Full Press Release Details
Fourth Quarter and Full Year 2022 Results
Tennessee, February 23, 2023, - Cryoport, Inc. (NASDAQ: CYRX) ("Cryoport" or the "Company"), a leading global
provider of innovative temperature-controlled supply chain solutions for the life sciences industry, with focus on the bio-pharmaceutical
and cell and gene therapy markets, today announced financial results for the three months and year ended December 31, 2022.
Shelton, CEO of Cryoport, commented, "2022 marked a year of significant achievements for our company as we continued the development
of our products and services for the future. Cryoport delivered a solid finish to 2022 with total revenue of $237.3 million, led
by a 24% revenue increase from Cryoport Systems and driven by the demand for our comprehensive set of products and services and strong
growth in the cell and gene therapy market. The regenerative medicine market continued its development as one of the fastest growing
therapeutic segments, with Cryoport supporting a total of 654 clinical trials globally at year end with 79 of these in phase 3. Our company
continues to lead the way for the development of advanced temperature-controlled supply chain solutions that will support the advancement
of cell and gene therapies as well as our future growth."
market for the three months and year ended December 31, 2022 as compared to the same periods in 2021 was as follows:
| Cryoport, Inc. and Subsidiaries | ||||||||||||||||||||||||
| Total revenues by market | ||||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
| (in thousands) | 2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||
| Biopharma/Pharma | $ | 50,570 | $ | 46,325 | 9 | % | $ | 193,879 | $ | 180,203 | 8 | % | ||||||||||||
| Animal Health | 7,480 | 7,698 | -3 | % | 33,465 | 33,353 | 0 | % | ||||||||||||||||
| Reproductive Medicine | 2,308 | 2,417 | -5 | % | 9,933 | 9,052 | 10 | % | ||||||||||||||||
| Total revenues | $ | 60,358 | $ | 56,440 | 7 | % | $ | 237,277 | $ | 222,608 | 7 | % |
medicine industry continued to advance and as of December 31, 2022, Cryoport supported ten (10) commercial therapies and a total of 654
global clinical trials, a net increase of 11 clinical trials over third quarter 2022 and a net increase of 52 clinical trials from the
year-end 2021. The number of trials in phase 3 was 79 as of December 31, 2022. The growth in clinical trials supported by Cryoport by
phase and region was as follows:
| Cryoport Supported Clinical Trials by Phase | ||||||||||||
| December 31, | ||||||||||||
| Clinical Trials | 2020 | 2021 | 2022 | |||||||||
| Phase 1 | 220 | 255 | 275 | |||||||||
| Phase 2 | 239 | 273 | 300 | |||||||||
| Phase 3 | 69 | 74 | 79 | |||||||||
| Total | 528 | 602 | 654 |
| Cryoport Supported Clinical Trials by Region | ||||||||||||
| December 31, | ||||||||||||
| Clinical Trials | 2020 | 2021 | 2022 | |||||||||
| Americas | 419 | 475 | 502 | |||||||||
| EMEA | 84 | 93 | 110 | |||||||||
| APAC | 25 | 34 | 42 | |||||||||
| Total | 528 | 602 | 654 |
Some of the significant
cell and gene therapy developments during the fourth quarter of 2022 were as follows:
2023, we anticipate up to an additional 22 application filings, 11 new therapy approvals and an additional 12 label or geographic expansion
approvals for a combined total of 23 approvals in 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 platform providing standardized
apheresis collection, cryoprocessing, cryopreservation services, risk mitigation, temperature-controlled supply chain support, storage
and secondary packaging, and labelling.
revenue for the fourth quarter of 2022 was $60.4 million compared to $56.4 million for the fourth quarter of 2021, a year-over-year increase
of 7% or $3.9 million, and 12% at constant currency, driven by the continued demand for Cryoport's comprehensive temperature-controlled
supply chain solutions for the life sciences. Fourth quarter 2022 performance by market was as follows:
revenue for the year ended December 31, 2022, increased to a record $237.3 million, compared to $222.6 million for the year ended December
31, 2021, an increase of 7% or $14.7 million, and 10% at constant currency. Revenue for the year ended December 31, 2022 was adversely
impacted during the first quarter of 2022 from a fire at our New Prague, Minnesota manufacturing facility. By market our performance
for 2022 was as follows:
margin was 43.5% for the fourth quarter of 2022, compared to 41.0% in the fourth quarter of 2021. Gross margin for the year ended December
31, 2022 was 43.8%, compared to 43.4% for the same period in 2021.
costs and expenses for the fourth quarter of 2022 were $37.3 million compared to $31.5 million for the fourth quarter of 2021. Operating
costs and expenses for the year ended December 31, 2022 were $135.8 million compared to $114.4 million for the same period in the prior
year. The increase was primarily attributable to the further build out of our solutions, capabilities, competencies, global infrastructure,
and technology development to support the continued scaling of our business and broadening of our solutions to meet the expected increase
in demand for our temperature-controlled supply chain solutions, particularly in the rapidly developing cell and gene therapy market.
loss for the three months and year ended December 31, 2022 was $9.4 million and $37.3 million, respectively, compared to a net loss of
$260.1 million and $275.5 million for the same respective periods in 2021. Net loss for the three months and year ended December 31,
2021 was primarily impacted by a non-cash debt extinguishment expense of $251.8 million, related to financial transactions completed
in the fourth quarter of 2021.
loss attributable to common stockholders was $11.4 million, or $0.24 per share and $45.3 million, or $0.93 per share, for the three months
and year ended December 31, 2022, respectively. This compares to a net loss attributable to common stockholders of $262.1 million, or
$5.46 per share and $283.7 million, or $6.18 per share, for the three months and year ended December 31, 2021, respectively. Fourth quarter
2021 results include the $251.8 million non-cash debt extinguishment expense noted earlier.
