Cryoport, Inc. (NASDAQ:CYRX) Q2 2023 Earnings Conference Call August 9, 2023 5:00 PM ET Corporate Participants Todd Fromer - Investor Relations, KCSA Strategic Communications Jerrell Shelton - Chief Executive Officer Robert Stefanovich - Chief Financial Officer Mark Sawicki - Chief Scientific Officer Thomas Heinzen - Vice President, Corporate Development and Investor Relations Conference Call Participants Puneet Souda - SVB Securities David Saxon - Needham & Company Lucas Beaumont - UBS David Larsen - BTIG ...

Clinical Trials and Market Position - As of June 30, 2023, Cryoport supported 668 clinical trials, including 82 in Phase 3, and twelve commercial therapies, indicating a strong position in the clinical trial and commercial launch market for cell and gene therapies [105]. - The biopharma/pharma market raised over $12 billion in funding for cell and gene therapies in 2022, with 1,457 developers worldwide, highlighting significant growth opportunities for Cryoport's supply chain solutions [110]. - The number of clinical trials supported increased to 668, with 82 Phase 3 trials as of June 30, 2023 [122]. - The company aims to support the life sciences industry by providing innovative temperature-controlled supply chain solutions, which are critical for the distribution of high-value biologic products [104]. Financial Performance - Total revenues decreased by $7.1 million, or 11.1%, from $64.2 million in Q2 2022 to $57.0 million in Q2 2023 [119]. - Total revenues increased by $3.4 million, or 2.9%, from $116.5 million in 2022 to $119.8 million in 2023, driven by recovery from the New Prague Fire [136]. - Service revenues increased by $0.6 million, or 1.8%, from $34.6 million to $35.2 million, driven by a 38% increase in bioservices revenue [120]. - Service revenues rose by $3.5 million, or 5.3%, from $67.5 million to $71.0 million, attributed to increased demand for supply chain solutions [137]. - Product revenues decreased by $7.8 million, or 26.2%, from $29.6 million to $21.8 million, primarily due to a 67% decline in demand for cryogenic systems in China [121]. - Product revenues decreased by 0.3%, from $49.0 million to $48.8 million, primarily from cryogenic stainless-steel freezers and related equipment [138]. - Gross margin for total revenues was 43.4% in Q2 2023, down from 45.0% in Q2 2022 [125]. - Gross margin for total revenues was 43.2% in 2023, down from 43.9% in 2022, with total cost of revenues increasing by $2.8 million to $68.0 million [142]. - Selling, general and administrative expenses increased by $8.2 million, or 27.0%, due to scaling operations and integration costs [129]. - Selling, general and administrative expenses increased by $14.9 million, or 26.0%, driven by scaling operations and integration costs [146]. - Engineering and development expenses rose by $0.7 million, or 21.1%, focusing on enhancing logistics and supply chain solutions [130]. - Engineering and development expenses rose by $1.1 million, or 15.3%, focused on enhancing logistics and supply chain solutions [148]. - Investment income increased by $0.6 million due to higher average invested cash balances and interest rates [131]. - Investment income increased by $1.8 million due to higher average invested cash balances and interest rates [149]. - Other income increased by $3.3 million, primarily from short-term investment net gains and foreign currency fluctuations [132]. - Other income (expense), net improved by $12.3 million, primarily from short-term investment gains and an insurance claim related to the New Prague fire [150]. - The provision for income taxes increased by $0.4 million, resulting in effective tax rates of negative 4.9% in 2023 compared to negative 3.2% in 2022 [151]. - Adjusted EBITDA for the six months ended June 30, 2023, was a loss of $1.4 million, compared to a gain of $8.0 million in the same period in 2022 [157]. Operational Challenges and Strategic Developments - The ongoing conflict in Ukraine and associated sanctions have created uncertainties that could impact Cryoport's business operations and financial performance, particularly in Europe [117]. - Cryoport has experienced supply chain disruptions due to COVID-19, impacting material sourcing and transportation costs, which may affect future operations [113]. - The company signed a three-year agreement with Boston IVF to integrate its supply chain solutions across the U.S. [124]. - The company recognized that it may need additional capital to fund operations and potential acquisitions until sustained profitable operations are achieved [164]. Cash Flow and Investments - As of June 30, 2023, the company had cash and cash equivalents of $67.3 million and short-term investments of $437.4 million, with total working capital of $544.9 million [163]. - The company reported a net cash used in operating activities of $(1.3 million) for the six months ended June 30, 2023, compared to $(6.487 million) for the same period in 2022, indicating an improvement of $5.207 million [165]. - Net cash provided by investing activities was $32.3 million for the six months ended June 30, 2023, primarily due to the maturity of short-term investments of $52.5 million [167]. - The estimated fair value of the Convertible Senior Notes as of June 30, 2023, was $320.7 million [172]. - The company has a repurchase program authorized for up to $100 million, with no shares repurchased during the six months ended June 30, 2023 [169]. - Based on foreign-denominated cash balances as of June 30, 2023, a 5%, 10%, and 20% adverse change in foreign exchange would result in declines of $1.3 million, $2.6 million, and $5.2 million, respectively [174]. Future Outlook - The company anticipates that regenerative medicine therapies will become significant revenue drivers as they advance through clinical trials and receive regulatory approvals [105]. - Revenues from the international business accounted for 39% of consolidated revenues, decreasing by $0.2 million compared to the same period in the prior year due to foreign exchange fluctuations [173].

