Full Press Release Details
Cryoport Reports Third Quarter 2024
NASHVILLE, Tennessee, November 7, 2024, - Cryoport, Inc.
(NASDAQ: CYRX) (Cryoport), a global leader in supply chain solutions for the life sciences industry, today announced financial results
for its third quarter (Q3) and first nine months (9M) of 2024.
Jerrell Shelton, CEO of Cryoport, remarked, "Our Life Sciences
Services business showed 9% growth during the third quarter, with BioStorage/BioServices revenue increasing by 12% compared to the third
quarter of last year. The increase in our services revenue was coupled with a substantial improvement in gross margin to 46% for our
"Reflecting on our performance through the third quarter,
we are maintaining our full-year revenue forecast of $225 million to $235 million, anticipating continued growth in our services business
while acknowledging the ongoing softness in product sales.
"We have been actively executing on our cost reduction
and capital realignment strategies and we are currently on course to complete these adjustments by the year's end. These actions are
already showing positive results, as evidenced by the improvement in our gross margin, adjusted EBITDA and positive cash flow this quarter,
moving us closer towards our objective of sustainable profitability. We believe that these measures will lead us to a return to positive
adjusted EBITDA during 2025.
"We expect the macroeconomic and sector-specific challenges
that have impacted many companies serving the life sciences industry to continue for the near future, so we plan to further sharpen our
focus on profitable growth and maintaining a strong balance sheet. We continue to be optimistic about our long-term business growth trajectory.
We believe that we are strategically positioned to leverage the anticipated long-term growth in the Life Sciences and the Cell &
Gene Therapy market through our comprehensive and integrated supply chain solutions.
"In October, we launched our IntegriCell Cryopreservation
Solution with a new state-of-the-art facility on our Houston campus. This offering addresses yet another critical aspect in optimizing
the supply chain for the development and commercialization of cell-based therapies through high quality, standardized, cryopreserved
starting material," Mr. Shelton concluded.
In tabular form, Q3 2024 and 9M 2024 revenue compared to Q3
2023 and 9M 2023, respectively, was as follows:
| Cryoport, Inc. and Subsidiaries | ||||||||||||||||||||||||
| Revenue | ||||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
| (in thousands) | 2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||||||||||
| Life Sciences Services | $ | 39,278 | $ | 36,022 | 9 | % | $ | 114,104 | $ | 107,062 | 7 | % | ||||||||||||
| BioLogistics Solutions | 35,302 | 32,486 | 9 | % | 103,076 | 97,093 | 6 | % | ||||||||||||||||
| BioStorage/BioServices | 3,976 | 3,536 | 12 | % | 11,028 | 9,969 | 11 | % | ||||||||||||||||
| Life Sciences Products | $ | 17,386 | $ | 20,135 | -14 | % | $ | 54,749 | $ | 68,933 | -4 | % | ||||||||||||
| Total Revenue | $ | 56,664 | $ | 56,157 | 1 | % | $ | 168,853 | $ | 175,995 | -4 | % |
BioStorage/BioServices revenue continues to grow double digits
year-over-year, increasing 12%, as we continue to introduce our expanded capabilities to existing customers as well as add new customers
into our global network, and as more allogeneic clinical and commercial therapies progress in the number of patients treated.
Revenue from commercially approved Cell & Gene therapies
represented $6.1 million, or 11%, of total revenue for Q3 2024. During Q3 2024, one new therapy was approved by the Pharmaceuticals and
Medical Devices Agency (PMDA) of Japan, which was SanBio's AKUUGO, an allogeneic treatment for the
indication of improving chronic motor paralysis resulting from traumatic brain injury. In addition, the FDA approved Adaptimmune's
Tecelra for the treatment of adults with unresectable or metastatic synovial sarcoma, the first cell therapy targeting a solid tumor.
Our total commercial therapy count was seventeen (17) as of September 30, 2024.
