Full Press Release Details
Record Results for Full Year 2020
| Fourth quarter revenue increased 423% to $48.4 million, annual revenue increased 132% to $78.7 million | ||
| Organic growth in revenue was 36% for the fourth quarter and 26% for the full year 2020 | ||
| Cryoport is supporting a total of 528 clinical trials, and six commercial therapy agreements, including the global launch of Bristol-Myers Squibb's BREYANZI | ||
| In Q4 2020, Cryoport closed the acquisitions of MVE Biological Solutions and CRYOPDP, solidifying and expanding its position as a global leader in temperature-controlled supply chain solutions for the life sciences industry |
Tennessee, March 1, 2021 - 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-
and twelve-month periods ended December 31, 2020.
fourth quarter was a transformational quarter, furthering our strategy and strengthening our positioning for growth. Its results
reflected strong performance and our continued momentum in the markets we serve, especially in Cell and Gene Therapy. We increased
the total number of regenerative medicine clinical trials supported to 528, compared with 436 at the end of 2019, and our pipeline
of potential commercial customers is the largest in our history," said Jerrell Shelton, CEO of Cryoport.
the beginning of the fourth quarter, we closed on the acquisitions of MVE Biological Solutions and CRYOPDP, which were
formative milestones for the advancement of Cryoport's strategic vision. As a result of these strategic milestones, Cryoport
is now positioned to further leverage its global platform, with a family of companies that provide mutually reinforcing,
market-leading temperature-controlled supply chain solutions for the life sciences industry. Cryoport now has 30 locations
around the world, as well as expanded and enhanced capabilities covering the full range of temperature-controlled supply
chain solutions, from controlled room temperature (CRT) down to cryogenic temperatures (-196 C). Our end-to-end
capabilities provide a wide slate of comprehensive and seamless solutions to our client base, including deep proficiencies in
biostorage, temperature-controlled logistics, cryogenic equipment and systems. We believe these acquisitions solidify our
leadership position in the Animal Health, Reproductive Medicine and especially the Biopharma/Pharma markets, and that we have
the unique capabilities, and competitive moat needed to extend our support of commercial regenerative medicine therapies around
the globe as dozens of anticipated therapies come to market. Our full year 2020 revenue as compared to 2019 was as
Cryoport, Inc. and Subsidiaries
Total revenues by market
| Three months Ended December 31 | Years Ended December 31 | |||||||||||||||||||||||
| (in thousands) | 2020 | 2019 | % Change | 2020 | 2019 | % Change | ||||||||||||||||||
| Biopharma/Pharma | $ | 39,301 | $ | 8,228 | 378 | % | $ | 66,394 | $ | 30,032 | 121 | % | ||||||||||||
| Animal Health | 7,168 | 291 | 2363 | % | 7,846 | 996 | 687 | % | ||||||||||||||||
| Reproductive Medicine | 1,892 | 723 | 162 | % | 4,456 | 2,914 | 53 | % | ||||||||||||||||
| Total revenues | $ | 48,361 | $ | 9,242 | 423 | % | $ | 78,696 | $ | 33,942 | 132 | % |
executing on our business plans and delivering performance for our clients and our shareholders, we were able to successfully
access the capital markets and close a $287.5 million follow-on public offering in January 2021 to further fuel our engines'
for future growth. We will continue to develop our temperature-controlled supply chain capabilities for the life sciences industry
and, particularly, the regenerative medicine ecosystem, as an increasing number of therapies continue to enter development, progress
through clinical trials and approach commercialization. Our world-leading platform offers the most advanced temperature-controlled
supply chain solutions for the life sciences, with a focus on the rapidly growing biopharma market. With our newly expanded global
footprint and advanced temperature-controlled supply chain platform addressing this dynamic market, we are poised for continued
conclusion, I would like to say that I am especially proud of our new and expanded initiative to do our part in protecting our
planet. I am, of course, referring to our recent announcement of the launch of our ESG program. This new program marks our first
disclosure of ESG information. Sustainability has always been integral to our work and we have elevated it to be one of our key
priorities for guiding our operating philosophy and corporate governance as we move forward.
we were delighted with the way our Company performed in 2020, with 36% organic growth in the fourth quarter and 26% for the full
year. We delivered robust growth during the year, and we continued to see increasing traction in the regenerative medicine industry
as we closed the year supporting a total of 528 clinical trials, and six commercial therapy agreements. Strategically, our two
acquisitions position us well for excellent growth in 2021. With robust advancements across the life sciences, we anticipate that
2021 will be another excellent year for our company," said Mr. Shelton.
