Cryoport Reports First Quarter 2025 Financial Results
Cryoport Reports First Quarter 2025 Financial Results |
[07-May-2025] |
NASHVILLE, Tenn., May 7, 2025 /PRNewswire/ -- Cryoport, Inc. (NASDAQ: CYRX) (Cryoport), a global provider of temperature-controlled supply chain solutions for the life sciences sector, today announced financial results for the first quarter (Q1) ended March 31, 2025. Jerrell Shelton, CEO of Cryoport, commented, "We delivered a strong start to the year with $41.0 million of revenue from continuing operations, which represented 10% year-over-year growth and drove meaningful improvement in adjusted EBITDA. We believe order patterns are stabilizing in our Life Sciences Products segment, while engagement levels increased significantly in our Life Sciences Services segment, highlighting a new momentum in our business. Consequently, we are optimistic in our outlook for the full year. Looking ahead, we continue to navigate through the current economic environment and, at this point in time, anticipate minimal impact from tariffs as we believe related charges will be passed through if and when they occur. "Revenue growth from our support of commercial Cell & Gene therapies was up 33% year over year, while Life Sciences Services revenue, in total, increased 17% year-over-year. Our momentum in the Life Sciences Services space, which accounted for 56% of our total revenue in the first quarter of 2025, continues to be driven by the increasing development and commercialization of Cell & Gene-based therapies, which we expect will persist even in the current economic environment. "We are also seeing further signs of demand stabilization in our Life Sciences Products business as we continue to expand our product portfolio to capture new revenue streams with innovative products such as the recently launched cryogenic storage system, MVE High-Efficiency 800C. The HE 800C, released in the first quarter of 2025 by MVE, meets the needs of facilities that have limited space yet require high capacity and security. "Another key milestone this quarter was the announcement of our strategic partnership with the DHL Group, which includes DHL's anticipated acquisition of CRYOPDP, expected to close in the second or third quarter of this year. We believe this arrangement will enhance our operational reach, especially in the APAC and EMEA regions, and reshape our competitive profile within the industry by leveraging the global scale and capabilities of our strategic partner. The disposition of CRYOPDP is in response to the evolution of our industry and the ecosystem that is supporting it. The disposition will also provide us with a strong infusion of capital, represented by a substantial return on investment. Strategically, our partnership with DHL enables us to sharpen our organizational focus with the core of our services offerings directed towards the rapidly growing regenerative medicine space. "In summary, we made meaningful progress in the first quarter, advancing revenue growth, operational efficiency, and entering into a strategic partnership with DHL. We believe this positions us well to accelerate our growth and we remain focused on supporting the increasing number of commercial regenerative medicine products and their rollouts around the world. In addition, we are also advancing other key initiatives such as our IntegriCell™ Cryopreservation Solution, completing our Global Supply Chain Centers, and introducing new innovative products to better serve our clients and diversifying our revenue streams. We remain confident these actions and our momentum will lead us to a return to positive adjusted EBITDA during 2025," concluded Mr. Shelton. In tabular form, Q1 2025 revenue from continuing operations compared to Q1 2024 was as follows:
BioStorage/BioServices revenue continued to grow double digits year-over-year, increasing 23% in Q1 2025 as we continue to introduce our capabilities to existing clients, as well as add new clients into our global network, and as more commercial therapies progress in the number of patients treated. Revenue from the support of commercial Cell & Gene therapies increased 33% year-over-year. As of March 31, 2025, we supported nineteen (19) commercial therapies. As of March 31, 2025, Cryoport supported a total of 711 global clinical trials, a net increase of 36 clinical trials over March 31, 2024, with 79 of these clinical trials in Phase 3. The number of trials by phase and region are as follows:
