Full Press Release Details
Cryoport Revenue Grows 83% for
Cryoport now supports 413 clinical trials
in regenerative medicine
Cryoport supports the commercial launch
of bluebird bio's Zynteglo in Europe
IRVINE, California, August 8, 2019 - Cryoport, Inc. (NASDAQ:
CYRX) (NASDAQ: CYRXW) ("Cryoport"), the world's leading temperature-controlled logistics company dedicated to the life
sciences industry, today announced financial results for the three and six-month periods ended June 30, 2019.
"Cryoport reported revenue of $8.5
million for the three-month period ended June 30, 2019, an increase of 83% compared with the same period in the prior year,"
stated Jerrell Shelton, Chief Executive Officer of Cryoport.
"Revenue from our commercial agreements
supporting Gilead's YESCARTA and Novartis' KYMRIAH contributed $1.9 million
in the Second Quarter of 2019 as volumes continued to ramp in their respective ongoing commercial rollouts. Revenue from these
commercial products represent a 320% increase compared with the same quarter last year and a sequential increase of 34% over the
First Quarter of 2019. The continued global rollout of YESCARTA and KYMRIAH
is expected to drive sustained momentum and revenue growth for Cryoport.
"A milestone during the quarter was
the European Union's Conditional Marketing Authorization for bluebird bio's ZYNTEGLO , which represents the third
commercially approved product that we support. ZYNTEGLO is the first gene therapy approved for transfusion-dependent -thalassemia
(TDT), a severe genetic disease caused by mutations in the -globin gene that results in reduced or absent hemoglobin. Logistics
requirements are expected to ramp in 2020 with the commercial launch, driving revenue to Cryoport. We are proud to be working with
bluebird bio to bring this pioneering therapy to patients.
"We added a net total of 30 clinical
trials during the Second Quarter, bringing the grand total of regenerative therapy clinical trials supported by Cryoport to a record
413, of which 52 are currently in Phase III. As the regenerative medicine market continues to gain pace, we expect to continue
to grow the number of clinical trials we support, which, together with the increasing number of cell therapies that are approaching
commercialization, will continue to be a main source of revenue growth.
global Regenerative Medicine market continues to experience significant growth with a range of diverse therapies entering development.
Data provided by the Alliance for Regenerative Medicine states that there are currently a total of 1,069 clinical trials in the
Regenerative Medicine market globally, with 358 trials in Phase I, 617 in Phase II, and 94 in Phase III. We continue to focus on
adding clinical trials as a core part of our strategy as the industry approaches its inflection point and many therapies advance
toward commercialization. Demand for temperature-controlled logistics solutions is expected to significantly increase as these
therapies are approved across new indications and countries.
think the growth of the regenerative medicine market has just begun; and, to support this growth, we will continue to further build
out our ecosystem to better serve all our life sciences markets through investing in infrastructure, forming strategic partnerships
and developing new, innovative solutions for the life sciences.
the Second Quarter, we entered the bioservices market through the acquisition of Cryogene
Partners, a Houston-based company that operates a 21,000 square foot state-of-the-art biostorage facility. This acquisition was
immediately accretive, contributing approximately $577,000 to Cryoport's revenue for the Second Quarter. We expect Cryogene's
revenues to grow over the next several quarters as it continues to attract new customers and further serve its major customers
in the region, such as MD Anderson, Houston Methodist Hospital, Texas Childrens, Bellicum, and Merck.
believe Cryoport is well capitalized with approximately $95 million in cash and short term investments to execute on its
growth strategies in all its markets, which we expect to provide us with the financial wherewithal
to finance our growth, to continue our global infrastructure buildout, to invest in new product offerings, and to build out our
global supply chain network. Our strong balance sheet also allows us to more aggressively pursue acquisitions and other strategic
initiatives that will further entrench Cryoport within this new and expanding life sciences ecosystem."
Highlights by market:
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 is provided in Cryoport's quarterly report on Form 10-Q for the three-month period ended June 30, 2019,
which will be filed with the Securities and Exchange Commission ("SEC") on August 9, 2019. 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
Second Quarter 2019 in Review", which will provide a review of Cryoport's recent financial and operational performance
and a general business update, will be issued by management at 4:05 pm ET on Thursday, August 8. 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 August 8, 2019. The conference call will be in the format of a questions and answers session and will address any queries investors
have regarding Cryoport's reported results.
Conference Call Information
| Date: | Thursday, August 8, 2019 |
| Time: | 5:00 p.m. ET |
| Dial-in numbers: | +1 (855) 327-6837 (U.S.) or +1 (631) 891-4304 (International) |
| Confirmation code: | Request "Cryoport Call" or provide code 10007349 |
| 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. |
An archive of the question and answer webcast will be available
approximately three hours after completion of the live event and will be accessible on the Investor Relations section of Cryoport's
website at www.cryoport.com for a limited time. To access the replay of the webcast, please follow this link. A dial-in replay
of the call will also be available to those interested until August 15, 2019. To access the replay, dial +1 (844) 512-2921 (United
States) or +1 (412) 317-6671 (International) and enter replay pin number: 10007349.
About Cryoport, Inc.
Cryoport, Inc. ("Cryoport") is the premier provider
of temperature-controlled solutions to the life sciences industry through its purpose-built proprietary packaging, information
technology, specialized cold chain logistics expertise, and biostorage and biobanking services. The Company provides leading edge
solutions to the biopharma, reproductive medicine and animal health markets to ship, store and deliver biologic materials, such
as immunotherapies, stem cells, CAR-T cell therapies, vaccines and reproductive cells for clients worldwide Cryoport actively supports
pharmaceutical and biotechnology companies, points-of-care, contract research organizations, central laboratories, contract manufacturers,
university researchers and other entities service the life sciences industry.
Cryoport's proprietary Cryoport Express Shippers,
Cryoportal Logistics Management Platform, leading-edge SmartPak II Condition Monitoring System and geo-sensing
technology, paired with unparalleled cold chain logistics expertise and 24/7 client support, make Cryoport the end-to-end cold
chain logistics partner that the industry trusts.
For more information, visit www.cryoport.com. Sign up to
follow @cryoport on Twitter at www.twitter.com/cryoport.
Forward Looking Statements
Statements in this news 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. It is important to note that Cryoport's actual results could differ materially from those in any such forward-looking
statements. Factors that could cause actual results to differ materially include, but are not limited to, risks and uncertainties
associated with the effect of changing economic conditions, trends in the products markets, variations in Cryoport's cash flow,
market acceptance risks, and technical development risks. Cryoport's business could be affected by a number of other factors, including
the risk factors listed from time to time in Cryoport's SEC reports including, but not limited to, Cryoport's 10-K for the year
ended December 31, 2018 filed with the SEC. Cryoport cautions investors not to place undue reliance on the forward-looking statements
contained in this press release. Cryoport, Inc. disclaims any obligation, and does not undertake to update or revise any forward-looking
statements in this press release.
Cryoport Investor Contacts:
Todd Fromer / Elizabeth Barker
KCSA Strategic Communications