Full Press Release Details
First Quarter 2022 Results
NASHVILLE, Tennessee,
May 5, 2022, - Cryoport, Inc. (NASDAQ: CYRX) ("Cryoport" or the "Company"), a global leader in temperature-controlled
supply chain solutions for the life sciences industry, today announced financial results for the three months ended March 31, 2022.
CEO of Cryoport, commented, "Overall, our businesses performed well in the first quarter although revenue was adversely impacted
by approximately $9.4 million from the previously disclosed fire at our New Prague, MN manufacturing plant. We believe the impact was
isolated to the first quarter of 2022 and we intend to recapture the revenue throughout the remainder of 2022. Production at the New
Prague manufacturing operation has returned to full capacity and the demand for cryogenic equipment and systems continues to be very
strong. Consequently, we will be expanding our overall manufacturing capacities to meet the demand for our market-leading products and
continue to execute at a very high level. Biopharma/Pharma revenue was $43.0 million for the first quarter of 2022 compared to $42.4
million for the first quarter of 2021. Revenue from commercial therapies for the quarter grew 53.5% to a record $3.9 million and we grew
our overall pipeline of business. We now support a record 609 clinical trials in regenerative medicine, with 277 of those trials in Phase
2 and 81 trials in the pivotal Phase 3. Overall, revenue growth in the Biopharma/Pharma market was driven by our support of global clinical
trials and commercially launched therapies as well as our supply chain and biostorage services. Revenue in this market was adversely
impacted by approximately $6.7 million from the fire at our New Prague manufacturing plant.
demand, which is primarily driven by protein production, was strong for both products and services. However, revenue decreased 24% to
$6.8 million for the first quarter of 2022 due to the aforementioned fire at our New Prague manufacturing plant which was adversely impacted
by approximately $2.4 million.
continued to grow in the Reproductive Medicine market as IVF technologies continue to become more commonly available. As a result, our
revenue increased by 32% to $2.5 million for the first quarter of 2022. CryoStork logistics solutions and cryogenic shipper
products drove this strong demand; however, this market was also adversely impacted by the fire at our New Prague manufacturing plant
by approximately $0.3 million.
closed the first quarter with approximately $600 million in cash and cash equivalents and short-term investments, strengthened our position
in the high growth APAC and EMEA regions through the acquisition of Cell&Co BioServices in France, and continue to rapidly expand
our footprint and services with the grand openings of the first two of our new Global Supply Chain Centers next month, which is the beginning
of our new Global Supply Chain Center Network, to include comprehensive Good Manufacturing Practice (GMP) Bioservices."
Shelton concluded, "We believe our long-term growth prospects for Cryoport are excellent as we continue to build out a premier
comprehensive supply chain company serving the life sciences industry. Our outlook for the remainder of the year is solid. We expect
full year revenue for 2022 to be between $260 to $265 million, representing a 17% to 19% increase over 2021 revenue."
tabular form, revenue by market for the three months ended March 31, 2022, as compared to the same period in 2021 was as follows:
| Cryoport, Inc. and Subsidiaries | ||||||||||||
| Total revenues by market | ||||||||||||
| (unaudited) | ||||||||||||
| Three Months Ended March 31, | ||||||||||||
| (in thousands) | 2022 | 2021 | % Change | |||||||||
| Biopharma/Pharma | $ | 43,011 | $ | 42,393 | 1 | % | ||||||
| Animal Health | 6,794 | 8,997 | -24 | % | ||||||||
| Reproductive Medicine | 2,497 | 1,894 | 32 | % | ||||||||
| Total revenues | $ | 52,302 | $ | 53,284 | -2 | % | ||||||
| Note: Q1-2022 revenue was negatively impacted by approximately $9.4 million from the previously disclosed fire at our New Prague manufacturing plant. |
Biopharma/Pharma revenue increased by $0.6 million, or 1%, to $43.0 million for the first quarter of 2022 compared to $42.4 million for
the first quarter of 2021, driven by strong revenue growth from our support of commercial therapies of 53.5%, however partially offset
by the adverse impact of the New Prague fire of approximately $6.7 million.
