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Cryoport(CYRX) - 2025 Q1 - Quarterly Results
CryoportCryoport(US:CYRX)2025-05-07 20:16

CEO Commentary and Business Highlights Cryoport started 2025 strongly with 10% revenue growth and improved adjusted EBITDA, driven by stabilizing demand and strategic partnerships - Revenue from continuing operations reached $41.0 million, growing 10% year-over-year347 - Commercial Cell & Gene Therapy revenue increased 33% to $7.2 million347 - The company supported 711 global clinical trials, a net increase of 36 trials347 Key Financial and Operational Metrics | Metric | Q1 2025 Value | YoY Growth | | :--- | :--- | :--- | | Revenue from Continuing Operations | $41.0 million | 10% | | Commercial Cell & Gene Therapy Revenue | $7.2 million | 33% | | Global Clinical Trials Supported | 711 | +36 trials | - The company is seeing signs of demand stabilization in its Life Sciences Products business and new momentum in its Life Sciences Services business, which accounted for 56% of total revenue345 - A strategic partnership with DHL Group was announced, which includes the anticipated acquisition of CRYOPDP by DHL, expected to enhance operational reach in APAC and EMEA and allow Cryoport to focus on the regenerative medicine space612 - The company is advancing key initiatives like the IntegriCell™ Cryopreservation Solution and completing its Global Supply Chain Centers to diversify revenue streams8 Financial Performance Q1 2025 saw solid top-line growth, significant margin improvement, and a strengthened financial position, driven by Life Sciences Services Revenue Analysis Q1 2025 total revenue from continuing operations grew 10.1% to $41.0 million, primarily led by Life Sciences Services Revenue from Continuing Operations | Revenue from Continuing Operations (in thousands) | Q1 2025 | Q1 2024 | % Change | | :--- | :--- | :--- | :--- | | Life Sciences Services | $22,865 | $19,485 | 17% | | - BioLogistics Solutions | $18,531 | $15,957 | 16% | | - BioStorage/BioServices | $4,334 | $3,528 | 23% | | Life Sciences Products | $18,175 | $17,806 | 2% | | Total Revenue | $41,040 | $37,291 | 10% | - Revenue from the support of commercial Cell & Gene therapies increased by 33% year-over-year to $7.2 million4710 Profitability and Margins Q1 2025 profitability improved significantly, with gross margin expanding to 45.4% and net loss narrowing due to decreased operating expenses Gross Margin from Continuing Operations | Gross Margin from Continuing Operations | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Life Sciences Services | 47.9% | 43.5% | | Life Sciences Products | 42.3% | 37.0% | | Total Gross Margin | 45.4% | 40.4% | Key Profitability Metrics | Profitability Metric (in millions) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Loss from Operations | $(9.5) | $(17.5) | | Net Loss | $(12.0) | $(18.9) | | Adjusted EBITDA | $(2.8) | $(6.7) | - Operating costs and expenses from continuing operations decreased by 13.7% year-over-year to $28.1 million14 Financial Position Cryoport maintained a strong financial position as of March 31, 2025, with $244.0 million in cash and $73.9 million available for share repurchases - The company held $244.0 million in cash, cash equivalents, and short-term investments as of March 31, 202516 Balance Sheet Highlights | Balance Sheet Highlights (in thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total current assets | $411,276 | $341,572 | | Total assets | $699,844 | $703,493 | | Total current liabilities | $74,030 | $64,563 | | Total liabilities | $301,033 | $301,595 | | Total stockholders' equity | $398,811 | $401,898 | - As of March 31, 2025, $73.9 million remains available for repurchase under the company's two share repurchase programs17 Business and Operational Review Cryoport showed strong operational momentum, supporting 711 clinical trials and 19 commercial therapies, with Life Sciences Services driving growth Clinical Trial Progress Cryoport's clinical trial support remains robust, with 711 global trials, including 79 in Phase 3, and anticipates significant regulatory milestones in 2025 Clinical Trials by Phase | Clinical Trials by Phase | March 31, 2025 | March 31, 2024 | | :--- | :--- | :--- | | Phase 1 | 304 | 286 | | Phase 2 | 328 | 312 | | Phase 3 | 79 | 77 | | Total | 711 | 675 | - The majority of trials are in the Americas (544), followed by EMEA (118) and APAC (49)11 - For the remainder of 2025, the company anticipates up to 17 additional application filings, 4 new therapy approvals, and 4 approvals for label/geographic expansions for its clients11 Strategic Initiatives and Outlook Cryoport is executing strategic initiatives, including the DHL partnership and CRYOPDP divestiture, to focus on regenerative medicine and achieve positive adjusted EBITDA in 2025 DHL Partnership and CRYOPDP Divestiture The DHL partnership and CRYOPDP divestiture will enhance global reach, provide capital, and sharpen Cryoport's focus on regenerative medicine - The partnership with DHL is expected to enhance the company's operational reach, especially in the EMEA and APAC regions, and reshape its competitive profile612 - The divestiture will provide a strong infusion of capital and allows the company to sharpen its organizational focus on the rapidly growing regenerative medicine space6 - The transaction is subject to customary closing conditions and is expected to close in the second or third quarter of 2025612 Fiscal 2025 Guidance Cryoport reiterates full-year 2025 guidance, projecting $165.0M-$172.0M organic revenue and a return to positive adjusted EBITDA during the year Fiscal Year 2025 Guidance | Fiscal Year 2025 Guidance | Range | YoY Growth | | :--- | :--- | :--- | | Total Organic Revenue | $165.0M - $172.0M | 5% - 10% | - The company remains confident that its current momentum and strategic actions will lead to a return to positive adjusted EBITDA during 20258 Appendix This appendix provides supplementary information, including conference call details and non-GAAP financial measure reconciliations Non-GAAP Reconciliations The company provides GAAP to non-GAAP reconciliations, showing Q1 2025 adjusted EBITDA loss of $2.8 million from a GAAP loss of $9.0 million Reconciliation to Adjusted EBITDA | Reconciliation to Adjusted EBITDA (in thousands) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | GAAP loss from continuing operations | $(9,028) | $(15,035) | | Depreciation and amortization expense | $6,134 | $5,747 | | Stock-based compensation expense | $3,064 | $4,666 | | Change in fair value of contingent consideration | $(5,178) | $293 | | Divestiture costs | $2,290 | $— | | Other adjustments (net) | $(181) | $(1,928) | | Adjusted EBITDA from continuing operations | $(2,819) | $(6,657) | - Adjusted EBITDA is used by management to assess operating results and for incentive compensation programs, excluding items like interest, taxes, depreciation, amortization, stock-based compensation, and other non-recurring or non-cash items3435 Conference Call Information Cryoport held a conference call on May 7, 2025, at 5:00 p.m. ET for investors to discuss Q1 2025 results - A conference call for investors was held on Wednesday, May 7, 2025, at 5:00 p.m. ET2324 - A live webcast and a replay of the call are available in the 'Investor Relations' section of the company's website24