Cryoport, Inc. (NASDAQ:CYRX) Q1 2023 Earnings Conference Call May 4, 2023 5:00 PM ET Company Participants Todd Fromer - Investor Relations Jerrell Shelton - Chief Executive Officer Robert Stefanovich - Chief Financial Officer Mark Sawicki - Chief Scientific Officer Thomas Heinzen - Vice President, Corporate Development and Investor Relations Conference Call Participants Puneet Souda - SVB Securities Matthew Stanton - Jefferies John Sourbeer - UBS David Larsen - BTIG Paul Knight - KeyBanc Capital David Saxon ...

Financial Performance - Total revenues increased by $10.5 million, or 20.1%, from $52.3 million in Q1 2022 to $62.8 million in Q1 2023, driven by recovery from the New Prague Fire and strong demand for supply chain solutions [230]. - Service revenues rose by $2.9 million, or 8.9%, from $32.9 million to $35.8 million, attributed to strong customer demand for Cryoport's supply chain solutions [231]. - Product revenues surged by $7.6 million, or 39.1%, from $19.4 million to $27.0 million, primarily due to recovery from the New Prague Fire [232]. - Revenue from the biopharma/pharma market increased by $8.1 million, or 18.9%, from $43.0 million to $51.1 million, supported by global clinical trials and demand for logistics services [233]. - Gross margin for total revenues improved to 43.1% in Q1 2023 from 42.7% in Q1 2022, with total cost of revenues rising by $5.8 million to $35.7 million [236]. - Net loss attributable to common stockholders decreased by $7.8 million, or 50.8%, from $15.4 million to $7.6 million [240]. - For the three months ended March 31, 2023, the GAAP net loss was $5.6 million, a significant improvement from a net loss of $13.4 million in the same period of 2022 [252]. - Adjusted EBITDA for the same period was $2.9 million, compared to $2.0 million in the prior year, indicating a year-over-year increase of approximately 46.4% [252]. - Revenues reported for the three months ended March 31, 2023, totaled $62.8 million, with a non-GAAP constant currency revenue of $64.3 million, reflecting a decrease of $1.4 million due to foreign exchange impacts [259]. Operational Highlights - As of March 31, 2023, Cryoport supported 652 clinical trials, including 82 in Phase 3 and 10 commercial therapies [215]. - Cryoport's advanced temperature-controlled supply chain solutions are critical for the distribution of high-value biologic and cell-based products regulated by the FDA and EMA [214]. - The company operates 48 strategic international locations, serving over 3,000 customers in the life sciences industry [213]. - Cryoport's mission is to provide certainty throughout the temperature-controlled supply chain, supporting life sciences to save and improve lives globally [217]. - The company is focused on supporting the animal health market and human reproductive market, particularly through IVF technologies [216]. - Cryoport's solutions are designed to address supply chain challenges faced by cell and gene therapy developers, enhancing their operational efficiency [219]. Insurance and Incident Impact - The New Prague fire in January 2022 resulted in an estimated revenue impact of approximately $9.4 million, primarily in Q1 2022 [225]. - Cryoport received a total of $15.1 million in insurance proceeds related to the New Prague fire, with the final payment of $2.2 million received in Q1 2023 [226]. - Other income (expense), net improved by $9.0 million, primarily due to a gain on an insurance claim related to the New Prague fire [244]. Market and Economic Conditions - The biopharma/pharma market raised over $12 billion in funding for cell and gene therapies in 2022, with 1,457 developers worldwide [219]. - The ongoing conflict in Ukraine may lead to significant volatility in commodity prices and supply chain disruptions, impacting Cryoport's operations [228]. Expenses and Cash Flow - Selling, general and administrative expenses increased by $6.6 million, or 24.9%, to $33.2 million, driven by scaling operations and increased employee costs [241]. - Engineering and development expenses rose by $0.3 million, or 9.5%, to $3.9 million, focusing on enhancing Cryoport Express® Solutions and related technologies [242]. - Investment income increased by $1.2 million, or 95.2%, due to higher average invested cash balances and interest rates [243]. - The company had cash and cash equivalents of $38.5 million and short-term investments of $484.1 million as of March 31, 2023, with total working capital of $563.1 million [260]. - Operating activities generated cash of $2.8 million, while investing activities used $1.4 million, resulting in a net increase in cash and cash equivalents of $1.9 million for the quarter [262]. - The company expects to continue incurring operating losses in the near term while investing in new supply chain initiatives and geographic expansion [260]. Shareholder and Capital Management - The company has a repurchase program authorized for up to $100 million, with no shares repurchased during the three months ended March 31, 2023 [266]. - The company recognizes the need for additional capital to fund operations and potential acquisitions until sustained profitable operations are achieved [261]. - As of March 31, 2023, the estimated fair value of the Convertible Senior Notes was $316.4 million [269].

