Market Overview

Cryo-Save Group N.V.: Q3 Trading Update - Restructuring and cost saving programs have positive impact


Cryo-Save Group N.V. (Euronext: CRYO, 'Cryo-Save', or 'the Group'), the leading international stem cell storage company and the largest family stem cell bank in Europe, announces its trading update for the quarter ended 30 September 2012.
 
Group revenue stabilised at €9.3 million, with the positive impact of restructuring projects and cost saving programs coming through. Most European countries showed stable storage volumes in comparison to the second quarter, whilst India achieved considerably higher storage numbers.
 
As a result, the Group's net profit of €0.5 million was notably higher than the previous two quarters of 2012 and was in line with expectations.
 
Cash and cash equivalents remained robust at €6.0 million at 30 September 2012, the same level as Q2 2012.
 

Arnoud van Tulder, Chief Executive officer, commented:

"Cryo-Save is pleased to report a profit for the quarter. As anticipated, our restructuring and cost saving measures have driven an improved performance with stable storage volumes and in line with expectations.

"Recent developments have improved awareness of the importance of stem cells worldwide. The award of the 2012 Nobel Prize for Medicine for pioneering stem cell research underlines the great importance stem cells might offer in therapies and even possible cures in regenerative medicine. One of those indications, autism, is currently being investigated. The FDA approved the start of a clinical trial treating autistic children with their own umbilical cord blood stem cells. The FDA recently also gave the green light for Duke University to use umbilical cord blood stem cells to treat inherited diseases besides cancer and blood disorders."

Financial highlights for the quarter ended 30 September 2012:

·         Revenue of €9.3 million (Q3 2011: €10.5 million)
·         Operating expenses before depreciation and amortisation of €4.9 million (Q3 2011: €5.4 million)
-       Decrease due to the impact of the restructuring and cost saving measures
·         EBITDA*: €1.3 million (Q3 2011: €1.6 million)
·         EBITA**: €0.9 million (Q3 2011: €1.1 million)
·         Operating profit: €0.5 million (Q3 2011: €0.7 million)
·         Net profit: €0.5 million (Q3 2011: €0.6 million)

* 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 for the quarter ended 30 September 2012:

·         8,800 new samples stored in the third quarter of 2012 (Q3 2011: 10,000)
Of these, 5,200 were new cord blood samples and 3,600 new cord tissue samples
·         230,000 samples have been stored in total as of 30 September 2012
·         75% of new customers opt for the combined service of cord blood and cord tissue storage
·         Conferences with large attendance for medical professionals were held as part of Cryo-Save's Cord Blood Awareness Month initiative in Cyprus and Bosnia-Herzegovina

Highlights after 30 September 2012:

·         "Cord blood awareness month" campaign continues with educational events in Serbia, Hungary, Spain, The Netherlands and Italy during October and November
·         An FDA approved trial is currently researching the use of stem cells obtained from umbilical cord blood at birth as an effective treatment for children with autism
·         The awarding of the 2012 Nobel Prize in Physiology or Medicine 2012 jointly to John B. Gurdon and Shinya Yamanaka for the discovery that mature cells can be reprogrammed to become pluripotent
·         FDA gave the green light for Duke University to use stem cells found in umbilical cord blood to treat cancer, blood disorders and inherited diseases

Enquiries:

Cryo-Save Group + 31 (0) 575 509 100
Arnoud van Tulder, Chief Executive Officer
Daniel Stewart & Company plc (UK) + 44 (0) 20 7776 6550
Martin Lampshire
College Hill (UK) + 44 (0) 20 7457 2020
Rozi Morris/ Adrian Duffield

Free footage is available on www.videobankonline.com.

About Cryo-Save (www.cryo-save.com/group)

Cryo-Save, the leading international family stem cell bank, and the largest bank in Europe, stores more than 230,000 samples from umbilical cord blood, cord tissue and adipose tissue. There are already over 70 diseases treatable by the use of stem cells, and the number of treatments will only increase. Driven by its international business strategy, Cryo-Save is now represented in 40 countries on three continents, with ultramodern processing and storage facilities in Arabia, Belgium, Germany, India and South Africa.






This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Cryo-Save Group N.V. via Thomson Reuters ONE

HUG#1654989

 

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