EBITDA was $0.7 million for the fourth quarter of 2022, compared to $2.1 million for the fourth quarter of 2021. Adjusted EBITDA for
the year ended December 31, 2022 was $13.7 million, compared to $21.2 million for the same period in 2021. The decrease for the full-year
period primarily reflects the impact from increased investments in our growth initiatives during 2022 and the fire at our New Prague,
Minnesota manufacturing facility during the first quarter of 2022.
held $523.3 million in cash, cash equivalents, and short-term investments as of December 31, 2022.
Repurchase Update: On March 11, 2022, the Company announced that its board of directors authorized a repurchase program through December
31, 2025, authorizing the repurchase of common stock and/or convertible senior notes in the amount of up to $100.0 million. During the
year ended December 31, 2022, the Company purchased 1,604,994 shares of its common stock under this program, at an average price of $23.63
per share, for an aggregate amount of $37.9 million. These shares were returned to the status of authorized but unissued shares of common
continued, "During 2022, we continued to make significant strategic investments to build out our informatics competencies, global
facilities, and capabilities to support and accelerate our growth. These investments are designed to further expand our end-to-end solutions
supporting the supply chain for the life sciences industry and, specifically, cell and gene therapy market, strengthen our global market
position and create new and diverse revenue streams. Several investments being made include:
are very excited about 2023 and beyond and we believe that these initiatives, as well as others, will drive our continued growth in the
cell and gene therapy market. Additionally, we have a number of other key product and services initiatives slated for introduction this
year. These include:
"We also look forward to introducing
new cryogenic systems features at MVE Biological Solutions, further leveraging CRYOPDP's global biopharma logistics network, which,
in 2022, was expanded into the Philippines, India, Japan, Ireland, Poland as well as Spain through the acquisition of Polar Expres, and
the expansion of CRYOGENE into new geographic markets."
Company is providing revenue guidance for full year 2023 of $270 - $290 million, representing strong topline growth of 18% at the mid-point
over 2022 revenue. Our 2023 outlook largely reflects anticipated growth from our ongoing support of global clinical trials, a growing
number of commercial cell and gene therapy products from our clients, and the expansion of cell and gene manufacturing capacity to meet
patient demand. Notwithstanding current manufacturing capacity constraints, many analysts expect the regenerative medicine market to
grow at a compounded annual growth rate of 25% to 30% over the foreseeable future. In addition, the 2023 guidance also considers our
anticipated launch of new products and services, designed to further expand and strengthen our market position and create new diversifying
revenue streams, and strategic investments to support our continued growth.
the outlook for 2023 assumes a continued solid demand environment while recognizing current macroeconomic challenges. The Company's
guidance is dependent on its current business and expectations, which may be impacted by, among other things, factors that are outside
of our control, such as the ongoing effects of COVID-19 and related shut downs globally, supply chain constraints, inflationary pressures,
the ongoing war between Russia and Ukraine, economic uncertainty and the effects of foreign currency fluctuations, as well as the other
factors described in the Company's filings with the Securities and Exchange Commission ("SEC"), including in the "Risk
Factors" section of its most recently filed periodic reports on Form 10-K and Form 10-Q, as well as in its subsequent filings with
during 2022 we took strategic investments to increase market share, expand our capabilities to more broadly serve the advancement of
cell and gene therapies worldwide, and to drive Cryoport's long-term growth. As we move through 2023, we are looking forward to
seeing the benefits from these actions. We are also excited about the array of new products and services initiatives that Cryoport will
be introducing this year. Taking all of these elements into consideration, we believe our Company is as strong as it has ever been and
that Cryoport is well positioned for future growth. We are entering 2023 with a strong balance sheet and comprehensive solutions platform,
which we believe will allow us to support the expected growth of the cell and gene therapy market. Our entire team here is committed
to making this happen and we look forward to demonstrating our continued progress to all our stakeholders," concluded Mr. Shelton.
All reconciliations of GAAP to adjusted (non-GAAP) figures above are detailed in the reconciliation tables included later in the press
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 will be provided in the Company's Annual Report
on Form 10-K for the year ended December 31, 2022, which is expected to be filed with the SEC on February 23, 2023. Additionally, the
full report will be available in the SEC Filings section of the Investor Relations section of Cryoport's website at www.cryoport.com.
Conference Call Information
IMPORTANT INFORMATION:
A document titled "Cryoport Fourth Quarter and Full Year 2022 in Review", providing a review of Cryoport's financial
and operational performance and a general business update, will be issued at 4:05 p.m. ET on Thursday, February 23, 2023. 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.