Cryoport Reports Third Quarter 2024 Financial Results
Cryoport (NASDAQ: CYRX) reported its Q3 2024 financial results. Life Sciences Services revenue increased by 9% YoY, with BioStorage/BioServices revenue up 12%. The company supported 691 global clinical trials as of September 30, 2024. Q3 2024 total revenue was $56.7 million, up 1% YoY. Life Sciences Products revenue fell by 14% YoY. The company reaffirmed its full-year 2024 revenue guidance of $225-$235 million. Gross margin improved to 44.8% from 43.2% YoY. Net income was $0.8 million for Q3 2024, compared to a net loss of $13.3 million in Q3 2023. Adjusted EBITDA was a negative $2.4 million, better than the negative $3.1 million in Q3 2023. Cryoport repurchased $175 million in Convertible Senior Notes due in 2026 for $154.5 million. The company launched IntegriCell™ Cryopreservation Solution in October 2024.
Cryoport (NASDAQ: CYRX) ha riportato i risultati finanziari per il terzo trimestre del 2024. I ricavi dei Servizi nelle Scienze della Vita sono aumentati del 9% rispetto all'anno precedente, con un incremento del 12% nei ricavi di BioStorage/BioServices. L'azienda ha supportato 691 studi clinici globali al 30 settembre 2024. I ricavi totali per il Q3 2024 sono stati di 56,7 milioni di dollari, in aumento dell'1% su base annua. I ricavi dei Prodotti nelle Scienze della Vita sono diminuiti del 14% rispetto all'anno precedente. L'azienda ha confermato le previsioni di ricavi per l'intero anno 2024, previste tra 225 e 235 milioni di dollari. Il margine lordo è migliorato al 44,8%, rispetto al 43,2% dell'anno precedente. L'utile netto è stato di 0,8 milioni di dollari per il Q3 2024, rispetto a una perdita netta di 13,3 milioni di dollari nel Q3 2023. L'EBITDA rettificato è stato negativo per 2,4 milioni di dollari, migliore rispetto ai -3,1 milioni di dollari del Q3 2023. Cryoport ha riacquistato 175 milioni di dollari in Note Convertibili Senior in scadenza nel 2026 per un totale di 154,5 milioni di dollari. L'azienda ha lanciato la soluzione di crioconservazione IntegriCell™ nel mese di ottobre 2024.
Cryoport (NASDAQ: CYRX) reportó sus resultados financieros para el tercer trimestre de 2024. Los ingresos de Servicios de Ciencias de la Vida aumentaron un 9% interanual, con ingresos de BioStorage/BioServices que aumentaron un 12%. La compañía apoyó 691 ensayos clínicos a nivel global al 30 de septiembre de 2024. Los ingresos totales del Q3 2024 fueron de 56,7 millones de dólares, un aumento del 1% en comparación con el año anterior. Los ingresos de Productos de Ciencias de la Vida cayeron un 14% interanual. La compañía reafirmó su guía de ingresos para el año completo 2024 de entre 225 y 235 millones de dólares. El margen bruto mejoró al 44,8%, frente al 43,2% del año anterior. La utilidad neta fue de 0,8 millones de dólares para el Q3 2024, en comparación con una pérdida neta de 13,3 millones de dólares en el Q3 2023. El EBITDA ajustado fue negativo en 2,4 millones de dólares, mejor que el negativo de 3,1 millones de dólares en el Q3 2023. Cryoport recompró 175 millones de dólares en Notas Senior Convertibles que vencen en 2026 por 154,5 millones de dólares. La compañía lanzó la Solución de Crioconservación IntegriCell™ en octubre de 2024.
크라이오포트 (NASDAQ: CYRX)는 2024년 3분기 재무 결과를 발표했습니다. 생명 과학 서비스 수익은 전년 대비 9% 증가했으며, 바이오스토리지/바이오서비스 수익은 12% 상승했습니다. 회사는 2024년 9월 30일 현재 691개의 글로벌 임상 시험을 지원했습니다. 2024년 3분기 총 수익은 5670만 달러로, 전년 대비 1% 증가했습니다. 생명 과학 제품 수익은 전년 대비 14% 감소했습니다. 회사는 2024년 전체 연도 수익 가이던스를 2억 2500만 달러에서 2억 3500만 달러로 재확인했습니다. 총 이익률은 전년 43.2%에서 44.8%로 개선되었습니다. 해당 분기의 순이익은 80만 달러로, 2023년 3분기의 1330만 달러 순손실과 비교되었습니다. 조정된 EBITDA는 -240만 달러로, 2023년 3분기의 -310만 달러보다 개선된 수치입니다. 크라이오포트는 2026년 만기 전환 시니어 노트 1억 7500만 달러를 1억 5450만 달러에 재매입했습니다. 회사는 2024년 10월에 인테그리셀™ 냉동 보존 용액을 출시했습니다.
