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ViaCell: sales of ViaCord product up 25%
By Lisa Kerner
Charlotte, N.C., Nov. 2 - ViaCell, Inc. reported total revenues of $14.7 million for the third quarter of 2006 compared to $11.7 million for the same period in 2005.
The company said sales of ViaCord for the preservation of umbilical cord blood generated revenues of $14.5 million in the quarter, a 25% increase over the $11.6 million reported in the same period in 2005.
"We are seeing the results from our investments in ViaCord," president and chief executive officer Marc D. Beer said in a company news release.
"The awareness and acceptance of cord blood preservation continues to grow, particularly in areas where we have a sales presence."
Total operating expenses rose in the third quarter to $19.9 million, from $15.7 million for the same period in 2005.
ViaCell said its research and development expenses for the period were up slightly from the prior year period to $3.6 million, from $3.3 million.
Sales and marketing expenses also increased to $9.9 million in the third-quarter 2006, from $6.3 million in the third-quarter 2005.
The company had a net loss for the third quarter of $4.5 million, or $0.12 per share, compared to a net loss of $3.6 million, or $0.09 per share, for the corresponding period in 2005.
As of Sept. 30, ViaCell had $52.1 million in cash, cash equivalents and investments, compared to $56.7 million at June 30, 2006 and $60.5 million at Dec. 31, 2005.
ViaCell reiterated its financial guidance for 2006, with ViaCord sales expected to grow more than 20%. The company said it increased its sales and marketing expenses to drive sales growth, expecting to spend approximately $10.0 million.
ViaCell is a biotechnology company based in Cambridge, Mass.
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