CellSource Shares Drop 7% After Cutting Fiscal 2024 Financial Forecasts

MT Newswires Live

Sep 13, 2024

CellSource (TYO:4880) has cut its financial results forecasts for the fiscal year ending Oct. 31, due to a reduction in the number of contracts for its stem cell and blood-derived product services.

CellSource's shares dropped nearly 7% in early trade.

According to its Thursday filing, the company now anticipates net sales of 4.37 billion yen from 5.37 billion yen initially and attributable profit of 417 million yen or 21.11 yen per share from 719 million yen or 36.43 yen per share previously, according to its Thursday filing.

Despite an increase in non-operating income from a government subsidy, the decrease in contracts from medical institutions specializing in self-funded treatments has led to a downward revision of earnings.

Price (JPY): $1289.00, Change: $-92, Percent Change: -6.66%

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