Financial Data and Key Metrics Changes - Cryoport reported $41 million in revenue from continuing operations for Q1 2025, representing a 10% year-over-year growth, contributing to significant adjusted EBITDA improvement [8] - The company confirmed its revenue guidance for fiscal year 2025 in the range of $165 million to $172 million, indicating a 7.5% growth relative to fiscal year 2024 [12][14] Business Line Data and Key Metrics Changes - Life sciences services revenue increased by 17% year-over-year, driven by a 33% growth in support for commercial cell and gene therapies [9][87] - Life sciences services now account for 56% of total revenue, reflecting the increasing development and commercialization of cell and gene therapies [9] Market Data and Key Metrics Changes - Cryoport supported 19 commercial therapies and 711 clinical trials as of March 31, representing approximately 70% of cell and gene therapy trials [10] - The company anticipates up to 17 additional application filings and four therapy approvals for the remainder of 2025, indicating a robust pipeline [11] Company Strategy and Development Direction - The strategic partnership with DHL, involving the sale of Cryo PDP for an enterprise value of $195 million, is expected to enhance Cryoport's positioning in Asia Pacific and EMEA [12] - The partnership aims to leverage DHL's global scale and capabilities, allowing Cryoport to sharpen its focus on core life sciences service offerings in the regenerative medicine space [12][84] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth forecast despite potential tariff impacts, stating that they have taken steps to diversify the supply chain [13] - The overall market for cell and gene therapies is viewed positively, with expectations of continued commercial revenue growth and a robust pipeline of therapies [19][20] Other Important Information - The company reported a significant increase in service gross margins, with expectations for continued expansion throughout 2025 [33] - Management noted that the new FDA director's conservative views are not expected to negatively impact the cell and gene therapy sector, emphasizing the importance of data in regulatory decisions [57][60] Q&A Session Summary Question: Update on Entegrisel launch and CGP trial growth - Management sees a positive market outlook with continued growth in commercial therapies and clinical trials, indicating a robust pipeline [19][20] Question: Contingent consideration impact on adjusted EBITDA - Management clarified that contingent consideration was backed out, and adjusted EBITDA improved significantly compared to Q1 of the previous year [28] Question: Steps to bolster shareholder value post-divestiture - Management plans to be prudent and opportunistic with cash allocation, considering stock buybacks due to undervaluation [29][30] Question: Service gross margins expansion - Management confirmed a significant increase in service gross margins and expects continued leverage from core services [33] Question: Performance of small vs. large pharma - Management reported balanced contributions from both biotech and large pharma, with a robust pipeline and continued interest in promising therapies [37] Question: Response to macroeconomic pressures and tariffs - Management indicated minimal impact from tariffs on cell and gene therapy, with ongoing commercial revenue growth [41][42] Question: Supply chain initiatives and margin improvement - Management emphasized that supply chain initiatives aim to protect margins rather than quantify specific improvements [55] Question: Impact of new FDA director on therapy approvals - Management expressed optimism regarding the new FDA director's qualifications and the continued progress of cell and gene therapies [57][60] Question: Demand for new product launches - Management reported positive reception and ongoing adoption of new products, with expectations for meaningful revenue contributions in the future [67]

Financial Data and Key Metrics Changes - Total revenue for the first quarter of 2025 was $10.4 million, down 8% from $11.3 million in the first quarter of 2024 [20][21] - Core revenue remained stable at $8.2 million, reflecting a slight increase of 1% year-over-year [21] - Gross margin decreased to 86% from 88% year-over-year, while non-GAAP adjusted gross margin remained stable at 83% [23] Business Line Data and Key Metrics Changes - Instrument revenue was $1.4 million, down from $1.9 million in the first quarter of 2024, impacted by cautious capital spending from customers [21][22] - License revenue was stable at $2.5 million, while processing assembly (PA) revenue increased to $3.9 million from $3.4 million year-over-year [21] - SPL program-related