Cryoport Reports Fourth Quarter and Full Year 2024 Financial Results FY 2024 revenue of $228.4 million, in-line with company guidance Commercial Cell & Gene Therapy revenue rose to $26 million in FY 2024, up 20% year-ove

Cryoport Reports Fourth Quarter

and Full Year 2024 Financial Results

NASHVILLE, Tennessee, March 4, 2025, -

Cryoport, Inc. (NASDAQ: CYRX) (Cryoport), a global leader in supply chain solutions for the life sciences industry, today announced

financial results for the fourth quarter (Q4) and year ended (FY) December 31, 2024.

Jerrell Shelton, CEO of Cryoport,

commented, "Cryoport ended 2024 with solid results across the company including total full year revenue of $228.4 million, which

was in-line with our expectations. We continued to see considerable revenue growth from our support of commercial Cell & Gene therapies

where revenue rose 37% for the fourth quarter and 20% for the full year compared to the prior year periods.

"Our Life Sciences Services

business continued its expansion, partially attributed to the double-digit year-over-year growth in BioStorage/BioServices revenue for

both the fourth quarter and full year periods. In the fourth quarter our Life Sciences Products business began to show signs of market

demand stability and continued to provide positive free cash flow.

"As previously reported, during

2024, we implemented cost reduction and capital realignment strategies, making significant progress in improving our cost structure. Notably,

our gross margin improved to 45.8% in Q4 2024, up from 40.6% in the same period last year. We remain confident that our actions will lead

us to a return to positive adjusted EBITDA during 2025 as we further implement our pathway to profitability.

"We believe that as we enter

2025, we are prepared to capitalize on the anticipated growth in the Cell & Gene Therapy market. We intend to grow our leading market

position and open additional revenue streams that have been under development through new services and product introductions. We will

supplement this through potential strategic collaborations and partnerships. We are excited about our prospects for this year, and we

believe we have all the necessary tools in place to execute on our growth plans and to reach our long-term objective of sustainable profitability,"

concluded Mr. Shelton.

In tabular form, Q4 2024 and

FY 2024 revenue compared to Q4 2023 and FY 2023, respectively, was as follows:

BioStorage/BioServices revenue

continues to grow double digits year-over-year, increasing 11% in FY 2024 as we continue to introduce our expanded capabilities to existing

customers, as well as add new customers into our global network, and as more allogeneic clinical and commercial therapies progress in

the number of patients treated.

Revenue from the support of commercially

approved Cell & Gene therapies grew to $25.9 million, up 20% year-over-year, for FY 2024 and increased to $7.9 million, up 37% year-over-year,

for Q4 2024. During FY 2024, five (5) new therapies were approved including Mesoblast's Ryoncil for the treatment of graft

versus host disease, Adaptimmune's Tecelra for the treatment of adults with unresectable or metastatic synovial sarcoma, ImmunityBio's

Anktiva for BCG-unresponsive non-muscle invasive bladder cancer, Iovance Biotherapeutics' Amtagvi therapy for advanced

melanoma, and Immuneel's Qartemi for the treatment of non-Hodgkin Lymphoma. Qartemi is the first cell therapy developed

and approved in India and is supported by CRYOPDP's logistics network of 14 facilities inside the country. Our total commercial

therapy count was nineteen (19) as of December 31, 2024.

As of December 31, 2024, Cryoport

supported a total of 701 global clinical trials, a net increase of 26 clinical trials over December 31, 2023, with 81 trials in Phase

3. The number of trials by phase and region are as follows:

A total of eleven (11) Cryoport

supported Biologic License Applications (BLA)/Marketing Authorization Applications (MAA) were filed in 2024, of which three (3) were filed

during the fourth quarter. Following the end of the year, three (3) filings occurred in January 2025. For 2025, we anticipate up to an

additional twenty-three (23) application filings, five (5) new therapy approvals and an additional five (5) approvals for label/geographic

expansions or moves to earlier lines of treatment.

Financial Highlights

equivalents, and Short-Term Investments

reconciliations of GAAP to adjusted (non-GAAP) figures above are detailed in the reconciliation tables included later in the press release.

The Company is providing full year

2025 revenue guidance in the range of $240 - $250 million. The Company's 2025 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 national economic factors, the

global macroeconomic and geopolitical environment, supply chain constraints, inflationary pressures, and/or 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 SEC.

Additional Information

Further 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, 2024, which

is expected to be filed with the SEC on March 7, 2025. 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

IMPORTANT INFORMATION:

In addition to the earnings release, a document titled "Cryoport Fourth Quarter and Full Year 2024 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 4, 2025. 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.

Cryoport management will host

a conference call at 5:00 p.m. ET on March 4, 2025. 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

Please allow 10 minutes prior

to the call to visit this site to download and install any necessary audio software.

The 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 11, 2025. To access the replay, dial 1-844-512-2921

(United States) or 1-412-317-6671 (International) and enter replay entry code: 1116296#.

About Cryoport, Inc.

Cryoport, Inc. (Nasdaq:

CYRX), is a global leader in supply chain solutions for the Life Sciences with an emphasis on cell & gene therapies. Cryoport enables

manufacturers, contract manufacturers (CDMOs), contract research organizations (CROs), developers, and researchers to carry out their

respective business with products and services that are designed to derisk services and provide 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 Medicine " worldwide, through our innovative systems, compliant procedures, and agile approach to superior supply

Our corporate headquarters, located

in Nashville, Tennessee, is complemented by over 50 global locations in 17 countries, with key sites in the United States, United Kingdom,

France, the Netherlands, Belgium, 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.x.com/cryoport

Forward-Looking Statements

Statements in this press release

which are not purely historical, including statements regarding Cryoport'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 Cryoport's industry, business,

long-term growth prospects, plans, strategies, acquisitions, future financial results and financial condition, such as Cryoport's outlook