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Cryoport(CYRX) - 2024 Q4 - Annual Results
CYRXCryoport(CYRX)2025-03-04 22:07

Revenue Performance - Total revenue for FY 2024 was 228.4million,adecreaseof2.1228.4 million, a decrease of 2.1% compared to FY 2023 revenue of 233.3 million[7] - Revenue from commercial Cell & Gene therapies reached 26millionforFY2024,reflectinga2026 million for FY 2024, reflecting a 20% year-over-year increase[3] - Total revenue for Q4 2024 was 59.532 million, a 3.3% increase from 57.260millioninQ42023[31]−LifeSciencesServicesrevenueforQ42024was57.260 million in Q4 2023[31] - Life Sciences Services revenue for Q4 2024 was 39.6 million, a 6.8% increase year-over-year[15] - Life Sciences Services revenue reached 39.556million,upfrom39.556 million, up from 37.025 million, representing a 6.9% growth year-over-year[31] - Life Sciences Products revenue decreased to 19.976millionfrom19.976 million from 20.235 million, a decline of 1.3% compared to the previous year[31] - For the three months ended December 31, 2024, total revenue was reported at 59.532million,withservicescontributing59.532 million, with services contributing 39.556 million and products 19.976million[40]−FortheyearendedDecember31,2024,totalrevenuereached19.976 million[40] - For the year ended December 31, 2024, total revenue reached 228.385 million, comprising 153.660millionfromservicesand153.660 million from services and 74.725 million from products[41] - The foreign exchange impact on total revenue for the three months ended December 31, 2024, was a decrease of 160,representinga0.3160, representing a 0.3% impact[40] - For the year ended December 31, 2024, the foreign exchange impact on total revenue was a decrease of 300, also reflecting a 0.1% impact[41] - The total revenue at constant currency for the three months ended December 31, 2024, was 59.692million,slightlyhigherthanthereportedfigureduetocurrencyfluctuations[40]FinancialMetrics−Grossmarginimprovedto45.859.692 million, slightly higher than the reported figure due to currency fluctuations[40] Financial Metrics - Gross margin improved to 45.8% in Q4 2024, up from 40.6% in Q4 2023[5] - Gross margin improved to 27.281 million in Q4 2024, compared to 23.261millioninQ42023[31]−AdjustedEBITDAforQ42024wasanegative23.261 million in Q4 2023[31] - Adjusted EBITDA for Q4 2024 was a negative 1.3 million, an improvement from a negative 6.6millioninQ42023[16]−AdjustedEBITDAforthethreemonthsendedDecember31,2024,wasalossof6.6 million in Q4 2023[16] - Adjusted EBITDA for the three months ended December 31, 2024, was a loss of 1.262 million, compared to a loss of 6.648millioninthesameperiodofthepreviousyear[39]−Thecompanyemphasizedtheimportanceofrevenuegrowthasakeyindicatorofperformance,particularlyinconstantcurrencyterms[35]−ManagementnotedthatadjustedEBITDAisasignificantperformancemeasureusedinconnectionwithincentivecompensationprograms[38]LossandExpenses−NetlossforFY2024was6.648 million in the same period of the previous year[39] - The company emphasized the importance of revenue growth as a key indicator of performance, particularly in constant currency terms[35] - Management noted that adjusted EBITDA is a significant performance measure used in connection with incentive compensation programs[38] Loss and Expenses - Net loss for FY 2024 was 114.8 million, compared to a net loss of 99.6millionforFY2023[21]−NetlossforQ42024was99.6 million for FY 2023[21] - Net loss for Q4 2024 was 18.677 million, a reduction from a net loss of 62.389millioninQ42023[31]−Netlosspershareattributabletocommonstockholderswas62.389 million in Q4 2023[31] - Net loss per share attributable to common stockholders was 0.42, compared to 1.31inthesamequarterlastyear[31]−TotaloperatingcostsandexpensesforQ42024were1.31 in the same quarter last year[31] - Total operating costs and expenses for Q4 2024 were 41.212 million, significantly lower than 93.132millioninQ42023[31]CashandInvestments−Cryoportheld93.132 million in Q4 2023[31] Cash and Investments - Cryoport held 261.7 million in cash, cash equivalents, and short-term investments as of December 31, 2024[17] - Current assets totaled 341,571,535,adecreasefrom341,571,535, a decrease from 346,334,646[32] - Cash and cash equivalents were 45,289,000,comparedto45,289,000, compared to 46,346,000 in the previous period[32] - The company reported a net increase in short-term investments to 216,460,410from216,460,410 from 40,909,000[32] Liabilities and Equity - Total liabilities amounted to 301,594,468,reflectingadecreasefrom301,594,468, reflecting a decrease from 307,721,000[32] - Total current liabilities were 64,563,445,downfrom64,563,445, down from 72,121,000[32] - Accounts payable and other accrued expenses were 27,208,000,comparedto27,208,000, compared to 26,995,000 previously[32] - Deferred revenue stood at 1,106,000,adecreasefrom1,106,000, a decrease from 1,308,000[32] - Total stockholders' equity was 401,898,489,comparedto401,898,489, compared to 402,023,000 in the previous period[32] - Goodwill was valued at 51,660,108,reflectingaslightincreasefrom51,660,108, reflecting a slight increase from 40,303,000[32] - Total assets reached 703,492,000,downfrom703,492,000, down from 957,744,000[32] Future Outlook - The company anticipates 2025 revenue guidance in the range of 240−240 - 250 million[19] - Cryoport's outlook for full year 2025 revenue is optimistic, with expectations for continued growth[29] - The company anticipates revenue growth trends in its operating markets and plans to launch new products and services in the future[29] - The company is facing risks including supply chain constraints and inflationary pressures that could impact future performance[29] Clinical Trials - Cryoport supported a total of 701 global clinical trials as of December 31, 2024, an increase of 26 trials from the previous year[10] - The company filed a total of eleven Biologic License Applications (BLA)/Marketing Authorization Applications (MAA) in 2024, with three filed in Q4[12]