Continued Market Share Increase Combined with Significant Operating Efficiencies Lead to Jump in Earnings
SAN BRUNO, Calif., June 11 /PRNewswire/ -- Cord Blood Registry (CBR), the global leader in the collection and preservation of newborn stem cells from umbilical cord blood, reported solid revenue growth in first quarter 2009, up nearly 20 percent compared to first quarter 2008. Earnings for the quarter showed even stronger gains due to increases in both volume and market share coupled with more efficient operations.
"Despite a minor impact from the current state of the economy, our business has continued to increase and our financial position is extremely strong," said Tom Moore, chief executive officer. "We anticipate that we'll see accelerated growth through the year as the economy recovers."
The company points to the industry-leading quality of its product and extremely high customer satisfaction as two key factors that have helped drive the company's growth in market share during the past five quarters from about 40 percent to near 50 percent.
"Cord Blood Registry continues to lead the newborn stem cell banking industry through an intense focus on superior quality and customer service," said Moore. "We ask every parent who entrusts us with preserving their newborn's cord blood to give us a report card. We're extremely proud to maintain a satisfaction score above 99 percent, which we believe has helped drive our market share growth."
In addition, the company continues to realize the benefit of reinvesting earnings back into the business to further enhance operations at its wholly-owned, state-of-the-art laboratory facility and maintain the industry-leading quality of its product. This includes the company's complete conversion in 2008 to automated processing technology as part of its propriety CellAdvantage(R) system.
"Every parent who banks with CBR can expect that their newborn's stem cells will be individually transported via specialized courier service from time of birth to our laboratory in less than 22 hours on average. Once the cells arrive, our proprietary collection and automated processing system gives us the unique ability to recover and store more than 98 percent of the available stem cells, which is up to 60 percent more than others" said Johnnie Domingue, chief financial officer and chief operating officer. "We're not aware of any other stem cell bank in the world that can offer this level of service, quality and efficiency."
About Cord Blood Registry
Cord Blood Registry(R) (CBR(R)) is the world's largest stem cell bank, focused on the collection, processing and storage of newborn stem cells from umbilical cord blood and ensuring their viability for medical use. CBR is the most recommended family cord blood bank by obstetricians and was the first family bank accredited by AABB (formerly the American Association of Blood Banks). The company has been profitable and cash flow positive from operations on a cumulative basis since 1999. To date, CBR has processed and stored cord blood units for more than 275,000 newborns from around the world and has released more client cord blood units for specific therapeutic use than any other family cord blood bank. The company's research and development efforts are focused on helping the world's leading clinical researchers advance regenerative medical therapies using cord blood stem cells as well as enhancing its industry-leading technical innovations for stem cell collection, processing and storage that optimize quality and cell yield. For more information, visit www.CordBlood.com.
|SOURCE Cord Blood Registry|
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