Cryoport Revenue Up 52% for the Second Quarter of 2017, Driven by Biopharma

• Biopharma revenue increased by 69% in the second quarter of 2017 compared to the prior year quarter
• 19 new Biopharma clients and 33 new clinical trial programs were added to Cryoport's robust pipeline during the second quarter of 2017
• 172 clinical trials are now being supported by Cryoport, with 17 in Phase III
• Signed multi-year agreement with Novartis to provide cryogenic logistics support for Novartis' commercialization of its CTL019/CD19 CAR-T cell therapy, expected to commence later in 2017

Reproductive Medicine

• Reproductive Medicine revenue increased by 15% for the second quarter compared to the same quarter last year, led by a 57% increase in the U.S. market, which was partially offset by a decline in international revenue of 33%. International revenue continues to be impacted by the restriction of medical (reproductive) tourism and changing regulations in certain countries.

Animal Health

• Revenue from the Animal Health market was up 15% in the second quarter compared to the same quarter last year.

Overall Financial Results:

• Revenue increased 52% to $2.9 million and 62% to $5.6 million for the three and six-month periods ended June 30, 2017, respectively, compared with the same periods in the prior year.
• Gross margin for the three and six-month periods ended June 30, 2017 was 48% and 47%, respectively, compared to 41% and 39% for the same three and six-month periods in the prior year, driven by increased business volume, pricing adjustments and efficiencies of scale.
• Operating costs and expenses increased by $496,000 and $313,000 for the three and six month periods ended June 30, 2017, respectively.
• GAAP net loss for the three and six-month periods ended June 30, 2017 was $1.9 million and $3.6 million, respectively, down 53% and 45% compared to $3.9 million and $6.6 million in the same three and six-month periods in the prior year. GAAP net loss attributable to common stockholders for the three and six-month periods ended June 30, 2017 was $1.9 million, or $0.08 per share, and $3.6 million, or $0.18 per share, compared with $3.9 million, or $0.28 per share, and $6.7 million, or $0.54 per share, in the same three and six-month periods in the prior year.
• Adjusted EBITDA for the three and six-month periods ended June 30, 2017 was ($890,000) and ($1.8 million), respectively, a reduction of 22% and 39% compared to ($1.1 million) and ($2.9 million) in the same three and six-month periods in the prior year.
• The Company has no debt and reported $12.9 million in cash and cash equivalents as of June 30, 2017, compared to $4.5 million as of Fiscal Year ended December 31, 2016. The increase in cash and cash equivalents includes net proceeds of $11.4 million received from an underwritten public offering on March 31, 2017.
• Subsequent to quarter end, in July 2017 we received proceeds of $1.8 million from the exercise of $3.00 warrants issued in connection with a tender offer carried out by the Company in 2016.

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 and six-month periods ended June 30, 2017, which will be filed with the Securities and Exchange Commission ("SEC") tomorrow, August 9, 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 August 8, 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 dial 1-877-407-9716 (United States) or 1-201-493-6779 (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 August 15, 2017. To access the replay, dial 1-844-512-2921 (United States) or 1-412-317-6671 (International) and enter replay pin number: 13667050.

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

• simplifying global cold chain logistics through innovative technology, unmatched monitoring and data capture and support, including consulting;
• delivering the most advanced temperature controlled logistics solutions for the life sciences industry; and
• providing vital information that provides peace of mind throughout the life of each logistics process.

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 June 30,				Six Months Ended June 30,
		2017		2016		2017		2016
Revenues		$        2,917,378		$        1,917,566		$        5,629,612		$        3,473,111
Cost of revenues		1,524,189		1,135,616		2,982,926		2,109,354
Gross margin		1,393,189		781,950		2,646,686		1,363,757
Operating costs and expenses:
	General and administrative	1,789,514		1,429,768		3,492,546		3,244,189
	Sales and marketing	1,236,833		1,195,638		2,306,768		2,442,664
	Research and development	230,736		135,799		480,579		280,277
Total operating costs and expenses		3,257,083		2,761,205		6,279,893		5,967,130
Loss from operations		(1,863,894)		(1,979,255)		(3,633,207)		(4,603,373)
Other (expense) income:
	Interest expense	(26)		(21,242)		(15,693)		(102,436)
	Warrant repricing expense	-		(1,929,818)		-		(1,929,818)
	Other income (expense), net	3,463		(1,915)		3,463		(6,787)
Loss before provision for income taxes		(1,860,457)		(3,932,230)		(3,645,437)		(6,642,414)
Provision for income taxes		-		(2,484)		(4,231)		(2,484)
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