Cryoport (NASDAQ: CYRX) a publié ses résultats financiers pour le troisième trimestre 2024. Les revenus des Services en Sciences de la Vie ont augmenté de 9% par rapport à l'année précédente, avec des revenus de BioStorage/BioServices en hausse de 12%. L'entreprise a soutenu 691 essais cliniques mondiaux au 30 septembre 2024. Les revenus totaux du T3 2024 s'élevaient à 56,7 millions de dollars, en hausse de 1% par rapport à l'année précédente. Les revenus des Produits en Sciences de la Vie ont chuté de 14% par rapport à l'année précédente. L'entreprise a confirmé ses prévisions de revenus pour l'année entière 2024, qui se situent entre 225 millions et 235 millions de dollars. La marge brute a augmenté à 44,8% par rapport à 43,2% l'année précédente. Le bénéfice net s'élevait à 0,8 million de dollars pour le T3 2024, contre une perte nette de 13,3 millions de dollars au T3 2023. L'EBITDA ajusté était de -2,4 millions de dollars, mieux que les -3,1 millions de dollars du T3 2023. Cryoport a racheté pour 175 millions de dollars de Obligations Senior Convertibles arrivant à échéance en 2026 pour 154,5 millions de dollars. L'entreprise a lancé la Solution de Cryoconservation IntegriCell™ en octobre 2024.
Cryoport (NASDAQ: CYRX) hat seine finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht. Der Umsatz im Bereich Lebenswissenschaftliche Dienstleistungen stieg im Jahresvergleich um 9%, während der Umsatz von BioStorage/BioServices um 12% zunahm. Das Unternehmen unterstützte bis zum 30. September 2024 insgesamt 691 globale klinische Studien. Der Gesamtumsatz im Q3 2024 belief sich auf 56,7 Millionen USD, was einem Anstieg von 1% im Vergleich zum Vorjahr entspricht. Der Umsatz im Bereich Lebenswissenschaftliche Produkte fiel im Jahresvergleich um 14%. Das Unternehmen bestätigte die Umsatzprognose für das Gesamtjahr 2024 in Höhe von 225 bis 235 Millionen USD. Die Bruttomarge verbesserte sich von 43,2% auf 44,8% im Vergleich zum Vorjahr. Der Nettogewinn betrug im Q3 2024 0,8 Millionen USD im Vergleich zu einem Nettoverlust von 13,3 Millionen USD im Q3 2023. Das ajustierte EBITDA betrug -2,4 Millionen USD und war besser als die -3,1 Millionen USD im Q3 2023. Cryoport hat Schuldverschreibungen in Höhe von 175 Millionen USD, die 2026 fällig werden, für 154,5 Millionen USD zurückgekauft. Das Unternehmen brachte im Oktober 2024 die IntegriCell™ Kryokonservierungslösung auf den Markt.
- Life Sciences Services revenue up 9% YoY.
- BioStorage/BioServices revenue up 12% YoY.
- Gross margin improved to 44.8%.
- Net income of $0.8 million for Q3 2024.
- Company reaffirmed full-year 2024 revenue guidance of $225-$235 million.
- Repurchased $175 million in Convertible Senior Notes for $154.5 million.
- Life Sciences Products revenue down 14% YoY.
- Adjusted EBITDA was a negative $2.4 million.
- Total revenue for 9M 2024 down 4% YoY.
- Net loss attributable to common stockholders of $102.1 million for 9M 2024.
