A specialized cryopreservation provider offering critical cell storage solutions to biotech and pharma clients while managing significant leverage and operating losses.
The company maintains stable revenue growth over the last five years despite macroeconomic headwinds, suggesting resilient demand from the biotech sector for essential cryopreservation services. Positive operating cash flow of $5.5M indicates underlying business viability and potential for turnaround if management can reduce the substantial general and administrative expense burden.
Investors should avoid the stock due to a negative shareholders' equity of -$18.6M and a retained earnings deficit of -$38.4M, signaling severe financial distress and limited buffer against further losses. The company has utilized significant financing cash flows for revolver repayments and other obligations, leaving minimal cash on hand relative to total liabilities.
CCEL provides cryopreservation services and specialized storage solutions primarily to biotechnology and pharmaceutical companies requiring long-term cell line maintenance. The company operates within the life sciences sector, serving research institutions and contract development organizations with its proprietary freezing technology and secure infrastructure. Revenue streams are derived from service contracts, equipment sales, and potentially licensing of intellectual property related to cryopreservation methods.
While revenue remained stable around $32M with a slight dip in 2025, the company reported a net loss of $2.4M driven by elevated general and administrative expenses exceeding $18M. Cash flow from operations was positive at $5.5M, yet the company consumed significant cash for financing activities including debt repayments totaling $10M, resulting in a net decrease in cash reserves.
The cryopreservation industry is critical to the biotechnology supply chain, supporting cell therapy development and gene therapy research by ensuring sample integrity over extended periods. Growth in this sector is tied directly to the expansion of the biotech pipeline, though profitability remains challenging for smaller specialized players facing high fixed infrastructure costs.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $30.3M | $31.3M | $32.0M | $31.6M |
| Cost of Revenue | $8.8M | $8.4M | $7.9M | $7.4M |
| Gross Profit | $21.5M | $22.9M | $24.0M | $24.2M |
| Operating Expenses | $17.5M | $35.2M | $20.6M | $23.7M |
| Operating Income | $4.0M | $-12.3M | $3.5M | $482.4K |
| R&D | $384.8K | $1.2M | $1.2M | $376.3K |
| G&A | $15.6M | $17.1M | $18.5M | $18.2M |
| Stock-Based Comp | $461.3K | $816.6K | $781.1K | $417.1K |
| D&A | $1.5M | $1.4M | $693.8K | $985.2K |
| Depreciation | $333.0K | $326.0K | $626.0K | $927.0K |
| Amortization | $96.0K | $96.0K | $68.0K | $58.0K |
| Other OpEx | $1.6M | $16.9M | $794.3K | $5.1M |
| Non-Operating Income | $-705.5K | $-1.1M | $-676.2K | $-2.8M |
| Interest Expense | $1.5M | $1.2M | $1.9M | $2.1M |
| Pre-Tax Income | $3.3M | $-13.4M | $2.8M | $-2.3M |
| Income Tax | $547.5K | $-3.8M | $2.4M | $92.2K |
| Continuing Ops | $2.8M | $-9.5M | $402.1K | $-2.4M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $2.8M | $-9.5M | $402.1K | $-2.4M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $2.8M | $-9.5M | $402.1K | $-2.4M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $9.6M | $9.5M | $12.6M | $11.8M |
| Cash & Equivalents | $1.7M | $406.1K | $561.0K | $319.0K |
| Marketable Securities | $17.6K | $574.2K | $2.9M | $3.0M |
| Accounts Receivable | $6.0M | $6.6M | $7.3M | $6.8M |
| Inventory | $851.2K | $768.9K | $657.7K | $408.8K |
| Other Current Assets | $993.4K | $1.1M | $1.1M | $1.2M |
| Long-Term Assets | $55.3M | $51.8M | $52.1M | $50.0M |
| PP&E (Net) | $13.6M | $21.0M | $21.9M | $21.0M |
| Intangibles | $1.5M | $989.1K | $921.3K | $863.1K |
| Goodwill | $1.9M | $1.9M | $1.9M | $1.9M |
| Operating Leases | $606.0K | $1.0M | $806.3K | $819.6K |
| Other LT Assets | $37.7M | $26.8M | $26.6M | $25.3M |
| Total Assets | $64.9M | $61.2M | $64.7M | $61.7M |
| Current Liabilities | $19.5M | $20.9M | $21.6M | $19.8M |
| Accounts Payable | $1.6M | $3.2M | $1.9M | $2.9M |
| Current Leases | $297.7K | $225.7K | $428.3K | $430.2K |
| Deferred Revenue | $9.6M | $9.7M | $9.8M | $9.7M |
| Other Current Liab | $4.4M | $2.6M | $3.7M | $2.5M |
| Long-Term Liabilities | $46.9M | $51.4M | $56.3M | $60.5M |
| LT Operating Leases | $313.3K | $851.9K | $505.1K | $474.6K |
| Other LT Liab | $8.3M | $8.1M | $5.7M | $6.8M |
| Total Liabilities | $66.4M | $72.3M | $77.9M | $80.3M |
| Shareholders' Equity | $-1.5M | $-11.0M | $-13.2M | $-18.6M |
| Retained Earnings | $-21.6M | $-31.2M | $-32.8M | $-38.4M |
| Treasury Stock | $22.6M | $23.4M | $24.9M | $25.0M |
| Total L&E | $64.9M | $61.2M | $64.7M | $61.7M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $2.8M | $-9.5M | $402.1K | $-2.4M |
| Non-Cash Adjustments | $-438.3K | $9.9M | $-1.5M | $4.0M |
| Working Capital Changes | $6.2M | $8.5M | $7.1M | $3.9M |
| Cash from Operations | $8.6M | $8.9M | $6.0M | $5.5M |
| Capital Expenditures | $12.2M | $6.8M | $2.4M | $230.5K |
| Cash from Investing | $-15.3M | $-8.1M | $-4.9M | $-975.3K |
| Share Buybacks | $1.8M | $799.0K | $1.4M | $169.5K |
| Dividends Paid | $7.7M | $0 | $2.0M | $3.2M |
| Cash from Financing | $147.9K | $-2.1M | $-979.1K | $-4.7M |
| FX Effect | $0 | $0 | $0 | $0 |
| Net Change in Cash | $-6.6M | $-1.3M | $154.9K | $-241.9K |
| Beginning Cash | $8.3M | $1.7M | $406.1K | $561.0K |
| Ending Cash | $1.7M | $406.1K | $561.0K | $319.0K |
Core revenue is generated through contract-based cryopreservation services for cell lines used in drug development, supplemented by sales of specialized freezing equipment and consumables.
Significant negative operating cash flow and deep accumulated deficit indicating potential liquidity constraints, high level of debt relative to equity creating refinancing risk, volatile net income turning negative recently despite steady revenue growth, and exposure to biotech sector funding cycles affecting contract renewals.
Proprietary ultra-low temperature storage technology ensuring long-term cell viability, strong relationships with niche biotech clients requiring high-fidelity preservation, and a robust network of secure global facilities.
Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.