Clinical Trials and Market Involvement - Cryoport supported 654 clinical trials as of December 31, 2022, including 79 in Phase 3 and 10 commercial therapies, indicating significant involvement in the clinical trial landscape [16]. - Cryoport supported 654 clinical trials in the regenerative medicine space as of December 31, 2022, and has logged over 500,000 shipments to over 100 countries in the last 12 months [40]. - The biopharma/pharma market raised over $12 billion in funding for cell and gene therapies in 2022, with 1,457 developers globally, highlighting a growing market opportunity [20]. Logistics and Supply Chain Enhancements - Cryoport's acquisitions, including CRYOGENE and CRYOPDP, expanded its logistics network to 48 strategic international locations, enhancing its service capabilities [24][26]. - Cryoport's Global Supply Chain Centers in Houston and Morris Plains integrate logistics and bioservices, supporting the increasing demand for cell and gene therapies [31]. - The company aims to enhance its global temperature-controlled logistics capabilities through strategic acquisitions and expansions in the EMEA and APAC regions [24][31]. - Cryoport's advanced temperature-controlled supply chain solutions are designed to mitigate risks and ensure compliance across the life sciences industry [18]. - The company has established a first-to-market integrated platform of technology-driven supply chain solutions, focusing on de-risking critical processes in cell and gene therapy manufacturing [37]. Product Development and Innovations - The Cryoport ELITE™ -80°C Gene Therapy Shipper is set to launch in Q1 2023, featuring advanced temperature management and data collection systems [29]. - The IntegriCell™ service platform, launched in conjunction with the acquisition of Cell Matters, aims to standardize apheresis collection and cryo-processing on a global scale [34]. - Cryoportal® 2.0 and UnITy™ platforms are set to launch in 2023, providing comprehensive management of client shipments and compliance aspects, further differentiating Cryoport in the market [60]. - The SkyTrax™ Condition Monitoring System, expected to launch in the second half of 2023, will enhance tracking capabilities for temperature-sensitive shipments [59]. Financial Performance and Challenges - As of December 31, 2022, the company had an accumulated deficit of $542.8 million, indicating ongoing financial challenges [181]. - The company reported approximately $482.9 million in total indebtedness and other liabilities as of December 31, 2022, which may limit cash flow for operations [182]. - The company is experiencing a worldwide shortage of semiconductor and electronic components, which could significantly impact operations, leading to extended lead times and increased supplier prices [62]. - The company reported a total of 166,225,209 kWh annual energy reduction, equating to 136,733,034 pounds of GHG emissions avoided through MVE Biological Solutions [127]. Environmental, Social, and Governance (ESG) Initiatives - The company initiated a formal internal review of its Environmental, Social and Governance (ESG) policies in 2020, with a focus on developing a comprehensive sustainability program [79]. - The company conducted a materiality assessment to identify key ESG topics important to stakeholders, with Greenhouse Gas (GHG) emissions identified as a top priority [80]. - The company reported its GHG emissions using the World Resource Institute's Greenhouse Gas Protocol, covering Scope 1, Scope 2, and Scope 3 emissions [85]. - The company plans to conduct annual carbon footprint assessments to track changes in emissions and set reduction targets [94]. Regulatory Compliance and Risks - The company’s Quality Management Systems are certified to meet ISO 9001:2015 and ISO 13485 standards, demonstrating compliance with stringent quality requirements [71]. - The company is subject to various regulations that could limit operations and increase costs, particularly in international markets [175]. - The company is subject to stringent regulations by the FDA and similar agencies, which could impact operations and financial results [180]. - The company faces risks related to the secure storage of biological specimens, which could lead to claims for damages and harm its reputation in the life sciences industry [144]. Workforce and Diversity - The company has a total headcount of 1,024, with 960 full-time employees and an average service duration of 5.32 years [96]. - Cryoport is committed to diversity, with women representing approximately 31% of all employees and 27% of all managers [99]. - The lost time injury rate (LTIR) for FY22 was 1.23, a decrease of 47.7% compared to FY21, indicating improved safety performance [103]. Market Dynamics and Competition - The company faces increasing competition in its industry, with a strong dependence on timely introduction of new products and services to maintain revenue streams [160]. - Future product acceptance is critical for profitability, with market dynamics potentially affecting the company's growth and competitive position [162]. - The unpredictability of customer demand may lead to excess inventory or equipment, adversely affecting operating results and liquidity [152]. Cybersecurity and Data Privacy - The company utilizes an outside firm to evaluate its data security controls, employing the CIS Critical Security Controls Capability Maturity Model Integration (CMMI) methodology [122]. - The company has a proactive approach to data privacy and security, requiring annual training for employees on information security and data privacy [123]. - Cybersecurity threats are a significant concern, with the company facing increased risks of cyberattacks that could lead to substantial costs and operational disruptions [169]. Stock and Shareholder Information - The company has issued 250,000 shares of Series C Preferred Stock at a price of $1,000 per share, with a 4.0% annual dividend rate [184]. - The company has not paid dividends on its common stock in the past and does not expect to pay dividends in the foreseeable future, which may limit the return on investment to stock price appreciation [197]. - As of February 17, 2023, directors and executive officers beneficially owned approximately 62.8% of the outstanding common stock, potentially affecting control dynamics [191].

