Cryo-Cell International, Inc.(CCEL), a leading stem cell preservation co mpany, has released its consolidated financial statements for the first quarter of 2023. The report reveals a net income of $766,812 for the quarter, demonstrating a strong financial performance. Additionally, the company generated a total revenue of $7.8 million during the same period, reflecting sustained growth in its core operations.
Net Income Highlights
Cryo-Cell International achieved a net income of $766,812 for the first quarter of 2023, showcasing a positive financial outcome. This figure represents the company's bottom-line profitability after deducting all expenses and taxes from its total revenue. Compared to the previous year, when the company reported a net income of $832,047 for the same period, there was a slight decrease. However, Cryo-Cell International remains in a favorable financial position, indicating the effectiveness of its operational strategies.
Revenue Growth
Cryo-Cell International's consolidated revenue for the first quarter of 2023 reached $7.8 million, highlighting continued growth and market demand for its services. The company's revenue streams consist of processing and storage fees, public banking revenue, and product revenue. Processing and storage fees accounted for the majority of the revenue, contributing $7.6 million. Public banking revenue and product revenue contributed $230,697 and $32,200, respectively. This consistent revenue growth demonstrates Cryo-Cell International's ability to attract and retain customers in the highly competitive stem cell preservation industry.
Financial Overview
Cryo-Cell International's balance sheet as of February 28, 2023, showcases the company's strong financial position. The company's total assets amount to $66.1 million, indicating a healthy financial foundation. Current assets, including cash and cash equivalents, marketable securities, accounts receivable, and prepaid expenses, totaled $10.6 million. Additionally, Cryo-Cell International holds $14.4 million in property and equipment-net, supporting its operational capabilities.
On the liabilities side, the company's total liabilities stand at $66.8 million. Current liabilities, which include accounts payable, accrued expenses, and deferred revenue, amount to $18.9 million. Cryo-Cell International's stockholders' deficit for the period is $687,517, reflecting the accumulated losses and treasury stock purchases.
Cryo-Cell International's first-quarter financial report demonstrates a solid performance, with a net income of $766,812 and revenue of $7.8 million. The company's ability to maintain profitability and achieve revenue growth reflects its position as a leader in the stem cell preservation industry. With a strong financial foundation and a focus on innovation and customer satisfaction, Cryo-Cell International is poised for continued success in the future.