Full Press Release Details
Cryoport Reports Record Second Quarter 2021
NASHVILLE, Tennessee, August
5, 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 six-month periods ended June
Jerrell Shelton, CEO of Cryoport,
commented, "This was another strong quarter with excellent performance across all our business units driving both year-over-year
growth and sequential growth compared with our record-breaking first quarter. Our total revenue for the quarter grew to a record $56.2
million with CRYOGENE and Cryoport Systems delivering a 55% organic growth rate year-over-year coupled with strong respective results
from MVE Biological Solutions and CRYOPDP. This outstanding performance reflects the continuing successful execution of our overall growth
strategy, and we expect to continue this momentum throughout the second half of 2021 and beyond as our market engagement strategies for
MVE Biological Solutions and CRYOPDP are driving increasing synergies to reinforce their growth. And, of course, revenue from our eight
commercial agreements and our continuously growing support of next generation and groundbreaking clinical trials continues to fuel organic
"Our position as a leading
life sciences supply chain partner to the regenerative medicine market has never been stronger, with Biopharma/Pharma revenue increasing
431% year over year in the second quarter of 2021 or 51% organically. We are now supporting a record 561 clinical trials, compared with
543 at the end of the first quarter of 2021 and 491 at the end of the second quarter of 2020, and eight commercial therapies in regenerative
medicine, including SKYSONA , a one-time gene therapy for the treatment of early cerebral adrenoleukodystrophy (CALD) by bluebird
bio, which was granted marketing authorization by the European Commission on July 21, 2021.
"Our revenue for the three-
and six-months ended June 30, 2021, as compared to the same periods in 2020 was as follows:
Cryoport, Inc. and Subsidiaries
Total revenues by market
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
| (in thousands) | 2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||||||||||||||||
| Biopharma/Pharma | $ | 45,489 | $ | 8,566 | 431 | % | $ | 87,877 | $ | 17,348 | 407 | % | ||||||||||||
| Animal Health | 8,394 | 220 | 3726 | % | 17,394 | 447 | 3789 | % | ||||||||||||||||
| Reproductive Medicine | 2,308 | 603 | 283 | % | 4,204 | 1,368 | 207 | % | ||||||||||||||||
| Total revenues | $ | 56,191 | $ | 9,389 | 498 | % | $ | 109,475 | $ | 19,163 | 471 | % |
is notable that Cryoport's global platform continues to expand to meet the accelerating demand for our solutions from the
regenerative medicine market. We believe this is of crucial importance, as evidenced by several global milestones in the regenerative
medicine market in recent months, including the commercial launches of BREYANZI and ABECMA in the United
States and Japan, the resumption of ZYNTEGLO marketing in the European Union ("EU"), YESCARTA 's
commercial approval in China, the approval of KYMRIAH in South Korea, and recent news of manufacturing infrastructure
build-outs for our clients, such as the new facilities for Bristol Myers Squibb in the Netherlands. To meet our growing global demand
we now have 33 facilities in 16 countries. Following our two acquisitions in the second quarter of 2021, our family of companies now includes
F-airGate, a provider of innovative temperature-controlled supply chain solutions, headquartered in Brussels, Belgium, and Critical Transport
Solutions Australia Pty Ltd ("CTSA"), a market leader in providing premium healthcare logistics management services, specializing
in time- and temperature-critical solutions for the medical and pharmaceutical industries based in Sydney, Australia. These additions
to the Cryoport company portfolio are in strategic locations where hundreds of cell and gene therapy trials are underway as well as an
increasing number of commercial approvals such as the marketing approval of Kymriah in Australia in February 2021, providing
us with stronger footholds to expand across both the EMEA region (Europe, Middle East and Africa) and Asia-Pacific (APAC) region,"
Our total Biopharma/Pharma revenue
increased by $36.9 million, or 431%, to $45.5 million for the second quarter of 2021 compared to $8.6 million for the second quarter of
2020, driven by strong revenue contributions from all business units. For the second quarter of 2021, Biopharma/Pharma revenue grew organically
by $4.3 million, or 51%, to $12.9 million compared to second quarter in the prior year.