of March 31, 2022, the Company supported nine (9) commercial therapies and a net total of 609 clinical trials, a net increase of 66 clinical
trials over first quarter 2021 and an increase of seven (7) clinical trials from year-end 2021. Enveloped in these trials are revolutionary
advances in developing new therapies; for example, the positive findings for engineered natural killer cells. The number of trials in
Phase 3 we support grew to 81 as of the end of the first quarter further signaling the maturing of our pipeline of clinical trials. The
number of trials by phase and region are as follows:
| Cryoport Supported Clinical Trials by Phase | ||||||||||||
| March 31, | ||||||||||||
| Clinical Trials | 2020 | 2021 | 2022 | |||||||||
| Phase 1 | 195 | 222 | 251 | |||||||||
| Phase 2 | 208 | 252 | 277 | |||||||||
| Phase 3 | 62 | 69 | 81 | |||||||||
| Total | 465 | 543 | 609 |
| Cryoport Supported Clinical Trials by Region | ||||||||||||
| March 31, | ||||||||||||
| Clinical Trials | 2020 | 2021 | 2022 | |||||||||
| Americas | 384 | 429 | 477 | |||||||||
| EMEA | 65 | 86 | 99 | |||||||||
| APAC | 16 | 28 | 33 | |||||||||
| Total | 465 | 543 | 609 |
the first quarter of 2022, Gilead's Yescarta was approved by the FDA as a second line treatment for relapsed/refractory
large B-cell lymphoma, Bristol Myers' Breyanzi received approval in the EU for the third line treatment of relapsed/refractory
large B-cell lymphoma, and Legend/Janssen received approval for Carvykti in the EU for a fifth line treatment of multiple myeloma.
A total of two (2) Cryoport supported Biologic License Applications (BLAs) or Marketing Authorization Applications (MAAs) were filed
in first quarter 2022. During the remainder of 2022, we anticipate up to an additional 15 filings, three (3) new therapy approvals, and
an additional seven (7) label or geographic expansion approvals. Also, we are now forecasting a combined total of 20 BLA or MAA filings
in 2023, up from our previous estimate of 12.
All reconciliations of GAAP to adjusted (non-GAAP) figures above are detailed in the reconciliation tables included later in the press
Company is providing full year 2022 revenue guidance of $260 - $265 million which represents an increase of approximately 17% to 19%
over 2021 revenue. The company expects that revenue will primarily be driven by the record backlog for cryogenic freezer and shipper
systems and solutions, growth from our support of clinical trials and commercially launched therapies from our cell the gene therapy
clients, growth in temperature-controlled logistics and transport and the expanded client utilization of our new and expanding biostorage
Company's guidance is dependent on its current business and expectations, which may be impacted by, among other things, factors
that our outside of our control, such as the ongoing and prolonged COVID-19 pandemic, supply chain constraints and inflationary pressures,
as well as the other factors described in the Company's filings with the Securities and Exchange Commission ("SEC"),
including its Annual Report on Form 10-K for the year ended December 31, 2021 and in its subsequent filings with the SEC.
information on Cryoport's financial results is included in the attached condensed consolidated balance sheets and statements of
operations, and additional explanations of Cryoport's financial performance are provided in the Company's quarterly report
on Form 10-Q for the three months ended March 31, 2022, which is expected to be filed with the SEC on May 5, 2022. Additionally, the
full report is available in the SEC Filings section of the Investor Relations section of Cryoport's website at www.cryoport.com.
Conference Call Information
INFORMATION: A document titled "Cryoport First Quarter 2022 In Review", providing a review of Cryoport's recent
financial and operational performance and a general business update, will be issued at 4:05 p.m. EDT on Thursday, May 5, 2022. The document
is designed to be read by investors before the questions and answers conference call and will be accessible at: http://ir.cryoport.com/events-and-presentations.
management will host a conference call at 5:00 p.m. EDT on May 5, 2022. The conference call will be in the format of a questions and
answers session and will address any queries investors have regarding the Company's reported results. A slide deck will accompany
| Date: | May 5, 2022 |
| Time: | 5:00 p.m. EDT |
| Dial-in numbers: | 1-855-327-6837 (U.S.), 1-631-891-4304 (International) |
| Confirmation code: | Request the "Cryoport Call" |
| Live webcast: | Investor Relations' section at www.cryoport.com or click here . Please allow 10 minutes prior to the call to visit this site to download and install any necessary audio software. |
and answers will be recorded and available approximately three hours after completion of the live event on the Investor Relations section
of the Company's website at www.cryoport.com for a limited time. To access the replay of the questions and answers, please follow
this link. A dial-in replay of the call will also be available to those interested, until 11:59 p.m. ET on May 12, 2022. To access
the replay, dial +1 844-512-2921 (United States) or +1 412-317-6671 (International) and enter replay pin number: 10018752.
