Cryoport Revenue Climbs to $53.3 Million for First Quarter 2021 Revenue increased 445% compared with Q1 2020, with acquisitions of MVE Biological Solutions and CRYOPDP driving significant growth Organic revenue growth of

Cryoport Revenue Climbs to $53.3 Million for

Tennessee, May 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-month period

ended March 31, 2021.

Shelton, CEO of Cryoport, said, "It was a strong quarter and it developed as we had anticipated. We entered 2021 with an unrivaled

leadership position with market-leading temperature-controlled supply chain solutions for the life sciences industry in our markets of

Biopharma/Pharma, Animal Health and Reproductive Medicine. Our global platform, consisting of 32 locations and a family of companies

that provide mutually reinforcing solutions, services and products, delivered an outstanding performance. Cryoport's revenue grew

to a record $53.3 million for the quarter with our recent acquisitions of MVE Biological Solutions and CRYOPDP contributing significantly

as we navigated the ongoing integration of these two fine acquisitions. I would like to emphasize that all our business units reported

record revenue as well as strong sequential growth over our record fourth quarter 2020. This performance was primarily driven by the

Biopharma/Pharma market, which represented approximately 80% of our total revenue in the first quarter of 2021. It is notable that we

continued to build out our pipeline of potential commercial customers with the total number of regenerative medicine clinical trials

supported by Cryoport reaching a record 543 trials compared with 465 at the end of the first quarter of 2020 as well as adding 2 new

commercial launches supported by Cryoport.

closing our two strategic acquisitions, MVE Biological Solutions and CRYOPDP, we have sharpened each company's focus and made investments

in the businesses to fuel their growth, which we believe positions us for excellent growth in 2021 and beyond. Prior to being acquired

by Cryoport, both businesses were parts of very large companies and were not focused on Cryoport's high-growth regenerative medicine

market. In the short time since closing these acquisitions, we have made significant strides in defining strategic focus, aligning resources,

identifying synergies and stoking the innovation pipeline of each business. One example is the recent joint launch of our new global

logistics center in Osaka, Japan which will further accelerate growth in APAC. As I have previously expressed, we anticipate achieving

over $100 million of revenue and cost synergies over a 5-year period from CRYOPDP and Cryoport Systems, and the process of identifying

and executing on these synergies is on schedule.

MVE Biological Solutions, our factories are now running at record production levels, as they benefit from a newly invigorated strategic

direction. Revenue growth rates for both MVE Biological Solutions and CRYOPDP were significantly higher than their historical growth

rates and we believe these first two quarters, as a part of Cryoport, are an early indicator of the growth potential these two businesses

have. We anticipate continued strength from both MVE Biological Solutions and CRYOPDP throughout 2021 as they further integrate into

Cryoport. Our organic revenue, which excludes contributions from MVE Biological Solutions and CRYOPDP, increased by 35% year over year

as we continue to support the ramp of clinical trials and commercial therapies. Through our dedicated teams, ongoing investments and

expanded footprint, we now have a very broad reach within the industry and are dedicated to continuously scaling our business with focus

first quarter 2021 revenue as compared to first quarter 2020 was as follows:

Cryoport, Inc. and Subsidiaries

Total revenues by market

"In summary, our first quarter of 2021 was a very successful start to the year, following an already strong fourth quarter in 2020.

We achieved significant growth in all our operating units with a growing number of clinical trials supported, the scaling of MVE Biological

Solutions and CRYOPDP, and the closing of a $287.5 million follow-on public offering in January 2021 to further strengthen our balance

sheet and support future growth. We believe our unique global capabilities widen our competitive moat and position us to extend our support

of the life sciences industry and the clinical and commercial stage regenerative medicine therapies around the world. We plan to accelerate

growth in each of our operating units as we further enhance our operating platform and develop highly differentiated and specialized

solutions," said Mr. Shelton.

