Cryoport Reports Results for the Second Quarter 2022 – Yahoo Finance

Record revenue of $64.2 million for the quarter, up 14% as reported and 18% at constant currency (year-over-year)

Supporting a record 626 global clinical trials; a net of 17 new trials added during the quarter

Opened first two Global Supply Chain Centers, which include BioServices, in June 2022

Expanded global footprint into Spain and Ireland

NASHVILLE, Tenn., Aug. 4, 2022 /PRNewswire/ -- Cryoport, Inc. (NASDAQ: CYRX) ("Cryoport" or the "Company"), a global leader in temperature-controlled supply chain solutions for the life sciences industry, today announced financial results for the three- and six-month periods ended June 30,2022.

Cryoport, Inc.

Jerrell Shelton, CEO of Cryoport, commented, "We delivered a strong performance for the second quarter of 2022 highlighted by overall top-line growth of 14%, or 18% on a constant currency basis. Each of our end markets, Biopharma/Pharma, Reproductive Medicine and Animal Health, grew in the double digits during the quarter driven by strong continued demand for all of our products and services.

"Our Biopharma/Pharma revenue was $51.7 million for the second quarter of 2022 compared to $45.5 million for the second quarter of 2021. We are now supporting a record 626 global clinical trials in regenerative medicine, up by 17 trials sequentially compared to our previous quarter end. Importantly our clinical trial pipeline continues to mature with 285 trials now in Phase 2 and 81 in Phase 3. Overall revenue growth in the Biopharma/Pharma market was driven by our support of global clinical trials and commercially launched therapies.

"Demand for our Animal Health products and services, which is driven primarily by protein production, increased by 14% to $9.6 million for the second quarter of 2022.

"Reproductive Medicine revenue increased by 24% to $2.9 million for the second quarter of 2022. This growth was driven by CryoStork logistics solutions and cryogenic shipper products. We continued to grow in the Reproductive Medicine market as the number of fertility clinics we support increases and as IVF technologies continue to stimulate increased interest on a global basis.

Story continues

"Our strategic expansion continued to progress during the second quarter and included the grand openings of Cryoport's two new Global Supply Chain Centers in Texas and New Jersey. These world-class facilities form the foundation of our Global Supply Chain Center Network and include the important addition of GMP (Good Manufacturing Practices) BioServices to our portfolio of premier, comprehensive supply chain solutions. During the quarter, we further strengthened our presence in the EMEA region with the acquisition of Cell&Co BioServices in Clermont-Ferrand, France. We anticipate that Cell&Co BioServices will play a significant role in the further development of our Global Supply Chain Center Network as we expand into the Paris, France region.

"We also continued our development in EMEA subsequent to quarter end with CRYOPDP opening a logistics center in Ireland and acquiring Polar Expres, based in Spain, which adds logistics centers in Madrid and Barcelona. Additionally, Cryoport Systems just completed the acquisition of Cell Matters, based in Belgium, specializing in cryo-process optimization, cryo-processing, and cryopreservation. These developments are important steps in further building out our leadership position as a provider of global temperature-controlled supply chain solutions to the life sciences industry and are expected to also positively impact our operations in the Americas and APAC in the future.

Mr. Shelton concluded, "We continue to have robust product and services development projects underway as well as an accretive acquisition pipeline. We remain confident in our outlook for the remainder of the year and reiterate our previous full year 2022 revenue guidance to be between $260 million and $265 million, representing a 17% to 19% increase over 2021 revenue."

In tabular form, revenue by market for the three- and six-month periods ended June 30, 2022, as compared to the same period in 2021 was asfollows:

Cryoport, Inc. and Subsidiaries

Total revenues by market

(unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

(in thousands)

2022

2021

% Change

2022

2021

% Change

Biopharma/Pharma

$ 51,728

$ 45,489

14%

$ 94,739

$ 87,877

8%

Animal Health

9,562

8,394

14%

16,356

17,394

-6%

Reproductive Medicine

2,863

2,308

24%

5,360

4,204

28%

Total revenues

$ 64,153

$ 56,191

14%

$ 116,455

$ 109,475

6%

As of June 30, 2022, the Company supportednine (9) commercial therapies and anettotalof 626 global clinical trials, a net increase of 65 clinical trials over second quarter 2021 and an increase of 24 clinical trials from year-end 2021. The number of trials in Phase 3 was 81 as of the end of the second quarter. The number of trials by phase and region are as follows:

Cryoport Supported Clinical Trials by Phase

Clinical Trials

June 30,

2020

2021

2022

Phase 1

198

227

260

Phase 2

227

265

285

Phase 3

66

69

81

Total

491

561

626

Cryoport Supported Clinical Trials by Region

Clinical Trials

June 30,

2020

2021

2022

Americas

400

444

488

EMEA

72

88

104

APAC

19

29

34

Total

491

561

626

Continue reading here:
Cryoport Reports Results for the Second Quarter 2022 - Yahoo Finance