Full Press Release Details
Cryoport Reports 50% Revenue
Growth for Fiscal Year 2016
Company is now supporting first
commercial biologic therapy and 78 clinical trials
IRVINE, CA - June 27, 2016 - Cryoport, Inc.
(NASDAQ: CYRX, CYRXW) ("Cryoport" or the "Company") today announced financial results for the three and
twelve-month periods ended March 31, 2016.
Commenting on the fourth quarter results,
Jerrell Shelton, Chief Executive Officer of Cryoport, stated, "We reported another record period of year-over-year revenue
growth and continued to build strong underlying momentum in our business as we entered our fiscal year 2017. This momentum is being
driven by investments we made in our sales and marketing programs, engineering, operations, client care and information systems
throughout fiscal year 2016. We continue to have a steady stream of new clients and potential new business opportunities across
our biopharma, human reproductive, and animal health segments. Initial revenue streams from our pipeline of new clients is just
starting to be reflected in our revenue due to many of these clients having long ramp times associated with their respective clinical
"The number of clinical trials we
support has now increased to 78, including 13 phase III trials, which is nearly 12% of the total global regenerative medicine market
in this space, and 19% of the phase III pipeline. We expect to see many of these programs increase in activity as they progress
through the clinical development stages, which, as they advance, usually requires higher patient enrollment targets, and then to
the commercial launch phase, which will lead to larger revenue streams for Cryoport. In fact, we are in preliminary commercial
launch discussions on multiple phase III programs at this time. In addition to our collective embedded growth opportunity from
other existing programs, some of our larger clients are also looking to expand their use of our temperature controlled logistics
solutions across a broader section of their products and therapies."
concluded by saying, "We recently entered into two important strategic relationships. The first is a strategic arrangement
with Worthington's CryoScience by Taylor Wharton Division that provides us the ability to rapidly scale to support our clients'
commercialization activities as they unfold. Our agreement also combines our engineering power and gives us access to innovative,
validated cryogenic storage vessels and equipment that add capabilities that will allow us to meet the demands of a more diverse
clientele through a broader offering which in turn, increases our revenue opportunities.
second strategic relationship is with Pacific Bio-Material Management. Under this arrangement, we began offering bio-storage and
fulfillment capabilities through a strategic partnership. These new service offerings are a natural extension of our existing business,
allowing us to better service our clients and strengthen our client relationships and provide our business with new revenue streams."
Reproductive Medicine (IVF)
Strategic Business Highlights:
Further information on Cryoport's
results are included on the attached unaudited condensed consolidated balance sheets and statements of operations, and a further
explanation of Cryoport's financial performance will be provided in Cryoport's annual report on Form 10-K for the fiscal
year ended March 31, 2016, which will be filed with the SEC on June 28, 2016. The full report will be available on the SEC Filings
section of the Investor Relations section of the Company's website at www.cryoport.com.
Cryoport will host a conference call at
4:30 p.m. EST on Monday, June 27, 2016, to review its financial results and business outlook. Participants should call 1-888-504-7963
(United States) or 1-719-325-2454 (International) and request the "Cryoport call." A live audio webcast of the call
will also be available on the Investor Relations section of the Company's website at www.cryoport.com. Please allow 10 minutes
prior to the call to visit this site to download and install any necessary audio software.
An archive of the webcast will be available
approximately two hours after completion of the live event and will be accessible on the Investor Relations section of the Company's
website at www.cryoport.com for a limited time. A dial-in replay of the call will also be available to those interested until July
4, 2016. To access the replay, dial 1-877-870-5176 (United States) or 1-858-384-5517 (International) and enter replay pin number:
About Cryoport, Inc.
Cryoport is the premier provider of cryogenic logistics solutions to the life sciences industry through its purpose-built proprietary
packaging, information technology and specialized cold chain logistics expertise. The Company provides leading edge logistics solutions
for biologic materials, such as immunotherapies, stem cells, CAR-T cells and reproductive cells for clients worldwide. Leading
global companies, such as FedEx, UPS and DHL have each separately selected Cryoport as the preferred cryogenic logistics provider
for time- and temperature-sensitive biological material. Cryoport actively supports points-of-care, CRO's, central laboratories,
pharmaceutical companies, contract manufacturers and university researchers. For more information, visit www.cryoport.com.
To download Cryoport's investor relations
app, which offers access to SEC documents, press releases, videos, audiocasts and more, please click to download from your iPhone
and iPad or Android mobile device.
