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Cryo-Cell International Inc. generated $4.5 million in revenue in the third quarter of the 2010 fiscal year, down slightly from the $4.6 million earned a year ago. But profits shot up — from $432,000 last year, to $2.3 million this year.
The increase in net income resulted largely from a 12% decrease in the cost of sales, the company said in a release.
The company's latest performance gives it roughly $3 million in year-to-date profits. Cryo-Cell is in a strong capital position as well, with roughly $9 million in cash and cash equivalents, and no long-term debt on the balance sheet.
“Strategically and operationally, Cryo-Cell is perhaps at one of the strongest positions in our corporate history,” said CEO Mercedes Walton of the company's latest achievements.
Cryo-Cell International is one of the world's largest family cord blood banks. It generates revenue from processing and storage operations, as well as licensing fees. The company is based in Oldsmar.
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