Cryo-Save Group N.V.: Trading Update Q1 - Headwind in Southern Europe
(Thomson Reuters ONE) -
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."
Click here for full PDF press release:
http://hugin.info/143308/R/1609344/511061.pdf
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Source: Cryo-Save Group N.V. via Thomson Reuters ONE
[HUG#1609344]
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