Inc. (Nasdaq: CYRX), headquartered in Nashville, TN, is a global leader in temperature-controlled supply chain solutions for the life
sciences industry supporting life-saving cell and gene therapies across the clinical and commercial spectrum. With 35 strategic locations
covering the Americas, EMEA (Europe, the Middle East and Africa) and APAC (Asia Pacific), Cryoport's global platform provides mission-critical
solutions, services, and products to Biopharma, Animal Health, and Reproductive Medicine customers worldwide. In addition to its standard
setting supply chain solutions, Cryoport is the world's largest manufacturer of cryogenic systems and one of the largest life science
focused specialty couriers.
more information, visit www.cryoport.com or follow @cryoport on Twitter at www.twitter.com/cryoport for live updates.
in this press release which are not purely historical, including statements regarding the Company'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. These forward-looking statements include, but are not limited to, those related
to the Company's industry, business, long-term growth prospects, plans, strategy, acquisitions, future financial results and financial
condition, such as the Company's outlook and guidance for full year 2022 revenue and the related factors expected to drive revenue,
projected trends in the markets in which the Company operates, the Company's expectations relating to the fire at its New Prague
manufacturing plant, including its belief that the revenue impact from the fire was isolated to the first quarter of 2022 and its expectation
to recapture lost revenue from the fire during the first quarter through the remainder of 2022, the Company's intention to expand
overall manufacturing capacities, the Company's repurchases of shares of its common stock, and regulatory approvals with respect
to the products of the Company's clients. 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, including as a result of the COVID-19
pandemic and its variants, 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
discussed in the Company's Securities and Exchange Commission ("SEC") reports including, but not limited to, the Company's
Annual Report on Form 10-K for the year ended December 31, 2021, and any subsequent filings with the SEC. The forward-looking statements
contained in this press release speak only as of the date hereof and the Company cautions investors not to place undue reliance on these
forward-looking statements. Except as required by law, the Company disclaims any obligation, and does not undertake to update or revise
any forward-looking statements in this press release.
Strategic Communication
| Cryoport, Inc. and Subsidiaries | ||||||||
| Condensed Consolidated Statements of Operations | ||||||||
| (unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| (in thousands, except share and per share data) | 2022 | 2021 | ||||||
| Revenues: | ||||||||
| Services revenues | $ | 32,910 | $ | 26,765 | ||||
| Product revenues | 19,392 | 26,519 | ||||||
| Total revenues | 52,302 | 53,284 | ||||||
| Cost of revenues: | ||||||||
| Cost of services revenues | 18,718 | 15,552 | ||||||
| Cost of product revenues | 11,243 | 13,182 | ||||||
| Total cost of revenues | 29,961 | 28,734 | ||||||
| Gross Margin | 22,341 | 24,550 | ||||||
| Operating costs and expenses: | ||||||||
| Selling, general and administrative | 26,622 | 21,388 | ||||||
| Engineering and development | 3,538 | 4,304 | ||||||
| Total operating costs and expenses: | 30,160 | 25,692 | ||||||
| Loss from operations | (7,819 | ) | (1,142 | ) | ||||
| Other income (expense): | ||||||||
| Investment income | 1,264 | 398 | ||||||
| Interest expense | (1,491 | ) | (1,210 | ) | ||||
| Other expense, net | (5,017 | ) | (535 | ) | ||||
| Loss before provision for income taxes | (13,063 | ) | (2,489 | ) | ||||
| (Provision for) benefit from income taxes | (341 | ) | (1,038 | ) | ||||
| Net loss | $ | (13,404 | ) | $ | (3,527 | ) | ||
| Paid-in-kind dividend on Series C convertible preferred stock | (2,000 | ) | (2,196 | ) | ||||
| Net loss attributable to common stockholders | $ | (15,404 | ) | $ | (5,723 | ) | ||
| Net loss per share attributable to common stockholders - basic and diluted | $ | (0.31 | ) | $ | (0.13 | ) | ||
| Weighted average common shares outstanding - basic and diluted | 49,660,579 | 43,804,483 |