Cellular Dynamics posts 4Q loss

Special to The Freeman

March 11, 2014

MADISON Cellular Dynamics International Inc. on Monday reported a fourth-quarter loss of $6.7 million, or 43 cents a share, from $5.8 million, or $3.35, a year ago.

CDI, a Madison-based maker of fully functioning cells, said revenue rose 41 percent to $4.2 million from $2.9 million.

"We continue to be pleased with the revenue growth of the company. Total revenues for the fiscal year ended Dec. 31, 2013, increased 81 percent when compared to last year, and average sales to our top-10 customers increased by 87 percent over the same period," said Bob Palay, chairman and CEO of CDI. A growing number of pharmaceutical, biotech and CRO companies are adopting CDI's products for their research programs.

CDI sold its cells to 150 customers last year, up from 128 a year earlier, according to a statement. Additionally, the company generated more than $2 million of revenue from pharmaceutical company Eli Lilly in 2013.

"We believe these results add to the growing evidence that our iCell and MyCell products are becoming an industry standard for manufactured human cells," Palay said.