Core Viewpoint - Cryoport, Inc. and VGXI, Inc. have formed a strategic partnership to enhance support for biopharmaceutical companies in the development of cell and gene therapies, as well as mRNA-based treatments [1][2][3] Group 1: Partnership Details - The partnership will leverage VGXI's expertise in plasmid DNA manufacturing and Cryoport's supply chain solutions, including biostorage and bioservices from Cryoport's Houston facility [2][3] - Operations for the partnership are set to commence in October 2024, providing comprehensive support for clinical programs [2][3] Group 2: Company Profiles - Cryoport, Inc. is a global leader in supply chain solutions for life sciences, focusing on cell and gene therapies, with over 50 global locations in 17 countries [4][5] - VGXI, Inc. specializes in nucleic acid biopharmaceuticals, including gene therapies and DNA vaccines, with over 20 years of experience in high-quality plasmid DNA production [6] Group 3: Leadership Insights - Jerrell Shelton, CEO of Cryoport, emphasized the partnership's commitment to quality and innovation, aiming to support the development of next-generation therapeutic modalities [3] - Young Park, CEO of VGXI, highlighted the importance of Cryoport as a trusted partner to ensure safe and secure storage and transport of biopharmaceutical assets [3]

The IntegriCell Platform Will Deliver High-Quality Cryopreservation Services for Cell-Based Therapies NASHVILLE, Tenn., Oct. 7, 2024 /PRNewswire/ -- Cryoport, Inc. (NASDAQ: CYRX) ("Cryoport" or "the Company"), a global leader in supply chain solutions for the life sciences, today announced the launch of its IntegriCell™ cryopreservation services solution provided by Cryoport Systems with the opening of its new facility located at Cryoport's integrated supply chain campus in Houston, Texas. This new state-of ...

NASHVILLE, Tenn. and RANCHO CORDOVA, Calif., Sept. 25, 2024 /PRNewswire/ -- Cryoport, Inc. (NASDAQ: CYRX) ("Cryoport"), a global leader in supply chain solutions for the life sciences industry, and SK pharmteco, a global contract development and manufacturing organization, today announced a strategic collaboration to provide fully integrated logistics and manufacturing services to biotechnology and pharmaceutical companies. Cryoport, with its ability to provide end-to-end cell and gene therapy support servi ...

Table of Contents Title of each class Trading Symbol(s) Name of each exchange on which registered: 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, 2024 ☐ 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, I ...

Financial Data and Key Metrics Changes - Revenue from commercial cell and gene therapies increased by 51% year-over-year and 20% sequentially, reflecting strong demand for these treatments [5][11] - Full year 2024 revenue guidance revised to a range of $225 million to $235 million, indicating a sequential improvement expected over the next two quarters [7][8] - Company ended the quarter with a cash balance of $427 million and anticipates positive cash flow through ongoing cost reduction initiatives [10][11] Business Line Data and Key Metrics Changes - MVE Biological Solutions experienced modest sequential improvement, but overall product demand remains lower compared to previous years, with expectations of continued softness extending into 2025 [5][6] - Life sciences services are expected to see sequential growth, driven by the ramp of clinical and commercial cell and gene therapies [11][14] Market Data and Key Metrics Changes - The company anticipates a broad market recovery for the life sciences industry, with the exception of China, which is expected to remain challenged through 2025 [11][30] - Revenue related to China is minimal, accounting for just above 3% of total revenue [31] Company Strategy and Development Direction - The company is implementing cost reduction and capital realignment measures to align with current market conditions, aiming for profitability and a return to positive adjusted EBITDA in 2025 [8][9] - Focus on maintaining a strong balance sheet while optimizing operational efficiencies