Welcome to our dedicated page for CryoPort news (Ticker: CYRX), a resource for investors and traders seeking the latest updates and insights on CryoPort stock.
CryoPort, Inc. (NASDAQ: CYRX) is a global leader in providing innovative and integrated temperature-controlled supply chain solutions specifically tailored for the life sciences industry. Specializing in biopharma/pharma, animal health, and reproductive medicine markets, CryoPort is recognized for delivering comprehensive outsourced solutions that enhance the safe transport of biological materials.
Established with a vision to revolutionize deep-frozen logistics, CryoPort integrates cutting-edge technology of liquid nitrogen dry vapor shippers with the most advanced logistics management platform. This combination significantly reduces the risk of cell degradation, surpassing outdated dry ice shipping methods. By offering a complete outsourced solution, CryoPort ensures that businesses in bio-pharmaceuticals, clinical trials, research, and reproductive medicine can focus on their core missions while CryoPort handles the logistics.
CryoPort operates globally across the Americas, Europe, the Middle East, Africa (EMEA), and Asia Pacific (APAC), with the majority of its revenue generated from the Americas. The company maintains 48 strategic locations worldwide, providing mission-critical bio-logistics, biostorage, bioprocessing, and cryogenic systems to life sciences markets.
Recent achievements include a strategic partnership with the Cell and Gene Therapy Catapult in Stevenage, U.K., aimed at enhancing the cell and gene therapy logistics. Additionally, CryoPort signed a three-year supply chain solutions agreement with Monash IVF Group, a leader in fertility services, and completed the acquisition of Tec4med Lifescience GmbH to expand its European market presence and offer advanced condition monitoring solutions.
Financially, CryoPort reported solid demand from key life sciences and cell and gene therapy customers despite global economic challenges. The company supported a record number of 675 global clinical trials by the end of 2023, demonstrating its crucial role in the clinical development and commercialization of cell and gene therapies.
With ongoing strategic initiatives such as the IntegriCell™ platform and the expansion of its supply chain center network, CryoPort aims to further solidify its position as a market leader. The company continues to invest in technology and infrastructure to support long-term growth, anticipating a significant increase in revenue from its life sciences services business in the coming years.
For more information, visit www.cryoport.com or follow @cryoport on X (formerly known as Twitter) at www.twitter.com/cryoport for live updates.
Cryoport, Inc. (NASDAQ: CYRX) and SK pharmteco have announced a strategic collaboration to provide integrated logistics and manufacturing services for biotechnology and pharmaceutical companies. Cryoport will support SK pharmteco's contract manufacturing of small molecule and cell and gene therapy products with its end-to-end supply chain services, including shipping systems, data solutions, and bioservices.
Jerrell Shelton, CEO of Cryoport, expressed enthusiasm about the partnership, highlighting its alignment with Cryoport's goal to diversify revenue streams, particularly from commercial cell and gene therapies. Dana Cipriano, VP of Analytical Services at SK pharmteco, emphasized the importance of supply chain safety and integrity in the growing cell and gene therapy industry, reaffirming their commitment to providing high-quality services tailored to customer and patient needs.
Cryoport reported Q2 2024 financial results, showing sequential revenue improvement across all businesses. Key highlights include:
- Commercial Cell & Gene Therapy revenue increased 51% year-over-year and 20% sequentially
- A record 684 global clinical trials supported as of June 30, 2024
- Cost reduction initiatives expected to result in $22 million annual savings
- Updated 2024 full-year revenue guidance of $225-$235 million
- Q2 2024 total revenue was $57.6 million, up 1% year-over-year
- Gross margin improved to 43.7% in Q2 2024 from 43.4% in Q2 2023
- Net loss of $78.0 million in Q2 2024, primarily due to a $63.8 million impairment charge
- $427.1 million in cash and investments as of June 30, 2024
The company expects continued softness in Life Sciences Products demand but anticipates sequential growth in Life Sciences Services for the remainder of 2024.
Cryoport announced a $200 million repurchase program for common stock and convertible senior notes, effective until December 31, 2027. The company also agreed to repurchase $160 million of its 0.75% Convertible Senior Notes due in 2026 at an 11.5% discount, valued at $141.6 million plus accrued interest. This strategic move aims to reduce the outstanding debt to approximately $186.2 million, down from an initial $402.5 million. The transactions are expected to close on August 9, 2024, subject to customary closing conditions. CEO Jerrell Shelton emphasized the company's strong cash position, which enables debt reduction while maintaining liquidity for long-term growth.
Cryoport (Nasdaq: CYRX), a global leader in life sciences supply chain solutions, has announced it will report its second quarter 2024 financial results on August 6, 2024, after U.S. markets close. The company will release a document titled 'Cryoport Second Quarter 2024 in Review' at 4:05 p.m. ET, providing a comprehensive review of financial and operational performance, along with a general business update.
A conference call will be held the same day at 5:00 p.m. ET, featuring a Q&A session with management addressing questions from the investment community. The call will be accompanied by a slide deck and can be accessed via phone or webcast. A recording of the call will be available on the company's website for a time, with a dial-in replay accessible until August 13, 2024.
Cryoport, a leader in life sciences supply chain solutions, and Minaris Regenerative Medicine, a contract development and manufacturing organization, announced a strategic partnership on June 20, 2024. This collaboration aims to provide fully integrated logistics and manufacturing services for regenerative medicine products, supporting the advancement of cell and gene therapies. Combining Cryoport's logistics expertise with Minaris' manufacturing capabilities, the partnership will offer comprehensive services from cell and tissue collection to delivery, ensuring secure transport and quality assurance. The partnership will initially focus on Minaris' Japan-based branch but plans to extend services across the entire Minaris group.
Cryoport, Inc. reported Q1 2024 financial results with $54.6 million in revenue, showing a 13% decrease YoY. Despite Life Sciences Products revenue decline, Commercial Cell & Gene Therapy revenue increased 9%. Cryoport reiterated full year 2024 revenue guidance of $242-$252 million, anticipating revenue improvement. The company is investing in supporting life-saving therapies and implementing cost-saving initiatives for positive adjusted EBITDA and cash flow.
Cryoport, Inc. (Nasdaq: CYRX) will report financial results for Q1 2024 on May 7, 2024. A document reviewing financial and operational performance will be issued along with an earnings release. A conference call will address investor questions at 5:00 p.m. ET.
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