Cord Blood narrows loss, posts higher revenue in third quarter
Losses continue at Cord Blood America but at a reduced rate.
During the third quarter, revenues rose 56 percent to $1.5 million, with the bulk of the gain coming from an acquisition in South America that did not figure into the results one year ago.
The net loss dropped to $979,000, or 1 cent a share, in the three months ended Sept. 30, from a net loss of $1.9 million, or
4 cents a share, a year earlier. According to the company's report, the smaller loss resulted partly from handling more work in house and replacing outside contractors.
The company tries to sell new parents on letting it process and store a child's umbilical cord blood in the hope that scientists will find cures to certain medical conditions using the stem cells in the blood. As such, Las Vegas economic development officials have promoted it as an example of diversifying the economy beyond gaming and construction since Cord Blood moved here in 2009 from Southern California.
Shares, which trade on the Over-the-Counter Bulletin Board, fell 0.14 cents Monday to close at 4 cents per share. Its 52-week high is 55 cents.
Contact reporter Tim O'Reiley at toreiley@reviewjournal.com or 702-387-5290.
