Full Press Release Details
Cryoport Reports First Quarter 2023 Results
Tennessee, May 4, 2023, - Cryoport, Inc. (NASDAQ: CYRX) ("Cryoport" or the "Company"), a leading global
provider of innovative temperature-controlled supply chain solutions for the life sciences, today announced financial results for the
three months ended March 31, 2023.
Jerrell Shelton, CEO of Cryoport,
commented, "We are pleased to report that we delivered record revenue of $62.8 million for the first quarter, representing top-line
growth of 20% or 23% in constant currency compared to the first quarter of last year. This quarterly performance was driven by solid
demand for our comprehensive set of products and services as we achieved double digit growth in each of our markets, Biopharma/Pharma,
Reproductive Medicine, and Animal Health.
"We saw solid growth in Biopharma/Pharma
with revenue increasing 19% year-over year. The Regenerative Medicine industry was one of the fastest growing therapeutic segments in
2022, with new innovative cell and gene therapies entering the market. This trend has continued in 2023 driving year-over-year growth
in revenue from commercial therapies by 28% for the first quarter. Patient demand continues to outpace commercial cell therapy supply;
however, biopharma companies and contract development and manufacturing organizations (CDMOs) are continuing to build out manufacturing
capacity to meet patient demand and the expected future demand for cell and gene therapies. This bodes well for Cryoport as we believe
that we are well positioned to support this expected growth with our advanced temperature-controlled supply chain solutions.
Health revenue for the quarter increased over 30% year-over-year. This was due to increases in our growing global population and its
demand for animal protein as well as the expanding ownership of companion animals in developing and emerging regions. Companion animals
are fueling the need for therapeutic innovation in this area to improve animals' lives. We are seeing increasing activity from
top global animal health pharmaceutical companies to meet this demand.
Medicine revenue was $2.8 million for the first quarter of 2023 with revenue increasing 13% year-over-year. Growth was primarily driven
by our continued progress in contracting with key reproductive clinic networks, as evidenced by our recent announcements regarding our
support of Boston IVF and Inception Fertility.
"Looking ahead, given the current
geopolitical instability and imbalance in the world economy, we remain committed to continuing our momentum throughout the remainder
of 2023. We expect to benefit from growth in all our markets and especially the dynamic cell and gene therapy industry where Cryoport
supports a total of 652 clinical trials globally with 82 of these in phase 3.
a leader in the development of advanced temperature-controlled supply chain solutions for the life sciences industry, we have recently
launched the Cryoportal v2 Logistics Management System. The Cryoportal v2 is the first and, to our knowledge,
the only ISPE GAMP 5.0 validated system
of its type to serve the life sciences and provides many new features and enhancements.
course, we have not stopped there. Other key product and services initiatives planned for launch this year include our next generation,
advanced Cryoport Elite shipper line, which is now starting to roll out with our ELITE Ultra-cold -80 C line
of shippers supporting gene therapies. Cryoport ELITE shippers will provide additional de-risking, longer temperature hold-times,
more advanced communications features, and new security controls. Near the end of the year, our SkyTrax Condition Monitoring System,
a generational leap to an advanced condition monitoring system that will support temperature ranges from controlled room temperatures
to cryogenic temperatures, will also be released as well.
we move forward, we expect the robust cell and gene therapy industry to continue its march forward and we will continue to provide new,
innovative services and products that will drive our organic growth. Good examples of this are the build-out of our Global Supply Chain
Center Network, the introduction of our IntegriCell platform to supply autologous and allogeneic cell therapies a standardized
apheresis collection and end-to-end cryopreservation service for leukapheresis derived therapies, as well as our Fusion
and Vario Cryogenic Freezer Systems.
and our team are committed to ensuring Cryoport is always delivering the highest quality, most reliable solutions to support life-saving
cell and gene therapies, and we are constantly evaluating opportunities to ensure this - because we know a patient is waiting.'
Cryoport is in a great position in the industry today and has never been stronger than it is today. We are looking forward to fulfilling
our vision of becoming the essential supply chain company serving the life sciences," concluded Mr. Shelton.
Total revenues by market
for the three months ended March 31, 2023, as compared to the same period in 2022 was as follows:
Inc. and Subsidiaries
| Three Months Ended March 31, | ||||||||||||||||
| (in thousands) | 2023 | 2022 | % Change | Change | ||||||||||||
| Biopharma/Pharma | $ | 51,122 | $ | 43,011 | 18.9 | % | $ | 8,111 | ||||||||
| Animal Health | 8,863 | 6,794 | 30.4 | % | 2,069 | |||||||||||
| Reproductive Medicine | 2,832 | 2,497 | 13.4 | % | 335 | |||||||||||
| Total revenues | $ | 62,817 | $ | 52,302 | 20.1 | % | $ | 10,515 |
As of March 31, 2023, Cryoport supported ten
(10) commercial therapies and a total of 652 global clinical trials, a net increase of 43 clinical trials on a year-over-year basis.