across global operations [10][11] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the long-term growth of the life sciences sector, supported by improved biotech funding and new therapy approvals [11][12] - The company is proactively taking measures to ensure financial stability and support growth initiatives despite short-term challenges [11][64] Other Important Information - The company has executed strong cost management across manufacturing facilities and reduced SG&A expenses to ensure positive cash flow contribution [6][9] - Anticipated annualized cost savings of approximately $22 million expected to positively impact financial results in the second half of 2024 [8][44] Q&A Session Summary Question: Impact of guidance reduction on revenue - Management indicated that the reduction in guidance was primarily driven by lower demand for MVE products, with expectations for sequential growth starting in 2025 [13][14] Question: Confidence in second half revenue growth - Management expressed confidence in the services side, particularly in cell and gene therapy, with a record number of clinical trials indicating robust growth expectations [16][17] Question: Status of IntegriCell facilities - Both IntegriCell facilities are on track to open for contract business by the end of the quarter, contributing nominal revenue in 2024 [18][19] Question: Factors behind MVE's tough performance - Management noted that excess capacity built during the COVID period and changes in capital expenditure behavior have impacted MVE's performance [20][21] Question: Trends in IVF and fertility clinics - The company has seen consistent improvement in volumes associated with reproductive medicine, driven by established relationships with large clinic networks [48][49]

Summary of CryoPort, Inc. (CYRX) Earnings Report Core Viewpoint CryoPort, Inc. reported a quarterly loss of $0.33 per share, which was better than the Zacks Consensus Estimate of a loss of $0.37, indicating a positive earnings surprise of 10.81% [1]. However, the company has struggled with revenue performance and stock price, underperforming the market significantly this year. Financial Performance - The company posted revenues of $57.6 million for the quarter ended June 2024, slightly missing the Zacks Consensus Estimate by 0.33% and showing a year-over-year increase from $57.02 million [2]. - Over the last four quarters, CryoPort has surpassed consensus EPS estimates only once [2]. - The current consensus EPS estimate for the upcoming quarter is -$0.30 on revenues of $62.29 million, and for the current fiscal year, it is -$1.33 on revenues of $239.63 million [7]. Stock Performance - CryoPort shares have declined approximately 51.7% since the beginning of the year, contrasting with the S&P 500's gain of 8.7% [3]. - The stock currently holds a Zacks Rank of 3 (Hold), indicating it is expected to perform in line with the market in the near future [6]. Industry Context - CryoPort operates within the Zacks Transportation - Services industry, which is currently ranked in the bottom 27% of over 250 Zacks industries [8]. - The performance of CryoPort's stock may be influenced by the overall outlook for the industry, as historical data shows that the top 50% of Zacks-ranked industries outperform the bottom 50% by more than 2 to 1 [8].

Cryoport Q2 2024 Financial Results [Q2 2024 Highlights & Management Commentary](index=1&type=section&id=Q2%202024%20Highlights%20%26%20Management%20Commentary) Cryoport reported sequential revenue growth across all businesses, driven by commercial Cell & Gene Therapy, while implementing significant cost reductions and revising full-year 2024 revenue guidance - Revenue from the support of commercial Cell & Gene Therapies increased by **51% year-over-year** and **20% sequentially**, indicating strong demand[2](index=2&type=chunk) - The company is implementing cost reduction initiatives expected to yield approximately **$22 million in annualized savings for 2025**, aiming for a return to positive adjusted EBITDA in 2025[4](index=4&type=chunk) - Full-year 2024 revenue guidance has