SAN BRUNO, Calif., March 10 /PRNewswire/ -- Cord Blood Registry (CBR), the world's leading newborn stem cell bank, today announced record revenue and accelerated growth for the year ended December 31, 2004.
For the fourth quarter of 2004, CBR reported:
-- Enrollment growth of 147% above the level achieved in the same period of 2003
-- Revenue growth of 93.5% compared to revenue for the same period in 2003
"CBR has experienced a year of explosive growth," said Johnnie Domingue, Cord Blood Registry's VP, COO, and CFO. "The number of client samples processed has increased more than 150% over this time last year. The fact that we have a strong asset base, profitable operations, and no outstanding debt clearly demonstrates our financial stability, which provides our clients with confidence in their long-term commitment."
For the 12 months ended December 31, 2004, revenues increased by 67% compared to revenue for the same period in 2003, and enrollments increased by 78% compared to the same period in 2003. As of December 31, 2004, CBR had $25 million in cash and investments with no long-term debt.
Highlights in 2004 also include CBR's sixth consecutive year of profitability and positive cash flow from operating activities, and the purchase of an 80,000-square-foot processing and storage facility in Tucson, AZ.
CBR currently preserves over 290,000 newborn stem cell units for clients in its state-of-the-art Tucson laboratory and has provided more cord blood samples to leading transplant physicians and medical centers than all other family cord blood banks combined. CBR has released 36 samples for use in transplant, eight of which were released in the last 12 months.
Collected immediately after birth, newborn stem cells are derived from the blood remaining in the umbilical cord. Stem cells are currently used to treat 75 life-threatening illnesses such as cancer, leukemia, sickle cell anemia, and other serious blood and immune disorders. Recent scientific discoveries and emerging uses for stem cells are compelling an increasing number of families to invest in preserving newborn stem cells as a type of "biological insurance." Studies have shown that survival rates can more than double when genetically related newborn stem cells are used for patients compared to unrelated newborn stem cells.
"The reality is that we truly are a bank, and our clients rely on our quality, experience, and long-term fiscal management," said Stephen Grant, Vice President and Co-founder of CBR. "The difference with CBR is that while money is replaceable, the life of a loved one is not. And unfortunately, there is only one chance to collect and save these priceless cells."
About Cord Blood Registry
Cord Blood Registry is a registered trademark of Cbr Systems, Inc., the leader in newborn stem cell processing and cryopreservation for familial use in transplantation and regenerative medicine. The 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 potential to repair damaged or diseased tissues with little risk of rejection and increased long-term survival. The company's research and development is focused on advancing the collection, processing, and storage methods to optimize quality and cell yield. Additionally, CBR facilitates collection of donated research samples, available for the nearly 200 research programs worldwide that are focused on stem cell expansion and cell-based therapies. For more information, visit http://www.cordblood.com/ or call 1-888-CORD BLOOD (1-888-267-3256).
Media Relations Contact: Rita Kennen, Cord Blood Registry, 1-800-588-6377, Ext. 239 rkennen@cordblood.com
Website Media Resources:
http://www.cordblood.com/cord_blood_news/media/index.asp
Cbr Systems, Inc.CONTACT: press, Rita Kennen of Cord Blood Registry, 800-588-6377,ext. 239, or rkennen@cordblood.com
Web site: http://www.cordblood.com/