PR Newswire
IRVINE, Calif., Feb. 8, 2016
IRVINE, Calif., Feb. 8, 2016 /PRNewswire/ -- Cryoport, Inc. (NASDAQ: CYRX) ("Cryoport" or the "Company") today announced financial results for the three and nine-month periods ended December 31, 2015.
Commenting on the third quarter results, Jerrell Shelton, Chief Executive Officer of Cryoport, stated, "We grew revenue by 50% for the third quarter. This growth was primarily driven by the addition of a significant number of new biopharma clients, including eight new clinical trial programs. Even though biopharma revenue was up 80% year-over-year, these results were well below our expectations due to delays in program start dates and the pace of enrollments in multiple key clinical programs. In addition, we experienced lower than anticipated revenue in the reproductive medicine and animal health markets, due to regulatory changes and one of our client's temporary reduction in production volume. While we expect revenue across each of these markets to pick up, we are revising our revenue guidance for the full fiscal year 2016 to approximately $6.0 million," stated Mr. Shelton.
"There continues to be increasing market demand for our unique cold chain solutions, particularly in support of the growing number of cellular therapy programs. In fact, we are currently supporting 10 phase III trials. We are also engaged in late-stage discussions with several clients regarding long-term supply agreements as they prepare to commercialize their respective therapies. By our estimates, the clinical trials that we currently support have the potential to generate cumulative revenues of more than $150 million over the next four to five years for Cryoport. Clearly, as these activities come to fruition, they will drive value for our shareholders," concluded Mr. Shelton.
Highlights:
Biopharma
Reproductive Medicine (IVF)
Animal Health
New and Upgraded Facilities in California
Financial Results:
Further information on Cryoport's results are included on the attached unaudited condensed consolidated balance sheets and statements of operations, and a further explanation of Cryoport's financial performance will be provided in Cryoport's quarterly report on Form 10-Q for the three and nine-month periods ended December 31, 2015, which will be filed with the SEC on February 11, 2016. The full report will be available on the SEC Filings section of the Investor Relations section of the Company's website at www.cryoport.com.
Conference Call
Cryoport will host a conference call at 9:30 a.m. EST on Monday, February 8, 2016, to review its financial results and business outlook. Participants should call 1-888-438-5525 (United States) or 1-719-325-2491 (International) and request the "Cryoport call." A live audio webcast of the call will also be available on the Investor Relations section of the Company's website at www.cryoport.com. Please allow 10 minutes prior to the call to visit this site to download and install any necessary audio software.
An archive of the webcast will be available approximately two hours after completion of the live event and will be accessible on the Investor Relations section of the Company's website at www.cryoport.com for a limited time. A dial-in replay of the call will also be available to those interested until February 15, 2016. To access the replay, dial 1-877-870-5176 (United States) or 1-858-384-5517 (International) and enter replay pin number: 8499340.
About Cryoport, Inc.
Cryoport is the premier provider of cryogenic logistics solutions to the life sciences industry through its purpose-built proprietary packaging, information technology and specialized cold chain logistics expertise. We provide leading edge logistics solutions for biologic materials such as immunotherapies, stem cells, CAR-T cells, and reproductive cells for clients worldwide including points-of-care, CRO's, central laboratories, pharmaceutical companies, contract manufacturers, and university researchers. The Company's packaging is built around its proprietary Cryoport Express® liquid nitrogen dry vapor shippers, which are validated to maintain a constant below -150°C temperature for a 10 day dynamic shipment duration. The Company's information technology centers around its Cryoportal™ Logistics Management Platform, which facilitates management of the entire shipment process. Cryoport is the preferred cryogenic logistics solutions partner to the world's largest shipping companies controlling more than 85% of the world's air shipments. For more information, visit www.cryoport.com.
To download Cryoport's investor relations app, which offers access to SEC documents, press releases, videos, audiocasts and more, please click to download from your iPhone and iPad or Android mobile device.
Forward Looking Statements
Statements in this press release which are not purely historical, including statements regarding Cryoport, Inc.'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. It is important to note that the company'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 conditions, trends in the products markets, variations in the company's cash flow, market acceptance risks, and technical development risks. The company's business could be affected by a number of other factors, including the risk factors listed from time to time in the company's SEC reports including, but not limited to, the annual report on Form 10-K for the year ended March 31, 2015. The company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Cryoport, Inc. disclaims any obligation, and does not undertake to update or revise any forward-looking statements in this press release.