been updated to a range of **$225 million to $235 million**, reflecting anticipated sequential growth in Life Sciences Services and continued softness in Life Sciences Products[1](index=1&type=chunk)[4](index=4&type=chunk) - As of June 30, 2024, Cryoport supported a record total of **684 global clinical trials**[1](index=1&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) Total revenue for Q2 2024 increased, but a significant impairment loss led to a net loss, with negative Adjusted EBITDA despite a strong cash position [Revenue](index=2&type=section&id=Revenue) Q2 2024 total revenue increased, driven by Life Sciences Services growth, partially offset by a decline in Life Sciences Products Revenue by Segment (Q2 & H1 2024 vs 2023) | (in thousands) | Q2 2024 (in thousands) | Q2 2023 (in thousands) | % Change | H1 2024 (in thousands) | H1 2023 (in thousands) | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Life Sciences Services** | **$38,040** | **$35,204** | **8%** | **$74,826** | **$71,040** | **5%** | | BioLogistics Solutions | $34,517 | $32,003 | 8% | $67,775 | $64,608 | 5% | | BioStorage/BioServices | $3,523 | $3,201 | 10% | $7,051 | $6,432 | 10% | | **Life Sciences Products** | **$19,557** | **$21,817** | **-10%** | **$37,363** | **$48,798** | **-23%** | | **Total Revenue** | **$57,597** | **$57,021** | **1%** | **$112,189** | **$119,838** | **-6%** | [Gross Margin](index=4&type=section&id=Gross%20Margin) Total gross margin for Q2 2024 slightly improved, with variations across Life Sciences Services and Products segments Gross Margin Performance (Q2 & H1 2024 vs 2023) | Gross Margin | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | **Total Gross Margin** | **43.7%** | **43.4%** | **41.9%** | **43.2%** | | Life Sciences Services | 44.5% | 43.2% | 42.9% | 45.0% | | Life Sciences Products | 42.2% | 43.7% | 39.7% | 40.7% | [Operating Costs, Impairment, and Net Loss](index=5&type=section&id=Operating%20Costs%2C%20Impairment%2C%20and%20Net%20Loss) Operating costs significantly increased in Q2 2024 due to a large impairment loss, resulting in a substantial net loss - Operating costs for Q2 2024 were **$104.4 million**, a significant increase from **$43.1 million in Q2 2023**, primarily due to a non-cash impairment loss of **$63.8 million** related to the write-off of remaining goodwill for MVE Biological Solutions[13](index=13&type=chunk) - Excluding the impairment loss, Q2 2024 operating costs were **$40.6 million**, down from **$43.1 million in Q2 2023**, reflecting the company's cost reduction initiatives[14](index=14&type=chunk) Net Loss Summary (Q2 & H1 2024 vs 2023) | (in millions) | Q2 2024 (in millions) | Q2 2023 (in millions) | H1 2024 (in millions) | H1 2023 (in millions) | | :--- | :--- | :--- | :--- | :--- | | **Net Loss** | **$(78.0)** | **$(18.4)** | **$(96.9)** | **$(23.9)** | | Net Loss (ex-impairment) | $(14.2) | $(18.4) | $(33.1) | $(23.9) | | **Net Loss per Share** | **$(1.62)** | **$(0.42)** | **$(2.05)** | **$(0.58)** | [Adjusted EBITDA and Liquidity](index=5&type=section&id=Adjusted%20EBITDA%20and%20Liquidity) Adjusted EBITDA remained negative for Q2 2024, while the company maintained a robust cash and short-term investments balance - Adjusted EBITDA was **negative $3.8 million** for Q2 2024, compared to **negative $1.3 million for Q2 2023** For H1 2024, Adjusted EBITDA was **negative $11.5 million** compared to **positive $1.6 million for H1 2023**[16](index=16&type=chunk) - The company held **$427.1 million in cash**, cash equivalents, and short-term investments as of June 30, 2024[16](index=16&type=chunk) - The Board of Directors authorized a new repurchase program for up to **$200 million** of the company's common stock and/or convertible senior notes, effective through December 31, 2027[16](index=16&type=chunk) [Business & Operational Highlights](index=3&type=section&id=Business%20%26%20Operational%20Highlights) The company expanded its commercial Cell & Gene Therapy portfolio and maintained a robust clinical trial pipeline with anticipated new approvals [Commercial Cell & Gene Therapy