Full Press Release Details
Cryoport Reports Fourth Quarter and Full Year
2023 Financial Results
Tennessee, March 12, 2024, - Cryoport, Inc. (NASDAQ: CYRX) ("Cryoport"), a global leader in supply chain
solutions for cell & gene therapies, today announced financial results for the fourth quarter (Q4) and year (FY) ended December 31,
2023. Jerrell Shelton, CEO of Cryoport, commented, "Today we reported full year results including total revenue of $233.3 million
for the fiscal year ended December 31, 2023. Our results were within our revenue guidance range, despite the challenging operating
environment we experienced throughout the year.
"Notwithstanding these challenges,
there were several bright spots. In 2023, our services business, the core driver of our growth, increased to 62% of total revenue. We
also experienced year-over-year growth in our revenues from BioStorage/BioServices and from the support of commercial Cell &
Gene therapies of 45% and 33%, respectively, demonstrating strong demand for our services offerings. In addition, we ended the year supporting
a record 675 clinical trials worldwide, a net increase of 21 clinical trials over last year with 82 of these in phase 3. We believe our
clinical trials portfolio constitutes a significant long-term revenue growth opportunity for Cryoport as more therapies continue to proceed
through clinical trials towards commercial approval.
"Product revenues were lower
than historical levels; however, MVE Biological Solutions' revenue began to
stabilize in the latter part of the year. Moreover, MVE continues to be a strong business unit, which has generated considerable
free cash flow and maintained margins on its product revenue.
"Throughout 2023, we made targeted
investments in our business and formed strategic relationships to further position ourselves for continued growth. Some of our actions
included our acquisition of Bluebird Express last November, which is in support of accelerating CRYOPDP's U.S. expansion plans;
our expanded relationship with NMDP BioTherapies (formerly known as Be The Match Biotherapies) in which they will be leveraging our new
IntegriCellTM platform in support of allogeneic donor recruitment, collection, and cryo-processing; our acquisition of Tec4med,
providing next generation condition monitoring; and our new collaboration with Cell & Gene Therapy Catapult in the U.K. to support
Cell & Gene therapies' clinical trials and future commercial growth throughout Europe. We also made substantial progress
on the business development front, welcoming a number of key new clients, as well as continuing to launch innovative products and services,
including our Cryoport Elite UltraCold -80 C shipper, further expanding our end-to-end solutions supporting Cell &
"As we enter 2024, we are focused
on leveraging the strength of our industry-leading brands to serve our clients while capitalizing on the growth of the Cell &
Gene therapy industry, as more of these lifesaving therapies receive regulatory approvals globally. By continuing to build out our platform
and broaden our scope, we expect to further expand our market leading position in Cell & Gene therapy, arguably one of the most
important segments of the life sciences. We believe our solutions, services, and products set industry standards and are critical components
to bringing these life-saving treatments to patients globally. We anticipate 2024 as a year of progressive advancement in our business
with stronger overall growth in our services business," concluded Mr. Shelton.
In tabular form, revenue by market
for Q4 2023 and FY 2023, as compared to the same periods in 2022 was as follows:
| Cryoport, Inc. and Subsidiaries |
| Total revenues by market |
| Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||
| (in thousands) | 2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||||||||||||||
| Biopharma/Pharma | $ | 47,949 | $ | 50,570 | -5 | % | $ | 192,583 | $ | 193,879 | -1 | % | ||||||||||||
| Animal Health | 6,759 | 7,480 | -10 | % | 30,379 | 33,465 | -9 | % | ||||||||||||||||
| Reproductive Medicine | 2,552 | 2,308 | 11 | % | 10,293 | 9,933 | 4 | % | ||||||||||||||||
| Total revenues | $ | 57,260 | $ | 60,358 | -5 | % | $ | 233,255 | $ | 237,277 | -2 | % |
Revenue from the support of commercial
Cell & Gene therapies increased 33% year-over-year with one new therapy approved in the fourth quarter and two new therapies
receiving approval subsequent to year end, bringing our current total commercial count to 14. As of December 31, 2023, Cryoport supported
a total of 675 global clinical trials, a net increase of 21 clinical trials over December 31, 2022 and 82 of the clinical trials
we supported were in phase 3 as of year-end 2023. The number of trials by phase and region are as follows:
| December 31, | ||||||||||||
| Clinical Trials | 2021 | 2022 | 2023 | |||||||||
| Phase 1 | 255 | 275 | 282 | |||||||||
| Phase 2 | 273 | 300 | 311 | |||||||||
| Phase 3 | 74 | 79 | 82 | |||||||||
| Total | 602 | 654 | 675 |
| December 31, | ||||||||||||
| Clinical Trials | 2021 | 2022 | 2023 | |||||||||
| Americas | 475 | 502 | 519 | |||||||||
| EMEA | 93 | 110 | 112 | |||||||||
| APAC | 34 | 42 | 44 | |||||||||
| Total | 602 | 654 | 675 |
A total of 17 Cryoport supported Biologic
License Applications (BLAs) or Marketing Authorization Applications (MAAs) were filed in 2023, of which 3 were filed during the fourth
quarter. During 2024, we anticipate up to an additional 17 application filings, 9 new therapy approvals and an additional 7 label/geographic
expansions or moves to earlier lines of treatment approved.
