with EUR1.6 million due to incremental expenses related to Cryo-Lip() (EUR0.8 million), and the impact of the acquisitions of Tissue Bank Cryo Center Bulgaria AD ("TBCCB") and Life R.F. doo, Serbia ("Life") (EUR0.7 million).

See the article here:
Cryo-Save Group N.V.: Revenue up 4% to EUR41.9 million