Progress](index=3&type=section&id=Commercial%20Cell%20%26%20Gene%20Therapy%20Progress) Revenue from commercially approved Cell & Gene therapies grew significantly, expanding the supported portfolio with new approvals and label expansions - Revenue from commercially approved Cell & Gene therapies grew **51% year-over-year**[7](index=7&type=chunk) - The total number of supported commercial therapies reached **17 as of August 1, 2024**, with recent approvals including ImmunityBio's Anktiva, SanBio's AKUUGO, and Adaptimmune's Tecelra[7](index=7&type=chunk) - During Q2, two previously approved therapies received new approvals for earlier lines of treatment, and two others received expanded label approvals, increasing their addressable markets[7](index=7&type=chunk) [Clinical Trial Pipeline](index=4&type=section&id=Clinical%20Trial%20Pipeline) Cryoport continued to support a growing number of global clinical trials, with several new application filings and therapy approvals anticipated Cryoport Supported Clinical Trials by Phase (as of June 30) | Phase | 2023 | 2024 | Net Change | | :--- | :--- | :--- | :--- | | Phase 1 | 273 | 286 | +13 | | Phase 2 | 313 | 322 | +9 | | Phase 3 | 82 | 76 | -6 | | **Total** | **668** | **684** | **+16** | - For the remainder of 2024, the company anticipates up to an additional **seven application filings (BLA/MAA)**, **two new therapy approvals**, and **one additional approval for label/geographic expansion**[9](index=9&type=chunk) [Cost Reduction Initiatives & 2024 Outlook](index=1&type=section&id=Cost%20Reduction%20Initiatives%20%26%202024%20Outlook) Cryoport implemented a comprehensive cost reduction plan targeting significant annualized savings and revised its full-year 2024 revenue outlook [Cost Reduction Initiatives](index=1&type=section&id=Cost%20Reduction%20Initiatives) The company implemented substantial FTE reductions and CAPEX deferrals, expecting significant annualized cost savings for 2025 - The company has reduced global Full-Time Equivalents (FTEs) by **101 in Life Sciences Services** and **46 in Life Sciences Products**[5](index=5&type=chunk) - Capital expenditure (CAPEX) reductions and deferrals have been implemented, including delaying new facilities and reprioritizing R&D projects[5](index=5&type=chunk) - These initiatives are expected to be fully implemented by the end of 2024 and result in approximately **$22 million in annualized cost savings for 2025**[4](index=4&type=chunk) [Full Year 2024 Outlook](index=6&type=section&id=Full%20Year%202024%20Outlook) The company revised its full-year 2024 revenue guidance, anticipating a return to year-over-year growth in the second half Full Year 2024 Revenue Guidance | Metric | Guidance Range (in millions) | | :--- | :--- | | 2024 Revenue | $225 million - $235 million | - The company expects a return to year-over-year revenue growth in the second half of 2024, driven by sequential improvements in Life Sciences Services and new product/service launches[5](index=5&type=chunk) [Financial Statements & Non-GAAP Reconciliations](index=9&type=section&id=Financial%20Statements%20%26%20Non-GAAP%20Reconciliations) This section presents unaudited financial statements, including **Condensed Consolidated Statements of Operations and Balance Sheets**, along with **reconciliations of GAAP to non-GAAP measures** for enhanced performance insight [Condensed Consolidated Statements of Operations](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The statements detail Q2 2024 revenue, gross margin, a significant impairment loss, and the resulting net loss Condensed Consolidated Statements of Operations (unaudited, in thousands) | | Three Months Ended June 30, (in thousands) | Six Months Ended June 30, (in thousands) | | :--- | :--- | :--- | | | **2024** | **2023** | **2024** | **2023** | | **Total revenue** | **$57,597** | **$57,021** | **$112,189** | **$119,838** | | **Gross margin** | **$25,190** | **$24,733** | **$46,965** | **$51,805** | | Impairment loss | $63,809 | - | $63,809 | - | | **Loss from operations** | **$(79,228)** | **$(18,332)** | **$(100,509)** | **$(28,377)** | | **Net