revenue was $2.1 million, down from $3.2 million in the first quarter of 2024 [22] Market Data and Key Metrics Changes - 57% of core revenue was derived from SPL customers, up from 53% in the first quarter of 2024, indicating a healthy balance of early-stage to clinical-stage customers [22] - The company noted a cautious environment for capital equipment purchasing decisions among customers, leading to some hesitance in capital expenditures [10][42] Company Strategy and Development Direction - The company is focused on executing its growth plan for 2025 and beyond, despite macro uncertainties [8][10] - MaxSite is committed to enhancing operational efficiency and making targeted investments to drive long-term returns [23][24] - The integration of SecureDx is progressing smoothly, allowing the company to expand its offerings in the cell and gene therapy space [12][51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term health of the business, despite recent regulatory changes at the FDA [31][34] - The company anticipates continued strong demand in the cell and gene therapy market, with a focus on safety assessments [12][34] - Management reiterated guidance for core revenue growth of 8% to 15% for 2025, including at least $2 million from SecureDx [24][25] Other Important Information - The company is seeking shareholder approval to delist from AIM and maintain a single listing on NASDAQ [19] - MaxSite ended the first quarter with $174.7 million in cash equivalents and investments, with no debt [24] Q&A Session Summary Question: Regulatory changes and their impact - Management indicated that it is too early to assess the impact of recent FDA leadership changes, but they do not foresee any regulatory risks affecting their business [30][34] Question: Cost savings from operational review - The company expects to save approximately $100,000 annually from delisting, and has begun realizing savings from personnel reductions [35][36] Question: Changes in customer funding strategies - Management noted some constraints on capital expenditures but remains confident in their guidance for the year [42][43] Question: SecureDx acquisition integration - The integration is going well, with opportunities to expand into in vivo customers and complementary delivery systems [51][52] Question: SPL revenue performance - SPL revenue of $2.1 million exceeded expectations, with confidence in achieving the full-year guidance of $5 million [55][56] Question: Future product launches - The company has a robust product pipeline and plans to launch meaningful products this year [64][65] Question: Pipeline and portfolio management - Management noted a status quo in program rationalization among customers, with no significant expansion observed [71][73] Question: Revenue cadence for the year - Management is comfortable modeling incremental growth, particularly in the latter half of the year, based on identified opportunities [76][77]

Financial Data and Key Metrics Changes - Total revenue for the first quarter of 2025 was $10.4 million, an 8% decline from $11.3 million in the first quarter of 2024 [20] - Core revenue remained stable at $8.2 million, showing a slight increase of approximately 1% year-over-year [21] - Gross margin decreased to 86% in Q1 2025 from 88% in Q1 2024, while non-GAAP adjusted gross margin remained stable at 83% [23] Business Line Data and Key Metrics Changes - Instrument revenue was $1.4 million, down from $1.9 million in Q1 2024, impacted by cautious capital spending from customers [21][22] - License revenue was stable at $2.5 million compared to $2.6 million in the prior year [21] - Processing assembly (PA) revenue increased to $3.9 million from $3.4 million year-over-year, indicating strong performance [21] Market Data and Key Metrics Changes - 57% of core revenue was derived from SPL customers in Q1 2025, up from 53% in Q1 2024, reflecting a healthy balance of early-stage to clinical-stage customers [22] - SPL program-related revenue was $2.1 million in Q1 2025, down from $3.2 million in Q1 2024, indicating variability in milestone revenue [22] Company Strategy and Development Direction - The company is focused on executing its growth plan for 2025 and beyond, adapting to macro uncertainties while maintaining operational focus [8][12] - MaxSite is committed to enhancing its product offerings and capital allocation initiatives, aiming for profitability with its existing balance sheet [10][18] - The integration of SecureDx is progressing smoothly, with expectations to deliver at least $2 million in revenue for the year [12][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term potential of the cell and gene therapy market, despite current market challenges [12][20] - The