Insights
Cryoport's Q3 2024 results show mixed performance with some concerning trends. While Life Sciences Services revenue grew
Key positives include improved gross margins to
However, the
The biotech sector dynamics significantly impact Cryoport's performance. The company's strategic positioning in cell & gene therapy logistics shows promise with
The pipeline of 691 clinical trials, including 79 in Phase 3 and anticipated regulatory filings suggest strong future demand. However, current commercial therapy revenue at
- Q3 2024 Life Sciences Services revenue up
9% year-over-year, including BioStorage/BioServices revenue up12% year-over-year - Supported a record total of 691 global clinical trials as of September 30, 2024
- Company reaffirmed full year 2024 revenue guidance of
to$225 $235 million
Jerrell Shelton, CEO of Cryoport, remarked, "Our Life Sciences Services business showed
"Reflecting on our performance through the third quarter, we are maintaining our full-year revenue forecast of
"We have been actively executing on our cost reduction and capital realignment strategies and we are currently on course to complete these adjustments by the year's end. These actions are already showing positive results, as evidenced by the improvement in our gross margin, adjusted EBITDA and positive cash flow this quarter, moving us closer towards our objective of sustainable profitability. We believe that these measures will lead us to a return to positive adjusted EBITDA during 2025.
"We expect the macroeconomic and sector-specific challenges that have impacted many companies serving the life sciences industry to continue for the near future, so we plan to further sharpen our focus on profitable growth and maintaining a strong balance sheet. We continue to be optimistic about our long-term business growth trajectory. We believe that we are strategically positioned to leverage the anticipated long-term growth in the Life Sciences and the Cell & Gene Therapy market through our comprehensive and integrated supply chain solutions.
"In October, we launched our IntegriCell™ Cryopreservation Solution with a new state-of-the-art facility on our
In tabular form, Q3 2024 and 9M 2024 revenue compared to Q3 2023 and 9M 2023, respectively, was as follows:
Cryoport, Inc. and Subsidiaries | ||||||
Revenue | ||||||
(unaudited) | ||||||
Three Months Ended | Nine Months Ended | |||||
(in thousands) | 2024 | 2023 | % Change | 2024 | 2023 | % Change |
Life Sciences Services | $ 39,278 | $ 36,022 | 9 % | $ 114,104 | $ 107,062 | 7 % |
BioLogistics Solutions | 35,302 | 32,486 | 9 % | 103,076 | 97,093 | 6 % |
BioStorage/BioServices | 3,976 | 3,536 | 12 % | 11,028 | 9,969 | 11 % |
Life Sciences Products | $ 17,386 | $ 20,135 | -14 % | $ 54,749 | $ 68,933 | -21 % |
Total Revenue | $ 56,664 | $ 56,157 | 1 % | $ 168,853 | $ 175,995 | -4 % |
BioStorage/BioServices revenue continues to grow double digits year-over-year, increasing
Revenue from commercially approved Cell & Gene therapies represented
As of September 30, 2024, Cryoport supported a total of 691 global clinical trials, a net increase of 21 clinical trials over September 30, 2023, with 79 trials in Phase 3. The number of trials by phase and region are as follows:
Cryoport Supported Clinical Trials by Phase | |||
Clinical Trials | September 30, | ||
2022 | 2023 | 2024 | |
Phase 1 | 268 | 275 | 295 |
Phase 2 | 295 | 314 | 317 |
Phase 3 | 80 | 81 | 79 |
Total | 643 | 670 | 691 |
Cryoport Supported Clinical Trials by Region | |||
Clinical Trials | September 30, | ||
2022 | 2023 | 2024 | |
496 | 516 | 531 | |
EMEA | 105 | 112 | 112 |
APAC | 42 | 42 | 48 |
Total | 643 | 670 | 691 |
During the third quarter, three (3) Biologics License Application (BLA)/Marketing Authorization Application (MAA) filings occurred, and one (1) BLA filing occurred in October. For the remainder of 2024, we anticipate up to an additional four (4) application filings and two (2) new therapy approvals, with another two (2) possible approvals of new therapies in January of 2025.
BioLogistics Solutions revenue rose
Financial Highlights
Revenue
- Total revenue for Q3 2024 was
compared to$56.7 million for Q3 2023, a year-over-year increase of$56.2 million 1% or .$0.5 million - Life Sciences Services revenue for Q3 2024 was
compared to$39.3 million for Q3 2023, up$36.0 million 9.0% year-over-year and3.3% sequentially, including BioStorage/BioServices revenue of , up$4.0 million 12.4% year-over-year and12.9% sequentially. - Life Sciences Products revenue for Q3 2024 was
compared to$17.4 million for Q3 2023, down$20.1 million 13.7% year-over-year and11.1% sequentially.
