Cryoport(CYRX) - 2024 Q4 - Annual Results

Revenue Performance - Total revenue for FY 2024 was $228.4 million, a decrease of 2.1% compared to FY 2023 revenue of $233.3 million[7] - Revenue from commercial Cell & Gene therapies reached $26 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 $57.260 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 $39.556 million, up from $37.025 million, representing a 6.9% growth year-over-year[31] - Life Sciences Products revenue decreased to $19.976 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 $59.532 million, with services contributing $39.556 million and products $19.976 million[40] - For the year ended December 31, 2024, total revenue reached $228.385 million, comprising $153.660 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, 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 $59.692 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 $23.261 million in Q4 2023[31] - Adjusted EBITDA for Q4 2024 was a negative $1.3 million, an improvement from a negative $6.6 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 $6.648 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 $99.6 million for FY 2023[21] - Net loss for Q4 2024 was $18.677 million, a reduction from a net loss of $62.389 million in Q4 2023[31] - Net loss per share attributable to common stockholders was $0.42, compared to $1.31 in the same quarter last year[31] - Total operating costs and expenses for Q4 2024 were $41.212 million, significantly lower than $93.132 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, a decrease from $346,334,646[32] - Cash and cash equivalents were $45,289,000, compared to $46,346,000 in the previous period[32] - The company reported a net increase in short-term investments to $216,460,410 from $40,909,000[32] Liabilities and Equity - Total liabilities amounted to $301,594,468, reflecting a decrease from $307,721,000[32] - Total current liabilities were $64,563,445, down from $72,121,000[32] - Accounts payable and other accrued expenses were $27,208,000, compared to $26,995,000 previously[32] - Deferred revenue stood at $1,106,000, a decrease from $1,308,000[32] - Total stockholders' equity was $401,898,489, compared to $402,023,000 in the previous period[32] - Goodwill was valued at $51,660,108, reflecting a slight increase from $40,303,000[32] - Total assets reached $703,492,000, down from $957,744,000[32] Future Outlook - The company anticipates 2025 revenue guidance in the range of $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]