OLDSMAR, Fla. - Cryo-Cell International, Inc. (NYSE American LLC Symbol: CCEL), known for being the first private cord blood bank to separate and store stem cells, has declared a quarterly cash dividend of $0.25 per share. The dividend will be payable to shareholders of record as of November 15, 2024, with the payment date set for November 29, 2024.
The company's Board of Directors has communicated that they will regularly review the dividend policy, taking into account the company’s financial performance and capital needs. It has been indicated that future dividends could vary, and there is no guarantee of ongoing dividend payments.
David Portnoy, Cryo-Cell’s Chairman of the Board and Co-CEO, remarked on the announcement, emphasizing that this decision aligns with the company's strategy to enhance shareholder value. He also noted that it would not interfere with the company's consideration of strategic alternatives.
Cryo-Cell International was established in 1989 and has since been a pioneer in the field of cord blood banking. With over 500,000 families across 87 countries trusting Cryo-Cell with their baby’s cord blood and tissue stem cells, the company has made significant strides in the industry. It also has a public banking program in partnership with Duke University and has supported over 600 transplantations.
The company's facilities adhere to rigorous standards, being FDA registered, cGMP-/cGTP-compliant, and AABB accredited. Cryo-Cell also boasts the exclusive rights to PrepaCyte-CB, a highly advanced cord blood processing technology.
The mission of Cryo-Cell International is to offer top-tier cryopreservation services for cord blood and tissue, develop cellular therapies to improve patient lives globally, and provide cost-effective biostorage solutions.
This announcement is based on a press release statement from Cryo-Cell International, Inc.
In other recent news, Cryo-Cell International Inc., a leader in cryopreservation services, has scheduled its 2024 Annual Meeting of Stockholders for October 29, 2024. The company confirmed in a recent SEC filing that stockholders eligible to receive notice and vote at the meeting must be on record by September 20, 2024. The filing also detailed the procedures for stockholders wishing to propose business or nominate directors at the Annual Meeting.
As per Cryo-Cell's bylaws, stockholders are required to submit the necessary notice within ten calendar days following the public disclosure of the Annual Meeting date. This announcement is a standard aspect of corporate governance, facilitating shareholder engagement with company management on key decisions, including board member elections and other corporate affairs.
Further, Cryo-Cell's Board of Directors has made accessible an updated copy of the company's bylaws, as per the Current Report on Form 8-K filed with the United States Securities and Exchange Commission on December 11, 2018. These are among the recent developments for Cryo-Cell.
InvestingPro Insights
While Cryo-Cell International, Inc. (NYSE American LLC Symbol: CCEL) has announced a quarterly cash dividend, recent InvestingPro data reveals a more complex financial picture. The company's market capitalization stands at $46.92 million, reflecting its position in the specialized healthcare sector.
An InvestingPro Tip indicates that management has been aggressively buying back shares, which could be seen as a vote of confidence in the company's future prospects. This aligns with the board's decision to pay a dividend, both actions potentially aimed at enhancing shareholder value as mentioned by David Portnoy.
However, it's worth noting that CCEL's revenue for the last twelve months as of Q3 2024 was $31.84 million, with a modest revenue growth of 1.95% over the same period. This relatively slow growth may explain why the company is exploring strategic alternatives alongside its dividend policy.
Another InvestingPro Tip suggests that net income is expected to grow this year, which could provide support for the newly announced dividend. Investors should be aware that there are 7 additional InvestingPro Tips available, offering a more comprehensive analysis of CCEL's financial health and market position.
For those interested in a deeper dive into Cryo-Cell's financials and future outlook, InvestingPro offers a wealth of additional insights and data points to inform investment decisions.
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