As of the end of the second quarter,
we supported a net total of 561 clinical trials, compared with 491 at the end of the second quarter 2020 and 528 clinical trials as of
December 31, 2020. The number of trials by phase and region are as follows:
A total of six (6) Cryoport
supported Marketing Authorization Applications (MAAs) or Biologic License Applications (BLAs) were filed in the six months ended
June 30, 2021, based on internal information and forecasts from the Alliance for Regenerative Medicine, of which three (3) were
filed during the second quarter of 2021. Looking forward, we anticipate up to another nine (9) MAA or BLA submissions for
Cryoport-supported products during the second half of 2021 and at this time an additional 12 filings in 2022.
Our revenue from the Animal Health
market increased by $8.2 million, or 3,726%, to $8.4 million for the second quarter ended June 30, 2021, as compared to the same period
in 2020 or 28% organically. This increase was driven by our acquisition of MVE Biological Solutions, which has a strong and longstanding
presence in this market.
Reproductive Medicine
Reproductive Medicine revenue
increased by $1.7 million, or 283%, to $2.3 million for the second quarter of 2021 compared to $0.6 million for the second quarter of
2020. This quarter saw the continuation of our enhanced market engagement strategy for our CryoStork solution drive revenue
growth, as well as increased activity as additional fertility clinic networks initiated distribution agreements with Cryoport Systems.
MVE Biological Solutions also contributed revenue to our Reproductive Medicine market through its portfolio of cryogenic shipper and freezer
solutions. We plan to continue to add new fertility clinics to our network globally in 2021 to drive increased adoption of our services
as well as expand our support efforts within this space to EMEA and APAC.
Financial Highlights
Note: All reconciliations of GAAP to adjusted (non-GAAP) figures above are detailed in the reconciliation tables included later in the
Further 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 quarterly report on Form 10-Q for the three months ended June
30, 2021, which is expected to be filed with the Securities and Exchange Commission ("SEC") on August 6, 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
IMPORTANT INFORMATION: A
document titled "Cryoport Second Quarter 2021 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 EDT on Thursday, August 5, 2021. 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.
Cryoport management will host a
conference call at 5:00 pm ET on August 5, 2021. 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: | August 5, 2021 |
| Time: | 5:00 p.m. EDT |
| Dial-in numbers: | 1-866-269-4264 (U.S.), 1-720-452-9102 (International) |
| Confirmation code: | Request the "Cryoport Call" |
| Live webcast: | Investor Relations' section at www.cryoport.com or at http://public.viavid.com/index.php?id=145816 . Please allow 10 minutes prior to the call to visit this site to download and install any necessary audio software. |
Questions and answers will be
recorded and available approximately three hours after completion of the live event on the Investor Relations section of the Company's
website at www.cryoport.com for a limited time. To access the replay of the questions and answers, please follow http://public.viavid.com/index.php?id=145816.
A dial-in replay of the call will also be available to those interested, until 11:59 p.m. ET on August 12, 2021. To access the replay,
dial +1 844-512-2921 (United States) or +1 412-317-6671 (International) and enter replay pin number: 5085639.
About Cryoport, Inc.
Cryoport, Inc. (NASDAQ: CYRX) is redefining
temperature-controlled supply chain support for the life sciences industry by continually broadening its platform of solutions and services,
serving the Biopharma, Animal Health, and Reproductive Medicine markets. Through its family of companies, Cryoport Systems, MVE Biological
Solutions, CRYOPDP and CRYOGENE, Cryoport provides strategic solutions that support the growing needs of these markets.
Cryoport's mission is to support life
and health on earth through its advanced technologies, global supply chain network and dedicated scientists, technicians and supporting
teams of professionals. Cryoport serves clients in life sciences research, clinical trials, and product commercialization. We support
the creation of life, the sustaining of life and life-saving advanced cell and gene therapies in over 100 countries around the world.
For more information, visit www.cryoport.com or follow @cryoport on Twitter at www.twitter.com/cryoport for live updates.
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,
plans, strategy, acquisitions, including CRYOPDP and MVE Biological Solutions, financial results and financial condition. It is important
to note that the Company's actual results could differ materially from those in any such forward-looking statements. Factors that
could cause actual results to differ materially include, but are not limited to, risks and uncertainties associated with the effect of