Cryoport, Inc. (NASDAQ:CYRX) Q4 2022 Earnings Conference Call February 23, 2023 5:00 PM ET Company Participants Todd Fromer - Managing Partner-KCSA Jerrell Shelton - Chief Executive Officer Robert Stefanovich - Chief Financial Officer Mark Sawicki - Chief Scientific Officer Conference Call Participants Michael Almisry - SVB Securities Matt Stanton - Jefferies John Sourbeer - UBS David Larsen - BTIG David Saxon - Needham & Company Jacob Johnson - Stephens Yuan Zhi - B. Riley Securities Operator Good afternoo ...

Cryoport, Inc. (NASDAQ:CYRX) Q3 2022 Results Conference Call November 3, 2022 5:00 PM ET Company Participants Todd Fromer - Managing Partner-KCSA Jerrell Shelton - Chief Executive Officer Robert Stefanovich - Chief Financial Officer Dr. Mark Sawicki - Chief Scientific Officer Thomas Heinzen - Vice President, Corporate Development and Investor Relations Conference Call Participants Puneet Souda - SVB Securities John Sourbeer - UBS Brandon Couillard - Jefferies David Larsen - BTIG David Saxon - Needham & Comp ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______. Commission File Number: 001-34632 CRYOPORT, INC. (Exact Name of Registrant as Specified in its Charter) Nevada 88-0313 ...

Cryoport, Inc. (NASDAQ:CYRX) Q2 2022 Earnings Conference Call August 4, 2022 5:00 PM ET Company Participants Todd Fromer – Managing Partner-KCSA Jerrell Shelton – Chief Executive Officer Tom Heinzen – Vice President, Corporate Development and Investor Relations Robert Stefanovich – Chief Financial Officer Mark Sawicki – Chief Scientific Officer Conference Call Participants John Sourbeer – UBS Richard Baldry – Roth Capital Yuan Zhi – B. Riley Securities David Saxon – Needham & Co. David Larsen – BTIG Jacob J ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to ______. Commission File Number: 001-34632 CRYOPORT, INC. (Exact Name of Registrant as Specified in its Charter) Nevada 88-0313393 ( ...