- Life Sciences Services revenue for Q3 2024 was
- Total revenue for 9M 2024 was
compared to$168.9 million for 9M 2023.$176.0 million - Life Sciences Services revenue for 9M 2024 was
compared to$114.1 million for 9M 2023, including BioStorage/BioServices revenue of$107.1 million for 9M 2024 compared to$11.0 million for 9M 2023.$10.0 million - Life Sciences Products revenue for 9M 2024 was
compared to$54.7 million for 9M 2023.$68.9 million
- Life Sciences Services revenue for 9M 2024 was
Gross Margin
- Total gross margin was
44.8% for Q3 2024 compared to43.2% for Q3 2023.- Gross margin for Life Sciences Services was
46.0% for Q3 2024 compared to42.2% for Q3 2023. - Gross margin for Life Sciences Products was
42.1% for Q3 2024 compared to44.9% for Q3 2023.
- Gross margin for Life Sciences Services was
- Total gross margin was
42.8% for 9M 2024 compared to43.2% for 9M 2023.- Gross margin for Life Sciences Services was
44.0% for 9M 2024 compared to44.1% for 9M 2023. - Gross margin for Life Sciences Products was
40.5% for 9M 2024 compared to41.9% for 9M 2023.
- Gross margin for Life Sciences Services was
Operating Costs and Expenses
- Operating costs and expenses were
for Q3 2024 compared to operating costs and expenses of$41.8 million for Q3 2023. Operating costs and expenses for 9M 2024 were$41.2 million compared to$189.3 million for 9M 2023. The operating costs and expenses for 9M 2024 include an impairment loss of$121.4 million recorded in Q2 2024, which is primarily related to the write off of remaining goodwill for MVE Biological Solutions.$63.8 million
Net Income (Loss)
- Net income was
for Q3 2024 compared to a net loss of$0.8 million for Q3 2023, which was primarily a result of increased gains on the extinguishment of debt. Net loss was$13.3 million for 9M 2024 compared to a net loss of$96.1 million for the same period in 2023, which was primarily a result of the impairment loss of$37.2 million recorded in Q2 2024.$63.8 million - Net loss attributable to common stockholders was
, or$1.2 million per share, and$0.02 , or$102.1 million per share, for Q3 2024 and 9M 2024, respectively. This compares to a net loss attributable to common stockholders of$2.07 , or$15.3 million per share, and$0.31 , or$43.2 million per share, for Q3 2023 and 9M 2023, respectively.$0.89
Adjusted EBITDA
- Adjusted EBITDA was a negative
for Q3 2024, compared to a negative$2.4 million for Q3 2023. Adjusted EBITDA for 9M 2024 was a negative$3.1 million , compared to a negative$13.9 million for 9M 2023.$1.7 million
Cash, Cash equivalents, and Short-Term Investments
- Cryoport held
in cash, cash equivalents, and short-term investments as of September 30, 2024.$272.7 million
Convertible Debt repurchases
- In Q3 2024, the Company announced that its Board of Directors had authorized a repurchase program to purchase up to
of the Company's common stock and/or convertible senior notes (the "2024 Repurchase Program"), which was in addition to the remaining amount under its 2022 repurchase program. The 2024 Repurchase Program became effective on August 1, 2024, and remains in effect through December 31, 2027. The Company has approximately$200.0 million in total of repurchase authorization available under its two Repurchase Programs as of September 30, 2024.$73.9 million - During Q3 2024, the Company repurchased
in aggregate principal amount of its Convertible Senior Notes due in 2026 for an aggregate repurchase price of$175.0 million .$154.5 million
Note: All reconciliations of GAAP to adjusted (non-GAAP) figures above are detailed in the reconciliation tables included later in the press release.
Outlook
The Company reaffirms full year 2024 revenue guidance in the range of
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 September 30, 2024, which is expected to be filed with the SEC on November 7, 2024. 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 Third Quarter 2024 in Review", providing a review of Cryoport's financial and operational performance and a general business update, will be issued at 4:05 p.m. ET on Thursday, November 7, 2024. 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 November 7, 2024. 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
Date: | Thursday, November 7, 2024 |
Time: | 5:00 p.m. ET |
Dial-in numbers: | 1-800-717-1738 ( |
Confirmation code: | Request the "Cryoport Call" or Conference ID: 1171580 |
Live webcast: | 'Investor Relations' section at www.cryoportinc.com or click here. |
Please allow 10 minutes prior to the call to visit this site to download and install any necessary audio software.
