CryoPort Inc

CYRX

Equity

ISIN US2290503075 / Valor 28284615

NASDAQ (2024-09-18)

USD 8.12-3.22%

CryoPort Inc
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About company

CryoPort Inc is a specialized logistics and supply chain solutions provider focused on serving the life sciences industry. Established by a team of doctors, the company has significantly expanded its offerings beyond its initial logistics support to encompass a comprehensive suite of supply chain solutions. These solutions cater to various stages of the life sciences research, development, and manufacturing processes. As a standalone vendor, CryoPort supports the entire temperature-controlled supply chain, ensuring the safe and efficient transport of sensitive biological materials. The company's Integrated BioServices solutions are designed to address the complex needs of advanced therapies, ranging from clinical trials to commercial material management. Additionally, CryoPort's IntegriCell cryopreservation services offer standardized protocols, processes, and equipment, focusing on the provision of consistent, high-quality leukapheresis starting material. This broad range of services positions CryoPort as a key partner for organizations within the life sciences sector, seeking reliable support for their critical supply chain and logistics needs.

Summarized from source with an LLMView SourceSector: Healthcare

Revenue Growth

CryoPort Inc. reported total revenue of $57.6 million for the second quarter of 2024, marking a year-over-year increase of 1.0% from $57.0 million in Q2 2023. This sequential improvement of 5.5% from the previous quarter highlights the company's steady growth across its business segments.

Life Sciences Services

Revenue from CryoPort Inc.'s Life Sciences Services reached $38.0 million in Q2 2024, up 8.1% from $35.2 million in Q2 2023. This segment includes BioStorage/BioServices, which saw a 10.1% year-over-year increase to $3.5 million, reflecting strong demand for the company's services.

Cost Reduction Initiatives

CryoPort Inc. has implemented cost reduction initiatives expected to result in approximately $22 million in annualized cost savings. These measures are anticipated to drive the company towards profitable growth and a return to positive Adjusted EBITDA in 2025, aligning with the company's strategic financial goals.

Updated Revenue Guidance

For the full year 2024, CryoPort Inc. has updated its revenue guidance to a range of $225 million to $235 million. This revision reflects the company's expectations of continued sequential revenue growth in its Life Sciences Services, despite anticipated softness in demand for its Life Sciences Products.

Clinical Trials Support

As of June 30, 2024, CryoPort Inc. supported a record total of 684 global clinical trials, an increase from 668 trials in the previous year. This includes 76 Phase 3 trials, underscoring the company's significant role in advancing clinical and commercial Cell & Gene therapies.

Summarized from source with an LLMView Source

Key figures

-42.6%1Y

-87.9%3Y

-54.3%5Y

Performance

74.1%1Y

76.4%3Y

73.3%5Y

Volatility