In the first quarter, six BLA/MAA filings occurred: three filings were for brand new therapies and three filings were for geographic expansion. Additionally, Bristol Myers received a supplemental approval from the European Commission to expand the label of BreyanziÒ as a third line treatment for relapsed or refractory follicular lymphoma. Recently and subsequent to the end of Q1 2025, Cryoport's customer Abeona Therapeutics received U.S. Food and Drug Administration (FDA) approval for their cell therapy ZEVASKYNTM, for the treatment of Recessive Dystrophic Epidermolysis Bullosa (RDEB). During the remainder of 2025, we anticipate up to an additional seventeen (17) application filings, four (4) new therapy approvals and an additional four (4) approvals for label/geographic expansions or moves to earlier lines of treatment. Financial Highlights The results of CRYOPDP, a specialty courier business and operating segment within Cryoport's Life Sciences Services reportable segment are presented as discontinued operations for all periods presented within the Condensed Statements of Operations and Condensed Consolidated Balance Sheets included in this press release, and are also not included in the non-GAAP financial measures presented herein. On March 31, 2025 the Company entered into a Sale and Purchase Agreement with DHL Supply Chain International Holding B.V. ("DHL"), pursuant to which the Company would divest CRYOPDP and enter into a master partnership agreement with DHL. The divestiture and strategic partnership with DHL are expected to enhance the Company's ability to develop its business, particularly in the EMEA and APAC regions, and to provide differentiated and high-value services aligned with the Company's long-term growth strategy. The transaction is subject to customary closing conditions, including regulatory approval under relevant government antitrust and foreign direct investment laws, and is expected to close in the second or third quarter of 2025. Revenue
Gross Margin
Operating Costs and Expenses
Net Loss – including Discontinued Operations
Adjusted EBITDA
Cash, Cash equivalents, and Short-Term Investments
Share Repurchase Program
Guidance for Continuing Operations for Full Year Fiscal 2025
Note: All reconciliations of GAAP to adjusted (non-GAAP) figures above are detailed in the reconciliation tables included later in the press release. Additional Information Further information on Cryoport's financial results is included in the attached condensed consolidated balance sheets and statements of operations, and additional explanations of Cryoport's financial performance are provided in the Company's Quarterly Report on Form 10-Q for the three months ended March 31, 2025, which is expected to be filed with the SEC on May 7, 2025. Additionally, the full report will be available in the SEC Filings section of the Investor Relations section of Cryoport's website at www.cryoportinc.com. Earnings Conference Call Information IMPORTANT INFORMATION: In addition to the earnings release, a document titled "Cryoport First Quarter 2025 in Review", providing a review of Cryoport's business update, will be issued at 4:05 p.m. ET on Wednesday, May 7, 2025. The document is designed to be read in advance of the questions and answers conference call and will be accessible at https://ir.cryoportinc.com/news-events/ir-calendar. Cryoport management will host a conference call at 5:00 p.m. ET on May 7, 2025. The conference call will be in the format of a questions and answers session and will address any queries investors have regarding the Company's reported results. A slide deck will accompany the call. Conference Call Information
The questions and answers call will be recorded and available approximately three hours after completion of the live event in the Investor Relations section of the Company's website at www.cryoportinc.com for a limited time. To access the replay of the questions and answers click here. A dial-in replay of the call will also be available to those interested, until May 14, 2025. To access the replay, dial 1-844-512-2921 (United States) or 1-412-317-6671 (International) and enter replay entry code: 1180684#. About Cryoport, Inc. Cryoport, Inc. (Nasdaq: CYRX), is a global leader in temperature-controlled supply chain solutions for the Life Sciences, with an emphasis on regenerative medicine. We support biopharmaceutical companies, contract manufacturers (CDMOs), contract research organizations (CROs), developers, and researchers with a comprehensive suite of services and products designed to minimize risk and maximize reliability across the temperature-controlled supply chain for the Life Sciences. Our integrated supply chain platform includes the Cryoportal® Logistics Management Platform, advanced temperature-controlled packaging, informatics, specialized biologistics, biostorage, bioservices, and cryogenic systems, which in varying combinations deliver end-to-end solutions that meet the rigorous demands of the life sciences. With innovation, regulatory compliance, and agility at our core, we are "Enabling the Future of Medicine™." Our corporate headquarters, located in Nashville, Tennessee, is complemented by global sites in the Americas, EMEA (Europe, the Middle East, and Africa), and APAC (Asia Pacific), including locations in the United States, United Kingdom, France, the Netherlands, Belgium, Germany, Japan, and China. For more information, visit www.cryoportinc.com or follow via LinkedIn at https://www.linkedin.com/company/cryoportinc or @cryoport on X, formerly known as Twitter at https://x.com/cryoport for live updates. Forward-Looking Statements