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 November 14, 2024. To access the replay, dial 1-844-512-2921 (
About Cryoport, Inc.
Cryoport, Inc. (Nasdaq: CYRX), is a global leader in supply chain solutions for the Life Sciences with an emphasis on cell & gene therapies. Cryoport enables manufacturers, contract manufacturers (CDMOs), contract research organizations (CROs), developers, and researchers to conduct their respective business with products and services that are designed to derisk services and provide certainty. We provide a broad array of supply chain solutions for the life sciences industry. Through our platform of critical products and solutions including advanced temperature-controlled packaging, informatics, specialized bio-logistics services, bio-storage, bio-services, and cryogenic systems, we are "Enabling the Future of Medicine™" worldwide, through our innovative systems, compliant procedures, and agile approach to superior supply chain management.
Our corporate headquarters, located in
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 www.x.com/cryoport for live updates.
Forward-Looking Statements
Statements in this press release which are not purely historical, including statements regarding Cryoport's intentions, hopes, beliefs, expectations, representations, projections, plans, or predictions of the future, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, those related to Cryoport's industry, business, long-term growth prospects, plans, strategies, acquisitions, future financial results and financial condition, such as Cryoport's outlook and guidance for full year 2024 revenue and the related assumptions and factors expected to drive revenue, projected growth trends in the markets in which the Cryoport operates, Cryoport's plans and expectations regarding the launch of new products and services, such as the expected timing and benefits of such products and services launches, Cryoport's expectations about future benefits of its acquisitions, and anticipated regulatory filings, approvals, label/geographic expansions or moves to earlier lines of treatment approved with respect to the products of Cryoport's clients. Forward-looking statements also include those related to Cryoport's anticipation of continued growth in its services business and ongoing softness in product sales; Cryoport's plans and expectations relating to its previously announced cost reduction and capital realignment strategies, including Cryoport's plans to complete these adjustments by the year's end and Cryoport's belief that these measures will lead to a return to positive adjusted EBITDA during 2025; Cryoport's expectations that the macroeconomic and sector-specific challenges that have impacted many companies serving the life sciences industry to continue into the near future; and Cryoport's belief that it is strategically positioned to leverage the anticipated long-term growth in the Cell & Gene therapy market through Cryoport's comprehensive and integrated supply chain solutions. It is important to note that Cryoport's actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, risks and uncertainties associated with the effect of changing economic and geopolitical conditions, supply chain constraints, inflationary pressures, the effects of foreign currency fluctuations, trends in the products markets, variations in Cryoport's cash flow, market acceptance risks, and technical development risks. Additional risks and uncertainties include difficulties, delays or Cryoport's inability to successfully complete its planned cost reduction and capital realignment measures, which could reduce the benefits realized from such activities within the time periods currently anticipated. Cryoport's business could be affected by other factors discussed in Cryoport's SEC reports, including in the "Risk Factors" section of its most recently filed periodic reports on Form 10-K and Form 10-Q, as well as in its subsequent filings with the SEC. The forward-looking statements contained in this press release speak only as of the date hereof and Cryoport cautions investors not to place undue reliance on these forward-looking statements. Except as required by law, Cryoport disclaims any obligation, and does not undertake to update or revise any forward-looking statements in this press release.
