Full Press Release Details
Cryoport Reports Results for the Second Quarter
NASHVILLE, Tennessee,
August 4, 2022, - 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, "We
delivered a strong performance for the second quarter of 2022 highlighted by overall top-line growth of 14%, or 18% on a constant currency
basis. Each of our end markets, Biopharma/Pharma, Reproductive Medicine and Animal Health, grew in the double digits during the quarter
driven by strong continued demand for all of our products and services.
"Our Biopharma/Pharma revenue was $51.7 million
for the second quarter of 2022 compared to $45.5 million for the second quarter of 2021. We are now supporting a record 626 global clinical
trials in regenerative medicine, up by 17 trials sequentially compared to our previous quarter end. Importantly our clinical trial pipeline
continues to mature with 285 trials now in Phase 2 and 81 in Phase 3. Overall revenue growth in the Biopharma/Pharma market was driven
by our support of global clinical trials and commercially launched therapies.
"Demand for our Animal Health products and services,
which is driven primarily by protein production, increased by 14% to $9.6 million for the second quarter of 2022.
"Reproductive Medicine revenue increased by 24%
to $2.9 million for the second quarter of 2022. This growth was driven by CryoStork logistics solutions and cryogenic
shipper products. We continued to grow in the Reproductive Medicine market as the number of fertility clinics we support increases and
as IVF technologies continue to stimulate increased interest on a global basis.
"Our strategic expansion continued to progress
during the second quarter and included the grand openings of Cryoport's two new Global Supply Chain Centers in Texas and New Jersey.
These world-class facilities form the foundation of our Global Supply Chain Center Network and include the important addition of GMP (Good
Manufacturing Practices) BioServices to our portfolio of premier, comprehensive supply chain solutions. During the quarter, we further
strengthened our presence in the EMEA region with the acquisition of Cell&Co BioServices in Clermont-Ferrand, France. We anticipate
that Cell&Co BioServices will play a significant role in the further development of our Global Supply Chain Center Network as we expand
into the Paris, France region.
"We also continued our development in EMEA subsequent
to quarter end with CRYOPDP opening a logistics center in Ireland and acquiring Polar Expres, based in Spain, which adds logistics centers
in Madrid and Barcelona. Additionally, Cryoport Systems just completed the acquisition of Cell Matters, based in Belgium, specializing
in cryo-process optimization, cryo-processing, and cryopreservation. These developments are important steps in further building out our
leadership position as a provider of global temperature-controlled supply chain solutions to the life sciences industry and are expected
to also positively impact our operations in the Americas and APAC in the future.
Mr. Shelton concluded, "We continue to have robust
product and services development projects underway as well as an accretive acquisition pipeline. We remain confident in our outlook for
the remainder of the year and reiterate our previous full year 2022 revenue guidance to be between $260 million and $265 million, representing
a 17% to 19% increase over 2021 revenue."
In tabular form, revenue by market for the three- and
six-month periods ended June 30, 2022, as compared to the same period in 2021 was as follows:
Inc. and Subsidiaries
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
| (in thousands) | 2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||||||
| Biopharma/Pharma | $ | 51,728 | $ | 45,489 | 14 | % | $ | 94,739 | $ | 87,877 | 8 | % | ||||||||||||
| Animal Health | 9,562 | 8,394 | 14 | % | 16,356 | 17,394 | -6 | % | ||||||||||||||||
| Reproductive Medicine | 2,863 | 2,308 | 24 | % | 5,360 | 4,204 | 28 | % | ||||||||||||||||
| Total revenues | $ | 64,153 | $ | 56,191 | 14 | % | $ | 116,455 | $ | 109,475 | 6 | % |
As of June 30, 2022, the Company supported nine (9) commercial
therapies and a net total of 626 global clinical trials, a net increase of 65 clinical trials over second quarter 2021 and an increase
of 24 clinical trials from year-end 2021. The number of trials in Phase 3 was 81 as of the end of the second quarter. The number of trials
by phase and region are as follows:
Cryoport Supported Clinical Trials by Phase
| June 30, | ||||||||||||
| Clinical Trials | 2020 | 2021 | 2022 | |||||||||
| Phase 1 | 198 | 227 | 260 | |||||||||
| Phase 2 | 227 | 265 | 285 | |||||||||
| Phase 3 | 66 | 69 | 81 | |||||||||
| Total | 491 | 561 | 626 |
Cryoport Supported Clinical Trials by Region
| June 30, | ||||||||||||
| Clinical Trials | 2020 | 2021 | 2022 | |||||||||
| Americas | 400 | 444 | 488 | |||||||||
| EMEA | 72 | 88 | 104 | |||||||||
| APAC | 19 | 29 | 34 | |||||||||
| Total | 491 | 561 | 626 |
During the second quarter
of 2022, Bristol Myers' Breyanzi received FDA approval for the second line treatment of relapsed/refractory large
B-cell lymphoma, Gilead's Yescarta received approval by the European Commission for the treatment of follicular
lymphoma, and Novartis' Kymriah received a label expansion approval for follicular lymphoma in the US, EU, and Japan.