Forward Looking Statements
Statements in this press release which are not purely historical, including statements regarding Cryoport, Inc.'s intentions,
hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995. It is important to note that the company's actual results
could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially
include, but are not limited to, risks and uncertainties associated with the effect of changing economic conditions, trends in
the products markets, variations in the company's cash flow, market acceptance risks, and technical development risks. The company's
business could be affected by a number of other factors, including the risk factors listed from time to time in the company's SEC
reports including, but not limited to, the annual report on Form 10-K for the year ended March 31, 2015. The company cautions investors
not to place undue reliance on the forward-looking statements contained in this press release. Cryoport, Inc. disclaims any obligation,
and does not undertake to update or revise any forward-looking statements in this press release
VP, Corporate Development
Cryoport Inc. and Subsidiary
Consolidated Statements of Operations
| Three Months Ended March 31, | Years Ended March 31, | |||||||||||||||
| 2016 | 2015 | 2016 | 2015 | |||||||||||||
| (unaudited) | ||||||||||||||||
| Revenues | $ | 1,555,545 | $ | 1,198,544 | $ | 5,882,199 | $ | 3,935,320 | ||||||||
| Cost of revenues | 973,738 | 828,465 | 3,991,885 | 2,766,391 | ||||||||||||
| Gross margin | 581,807 | 370,079 | 1,890,314 | 1,168,929 | ||||||||||||
| Operating costs and expenses: | ||||||||||||||||
| General and administrative | 1,814,421 | 1,011,920 | 5,925,171 | 3,497,230 | ||||||||||||
| Sales and marketing | 1,247,026 | 966,171 | 4,155,776 | 2,912,151 | ||||||||||||
| Research and development | 144,478 | 85,005 | 550,263 | 352,580 | ||||||||||||
| Total operating costs and expenses | 3,205,925 | 2,063,096 | 10,631,210 | 6,761,961 | ||||||||||||
| Loss from operations | (2,624,118 | ) | (1,693,017 | ) | (8,740,896 | ) | (5,593,032 | ) | ||||||||
| Other expense: | ||||||||||||||||
| Interest expense | (81,194 | ) | (242,678 | ) | (1,065,942 | ) | (1,428,015 | ) | ||||||||
| Other expense, net | (4,872 | ) | (1,437 | ) | (9,901 | ) | (4,266 | ) | ||||||||
| Loss before provision for income taxes | (2,710,184 | ) | (1,937,132 | ) | (9,816,739 | ) | (7,025,313 | ) | ||||||||
| Provision for income taxes | - | - | (3,625 | ) | (1,600 | ) | ||||||||||
| Net loss | (2,710,184 | ) | (1,937,132 | ) | (9,820,364 | ) | (7,026,913 | ) | ||||||||
| Preferred stock beneficial conversion charge | - | (1,902,569 | ) | (4,474,348 | ) | (4,864,292 | ) | |||||||||
| Undeclared cumulative preferred dividends | (75,460 | ) | (110,427 | ) | (762,727 | ) | (305,328 | ) | ||||||||
| Net loss attributable to common stockholders | $ | (2,785,644 | ) | $ | (3,950,128 | ) | $ | (15,057,439 | ) | $ | (12,196,533 | ) | ||||
| Net loss per share attributable to common stockholders - basic and diluted | $ | (0.26 | ) | $ | (0.79 | ) | $ | (2.05 | ) | $ | (2.44 | ) | ||||
| Weighted average shares outstanding - basic and diluted | 10,601,311 | 5,017,024 | 7,339,855 | 5,006,219 |
Cryoport Inc. and Subsidiary
Condensed Consolidated Balance Sheets
| March 31, | ||||||||
| 2016 | 2015 | |||||||
| (unaudited) | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 2,792,526 | $ | 1,405,186 | ||||
| Accounts receivable, net | 1,020,999 | 589,699 | ||||||
| Inventories | 69,801 | 69,680 | ||||||
| Prepaid expenses and other current assets | 248,729 | 97,337 | ||||||
| Total current assets | 4,132,055 | 2,161,902 | ||||||
| Property and equipment, net | 1,319,741 | 307,926 | ||||||
| Intangible assets, net | 8,581 | 136,821 | ||||||
| Deposits | 363,403 | - | ||||||
| Total assets | $ | 5,823,780 | $ | 2,606,649 | ||||
| Current liabilities: | ||||||||
| Accounts payable and other accrued expenses | $ | 1,271,926 | $ | 758,696 | ||||
| Accrued compensation and related expenses | 508,754 | 725,712 | ||||||
| Notes payable and accrued interest, net of discount | - | 535,507 | ||||||
| Related party notes payable and accrued interest, net of discount | 392,898 | 976,581 | ||||||
| Total current liabilities | 2,173,578 | 2,996,496 | ||||||
| Related party notes payable, net of current portion | 554,275 | 26,452 | ||||||
| Total liabilities | 2,727,853 | 3,022,948 | ||||||
| Total stockholders' equity (deficit) | 3,095,927 | (416,299 | ) | |||||
| Total liabilities and stockholders' equity (deficit) | $ | 5,823,780 | $ | 2,606,649 |