Cryoport, Inc. and Subsidiaries | ||||
Condensed Consolidated Statements of Operations | ||||
Three Months Ended | Nine Months Ended | |||
(in thousands, except share and per share data) | 2024 | 2023 | 2024 | 2023 |
Revenue | ||||
Life Sciences Services revenue | $ 39,278 | $ 36,022 | $ 114,104 | $ 107,062 |
Life Sciences Products revenue | 17,386 | 20,135 | 54,749 | 68,933 |
Total revenue | 56,664 | 56,157 | 168,853 | 175,995 |
Cost of revenue: | ||||
Cost of services revenue | 21,220 | 20,803 | 63,927 | 59,887 |
Cost of products revenue | 10,059 | 11,088 | 32,576 | 40,037 |
Total cost of revenue | 31,279 | 31,891 | 96,503 | 99,924 |
Gross margin | 25,385 | 24,266 | 72,350 | 76,071 |
Operating costs and expenses: | ||||
Selling, general and administrative | 37,654 | 36,023 | 111,921 | 108,066 |
Engineering and development | 4,157 | 5,152 | 13,555 | 13,291 |
Impairment loss | - | - | 63,809 | - |
Total operating costs and expenses: | 41,811 | 41,175 | 189,285 | 121,357 |
Loss from operations | (16,426) | (16,909) | (116,935) | (45,286) |
Other income (expense): | ||||
Investment income | 3,059 | 2,848 | 8,468 | 7,962 |
Interest expense | (889) | (1,357) | (3,472) | (4,197) |
Gain on extinguishment of debt, net | 17,326 | 5,679 | 18,505 | 5,679 |
Other income (expense), net | (1,616) | (3,059) | (1,398) | 242 |
Income (loss) before provision for income taxes | 1,454 | (12,798) | (94,832) | (35,600) |
Provision for income taxes | (649) | (471) | (1,247) | (1,598) |
Net income (loss) | $ 805 | $ (13,269) | $ (96,079) | $ (37,198) |
Paid-in-kind dividend on Series C convertible preferred stock | (2,000) | (2,000) | (6,000) | (6,000) |
Net loss attributable to common stockholders | $ (1,195) | $ (15,269) | $ (102,079) | $ (43,198) |
Net loss per share attributable to common stockholders - basic and diluted | $ (0.02) | $ (0.31) | $ (2.07) | $ (0.89) |
Weighted average common shares outstanding - basic and diluted | 49,417,757 | 48,904,102 | 49,261,717 | 48,660,646 |
Cryoport, Inc. and Subsidiaries | ||
Condensed Consolidated Balance Sheets | ||
September 30, | December 31, | |
2024 | 2023 | |
(in thousands) | (unaudited) | |
Current assets | ||
Cash and cash equivalents | $ 44,665 | $ 46,346 |
Short-term investments | 228,001 | 410,409 |
Accounts receivable, net | 43,461 | 42,074 |
Inventories | 23,552 | 26,206 |
Prepaid expenses and other current assets | 10,658 | 10,077 |
Total current assets | 350,337 | 535,112 |
Property and equipment, net | 88,281 | 84,858 |
Operating lease right-of-use assets | 30,113 | 32,653 |
Intangible assets, net | 175,815 | 194,382 |
Goodwill | 54,057 | 108,403 |
Deposits | 1,493 | 1,680 |
Deferred tax assets | 1,669 | 656 |
Total assets | $ 701,765 | $ 957,744 |
Current liabilities | ||
Accounts payable and other accrued expenses | $ 25,194 | $ 26,995 |
Accrued compensation and related expenses | 11,275 | 11,409 |
Deferred revenue | 1,091 | 1,308 |
Current portion of operating lease liabilities | 5,834 | 5,371 |
Current portion of finance lease liabilities | 470 | 286 |
Current portion of convertible senior notes, net | 14,271 | - |
Current portion of notes payable | 153 | 149 |
Current portion of contingent consideration | 3,151 | 92 |
Total current liabilities | 61,439 | 45,610 |
Convertible senior notes, net | 183,628 | 378,553 |
Notes payable, net | 1,238 | 1,335 |
Operating lease liabilities, net | 26,466 | 29,355 |
Finance lease liabilities, net | 1,306 | 954 |
Deferred tax liabilities | 3,526 | 2,816 |
Other long-term liabilities | 569 | 601 |
Contingent consideration, net | 5,021 | 9,497 |
Total liabilities | 283,193 | 468,721 |
Total stockholders' equity | 418,572 | 489,023 |
Total liabilities and stockholders' equity | $ 701,765 | $ 957,744 |
Note Regarding Use of Non-GAAP Financial Measures
To supplement our financial statements, which are presented on the basis of
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 received in local (non-
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
Operating costs and expenses, excluding impairment loss, is defined as operating costs and expenses, excluding impairment losses, if any. Net loss, excluding impairment loss, is defined as net loss, excluding impairment losses, if any. Management believes these measures, when read in conjunction with, and as supplemental to, the corresponding GAAP financial measures, provide a useful measure of Cryoport's expenses and operating results, a meaningful comparison with historical results, and insight into Cryoport's operating performance.
Adjusted EBITDA is defined as net loss adjusted for 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, gain on insurance claim, net gain on extinguishment of debt, impairment 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.