Note Regarding Use of Non-GAAP Financial Measures To supplement our financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measures of financial performance as defined in Regulation G of the Securities Exchange Act of 1934 are included in this release: revenue at constant currency, revenue growth rate at constant currency and adjusted EBITDA. Non-GAAP financial measures are not calculated in accordance with GAAP, are not based on any comprehensive set of accounting rules or principles and may be different from non-GAAP financial measures presented by other companies. Non-GAAP financial measures, including revenue at constant currency, revenue growth rate at constant currency and adjusted EBITDA, should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. We believe that revenue growth is a key indicator of how Cryoport is progressing from period to period and we believe that the non-GAAP financial measures, revenue at constant currency and revenue growth rate at constant currency, are useful to investors in analyzing the underlying trends in revenue. Under GAAP, revenue from continuing operations received in local (non-U.S. dollar) currency is translated into U.S. dollars at the average exchange rate for the period presented. As a result, fluctuations in foreign currency exchange rates affect the results of our operations and the value of our foreign assets and liabilities, which in turn may adversely affect results of operations and cash flows and the comparability of period-to-period results of operations. When we use the term "constant currency," it means that we have translated local currency revenue from continuing operations for the current reporting period into U.S. dollars using the same average foreign currency exchange rates for the conversion of revenue from continuing operations into U.S. dollars that we used to translate local currency revenue for the comparable reporting period of the prior year. Revenue growth rate at constant currency refers to the measure of comparing the current reporting period revenue from continuing operations at constant currency with the reported GAAP revenue from continuing operations for the comparable reporting period of the prior year. However, we also believe that data on constant currency period-over-period changes have limitations, particularly as the currency effects that are eliminated could constitute a significant element of our revenue and could significantly impact our performance. We therefore limit our use of constant currency period-over-period changes to a measure for the impact of currency fluctuations on the translation of local currency revenue into U.S. dollars. We do not evaluate our results and performance without considering both period-over-period changes in non-GAAP constant currency revenue on the one hand and changes in revenue prepared in accordance with GAAP on the other. We caution the readers of this press release to follow a similar approach by considering revenue on constant currency period-over-period changes only in addition to, and not as a substitute for, or superior to, changes in revenue prepared in accordance with GAAP. Adjusted EBITDA is defined as net loss adjusted for loss from discontinued operations, net interest expense, income taxes, depreciation and amortization expense, stock-based compensation expense, acquisition and integration costs, cost reduction initiatives, investment income, unrealized (gain)/loss on investments, foreign currency (gain)/loss, changes in fair value of contingent consideration and charges or gains resulting from non-recurring events, as applicable. Management believes that adjusted EBITDA provides a useful measure of Cryoport's operating results, a meaningful comparison with historical results and with the results of other companies, and insight into Cryoport's ongoing operating performance. Further, management and the Company's board of directors utilize adjusted EBITDA to gain a better understanding of Cryoport's comparative operating performance from period to period and as a basis for planning and forecasting future periods. Adjusted EBITDA is also a significant performance measure used by Cryoport in connection with its incentive compensation programs. Management believes adjusted EBITDA, when read in conjunction with Cryoport's GAAP financials, is useful to investors because it provides a basis for meaningful period-to-period comparisons of Cryoport's ongoing operating results, including results of operations, against investor and analyst financial models, helps identify trends in Cryoport's underlying business and in performing related trend analyses, and it provides a better understanding of how management plans and measures Cryoport's underlying business.
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Company Codes: NASDAQ-SMALL:CYRX |
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