Financial Highlights
Cash equivalents, and Short-Term Investments
Note: All reconciliations of GAAP
to adjusted (non-GAAP) figures above are detailed in the reconciliation tables included later in the press release.
The Company is expecting revenue to
grow progressively and is providing full year 2024 revenue guidance of $242 - $252 million. The Company's 2024 guidance is dependent on
its current business and expectations, which may be further impacted by, among other things, factors that are outside of our control,
such as the global macroeconomic and geopolitical environment, continued supply chain constraints, inflationary pressures, volatility
in the China economy, economic and geopolitical 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 the
Additional Information
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 Annual Report on
Form 10-K for the year ended December 31, 2023, which is expected to be filed with the SEC on March 12, 2024. Additionally,
the full report will be available in the SEC Filings section of the Investor Relations section of Cryoport's website at www.cryoportinc.com.
Earnings Conference Call Information
INFORMATION: In addition to the earnings release, a document titled "Cryoport Fourth Quarter and Full Year 2023 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 Tuesday, March 12, 2024. The document is designed to be read in advance of the questions and answers conference call and will
be accessible at https://ir.cryoportinc.com/news-events/ir-calendar.
management will host a conference call at 5:00 p.m. ET on March 12, 2024. 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 the call.
Conference Call Information
| Date: | Tuesday, March 12, 2024 |
| Time: | 5:00 p.m. ET |
| Dial-in numbers: | 1-888-886-7786 (U.S.), 1-416-764-8658 (International) |
| Confirmation code: | Request the "Cryoport Call" or Conference ID: 33425097 |
| Live webcast: | Investor Relations' section at www.cryoportinc.com or click here . Please allow 10 minutes prior to the call to visit this site to download and install any necessary audio software. |
questions and answers call will be recorded and available approximately three hours after completion of the live event in the Investor
Relations section of the Company's website at www.cryoportinc.com for a limited time. To access the replay of the questions
and answers click here. A dial-in replay of the call will also be available to those interested, until March 19, 2024. To
access the replay, dial 1-844-512-2921 (United States) or 1-412-317-6671 (International) and enter replay entry code: 33425097#.
About Cryoport, Inc.
Cryoport, Inc. (Nasdaq: CYRX), is a
global leader in supply chain solutions for cell & gene therapies that enable manufacturers, contract manufacturers (CDMO's),
contract research organizations (CRO's), developers, and researchers to carry out their respective business with certainty. We
provide a broad array of supply chain solutions for the life sciences industry. Through our platform of critical products and
solutions including advanced temperature-controlled packaging, informatics, specialized bio-logistics services, bio-storage, bio-services,
and cryogenic systems, we are "Enabling the Future of MedicineTM" worldwide, through our innovative systems,
compliant procedures, and agile approach to superior supply chain management.
Our corporate headquarters, located in Nashville,
Tennessee, is complimented by over 50 global locations in 17 countries, with key sites in the United States, United Kingdom, France, the
Netherlands, Portugal, Germany, Japan, Australia, India, and China.
For more information, visit www.cryoportinc.com
or follow via LinkedIn at https://www.linkedin.com/company/cryoportinc or @cryoport on X, formerly known as Twitter at www.twitter.com/cryoport
Forward-Looking Statements
Statements 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, including the Company's belief that its clinical trials portfolio constitutes a significant long-term revenue
growth opportunity, plans, strategies, acquisitions, future financial results and financial condition, such as the Company's outlook and
guidance for full year 2024 revenue and the related assumptions and factors expected to drive revenue, projected growth trends in the