Biopharma/Pharma revenue increased by $33.6 million, or 383%, to $42.4 million for the first quarter of 2021 compared to $8.8 million

for the first quarter of 2020, driven by record revenue contribution from all business units. For the first quarter of 2021, Biopharma/Pharma

revenue grew organically (excluding contributions from MVE Biological Solutions and CRYOPDP) by $2.8 million, or 32%, to $11.6 million

compared to the first quarter in the prior year.

the quarter, we extended our leading position in the Biopharma/Pharma market with continued growth in net clinical trials. As the global

emergence of regenerative therapies continues and new trials are launched, we believe that our enhanced global platform for temperature-controlled

supply chain solutions supporting the life sciences further makes us the clear choice to support biopharmaceutical/pharmaceutical companies

in bringing their regenerative medicine therapies to market. As of the end of the first quarter, we supported a net total of 543 clinical

trials, compared with 465 at the end of the first quarter 2020 and 528 clinical trials as of December 31, 2020. The number of trials

by phase and region are as follows:

continued to work closely with all our partners and clients to ensure patients have access to the life-saving therapies we support. Commercial

revenue, to date, has been primarily the result of our global agreements supporting the ramp ups of Novartis's KYMRIAH

and Gilead/Kite's YESCARTA . In addition, Bristol-Myers Squibb (BMS) has received US Food and Drug Administration

(FDA) approval for its cell therapy BREYANZI , and bluebird bio and BMS and have received FDA

approval for their CAR T-cell therapy Abecma , a first-of-its-kind CAR T-cell therapy for treatment of multiple myeloma.

Cryoport will support both these groundbreaking therapies, marking Cryoport's sixth and seventh long-term agreements supporting

the global commercial launch of a cell and gene therapy. We expect these agreements to contribute to our revenue in the second quarter

of 2021 and will begin to ramp throughout 2021, driving additional growth in our commercial revenue in 2021.

addition to our organic growth, and due to increasing demand for support in the APAC region, we acquired Critical Transport Solutions

Australia Pty Ltd ("CTSA") in April of this year, a market leader focused on premium healthcare logistics management services,

specializing in time- and temperature-critical solutions for the medical and biopharma/pharma industries in Australia. As a part of Cryoport's

CRYOPDP business unit, CTSA will also support Cryoport Systems in Australia. CTSA is expected to have strategic impact on our APAC initiatives

as the number of clinical trials taking place in this region continues to increase and the acquisition of CTSA is an important step in

advancing our APAC strategy. With the addition of CTSA, we can now serve the domestic Australian market more effectively, as well as

providing more robust temperature-controlled supply chain solutions for our international clients, who require support in the APAC region.

total of three (3) Cryoport supported Marketing Authorization Applications (MAAs) or Biologic License Applications (BLAs) were filed

in the first quarter of 2021, based on internal information and forecasts from the Alliance for Regenerative Medicine. Looking forward,

we anticipate up to 18 MAA or BLA submissions for Cryoport-supported products during 2021.

pandemic support is not our focus within the Biopharma/Pharma market; however, Cryoport does support 33 clinical trials of COVID-19-related

vaccines and treatments globally and one commercial treatment for patients that have COVID-19 across its business units as of the end

of the first quarter of 2021. Our key focus continues to be the rapidly growing cell and gene therapy market. COVID-19 pandemic support

agreements only contributed marginally to our strong revenue growth for the quarter, and we do not anticipate these products to be a

significant revenue driver going forward.

revenue from the Animal Health market increased by $8.8 million, or 3,893%, to $9.0 million for the first quarter ended March 31, 2021,

as compared to the same period in 2020. This increase was driven primarily by our acquisition of MVE Biological Solutions on October

1, 2020, which has a strong and longstanding presence in this market. In addition, our overall pipeline of potential new clients continues

to grow and is expected to further drive revenue growth in 2021.

Reproductive Medicine revenue

increased by $1.1 million, or 148%, to $1.9 million for the first quarter of 2021 compared to $0.8 million for the first quarter of 2020.

These results were partially

driven by our enhanced market engagement strategy for our CryoStork solution as well as increased activity as fertility

clinics ramped up procedures that had previously been delayed due to COVID-19. 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 fertility clinics

to our network in 2021 to drive increased adoption of our services as well as expand our support efforts within this space to EMEA and

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

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 March 31, 2021, which is expected to be filed with the Securities and Exchange Commission ("SEC")

on May 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

INFORMATION: A document titled "Cryoport First 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 Tuesday, May 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.

management will host a conference call at 5:00 pm EDT on Tuesday, May 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.