PR Newswire
IRVINE, Calif., May 4, 2017
IRVINE, Calif., May 4, 2017 /PRNewswire/ -- Cryoport, Inc. (NASDAQ: CYRX, CYRXW), the world's leading cryogenic logistics company dedicated to the life sciences industry, today announced financial results for the first quarter ended March 31, 2017.
"2017 began with strong momentum as we are reporting robust year-over-year revenue growth of 74%," commented Jerrell Shelton, Cryoport, Inc.'s Chief Executive Officer. "The quarter's results were driven by extraordinary growth in our core business of providing cold chain logistics solutions to biopharma clients, which saw revenue grow 100% year-over-year and 31% sequentially. Our sales and marketing team continues to make excellent progress expanding our footprint as we secured 27 new clients and 14 new clinical trial programs, further strengthening our pipeline."
"Cryoport's success is being mainly fueled by growth in the regenerative medicine market, where the advancement of CAR T-cell therapies is revolutionizing treatment options for a multitude of health issues, including cancers, congenital diseases and trauma. These therapies rely on our state-of-the-art cryogenic logistic solutions as the only effective method of maintaining efficacy when they are transported and stored, making Cryoport a strategic concern in the design and implementation of clinical trials and the delivery of commercial products. With our stronger balance sheet, we are now well-capitalized to scale our solutions as more regenerative medicines approach commercialization and require significantly more logistics support and services. With the first two CAR T-cell therapies expected to receive FDA approval this year to commence commercial sales, the opportunity to build significant value for Cryoport's shareholders is obvious," continued Mr. Shelton.
Mr. Shelton concluded, "Biopharma revenue now accounts for 75% of total revenues and remains our largest growth opportunity; however, I am also pleased to report strength across all Cryoport's markets. Reproductive medicine revenue increased 26% year-over-year driven by strong domestic demand. Animal health revenue increased 28% year-over-year as we on-boarded new clients. Our strong start for 2017 is just the beginning of the tremendous opportunity ahead of us, as we enter this pivotal stage in our development."
Market Highlights:
Biopharma
Reproductive Medicine
Animal Health
Overall Financial Results:
Further information on Cryoport's results are included on the attached unaudited condensed consolidated balance sheets and statements of operations, and a further explanation of Cryoport's financial performance will be provided in Cryoport's quarterly report on Form 10-Q for the three months ended March 31, 2017, which will be filed with the Securities and Exchange Commission ("SEC") today, May 4, 2017. The full report will be available on the SEC Filings section of the Investor Relations section of the Company's website at www.cryoport.com.
Conference Call
The Company will host a conference call at 4:30 pm ET on May 4, 2017 to review its financial results and business outlook. Cryoport will provide an update on revenue from its three main lines of business – Biopharma, Animal Health and Reproductive Medicine. Management will also report on new client activities and provide a general business outlook.
Participants should call 1-855-327-6837 (United States) or 1-631-891-4304 (International) and request the "Cryoport call." A live audio webcast of the call and slide deck will also be available on the Investor Relations section of the Company's website 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 webcast will be available approximately three hours after completion of the live event and will be accessible on the Investor Relations section of the Company'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 May 11, 2017. To access the replay, dial 1- 844-512-2921 (United States) or 1-412-317-6671 (International) and enter replay pin number: 10002860.
About Cryoport, Inc.
Cryoport is the premier provider of cryogenic logistics solutions to the life sciences industry through its purpose-built proprietary packaging, information technology and specialized cold chain logistics expertise. The Company provides leading edge logistics solutions for biologic materials, such as immunotherapies, stem cells, CAR-T cells and reproductive cells for clients worldwide. Cryoport actively supports points-of-care, CRO's, central laboratories, pharmaceutical companies, contract manufacturers and university researchers. For more information, visit www.cryoport.com.
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 Reform Act of 1995. It is important to note that the Company'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 the Company's cash flow, market acceptance risks, and technical development risks. The Company's business could be affected by a number of other factors, including the risk factors listed from time to time in the Company's SEC reports including, but not limited to, the Transition Report on Form 10-K for the nine months ended December 31, 2016 filed with the SEC. The Company 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, Inc. and Subsidiary | ||||||
Consolidated Statements of Operations | ||||||
(unaudited) | ||||||
| | | Three Months Ended | | ||
| | | 2017 | | 2016 | |
Revenues | | $ 2,712,234 | | $ 1,555,545 | | |
Cost of revenues | 1,458,737 | | 973,738 | | ||
Gross margin | 1,253,497 | | 581,807 | | ||
| | | | | | |
Operating costs and expenses: | | | | | ||
General and administrative | 1,703,032 | | 1,814,421 | | ||
Sales and marketing | 1,069,935 | | 1,247,026 | | ||
Engineering and development | 249,843 | | 144,478 | | ||
Total operating costs and expenses | 3,022,810 | | 3,205,925 | | ||
| | | | | | |
Loss from operations | (1,769,313) | | (2,624,118) | | ||
Other expense: | | | | | ||
Interest expense | (15,667) | | (81,194) | | ||
Other expense, net | - | | (4,872) | | ||
Loss before provision for income taxes | (1,784,980) | | (2,710,184) | | ||
Provision for income taxes | (4,231) | | - | | ||
Net loss | | (1,789,211) | | (2,710,184) | | |
Undeclared cumulative preferred dividends | - | | (75,460) | | ||
Net loss attributable to common stockholders | $ (1,789,211) | | $ (2,785,644) | | ||
| | | | | | |
Net loss per share attributable to common stockholders - basic and diluted | $ (0.10) | | $ (0.26) | | ||
Weighted average shares outstanding - basic and diluted | 17,604,283 | | 10,601,311 | | ||
| | | | | | |
Cryoport, Inc. and Subsidiary | |||||
Condensed Consolidated Balance Sheets | |||||
| | | | | |
| | | March 31, | | December 31, |
| | | 2017 | | 2016 |
| | | (unaudited) | | |
Current Assets: | | | | ||
| Cash and cash equivalents | $ 14,532,860 | | $ 4,524,529 | |
| Accounts receivable, net | 1,467,849 | | 1,195,479 | |
| Inventories | 70,960 | | 89,499 | |
| Prepaid expenses and other current assets | 321,419 | | 286,919 | |
| | Total current assets Werbung Mehr Nachrichten zur CryoPort Aktie kostenlos abonnieren
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