Cryo-Cell International, Inc. reported a modest increase in revenue for the fiscal year ending November 30, 2024, achieving $31.99 million, up from $31.34 million in the previous year. This 2% growth was primarily driven by a 4% rise in recurring annual storage fee revenue, although it was partially offset by a 6% decline in the number of new domestic cord blood specimens processed. The company's processing and storage fees accounted for the majority of its revenue, totaling $31.55 million, while public banking revenue decreased to $366,672 from $481,148 in the prior year.
The company faced significant operational challenges, including an impairment charge of $13.11 million related to its Duke License Agreement, which was fully recognized in the previous fiscal year. This impairment reflects the company's assessment of the recoverability of assets associated with the agreement, which has been complicated by ongoing disputes with Duke University. As a result, the company has paused investments related to the Duke License Agreement and the anticipated opening of the Cryo-Cell Institute for Cellular Therapies, which is now uncertain.
In terms of operational metrics, Cryo-Cell reported a total of 240,000 cord blood and cord tissue specimens stored globally. The company has also expanded its facilities, acquiring a new 56,000 square foot site in Durham, North Carolina, to enhance its storage capabilities and support future growth initiatives. As of November 30, 2024, the company employed 82 full-time and 4 part-time staff, reflecting a stable workforce as it navigates its strategic objectives.
Looking ahead, Cryo-Cell's management expressed cautious optimism about its financial outlook, contingent on resolving the ongoing arbitration with Duke University and the potential for future revenue growth from its core services. The company anticipates that its cash and cash equivalents, along with marketable securities, will be sufficient to meet its operational needs for at least the next 12 months. However, the outcome of the Duke arbitration could significantly impact its funding requirements and strategic direction moving forward.
About CRYO CELL INTERNATIONAL INC
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