company is closely monitoring customer spending and expects cautious capital expenditure decisions to continue [11][44] - Management reiterated guidance for core revenue growth of 8% to 15% for 2025, assuming no significant changes in the operating environment [24][25] Other Important Information - The company announced plans to seek shareholder approval for delisting from AIM and maintaining a single listing on NASDAQ [19] - MaxSite finished Q1 2025 with total cash equivalents and investments of $174.7 million and no debt [24] Q&A Session Summary Question: Regulatory changes and their impact - Management indicated that recent FDA leadership changes have not raised concerns among customers regarding regulatory hurdles, maintaining confidence in the cell and gene therapy market [30][36] Question: Cost savings from operational review - The company expects to save approximately $100,000 annually from delisting and has begun realizing savings from personnel reductions [37][38] Question: Changes in customer funding strategies - Management noted some constraints on capital expenditure but remains confident in achieving annual guidance despite these challenges [42][44] Question: SecureDx acquisition integration - The integration of SecureDx is progressing well, with opportunities to expand into in vivo customer segments [50][52] Question: SPL revenue performance - SPL revenue of $2.1 million exceeded expectations, with management confident in achieving the full-year guidance of $5 million [55][56] Question: Future product launches - The company has a robust product pipeline and plans to launch new products this year, enhancing its total addressable market [63][65] Question: Pipeline and portfolio management - Management observed a status quo in program rationalization among customers, with no significant expansion noted [69][72] Question: Revenue cadence for the year - Management is comfortable modeling incremental growth in revenue, particularly in the latter half of the year, based on identified opportunities [73][75]

Financial Data and Key Metrics Changes - Total revenue for the full year 2024 was $38.6 million, a 6% decline from $41.3 million in 2023 [28] - Total revenue in Q4 2024 was $8.7 million, representing a 45% decline from $15.7 million in Q4 2023 [28] - Core revenue for Q4 2024 was $8.6 million, an increase of 20% compared to $7.2 million in the prior year quarter [28] - Core revenue for the full year 2024 was $32.5 million, up 9% from $29.8 million in 2023 [30] - Gross margin for Q4 2024 was 74%, down from 90% in Q4 2023 [33] Business Line Data and Key Metrics Changes - Instrument revenue for Q4 2024 was $1.6 million, down from $2.3 million in Q4 2023 [29] - License revenue for Q4 2024 was $2.6 million, slightly up from $2.4 million in Q4 2023 [29] - Processing assembly (PA) revenue for Q4 2024 was $4.2 million, a significant increase from $2.2 million in Q4 2023 [29] - For the full year 2024, SPL program-related revenue was $6.1 million, down from $11.5 million in 2023 [32] Market Data and Key Metrics Changes - As of the end of 2024, there were 28 active SPL customers, including 18 active clinical programs [15] - The total pre-commercial milestone potential across SPL agreements is greater than $2 billion [15] - The number of active clinical programs enabled by MaxCyte increased by 50% since the IPO, from 12 to 18 [17] Company Strategy and Development Direction - The acquisition of SeQure Dx is aimed at enhancing safety assessments in cell and gene therapy development [9] - The company plans to continue focusing on organic and inorganic investments that offer the best outcomes for customers [26] - MaxCyte aims to become a premier end-to-end cell and gene engineering platform [12] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the funding environment for customers in 2025 [14] - The company expects Core revenue growth of 8% to 15% in 2025, including at least $2 million from SeQure Dx [35] - Management noted that the operational changes made in 2024 have positioned the company well for future growth [8] Other Important Information - The company ended 2024 with $190.3 million in cash and cash equivalents, with no debt [34] - The integration of SeQure Dx into MaxCyte's commercial team has been completed from day one of the acquisition [113] Q&A Session Summary Question: Guidance for Core business excluding SeQure Dx - Management indicated continued growth across the customer base and expects operational changes to support year-over-year growth [41][42] Question: Revenue track record and business model for SeQure Dx - SeQure Dx is expected to grow modestly in 2025, with a fee-for-service model currently in place [46][48] Question: Integration costs for