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Cryo-Save Group N.V. (Euronext: CRYO, 'Cryo-Save', or 'the Group'), the leading international stem cell storage company and the largest family stem cell bank in Europe, announces its trading update for the quarter ended 31 March 2012.
The results during the first quarter of 2012 have been impacted by the economic headwind, especially in Southern Europe. Austerity measures put in place by the Spanish and Italian governments in late 2011 and early 2012 affected consumer spending in Q1 2012 significantly.
Most other European countries showed stable results during the first quarter, while India and South Africa achieved higher storage numbers. Overall, Cryo-Save experienced lower storage and revenue figure, whilst operating expenses increased due to increased costs for Cryo-Lip®.
Cryo-Save is now focussing on restoring its market penetration in Southern Europe and improving its market share. Cost savings programmes are also being introduced. The impact of these actions and programmes is expected to show results in the second half of 2012.
Arnoud van Tulder, Chief Executive officer, commented:
"This was a challenging quarter for Cryo-Save. The market in Southern Europe weakened more than anticipated, and the situation in Southern Europe is not expected to change in the short term. We are actively addressing this with cost savings programmes and looking at opportunities to improve our market share.
"We are confident that these measures combined with our continued education campaign, demonstrating the value of storing stem cells at birth will result in an improved financial performance."
Source: Cryo-Save Group