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** |

Core Insights - Cryoport, Inc. reported a total revenue of $57.6 million for Q2 2024, reflecting a 1% increase year-over-year and a 5.5% increase sequentially. For H1 2024, total revenue was $112.2 million, down from $119.8 million in H1 2023 [5][11] - The company has revised its full-year 2024 revenue guidance to a range of $225 million to $235 million, driven by anticipated sequential growth in Life Sciences Services and ongoing softness in Life Sciences Products [2][11] - Cryoport's net loss for Q2 2024 was $78.0 million, significantly higher than the net loss of $18.4 million in Q2 2023, primarily due to a $63.8 million impairment loss [8][9] Financial Performance - Life Sciences Services revenue for Q2 2024 was $38.0 million, up 8.1% year-over-year, while Life Sciences Products revenue was $19.6 million, down 10.4% year-over-year [5][6] - Gross margin for Q2 2024 was 43.7%, slightly up from 43.4% in Q2 2023. However, gross margin for Life Sciences Products decreased to 42.2% from 43.7% year-over-year [6][7] - Operating costs and expenses for Q2 2024 were $104.4 million, significantly higher than $43.1 million in Q2 2023, mainly due to the impairment loss [7][8] Business Segments - Revenue from commercial Cell & Gene Therapy increased by 51% year-over-year and 20% sequentially, indicating strong demand for these therapies [2][3] - BioStorage/BioServices revenue continued to grow, reflecting a double-digit increase year-over-year as new customers were added [3][5] - The company supported a total of 684 global clinical trials as of June 30, 2024, marking a net increase of 16 trials from the previous year [3][4] Cost Management and Outlook - Cryoport has implemented cost reduction initiatives expected to yield approximately $22 million in annualized savings by 2025, aiming for profitable growth and a return to positive adjusted EBITDA [2][11] - The company anticipates continued softness in demand for Life Sciences Products, with expectations of a market recovery in the broader life sciences industry, excluding China [3][11] - The company has authorized a repurchase program for up to $200 million of its common stock and/or convertible senior notes, indicating a strategic move to enhance shareholder value [10][11]

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 " ...

Company Overview - CryoPort expects revenues to improve as the year progresses, driven primarily by the Life Sciences Products group [1] - The stock has recently seen a significant increase of 26.7%, closing at $7.03, following a period of 47.6% loss over the past four weeks [2] Stock Performance - The recent stock price increase was accompanied by higher-than-average trading volume, indicating strong investor interest [2] - The stock currently holds a Zacks Rank of 2 (Buy), suggesting positive sentiment among analysts [2] Earnings Estimates - The consensus EPS estimate for CryoPort has remained unchanged over the last 30 days, indicating stability in earnings expectations [3] - Trends in earnings estimate revisions are correlated with near-term stock price movements, suggesting that future performance should be monitored closely [7] Industry Context - CryoPort operates within the Zacks Transportation - Services industry, which includes other companies like Despegar.com [6] - Despegar.com has a Zacks Rank of 1 (Strong Buy) and is expected to report a quarterly loss of $0.36 per share, reflecting a year-over-year change of +14.3% [4][5]

Partnership Will Provide Cell and Gene Therapy Industry with Fully Integrated Logistics and Manufacturing Services for Regenerative Medicine Products NASHVILLE, Tenn. and YOKOHAMA, Japan, June 20, 2024 /PRNewswire/ -- Cryoport, Inc. (NASDAQ: CYRX) ("Cryoport"), a global leader in supply chain solutions for the life sciences, and Minaris Regenerative Medicine Co., Ltd. ("Minaris"), a global contract development and manufacturing organization for cell and gene therapies, today announced a strategic partnershi ...

Core Viewpoint - The Schall Law Firm is investigating Cryoport, Inc. for potential violations of securities laws, focusing on whether the company made false or misleading statements or failed to disclose important information to investors [1]. Group 1 - The investigation is aimed at protecting the rights of investors who may have suffered losses due to the company's actions [1]. - Shareholders are encouraged to participate in the investigation if they have experienced financial losses [1]. - The Schall Law Firm specializes in securities class action lawsuits and shareholder rights litigation, representing investors globally [2].

Cryoport, Inc. (NASDAQ:CYRX) Q1 2024 Earnings Conference Call May 7, 2024 5:00 PM ET Company Participants Todd Fromer – Investor Relations-KCSA Strategic Communications Jerrell Shelton – Chief Executive Officer Mark Sawicki – Chief Scientific Officer Robert Stefanovich – Chief Financial Officer Thomas Heinzen – Vice President-Corporate Development and Investor Relations Conference Call Participants Matt Stanton – Jefferies Philip Song – Leerink Partners Lucas Baranowski – UBS David Larsen – BTIG Paul Knight ...

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 March 31, 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, INC. (Exact Name of Registrant as Specified in its Charter) Nevada 88-0313393 (St ...

®2024 CRYOPORT, INC. Condensed Consolidated Statements of Operations (unaudited) | 16 March 31, $ (18,895) $ 46 | 17 Cryoport Enabling the Future of Medicine Increased by 21 trials (net) over Q1 2023 | --- | --- | --- | --- | --- | --- | --- | --- | |---------|-----------|-----------|-----------|-----------|-----------|-----------|-----------| | 350 | 609 | 652 | 675 | 600 | 609 | 652 | 675 | | 300 | | | | 500 | | | | | 250 | | | | 400 | | | | | 200 | | | | 300 | | | | | 150 | | | | 200 | | | | | 100 | | | ...