SeQure Dx - The integration costs are expected to be immaterial due to existing commercial infrastructure [58][60] Question: Exposure to academic markets and NIH spending - The company's exposure to NIH grants is minimal, with only about $200,000 linked to grants [64] Question: SPL environment and customer agreements - Most customer agreements are still at the pre-IND level, with negotiations occurring close to that stage [66] Question: Combined company gross margins and potential upside - Management expects combined gross margins to remain in the low to mid-80s [80] Question: Changes in customer conversations regarding macro environment - Conversations with customers have remained steady, with a stabilization in program prioritization [118][119]

Financial Data and Key Metrics Changes - Total revenue for 2023 was $143.3 million, an 11% decrease compared to 2022, with ex-COVID revenue decreasing 4% [10] - Q4 revenue was $32.7 million, representing a 26% year-over-year decrease, and a 23% decline when excluding COVID-related revenue from Q4 2022 [21] - Adjusted gross margin for Q4 was 35%, up from 32% in the prior year, primarily due to product mix and lower warranty expenses [23] - Adjusted operating loss for Q4 2023 was $9.3 million, compared to $8.2 million in Q4 2022 [25] - Adjusted EBITDA for Q4 2023 was $700,000, down from $1.7 million in the prior year but increased sequentially by $3.8 million from Q3 [26] Business Line Data and Key Metrics Changes - Cell processing platform revenue for 2023 declined 4% to $65.8 million, with a 6% decrease in biopreservation media revenue, partially offset by a 9% increase in other cell processing tools [10] - Biostorage and services platform revenue decreased 2% to $25.9 million, but grew 61% when excluding prior year COVID-related revenue [12] - Freezer and thaw platform revenue declined 23% to $15.1 million, primarily due to a difficult capital equipment environment [13] Market Data and Key Metrics Changes - The top 20 media customers accounted for 78% of media revenue, which was up slightly by 1% year-over-year [11] - Customers with commercially approved therapies accounted for an estimated 52% of direct media revenue in 2023, compared to 49% in 2022 [11] - The cell and gene therapy (CGT) industry is expected to grow at a 20% to 25% CAGR through 2033 [7] Company Strategy and Development Direction - The company is refocusing on higher margin recurring revenue streams and divesting freezer product lines to improve financial performance [6][14] - The company aims to leverage its market position in biopreservation media to drive adoption of other tools and services in its portfolio [89] - The 2024 revenue guidance is set between $95.5 million and $100 million, reflecting a cautious approach despite some optimism in market conditions [18] Management's Comments on Operating Environment and Future Outlook - Management noted that 2023 was a challenging year for the CGT industry, but there are early signs of stabilization and momentum [9] - The company expects a sustained recovery as 2024 progresses, with a focus on managing inventory normalization [9] - Management expressed confidence in the company's position to benefit from the growth of the CGT market, despite a cautious outlook for 2024 [89] Other Important Information - The company is in the process of divesting its freezer product lines, with two signed letters of intent (LOIs) and expects to close these transactions within 45 to 60 days [31][45] - The cash and marketable securities balance at December 31, 2023, was $52.3 million, up from $42.2 million at September 30, 2023 [27] Q&A Session Summary Question: Does the LOI allow the company to move the freezer assets to discontinued operations? - Management stated that a signed document is required to move them into discontinued operations, and they are working on finalizing the legal documents [31][32] Question: Can you discuss the steps taken to achieve positive EBITDA? - Management highlighted a reduction in force and control over discretionary expenses as key factors contributing to positive EBITDA [34][35] Question: How confident is the company about concluding the freezer sale? - Management expressed a 70% to 80% confidence level regarding the completion of the freezer sale within the expected timeframe [45][46] Question: What are the expectations for media revenue in 2024? - Management indicated that the first half of 2024 might be flat compared to the second half of 2023, with expectations of an uptake in the latter half [49] Question: What is the impact of the freezer business on adjusted EBITDA? - Management noted that they do not provide specific information on segment reporting but will clarify post-divestiture [81]