Company reports record growth, increased revenues and strong cash position
SAN BRUNO, Calif., July 15 /PRNewswire/ -- 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, in its Tucson laboratory, the largest stem cell facility
in the world, which 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,
and the collection of their clients' cord blood samples. Additionally, CBR
facilitates collection of donated research samples as a cellular resource for
the nearly 200 research programs worldwide that are focused on stem cell
expansion and cell-based therapies to treat injuries and diseases of the
central nervous system (CNS) such as Parkinson's and Alzheimer's disease, as
well as liver and pancreas diseases and injury, and makes them available for
use in lifesaving medical treatments. 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.
Contact:
Cord Blood Registry
San Bruno, CA 94066
800-588-6377 Ext.239
rkennen@cordblood.com
http://www.cordblood.com
SOURCE Cbr Systems, Inc.
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Related links:
http://www.cordblood.com
CONTACT:
Cord Blood Registry, +1-800-588-6377, ext.
239, or rkennen@cordblood.com
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