Cryoport, Inc. and Subsidiaries | ||||
Reconciliation of GAAP operating cost and expenses to Non-GAAP adjusted operating cost and expenses | ||||
(unaudited) | ||||
Three Months Ended | Nine Months Ended | |||
2024 | 2023 | 2024 | 2023 | |
(in thousands) | ||||
GAAP operating costs and expenses | $ 41,811 | $ 41,175 | $ 189,285 | $ 121,357 |
Non-GAAP adjustments to operating costs and expenses | ||||
Impairment loss | — | — | 63,809 | — |
Non-GAAP adjusted operating costs and expenses | $ 41,811 | $ 41,175 | $ 125,476 | $ 121,357 |
Cryoport, Inc. and Subsidiaries | ||||
Reconciliation of GAAP net income (loss) to Non-GAAP adjusted net income (loss) | ||||
(unaudited) | ||||
Three Months Ended | Nine Months Ended | |||
2024 | 2023 | 2024 | 2023 | |
(in thousands) | ||||
GAAP net income (loss) | $ 805 | $ (13,269) | $ (96,079) | $ (37,198) |
Non-GAAP adjustments to net income (loss) | ||||
Impairment loss | — | — | 63,809 | — |
Non-GAAP adjusted net income (loss) | $ 805 | $ (13,269) | $ (32,270) | $ (37,198) |
Cryoport, Inc. and Subsidiaries | ||||
Reconciliation of GAAP net income (loss) to adjusted EBITDA | ||||
(unaudited) | ||||
Three Months Ended | Nine Months Ended | |||
2024 | 2023 | 2024 | 2023 | |
(in thousands) | ||||
GAAP net income (loss) | $ 805 | $ (13,269) | $ (96,079) | $ (37,198) |
Non-GAAP adjustments to net income (loss): | ||||
Depreciation and amortization expense | 7,836 | 6,911 | 22,863 | 20,038 |
Acquisition and integration costs | 308 | 675 | 896 | 6,304 |
Cost reduction initiatives | 568 | — | 1,116 | — |
Investment income | (3,059) | (2,848) | (8,468) | (7,962) |
Unrealized loss on investments | 3,535 | 2,336 | 2,593 | 2,300 |
Gain on insurance claim | — | — | — | (2,642) |
Foreign currency (gain)/loss | (1,724) | 710 | (762) | 114 |
Interest expense, net | 889 | 1,357 | 3,472 | 4,197 |
Stock-based compensation expense | 4,838 | 5,976 | 15,291 | 16,960 |
Gain on extinguishment of debt, net | (17,326) | (5,679) | (18,505) | (5,679) |
Impairment loss | — | — | 63,809 | — |
Change in fair value of contingent consideration | 316 | 250 | (1,329) | 250 |
Other non-recurring costs | — | — | — | — |
Income taxes | 649 | 471 | 1,247 | 1,598 |
Adjusted EBITDA | $ (2,365) | $ (3,110) | $ (13,856) | $ (1,720) |
Cryoport, Inc. and Subsidiaries | |||
Total revenue by type for the three months ended September 30, 2024 | |||
(unaudited) | |||
Life Sciences | Life Sciences | Total | |
(in thousands) | |||
As Reported | $ 39,278 | $ 17,386 | $ 56,664 |
Non US-GAAP Constant Currency | 39,193 | 17,340 | 56,532 |
FX Impact [$] | 85 | 46 | 132 |
FX Impact [%] | 0.2 % | 0.3 % | 0.2 % |
Cryoport, Inc. and Subsidiaries | |||
Total revenue by type for the nine months ended September 30, 2024 | |||
(unaudited) | |||
Life Sciences | Life Sciences | Total | |
(in thousands) | |||
As Reported | $ 114,104 | $ 54,749 | $ 168,853 |
Non US-GAAP Constant Currency | 114,220 | 54,774 | 168,994 |
FX Impact [$] | (116) | (25) | (141) |
FX Impact [%] | (0.1 %) | (0.0 %) | (0.1 %) |
View original content to download multimedia:https://www.prnewswire.com/news-releases/cryoport-reports-third-quarter-2024-financial-results-302299246.html
SOURCE Cryoport, Inc.
FAQ
What was Cryoport's Q3 2024 revenue?
How did Cryoport's Life Sciences Services perform in Q3 2024?
What is Cryoport's full-year 2024 revenue guidance?
How did Cryoport's Life Sciences Products revenue perform in Q3 2024?
What was Cryoport's net income for Q3 2024?