Full Press Release Details
Cryoport Revenue Grows 47% for
Revenue from commercial therapies increased
110% over the prior year
29 clinical trials added, now supporting
465 clinical trials in Regenerative Medicine market
NASHVILLE, Tennessee, May 7, 2020 - Cryoport, Inc. (NASDAQ: CYRX) (NASDAQ: CYRXW) ("Cryoport"), a global leader
in life sciences solutions, today announced financial results for the three-month period ended March 31, 2020.
"We reported revenue of $9.8 million
for the First Quarter of 2020, an increase of 47% from the First Quarter of 2019," said Jerrell Shelton, Chief Executive
Officer of Cryoport. "This was driven largely by record revenue from our commercial agreements supporting Gilead's
YESCARTA and Novartis' KYMRIAH which contributed $2.9 million to the First Quarter of 2020,
representing an increase of 110% compared with the First Quarter of 2019. In the first quarter, we experienced minimal disruption
of our commercial portfolio resulting from the COVID-19 pandemic and are working closely with our partners to ensure eligible patients
continue to have access to these life-saving therapies.
"In April, Gilead's Kite Pharma
renewed its agreement with Cryoport, which cover its entire portfolio of therapies in development as well as YESCARTA .
The ongoing rollouts of both YESCARTA and KYMRIAH to patients in the Americas, EMEA and APAC are
expected to drive a continued ramp in activity related to our agreements supporting these commercial products. Revenue from our
agreement with bluebird bio to support its commercial launch of ZYNTEGLO is expected to commence in the second half of 2020."
"Our revenue growth in the First
Quarter was also attributable to Cryogene, our Houston based Bioservices operation, which contributed revenue of $1.3 million.
Cryogene specializes in the long-term secure storage of biological specimens, materials and samples for research purposes and is
expected to continue to operate with some, but relatively minimal, impact from the COVID-19 pandemic.
"We are very pleased to report strong
clinical trial growth for the quarter as we added a net total of 29 clinical trials, bringing the total number of clinical trials
supported by Cryoport to a record 465.
"As providers of mission-critical
logistics solutions to the healthcare industry, we are actively monitoring the spread of COVID-19 and continue to operate our Global
Logistics Center Network with minimal impact on our ability to conduct day-to-day operations for our life sciences clients. While
a meaningful number of the clinical trials we support have been suspended temporarily, none of these trials, to our knowledge,
have been terminated as a result of COVID-19. These suspensions did impact our clinical trial revenue in late First Quarter and
that impact continues into the Second Quarter of 2020. For trials that are ongoing, we are supporting our clients' needs
effectively and with business continuity plans in place to limit disruption and minimize any potential risk to our employees. We
believe the structural shift that is underway in the biopharma market toward large-molecule treatments plays to our strengths as
these therapies require much more rigorous, specialized and temperature sensitive logistics and storage solutions that meet exacting
requirements. We think these requirements and our ever-increasing competency in tailored information technology will ensure the
continued medium- and long-term expansion of our business despite the near-term headwinds we are experiencing from COVID-19.
Two Cryoport supported therapies filed
for commercial approval during the First Quarter of 2020, and a third filed subsequent to the quarter end. We continue to expect
a further six Cryoport supported MAA's and BLA's to be filed in 2020, based on internal information and forecasts from
the Alliance for Regenerative Medicine, although the timing of some of these may be impacted by COVID-19.
"We are the life sciences industry
leader in temperature-controlled logistics and biostorage of life-saving advanced cell and gene therapies, vaccines and other fragile
and high value commodities, providing essential and highly specialized solutions to the Biopharma market. With research into COVID-19
moving at a relatively rapid pace, we have been selected to support six clinical trials for potential COVID-19 treatments and vaccines.
We are proud to use our expertise to contribute to the fight against the spread of COVID-19 and are working closely with our clients
to assure the security of their products as they advance the trials of these much-needed therapies.
"The Reproductive Medicine market
was impacted by COVID-19 imposed restrictions and, consequently, for the First Quarter of 2020 contributed revenue of $0.8 million.
Upon the lifting of these restrictions, we will resume our services and believe we will be well-positioned to drive revenue growth
in this market. One example that gives us confidence is our new multi-year agreement with Inception Fertility, LLC, a Houston-based
company which operates The Prelude Network, the largest and fastest growing network of fertility centers in the United States.
Shelton concluded by saying, "Our strong balance sheet and liquidity position, along with long-term agreements with an exceptionally
loyal client base and successfully implemented business mitigation plans, gives us confidence in our ability to navigate the uncertainties
caused by the pandemic. We are confident in our future and continue to execute on our plans to support the anticipated expansion
in demand for our cutting-edge supply chain solutions. This entails building out our infrastructure, including software,
competencies, and further expanding our Global Supply Chain Network, with new Global Supply Chain Centers in Morris Plains, New
Jersey and Houston, Texas. We also continue to evaluate potential M&A opportunities that are complementary,
accretive and expand our solutions offerings and total addressable market."
Global Logistics Solutions
Selected by Cellular Biomedicine
Group, Inc. (Nasdaq: CBMG), a developer of proprietary cell therapies for the treatment of cancer and degenerative diseases, to
support two of its immuno-oncology and stem cell clinical trials in China.
Reproductive Medicine
Financial Highlights:
Further 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 annual report on Form 10-Q for the three
months ended March 31, 2020, which will be filed with the Securities and Exchange Commission ("SEC") on or about May
8, 2020. The full report will be available on the SEC Filings section of the Investor Relations section of Cryoport's website
at www.cryoport.com.
Earnings Conference Call Information
IMPORTANT INFORMATION: A document
titled "Cryoport First Quarter 2020 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 ET on Thursday, May 7, 2020. The document is designed to be
read by investors before the questions and answers conference call and can be accessed at http://ir.cryoport.com/events-and-presentations.
Cryoport management will host a conference
call at 5:00 pm ET on May 7, 2020. 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.
Conference Call Information
| Date: | May 7, 2020 |
| Time: | 5:00 p.m. ET |
| Dial-in numbers: | +1 (855) 327-6837 (U.S.), +1 (631) 891-4304 (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 May 14, 2020. To access the replay, dial +1 (844) 512-2921 (United
States) or +1 (412) 317-6671 (International) and enter replay pin number: 10009027.
About Cryoport, Inc.
(Nasdaq: CYRX) is redefining logistics for the life sciences industry by providing a platform of temperature-controlled solutions,
serving the Biopharma, Reproductive Medicine, and Animal Health markets. Our mission is to support life and health on earth by
providing reliable and comprehensive solutions for the life sciences industry through our advanced technologies, Global Supply
Chain Network and dedicated scientists, technicians and supporting team of professionals. Through its purpose-built, proprietary
Cryoport Express Shippers; Cryoportal information technology; validated Global Logistics Centers;
smart and sustainable temperature-controlled logistics; and biostorage/biobanking services, Cryoport serves clients in life sciences
research, clinical trials, and product commercialization. We support life-saving advanced cell and gene therapies and deliver vaccines,
protein producing materials, and IVF materials in over 100 countries around the world. 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 news release which are
not purely historical, including statements regarding Cryoport, Inc.'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