PR Newswire
IRVINE, Calif., Nov. 2, 2017
IRVINE, Calif., Nov. 2, 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 three- and nine-month periods ended September 30, 2017.
"We are pleased with the strong continued revenue growth achieved for the third quarter of 2017 as compared to the prior year," commented Jerrell Shelton, Cryoport's Chief Executive Officer. "Increased attention to and investment in our support of the regenerative therapies industry is translating into higher logistics revenue for Cryoport in this space. We are now supporting a record-breaking 195 clinical trials, with 23 new clinical trials secured in the third quarter, driving a 65% year-over-year revenue increase in our lead market, the biopharma market. We are proud of the significant traction we have made in supporting our client's clinical trials. We believe that this activity is the just the 'tip of the iceberg' as our biopharma market revenue is expected to significantly ramp as our clients' regenerative therapies reach commercial viability, requiring more extensive logistics support from Cryoport.
"We believe that this 'tipping point' for cellular therapies is fast approaching with Novartis and Gilead's Kite Pharma recently securing FDA approval to commercialize their respective first of their kind CAR-T therapies. Cryoport is proud to support the commercial distribution for both these companies as well as their respective pipelines of regenerative therapies. In fact, we have entered into long-term contracts in support of the commercial logistics for these first CAR-T therapies from Gilead's Kite Pharma (YescartaTM) and Novartis (KymriahTM). Cryoport provides both companies with comprehensive and tailored end-to-end cold chain logistics solutions and we expect our revenue to ramp as the demand for these ground-breaking therapies accelerates.
"Analysts' forecasts indicate that the global regenerative medicine market will grow to $54 billion by 2021, as research and development continues to capture the potential for regenerative therapies to treat previously untreatable diseases. This trend in the practice of medicine, is just at the early stages of gaining traction globally. We believe that Cryoport is at the right place at the right time, with significant revenue opportunities as evidenced by our two long-term commercial agreements supporting the first two "first of their kind" FDA-approved CAR-T therapies. We believe that Cryoport's position as a critical solution provider supporting temperature-controlled logistics to this biopharma sector presents a phenomenal global growth opportunity for our company.
"We are firmly committed to ensuring that Cryoport remains at the forefront of innovation and builds its reputation as the 'gold standard' provider of the most advanced and reliable cold chain logistics solutions for the life sciences industry. This was recently demonstrated by the expansion of our solutions offering and launch of our new, state-of-the-art C3™ logistics solution, to support high-value regenerative therapies that require temperature-controlled transportation within the 2 - 8°C temperature range, usually associated with apheresis.
"In addition to our growing success in BioPharma, we continued to grow our presence in the Animal Health and Reproductive Medicine markets, where revenue growth was 33% and 12%, respectively, for the three-month period. The high-quality solutions we provide to these markets, along with our growing reputation across the life sciences industry for reliability and innovation, continues to drive new client agreements and stronger revenue performance in both these markets," concluded Mr. Shelton.
Market Highlights:
Biopharma
Reproductive Medicine
Animal Health
Overall Financial Results:
Further information on Cryoport's financial results is included on the attached unaudited condensed consolidated balance sheets and statements of operations, and additional explanations of Cryoport's financial performance will be provided in Cryoport's quarterly report on Form 10-Q for the three- and nine-month periods ended September 30, 2017, which will be filed with the Securities and Exchange Commission ("SEC") on November 3, 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 Information Regarding Third Quarter Earnings
Date: | Thursday, November 2, 2017 |
Time: | 4:30 p.m. ET |
Dial-in numbers: | +1 (855) 327-6837 (U.S.) or +1 (631) 891-4304 (International) |
Confirmation code: | Request "Cryoport Call" |
Live webcast: | Available on the Investor Relations section at www.cryoport.com. Please allow 10 minutes prior to the earnings call to download this information form the site. Proper audio software must be installed. |
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 November 9, 2017. To access the replay, dial 1-844-512-2921 (United States) or 1-412-317-6671 (International) and enter replay pin number: 10003778.
About Cryoport, Inc.
Cryoport is the life sciences industry's most trusted global provider of temperature controlled logistics solutions for temperature-sensitive life sciences commodities, serving the biopharmaceutical market with leading-edge logistics solutions for biologic materials, such as regenerative medicine, including immunotherapies, stem cells and CAR-T cells. Cryoport's solutions are used by points-of-care, CRO's, central laboratories, pharmaceutical companies, manufacturers, university researchers et al.; as well as the reproductive medicine market, primarily in IVF and surrogacy; and the animal health market, primarily in the areas of vaccines and reproduction. 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.
Cryoport is dedicated to
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, 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 | | | | |||||
Condensed Consolidated Statements of Operations | | | | |||||
(unaudited) | | | | |||||
| | Three Months Ended | | Nine Months Ended | ||||
| | 2017 | | 2016 | | 2017 | | 2016 |
Revenues | $ 3,002,655 | | $ 1,976,826 | | $ 8,632,267 | | $ 5,449,937 | |
Cost of revenues | 1,396,158 | | 1,179,991 | | 4,379,084 | | 3,289,345 | |
Gross margin | 1,606,497 | | 796,835 | | 4,253,183 | | 2,160,592 | |
| | | | | | | | |
Operating costs and expenses: | | | | | | | | |
| General and administrative | 1,896,845 | | 1,507,634 | | 5,389,391 | | 4,751,823 |
| Sales and marketing | 1,352,974 | | 1,235,353 | | 3,659,742 | | 3,678,017 |
| Research and development | 344,798 | | 214,680 | | 825,377 | | 494,957 |
Total operating costs and expenses | 3,594,617 | | 2,957,667 | | 9,874,510 | | 8,924,797 | |
| | | | | | | | |
Loss from operations | (1,988,120) | | (2,160,832) | | (5,621,327) | | (6,764,205) | |
Other (expense) income: | | | | | | | | |
| Interest expense | - | | (19,305) | | (15,693) | | (121,741) |
| Warrant repricing expense | - | | - | | - | | (1,929,818) |
| Other income (expense), net | 8,456 | | (1,453) | | 11,919 | | (8,240) |
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