Cryoport Reports Third Quarter 2023 Financial Results Third quarter 2023 commercial Cell and Gene Therapy revenue up 54% year-over-year Supporting a record total of 670 clinical trials worldwide, with 81 in Phase 3 Nine

Cryoport Reports Third Quarter 2023

Tennessee, November 8, 2023, - Cryoport, Inc. (NASDAQ: CYRX) ("Cryoport" or the "Company"), a leading

global provider of innovative products and services to the life sciences, with a focus on the fast-growing cell and gene therapy industry,

enabling the future of medicine for a new era of life sciences, today announced financial results for the third quarter (Q3) and first

nine months (9M) of 2023.

Jerrell Shelton, CEO of Cryoport,

commented, "Our third quarter results were consistent with our expectations, reflecting current global economic and geopolitical

challenges. However, we are seeing solid and sustained demand from our key life sciences and cell and gene therapy customers despite the

current macroeconomic climate.

"We experienced a notable

increase in commercial cell and gene therapy revenue, growing 54% year-over-year, while bioservices revenue increased 26% year-over-year

for the third quarter. In the same period, Cryoport Systems' revenue grew 10%, on both a year-over-year and sequential basis. Clinical

trials that Cryoport supports also increased, adding a net 27 clinical trials year-over-year, bringing our global clinical trials supported

to a record total of 670.

"While demand for our cryogenic

systems provided by MVE Biological Solutions was, as expected, lower than in previous years, it is important to point out that we maintained

strong gross margins on our product revenue of 45% for the quarter, contributing free cash to support our strategic growth investments.

As the world's largest manufacturer of vacuum insulated products and cryogenic systems and a preferred brand for academic, government,

and life science companies, we expect solid performance from MVE Biological Solutions as our clients' capex spending normalizes.

the third quarter, we continued to execute on our corporate strategy to accelerate our long-term growth through meaningful partnerships.

This includes our collaboration with Cell and Gene Therapy Catapult, the premier cell and gene therapy manufacturing innovation center

in Europe which will support our European expansion. We also entered into a strategic partnership with Be The Match BioTherapies ,

which manages the most diverse bone marrow registry in the world, and signed a multi-year supply chain solutions agreement with Monash

IVF, a leading provider of assisted reproductive services in Australia.

"Subsequent to quarter end,

we completed the acquisition of Tec4med Lifescience, a solutions company with cutting-edge technology for comprehensive monitoring solutions,

based in Darmstadt, Germany, that is expected to have applications across the Cryoport spectrum of

"These latest developments

and our leading market position as provider of technology-enabled, dependable, end-to-end supply chain solutions to the life sciences

add to our confidence that our long-term growth prospects are solid. We believe the combined power of our industry-leading brands, including

Cryoport Systems, MVE Biological Solutions, CRYOPDP, and CRYOGENE, coupled with the capital projects we have underway, position Cryoport

to capitalize on the continued growth of the life sciences and especially the cell and gene therapy industry, as more therapies make their

way towards commercialization over these ensuing years," concluded Mr. Shelton.

In tabular form, revenue by market

for Q3 2023 and 9M 2023, as compared to the same periods in 2022 was as follows:

Cryoport, Inc. and Subsidiaries

Total revenues by market

As of September 30, 2023, Cryoport

supported 12 commercial therapies and a net total of 670 global clinical trials, a net increase of 27 clinical trials over September 30,

2022. The number of trials in Phase 3 was 81 as of the end of the third quarter of 2023. The number of trials by phase and region are

Cryoport Supported Clinical Trials by Phase

Supported Clinical Trials by Region

A total of six Cryoport supported

Biologic License Applications (BLAs) or Marketing Authorization Applications (MAAs) were filed in the third quarter of 2023. During the

remainder of 2023, we anticipate up to an additional five application filings, two new therapy approvals and an additional seven label/

geographic expansions or moves to earlier lines of treatment approved.

Financial Highlights

Total revenue for Q3 2023 was

$56.2 million compared to $60.5 million for Q3 2022, a year-over-year decrease of 7% or $4.3 million.

for 9M 2023 was $176.0 million, compared to $176.9 million for 9M 2022, a year-over-year decrease of 1% and flat at constant currency.

margin was 43.2% for Q3 2023 compared to 43.7% for the same period in 2022. Gross margin was 43.2% for 9M 2023 compared to 43.9%

of development initiatives, operating costs and expenses increased to $41.2 million for Q3 2023, compared to $34.2 million for Q3 2022.

The increase was primarily attributable to the further build out of our competencies (IntegriCell ), infrastructure (Supply Chain

Center Network, specialty courier expansion, manufacturing plant expansion), and technology development (Cryoportal 2 ,

Cryosphere , SkyTrax) to support the continuing scaling of our business and demand for Cryoport's services. One of our most

important strategic initiatives is the IntegriCell platform, a standardized integrated optimized apheresis collection, cryopreservation

and leukopak distribution solution for cell therapies for which Cryoport is currently building out two cryopreservation centers of excellence

located in Houston, TX and Li ge, Belgium, which are expected to be fully operational and ready for validation during Q2 2024.

Operating costs and expenses increased to $121.4 million for 9M 2023, compared to $98.5 million for the same period in the prior year.

Q3 2023 and 9M 2023 was $13.3 million and $37.2 million, respectively, compared to a net loss of $5.3 million and $27.9 million for the

same periods in 2022, respectively.

Net loss attributable

to common stockholders was $15.3 million, or $0.31 per share, and $43.2 million, or $0.89 per share, for Q3 2023 and 9M 2023, respectively.

This compares to a net loss attributable to common stockholders of $7.3 million, or $0.15 per share, and $33.9 million, or $0.69 per share,

for Q3 2022 and 9M 2022, respectively.

EBITDA was a negative $3.1 million for Q3 2023, compared to $4.7 million for Q3 2022. Adjusted EBITDA for 9M 2023 was a negative

$1.7 million, compared to $13.0 million for 9M 2022.

$465.9 million in cash, cash equivalents, and short-term investments as of September 30, 2023.

2022, the Company announced that its board of directors authorized a repurchase program through December 31, 2025, authorizing the repurchase

of common stock and/or convertible senior notes in the amount of up to $100.0 million. During the year ended December 31, 2022, the Company

purchased 1,604,994 shares of its common stock under this program. These shares were returned to the status of authorized but unissued

shares of common stock. During the third quarter of 2023, the Company repurchased $31.3 million in aggregate principal amount of its Convertible

Senior Notes due in 2026 for an aggregate repurchase price of $25.1 million, resulting in a gain on extinguishment of debt of $5.7 million,

net of debt issuance costs. There is currently $36.0 million remaining available under the repurchase program.

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

Cryoport's management affirms

the Company's full year 2023 revenue guidance range of $233 - $243 million. The Company's 2023 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 the

global macroeconomic and geopolitical environment, continued supply chain constraints, inflationary pressures, volatility in the China

economy, the ongoing wars between Russia and Ukraine and between Israel and Hamas, economic uncertainty 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 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

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 months ended September 30, 2023, which is expected to be filed with the SEC on November 8, 2023. Additionally,

the full report will be available in the SEC Filings section of the Investor Relations section of Cryoport's website at www.cryoport.com.

Earnings Conference Call

INFORMATION: In addition to the earnings release, a document titled "Cryoport Third Quarter

2023 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 Wednesday, November 8, 2023. The document is designed to be read in advance of 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. ET on November 8, 2023. 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