2020, Biopharma/Pharma revenue grew organically (excluding contributions from MVE Biological Solutions and CRYOPDP) by 27% or
$8.1 million, to $38.2 million compared to the prior year.
continued to work closely with our partners to ensure patients have access to the life-saving therapies we support. Revenue from
Cryoport's commercial agreements primarily consisted of our agreements with Novartis's KYMRIAH and Gilead/Kite's
YESCARTA , Gilead's TECARTUS , and first revenue from bluebird bio's ZYNTEGLO in the Fourth Quarter
2020, albeit nominal at this time.
in the fourth quarter 2020, the European Commission (EC) granted full (standard) market authorization for Orchard Therapeutics'
LibmeldyTM gene therapy. Separately, Bristol-Myers Squibb recently received FDA approval for their cell therapy BREYANZI ,
marking Cryoport's sixth long- term agreement supporting the global commercial launch of a cell and gene therapy. We expect
revenue from all these agreements to ramp throughout 2021 and to drive sustained momentum in our revenue growth.
are pleased to also report continued strong net clinical trial growth for the fourth quarter 2020 as we expanded our leading position
in the Biopharma market. Clinical trial activity has not only rebounded from the COVID-19 impact but strengthened when compared
with pre-COVID-19 levels and continues to accelerate due to excellent execution by our business development and operating teams.
this global clinical trial activity continues to increase, it bodes well for Cryoport and we now support a net total of 528 clinical
trials as of December 31, 2020 compared with 517 at the end of the third quarter 2020 and 436 as of December 31, 2019. The number
of those trials in Phase III is 69, compared to 56 as of December 31, 2019. Of the 528 total trials Cryoport supports, 419 are
in the Americas, 84 in EMEA (Europe, the Middle East and Africa) and 25 in APAC (Asia Pacific). This compares to 361 in the Americas,
61 in EMEA and 14 in APAC as of December 31, 2019. Additionally, due to the increase in demand for support in the APAC region,
Cryoport Systems and CRYOPDP established their first jointly operated global logistics center in Osaka, Japan in the fourth quarter
2020, followed by Singapore during the first quarter 2021.
total of seven (7) Cryoport supported Marketing Authorization Applications (MAA's) or Biologic License Applications (BLA's)
were filed in 2020, based on internal information and forecasts from the Alliance for Regenerative Medicine. Looking forward,
we anticipate up to 21 MAA or BLA submissions for Cryoport-supported products during 2021.
revenue from the Animal Health market increased $6.8 million, or 687%, to $7.8 million for the year ended December 31, 2020, as
compared to the same period in 2019. This increase was primarily driven by our acquisition of MVE Biological Solutions on October
1, 2020, which has a strong and established presence in this market. In addition, our pipeline of potential new clients continues
to grow and is expected to further drive revenue growth in 2021.
Medicine revenue increased to $1.9 million, a gain of 162% or $1.2 million for the fourth quarter of 2020 compared to $0.7 million
for the fourth quarter of 2019 and increased to $4.5 million, a gain of 53% or $1.5 million for the full year 2020 compared to
$2.9 million in the prior year.
results were also driven in part by our success in the Reproductive Medicine market, which benefited from our refreshed market
engagement strategy as well as increased activity as fertility clinics ramped up procedures that had previously been delayed due
to COVID-19. We continued to add fertility clinics to our network including the Colorado Center for Reproductive Medicine ("CCRM"),
a global pioneer in fertility science, research and advancement. Cryoport's temperature-controlled supply chain solutions will
support CCRM's fertility treatments, including in vitro fertilization (IVF), fertility preservation, third-party reproduction
and egg donation. In addition, MVE Biological Solutions added revenue to our Reproductive Medicine market through its portfolio
of cryogenic shipper and freezer solutions.
is supporting 29 separate clinical trials relating to COVID-19 across our business units:
| Cryoport Systems - 18 trials | ||
| CRYOPDP - 6 trials | ||
| CRYOGENE - 5 trials |
MVE Biological Solutions received orders from U.S. government tenders and through our distribution network for storage systems
that are destined for use in storing pandemic related materials.