loss** | **$(77,989)** | **$(18,355)** | **$(96,884)** | **$(23,929)** | | **Net loss per share** | **$(1.62)** | **$(0.42)** | **$(2.05)** | **$(0.58)** | [Condensed Consolidated Balance Sheets](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2024, total assets were **$852.3 million**, with **$427.1 million in cash and investments**, and **$400.1 million in stockholders' equity** Condensed Consolidated Balance Sheet Highlights (unaudited, in thousands) | | June 30, 2024 (in thousands) | December 31, 2023 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $46,458 | $46,346 | | Short-term investments | $380,684 | $410,409 | | **Total current assets** | **$501,986** | **$535,112** | | Goodwill | $52,384 | $108,403 | | **Total assets** | **$852,341** | **$957,744** | | Convertible senior notes, net | $355,665 | $378,553 | | **Total liabilities** | **$452,246** | **$468,721** | | **Total stockholders' equity** | **$400,095** | **$489,023** | [Reconciliation of GAAP to Non-GAAP Measures](index=11&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) Reconciliation details the adjustments from **GAAP net loss** to **Adjusted EBITDA**, including **impairment loss**, **depreciation**, and **stock-based compensation** Reconciliation of GAAP Net Loss to Adjusted EBITDA (unaudited, in thousands) | | Q2 2024 (in thousands) | Q2 2023 (in thousands) | H1 2024 (in thousands) | H1 2023 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | **GAAP net loss** | **$(77,989)** | **$(18,355)** | **$(96,884)** | **$(23,929)** | | Impairment loss | $63,809 | — | $63,809 | — | | Depreciation & amortization | $7,558 | $6,723 | $15,027 | $13,127 | | Stock-based compensation | $4,997 | $5,800 | $10,453 | $10,984 | | Other adjustments | $(1,622) | $5,145 | $(2,320) | $3,614 | | **Adjusted EBITDA** | **$(3,838)** | **$(1,348)** | **$(11,524)** | **$1,594** |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------|----------|--------------------|--------|----------|-------|---------------------------|------------------|----------| | | | | | | | | | | | | June 30, | Three Months Ended | | | | Six Months Ended June 30, | | | | (in thousands) | 2024 | | 2023 | % Change | 2024 | | 2023 | % Change | | Life Sciences Services | | $ 38,040$ 35,204 | | 8 % | | | $ 74,826$ 71,040 | 5 % | | BioLogistics Solutions | 34,517 | | 32,003 | 8 % | | 67,7 ...

Core Viewpoint - Cryoport, Inc. has authorized a $200 million repurchase program for common stock and/or convertible senior notes, aimed at strengthening its balance sheet and maintaining liquidity for long-term growth [1][3]. Group 1: Repurchase Program Details - The 2024 Repurchase Program is effective from August 1, 2024, and will remain in effect until December 31, 2027 [1]. - The company plans to repurchase approximately $160 million of its 0.75% Convertible Senior Notes due in 2026 at an 11.5% discount to par value, resulting in a total repurchase price of $141.6 million plus accrued interest [1][2]. - Following the repurchase, the principal balance of the 2026 Notes will be reduced to approximately $186.2 million from an initial balance of $402.5 million [3]. Group 2: Company Overview - Cryoport, Inc. is a global leader in supply chain solutions for the life sciences, focusing on cell and gene therapies [5]. - The company provides a wide range of supply chain solutions, including advanced temperature-controlled packaging, informatics, specialized bio-logistics services, biostorage, and cryogenic systems [5]. - Cryoport operates from its headquarters in Nashville, Tennessee, with over 50 global locations across 17 countries [6].

NASHVILLE, Tenn., July 23, 2024 /PRNewswire/ -- Cryoport, Inc. (Nasdaq: CYRX) ("Cryoport" or the "Company"), a global leader in supply chain solutions for the life sciences, today announced that the Company will report financial results for the second quarter ended June 30, 2024 on Tuesday, August 6, 2024 after U.S. markets close. Conference Call Information Date: Tuesday, August 6, 2024 Time: 5:00 p.m. ET Dial-in numbers: 1-800-717-1738 (U.S.), 1-646-307-1865 (International) Confirmation code:Request the " ...