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7096 東証グロース(サービス業)




(公開日 2021.06.29)


StemCell(7096 TSE Growth)

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Engaged in the “cell banking business,” a cord blood separation and storage service aimed at individuals

Provider of Cord Blood Separation and Storage Service
StemCell Institute is a private cord blood bank that separates and stores “cord blood,” which is the blood of a newborn baby that remains in the placenta, as well as the “umbilical cord.” The company is a consolidated subsidiary of Nihon Trim (6788 TSE First Section).

A public cord blood bank stores cord blood for third-party patients that need transplant surgery due to leukemia and other diseases. On the other hand, a private cord blood bank is a counterparty at which the parents of a newborn baby pay a fee to deposit cord blood, anticipating the possibility of utilizing it in cases when the newborn baby or his/her siblings need to receive some kind of treatment (mainly regenerative medicine for cerebral palsy, autism, etc.) in the future.

As of the end of April 2021, there were 16 cases in which the company handed over the stored cord blood to customers for use in regenerative medicine, etc. (including clinical trial applications) and 95 cases for it being used in research (examination of treatment effects on model mice, etc.). Treatments using cord blood are currently under clinical research in Japan and abroad as regenerative medicine/cell treatments for children’s central nervous system diseases (hypoxic-ischemic encephalopathy and cerebral palsy) and autistic spectrum disorders, etc. that presently do not have sufficient treatment methods.

Business Feature that Accumulation of Flow-Type Revenue Leads to Growth of Stock-Type Revenue
The business model of the company is to receive cord blood separation fees, examination fees, registration fees, cell storage fees, etc. from customers, and store the cord blood for future use by customers. In the fiscal year ended March 2020, technical fees comprised of separation fees, examination fees and registration fees accounted for 79.9% of net sales, annual storage fees for 15.8% and others, including renewal fees upon contract renewal, for 4.3%.

While the technical fee is a flow-type revenue, the storage fee is basically a stock-type revenue. The feature of the company’s business is that accumulation of flow-type revenue, which is the separation of cord blood, leads to the growth of stock-type revenue, which is the storage fee. As customers have the three choices of storage periods of one year, ten years or twenty years, it should be noted that not all storage fees can be deemed to be long-term revenue.













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