The number of trials in phase 3 was 82 as of March 31, 2023. A total of 37 trials were completed or terminated in the first quarter of
2023, while 35 new trials were started. The number of clinical trials supported by Cryoport by phase and region at the end of the quarter
Supported Clinical Trials by Phase
| March 31, | ||||||||||||
| Clinical Trials | 2021 | 2022 | 2023 | |||||||||
| Phase 1 | 222 | 251 | 269 | |||||||||
| Phase 2 | 252 | 277 | 301 | |||||||||
| Phase 3 | 69 | 81 | 82 | |||||||||
| Total | 543 | 609 | 652 |
Cryoport Supported Clinical Trials
| March 31, | ||||||||||||
| Clinical Trials | 2021 | 2022 | 2023 | |||||||||
| Americas | 429 | 477 | 502 | |||||||||
| EMEA | 86 | 99 | 108 | |||||||||
| APAC | 28 | 33 | 42 | |||||||||
| Total | 543 | 609 | 652 |
Some of the significant cell and gene therapy
developments during the first quarter of 2023 were as follows:
During the remainder of 2023, we anticipate
up to an additional 18 application filings, 10 new therapy approvals and an additional 11 label or geographic expansion approvals.
Additionally, in January 2023, Cryoport established
a new strategic partnership with Syneos Health to support the global advancement of cell and gene therapies, providing the industry's
first fully integrated biopharmaceutical and temperature-controlled supply chain solution. The new partnership couples the full suite
of clinical development services offered by Syneos Health with IntegriCell , Cryoport's new emerging platform providing standardized
apheresis collection, cryoprocessing, cryopreservation services, temperature-controlled supply chain support, storage, secondary packaging,
We believe the Animal Health industry is poised
for significant growth in the coming years, driven by two key factors. First is the rise in the global population and increased demand
for animal-derived protein. Second is the growing trend of companion animal ownership in developing and emerging countries, creating
a larger opportunity for animal healthcare products and services. Combined, we anticipate that these factors will fuel the ongoing research
and development of novel therapies and treatments, further advances in genomic tools and other technological advancements.
Cryoport's animal health strategy is based
on building a strong foundation with the leading animal health firms. This strategy will allow the opportunity for Cryoport to develop
additional purpose-built solutions to meet the currently unmet needs and nuances that are unique to the animal husbandry industry. We
continue to build and expand our relationship with Zoetis, and we have established formal contractual relationships with Elanco and Boehringer
Ingelheim during this past year.
The Animal Health industry is highly competitive
with many players operating in both developed and emerging regions. Cryoport, however, is uniquely positioned to support the global animal
health industry globally with key supply-chain dynamics such as the increasing value of the commodities being shipped, an increase in
the number and volume of temperature-controlled products, auditable traceability requirements, and efficiency demands. Our comprehensive
supply chain platform, which begins with planning and consulting to intelligent logistics, biostorage, and advanced packaging solutions,
provides a true value proposition for the evolving needs of the Animal Health industry.
Reproductive Medicine
The Reproductive Medicine industry is also growing
globally. In March 2023, Cryoport signed a multi-year agreement with Inception Fertility (Inception), North America's largest
provider of comprehensive fertility services. Inception operates The Prelude Network (Prelude), the largest and fastest-growing
technology-led network of fertility centers in North America, and MyEggBank , one of the largest and most diverse networks
of donor egg banks and practices in North America. Through this three-year partnership, Prelude and MyEggBank will continue to utilize
Cryoport's end-to-end supply chain solutions for egg and embryo shipments across their clinical networks to ensure significant risk mitigation
for families using these services. Additionally, Prelude's patient medical record system will be integrated with Cryoport's Cryoportal
v2 Logistics Management System, which will merge each shipment's tracking, condition monitoring and equipment qualification data
into a single data stream, providing a higher quality of service to Inception's and Prelude's patients.
Following the quarter end, in April 2023, the
Company signed a new three-year agreement with Boston IVF, a pioneer in reproductive healthcare and innovative research and one of the
world's most experienced fertility treatment providers. Utilizing Cryoport's end-to-end supply chain solutions, Boston IVF will integrate
its regional and satellite labs across Massachusetts, New Hampshire, Maine, Rhode Island, New York and Indiana, along with its partner
sites in Delaware, Ohio, Idaho, Utah and North Carolina. Cryoport's platform is expected to improve the overall efficiency of Boston
IVF's reproductive material shipments and ensure significant risk mitigation for patients and families entrusting Boston IVF with their
Financial Highlights