Full Press Release Details
Cryoport Reports Record Third Quarter and Nine
Months Revenue for 2021
NASHVILLE, Tennessee, November
4, 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 nine-month periods ended September
Jerrell Shelton, CEO of Cryoport,
commented, "We delivered an outstanding third quarter and nine months of the year for the Company with strength across the board
in all areas of our business. During the third quarter, our total revenue grew to a record $56.7 million driven by 38% organic growth
year-over-year from Cryoport Systems and CRYOGENE and continuing strong revenue performance by MVE Biological Solutions and CRYOPDP. Our
robust performance was driven by superlative execution by our global teams across all our business units. Our markets are strong and growing.
Demand for MVE Biological Solutions' products remained at record highs, Cryoport Systems added 38 new customers during the quarter,
and we successfully expanded the footprints for both CRYOPDP and CRYOGENE.
Biopharma/Pharma revenue increased 371% year over year in the third quarter of 2021 or 41%, organically. But the story does not end there,
we now support a record 582 clinical trials, compared with 561 at the end of the second quarter of 2021 and 517 at the end of the third
quarter of 2020. We also support eight commercial therapies in regenerative medicine, including Novartis' KYMRIAH ,
Gilead/Kite's YESCARTA and TECARTUS ,
bluebird bio's ZYNTEGLO and SKYSONA , Bristol Myers
Squibb's BREYANZI and ABECMA and
Orchard Therapeutics' LIBMELDY . Additionally, four of the approved therapies received extended or supplemental approvals
in the third quarter.
"Our revenue by market for
the three- and nine-months ended September 30, 2021, as compared to the same periods in 2020 was as follows:
| Cryoport, Inc. and Subsidiaries | |||||||
| Total revenues by market | |||||||
| (unaudited) |
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
| (in thousands) | 2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||||||||||||||||
| Biopharma/Pharma | $ | 46,001 | $ | 9,760 | 371 | % | $ | 133,878 | $ | 27,120 | 394 | % | ||||||||||||
| Animal Health | 8,261 | 223 | 3598 | % | 25,655 | 664 | 3762 | % | ||||||||||||||||
| Reproductive Medicine | 2,431 | 1,189 | 105 | % | 6,635 | 2,551 | 160 | % | ||||||||||||||||
| Total revenues | $ | 56,693 | $ | 11,172 | 407 | % | $ | 166,168 | $ | 30,335 | 448 | % |
"Our solutions are experiencing
accelerating global demand as a record number of cell and gene therapies are slated for commercialization in the coming months and years."
Shelton concluded, "We continue to set the pace and the standard for supply chain solutions for the regenerative medicine industry
which continues to be in its very early stages of development. To support our continued global growth, we have expanded into 33 facilities
in 16 countries and have initiated further expansion within the fast-growing Asia-Pacific (APAC) and EMEA (Europe, Middle East,
and Africa) regions. We believe our strong momentum will continue to build through
the remainder of the year and beyond as we realize the large commercial revenue potential of our vast pipeline of clinical trials supported.
Our performance is a testament to the power of our strategy and our team's commitment to Cryoport
and its mission, and, with that, we expect significant worldwide opportunities ahead to continue building sustainable, long-term value
Our total Biopharma/Pharma revenue
increased by $36.2 million, or 371%, to $46.0 million for the third quarter of 2021 compared to $9.8 million for the third quarter of
2020, driven by strong revenue contributions from all business units. For the third quarter of 2021, Biopharma/Pharma revenue grew organically
by $4.0 million, or 41%, to $13.8 million compared to third quarter in the prior year.
As of the end of the third quarter,
we supported a net total of 582 clinical trials, compared with 561 at the end of the second quarter 2021 and 517 in third quarter 2020.