Social, Governance (ESG)
Cryoport announced the launch of its ESG program. Although we have always taken pride in our "green company" status,
our new program marks our first disclosure of ESG information based on the Sustainability Accounting Standards Board (SASB) and
the Taskforce on Climate-related Financial Disclosures (TCFD), which are leading global sustainability frameworks. As a company
focused on delivering lifesaving therapies by providing reliable and comprehensive temperature-controlled supply chain solutions
for the life sciences industry, sustainability has always been integral to our work; however, this year we began a formalized
evaluation of our company's ESG initiatives.
of some of our initiatives and positive impacts are as follows:
detailed information about our ESG policies and our positive ESG impacts can be found in our recent ESG press release and on our
| Total revenue for the full year 2020 increased to $78.7 million compared to $33.9 million for the full year 2019, a year-over-year gain of 132%, with organic growth of 26%. | ||
| Biopharma/Pharma revenue increased to $39.3 million, a gain of 378% or $31.1 million for the fourth quarter of 2020 compared to $8.2 million for the fourth quarter of 2019 and increased to $66.4 million, a gain of 121% or $36.4 million for the full year 2020 compared to $30.0 million in the prior year. | ||
| Animal Health revenue increased to $7.2 million, a gain of 2,363% or $6.9 million for the fourth quarter of 2020 compared to $0.3 million for the fourth quarter of 2019 and increased to $7.8 million, a gain of 687% or $6.8 million for the full year 2020 compared to $1.0 million in the prior year. | ||
| Reproductive Medicine revenue increased to $1.9 million, a gain of 162% or $1.2 million for the fourth quarter of 2020 compared to $0.7 million for the fourth quarter of 2019 and increased to $4.5 million, a gain of 53% or $1.5 million for the full year 2020 compared to $2.9 million in the prior year. | ||
| Gross margin was 46% for the full year 2020 compared to 51% for the prior year and 41% for the fourth quarter of 2020 compared to 53% for the fourth quarter of 2019. | ||
| Operating costs and expenses increased by $23.9 million to $29.7 million for the fourth quarter of 2020 compared to $5.8 million for the fourth quarter of 2019 and increased by $31.3 million to $66.3 million for the full year 2020 compared to $35.0 million in the prior year. The fourth quarter 2020 and full year 2020 includes $12 million in operating costs and expenses related to MVE Biological Solutions and CRYOPDP, both acquired October 1, 2020. Acquisition and integration costs included in operating costs and expenses were $3.7 million and $11.2 million for the fourth quarter and full year 2020. The organic increase in operating costs and expenses is related to the further build out of our competencies, infrastructure, and technology development to support the continuing scaling of our business and demand for Cryoport's solutions. |
| Adjusted EBITDA for the fourth quarter of 2020 was $3.9 million compared to $0.5 million for the fourth quarter of 2019 and break-even for the full year of 2020 compared to $1.9 million in the prior year. | ||
| Cryoport reported $93.3 million in cash, cash equivalents and short-term investments as of December 31, 2020, compared with $94.3 million as of December 31, 2019. This amount includes net proceeds of approximately $111.3 million received from a convertible debt offering during the year ended December 31, 2020 as well as net proceeds of approximately $265.4 million from the private placement of common stock and issuance of the Series C preferred stock to Blackstone. This was partially offset by the $314.5 million and $48.6 million acquisitions of the MVE Biological Solutions and CRYOPDP, respectively, on October 1, 2020. | ||
| In January 2021, Cryoport closed an underwritten public offering of 4,356,059 shares of its common stock, at a public offering price of $66.00 per share, before deducting underwriting discounts and commissions and received net proceeds of approximately $269.7 million. |
All reconciliations of GAAP to adjusted (non-GAAP) figures above are detailed in the reconciliation tables included later in the
information on Cryoport's financial results is included on the attached condensed consolidated balance sheets and statements
of operations, and additional explanations of Cryoport's financial performance are provided in Cryoport's annual report
on Form 10-K for the twelve months ended December 31, 2020, which will be filed with the Securities and Exchange Commission ("SEC")
on March 1, 2021. The full report will be available on 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 2020 Year in Review", providing a review of Cryoport's recent financial
and operational performance and a general business update, will be issued at 4:05 pm EST on Monday, March 1, 2021. The document