As of September 30, 2024, Cryoport supported a total of 691
global clinical trials, a net increase of 21 clinical trials over September 30, 2023, with 79 trials in Phase 3. The number of trials
by phase and region are as follows:
| Cryoport Supported Clinical Trials by Phase | Cryoport Supported Clinical Trials by Region | |||||||
| Clinical Trials | September 30, | Clinical Trials | September 30, | |||||
| 2022 | 2023 | 2024 | 2022 | 2023 | 2024 | |||
| Phase 1 | 268 | 275 | 295 | Americas | 496 | 516 | 531 | |
| Phase 2 | 295 | 314 | 317 | EMEA | 105 | 112 | 112 | |
| Phase 3 | 80 | 81 | 79 | APAC | 42 | 42 | 48 | |
| Total | 643 | 670 | 691 | Total | 643 | 670 | 691 |
During the third quarter, three
(3) Biologics License Application (BLA)/Marketing Authorization Application (MAA) filings occurred, and one (1) BLA filing occurred in
October. For the remainder of 2024, we anticipate up to an additional four (4) application filings and two (2) new therapy approvals,
with another two (2) possible approvals of new therapies in January of 2025.
BioLogistics Solutions revenue rose 9% year over year during
the third quarter as it continued to benefit from the ramp in temperature-controlled logistics revenue outside of the Cell & Gene
therapy market, including biosimilars, antibodies, APIs and a growing number of Direct-to-Patient shipments.
Financial Highlights
equivalents, and Short-Term Investments
reconciliations of GAAP to adjusted (non-GAAP) figures above are detailed in the reconciliation tables included later in the press release.
The Company reaffirms full year
2024 revenue guidance in the range of $225 million - $235 million. The Company's 2024 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, 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 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
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 the Company's Quarterly Report on Form 10-Q for the three months ended
September 30, 2024, which is expected to be filed with the SEC on November 7, 2024. Additionally, the full report will be available in
the SEC Filings section of the Investor Relations section of Cryoport's website at www.cryoportinc.com.
Earnings Conference Call
IMPORTANT INFORMATION: In
addition to the earnings release, a document titled "Cryoport Third Quarter 2024 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 Thursday, November 7, 2024. The
document is designed to be read in advance of the questions and answers conference call and will be accessible at https://ir.cryoportinc.com/news-events/ir-calendar.
Cryoport management will host
a conference call at 5:00 p.m. ET on November 7, 2024. 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: | Thursday, November 7, 2024 |
| Time: | 5:00 p.m. ET |
| Dial-in numbers: | 1-800-717-1738 (U.S.), 1-646-307-1865 (International) |
| Confirmation code: | Request the "Cryoport Call" or Conference ID: 1171580 |
| Live webcast: | Investor Relations' section at www.cryoportinc.com or click here . |
Please allow 10 minutes prior to
the call to visit this site to download and install any necessary audio software.
The questions and answers call
will be recorded and available approximately three hours after completion of the live event in the Investor Relations section of the
Company's website at www.cryoportinc.com for a limited time. To access the replay of the questions and answers click here.
A dial-in replay of the call will also be available to those interested, until November 14, 2024. To access the replay, dial 1-844-512-2921
(United States) or 1-412-317-6671 (International) and enter replay entry code: 1171580#.
About Cryoport, Inc.
Cryoport, Inc. (Nasdaq:
CYRX), is a global leader in supply chain solutions for the Life Sciences with an emphasis on cell & gene therapies. Cryoport enables
manufacturers, contract manufacturers (CDMOs), contract research organizations (CROs), developers, and researchers to conduct their respective
business with products and services that are designed to derisk services and provide certainty. We provide a broad array of supply chain
solutions for the life sciences industry. Through our platform of critical products and solutions including advanced temperature-controlled
packaging, informatics, specialized bio-logistics services, bio-storage, bio-services, and cryogenic systems, we are "Enabling the
Future of Medicine " worldwide, through our innovative systems, compliant procedures, and agile approach to superior supply
Our corporate headquarters, located
in Nashville, Tennessee, is complemented by over 50 global locations in 17 countries, with key sites in the United States, United Kingdom,
France, the Netherlands, Belgium, Portugal, Germany, Japan, Australia, India, and China.
For more information, visit www.cryoportinc.com
or follow via LinkedIn at https://www.linkedin.com/company/cryoportinc or @cryoport on X, formerly known as Twitter at www.x.com/cryoport
Forward-Looking Statements
Statements in this press release
which are not purely historical, including statements regarding Cryoport'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 Cryoport's industry, business,
long-term growth prospects, plans, strategies, acquisitions, future financial results and financial condition, such as Cryoport's outlook
and guidance for full year 2024 revenue and the related assumptions and factors expected to drive revenue, projected growth trends in