Cordlife Group, the stem cord bank, reported that earnings for the full year ended 30 June 2014 (FY2014) more than doubled to $30.4 million from a year ago (FY2013).
Cordlife said the increase came on the back of strong revenue growth, healthy margins, a $1.2 million increase in other operating income, a $18.7 million fair value gain on financial asset and a gain on transfer of investment in associate to financial asset of $6.3 million.
Revenue grew 41.5%, up from $34.7 million to $49.1 million in FY2014 due to increased client deliveries from the Philippines, India and Indonesia.
Separately, Cordlife also announced it was acquiring China Cord Blood Corporation convertible notes for US$44 million.
The acquisition will enable Cordlife to raise its interest in China’s largest cord blood banking operator to 17.79%.
The notes will also provide Cordlife with steady source of income from recurring annual coupon payments of US$1.75 million up to maturity point.
Finally, the stake in CCBC will strengthen access to the growing Chinese market with high entry barriers, where only one licensed cord blood banking operator is permitted to operate in each licensed region of China.
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