The number of trials by phase and region are as follows:
| September 30, | ||||||||||||
| Clinical Trials | 2021 | 2020 | 2019 | |||||||||
| Phase 1 | 240 | 207 | 180 | |||||||||
| Phase 2 | 272 | 244 | 191 | |||||||||
| Phase 3 | 70 | 66 | 54 | |||||||||
| Total | 582 | 517 | 425 |
| September 30, | ||||||||||||
| Clinical Trials | 2021 | 2020 | 2019 | |||||||||
| Americas | 459 | 411 | 360 | |||||||||
| EMEA | 92 | 83 | 55 | |||||||||
| APAC | 31 | 23 | 10 | |||||||||
| Total | 582 | 517 | 425 |
A total of nine (9) Cryoport supported
Biologic License Applications (BLAs) or Marketing Authorization Applications (MAAs) were filed in the nine months ended September 30,
2021, based on internal information and forecasts from the Alliance for Regenerative Medicine, of which three (3) were filed during the
third quarter of 2021. Looking forward, we anticipate up to another four (4) BLA and MAA submissions for Cryoport-supported products during
the remainder of 2021 and, at this time, an additional twenty-one (21) filings in 2022. Additionally, a total of four (4) Cryoport supported
therapies received extended or supplemental approvals in the third quarter.
Our revenue from the Animal Health
market increased by $8.0 million, or 3,598%, to $8.3 million for the third quarter ended September 30, 2021, as compared to the same period
in 2020 and was primarily driven by our acquisition of MVE Biological Solutions, which has a strong and longstanding presence in this
market. Third quarter revenue grew organically by 31% over the prior year demonstrating successful execution of our engagement strategy
within the animal health space.
Reproductive Medicine
Reproductive Medicine revenue
more than doubled to $2.4 million for the third quarter of 2021 compared to $1.2 million for the third quarter of 2020, an increase of
$1.2 million, or 105%. We see continuing strong demand for our CryoStork solution provided by Cryoport Systems driven
by fertility clinic networks that are looking for global standardization on our best-in-class solution. 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 agreements with new fertility clinics to our network globally during the remainder of 2021 and beyond to drive increased adoption
of our services as well as expand our support efforts within this space to EMEA and APAC.
Financial Highlights
Net loss attributable to common stockholders was $8.5
million, or $0.18 per share, for the third quarter of 2021, compared to a net loss attributable to common stockholders of $11.4 million,
or $0.29 per share, for the third quarter of 2020. This loss reflects a paid-in-kind dividend of $2.0 million and $6.2 million during
the third quarter and nine months ended September 30, 2021, respectively, resulting from the private placement of Series C Preferred Stock
with the Blackstone Group, completed in connection with the MVE Biological Solutions acquisition.
reconciliations of GAAP to adjusted (non-GAAP) figures above are detailed in the reconciliation tables included later in the press release.
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 Cryoport's quarterly report on Form 10-Q for the three months ended September
30, 2021, which is expected to be filed with the Securities and Exchange Commission ("SEC") on November 5, 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 Third 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, November 4, 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 November 4, 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: | November 4, 2021 |
| Time: | 5:00 p.m. EDT |
| Dial-in numbers: | 1-800-928-9281 (U.S.), 1-303-223-0118 (International) |
| Confirmation code: | Request the "Cryoport Call" |
| Live webcast: | Investor Relations' section at www.cryoport.com or at this link . 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 this link. A dial-in
replay of the call will also be available to those interested, until 11:59 p.m. ET on November 11, 2021. To access the replay, dial +1
844-512-2921 (United States) or +1 412-317-6671 (International) and enter replay pin number: 21998687.
About Cryoport, Inc.
Inc. (Nasdaq: CYRX) is a global leader in temperature-controlled supply chain solutions for the life sciences industry supporting
life-saving cell and gene therapies across the clinical and commercial spectrum. With 33 strategic locations covering the Americas,
EMEA (Europe, the Middle East and Africa) and APAC (Asia Pacific), Cryoport's global platform consists of a family of
businesses (Cryoport Systems, MVE Biological Solutions, CRYOPDP and
CRYOGENE), that provide mission-critical solutions, services and products to more than 2000 active biopharma, reproductive
medicine and animal health customers worldwide. Cryoport is the world's largest manufacturer of cryogenic equipment and the
world's third largest specialty courier to the life sciences industry. As of September 30, 2021,
Cryoport supported eight commercial cell and gene therapies and 582 regenerative medicine clinical trials in more than 150
countries. Seventy of these trials were in Phase 3.
For more information, visit www.cryoport.com
or follow @cryoport on Twitter at www.twitter.com/cryoport for live updates.