A total of two (2) Cryoport supported Biologic License Applications (BLAs) or Marketing Authorization Applications (MAAs) were filed in
the second quarter and two filings occurred in the first quarter. During the remainder of 2022, we anticipate up to an additional 12 filings,
three (3) new therapy approvals, and an additional four (4) label or geographic expansion approvals. Also, we are now forecasting a combined
total of 23 BLA or MAA filings in 2023, up from our previous estimate of 20 filings.
Financial Highlights
reconciliations of GAAP to adjusted (non-GAAP) figures above are detailed in the reconciliation tables included later in the press release.
The Company expects that its revenue
guidance for the full year 2022 of $260 - $265 million will be driven primarily by the record demand for dewars, cryogenic freezer, and
shipper systems and solutions; growth from our support of global clinical trials and commercially launched therapies from our cell and
gene therapy clients; growth in temperature-controlled logistics for the life sciences industry; and expanded client utilization of our
new BioServices offering. The Company's guidance is dependent on its current business and expectations, which may be impacted by,
among other things, factors that are outside of our control, such as the ongoing and prolonged COVID-19 pandemic, supply chain constraints,
inflationary pressures, 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 its Annual Report on Form 10-K for the year ended December
31, 2021 and its Quarterly Reports on Form 10-Q filed with the SEC during 2022, as well as in its subsequent filings with the SEC.
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 quarterly report
on Form 10-Q for the three and six months ended June 30, 2022, which is expected to be filed with the SEC on August 4, 2022. Additionally,
the full report is available in the SEC Filings section of the Investor Relations section of Cryoport's website at www.cryoport.com.
Earnings Conference Call Information
INFORMATION: A document titled "Cryoport Second Quarter 2022 In Review", providing a review of Cryoport's
recent financial and operational performance and a general business update, will be issued at 4:05 p.m. EDT on Thursday, August 4, 2022.
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 p.m. EDT on August 4, 2022. 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 4, 2022 |
| Time: | 5:00 p.m. EDT |
| Dial-in numbers: | 1-866-652-5200 (U.S.), 1-412-317-6060 (International) |
| Confirmation code: | Request the "Cryoport Call" |
| Live webcast: | Investor Relations' section at www.cryoport.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 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 August 11, 2022. To access the
replay, dial 1-877-344-7529 (United States) or 1-412-317-0088 (International) and enter replay pin number: 1018766.
About Cryoport, Inc.
Inc. (Nasdaq: CYRX), headquartered in Nashville, TN, is a global leader in temperature-controlled supply chain solutions for the life
sciences industry serving the Biopharma/Pharma, Animal Health, and Reproductive Medicine markets and supporting life-saving cell and gene
therapies across the clinical and commercial spectrum. With 38 strategic locations covering the Americas, EMEA (Europe, the Middle East,
and Africa) and APAC (Asia Pacific), Cryoport's global platform provides mission-critical solutions, services, and products to customers
worldwide. In addition to its standard setting supply chain solutions, Cryoport is the world's largest manufacturer of cryogenic
equipment and systems and one of the largest life science focused specialty couriers.
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,