Cryoport Inc. and Subsidiary |
|||||||||
Condensed Consolidated Statements of Operations |
|||||||||
(unaudited) |
|||||||||
Three Months Ended December 31, |
Nine Months Ended December 31, | ||||||||
2015 |
2014 |
2015 |
2014 | ||||||
Revenues |
$ 1,458,563 |
$ 975,188 |
$ 4,326,654 |
$ 2,736,776 | |||||
Cost of revenues |
1,074,281 |
740,651 |
3,018,147 |
1,937,926 | |||||
Gross margin |
384,282 |
234,537 |
1,308,507 |
798,850 | |||||
Operating costs and expenses: |
|||||||||
Selling, general and administrative |
2,835,372 |
1,492,732 |
7,019,500 |
4,431,290 | |||||
Research and development |
227,765 |
99,052 |
405,785 |
267,575 | |||||
Total operating costs and expenses |
3,063,137 |
1,591,784 |
7,425,285 |
4,698,865 | |||||
Loss from operations |
(2,678,855) |
(1,357,247) |
(6,116,778) |
(3,900,015) | |||||
Other (expense) income: |
|||||||||
Interest expense |
(79,946) |
(48,605) |
(984,748) |
(1,185,337) | |||||
Other expense, net |
(1,347) |
(1,906) |
(5,029) |
(2,829) | |||||
Loss before provision for income taxes |
(2,760,148) |
(1,407,758) |
(7,106,555) |
(5,088,181) | |||||
Provision for income taxes |
(305) |
- |
(3,625) |
(1,600) | |||||
Net loss |
(2,760,453) |
(1,407,758) |
(7,110,180) |
(5,089,781) | |||||
Preferred stock beneficial conversion charge |
- |
(492,910) |
(4,474,348) |
(2,961,723) | |||||
Undeclared cumulative preferred dividends |
(239,389) |
(95,304) |
(687,267) |
(194,901) | |||||
Net loss attributable to common stockholders |
$ (2,999,842) |
$ (1,995,972) |
$ (12,271,795) |
$ (8,246,405) | |||||
Net loss per share attributable to common stockholders - basic and diluted |
$ (0.42) |
$ (0.40) |
$ (1.96) |
$ (1.65) | |||||
Weighted average shares outstanding - basic and diluted |
7,225,006 |
5,004,821 |
6,259,686 |
5,002,683 |
Cryoport Inc. and Subsidiary | |||||
Condensed Consolidated Balance Sheets | |||||
December 31, |
March 31, | ||||
2015 |
2015 | ||||
(unaudited) |
|||||
Current Assets: |
|||||
Cash and cash equivalents |
$ 5,247,425 |
$ 1,405,186 | |||
Accounts receivable, net |
616,785 |
589,699 | |||
Inventories |
52,880 |
69,680 | |||
Other current assets |
288,965 |
97,337 | |||
Total current assets |
6,206,055 |
2,161,902 | |||
Property and equipment, net |
875,673 |
307,926 | |||
Intangible assets, net |
13,484 |
136,821 | |||
Deposits |
363,403 |
- | |||
Total assets |
$ 7,458,615 |
$ 2,606,649 | |||
Current liabilities: |
|||||
Accounts payable and other accrued expenses |
$ 1,109,243 |
$ 758,696 | |||
Accrued compensation and related expenses |
377,113 |
725,712 | |||
Notes payable and accrued interest, net of discount |
- |
535,507 | |||
Related-party notes payable and accrued interest, net of discount |
981,992 |
976,581 | |||
Total current liabilities |
2,468,348 |
2,996,496 | |||
Related-party notes payable, net of current portion |
- |
26,452 | |||
Total liabilities |
2,468,348 |
3,022,948 | |||
Total stockholders' equity (deficit) |
4,990,267 |
(416,299) | |||
Total liabilities and stockholders' equity (deficit) |
$ 7,458,615 |
$ 2,606,649 |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cryoport-reports-50-revenue-growth-for-the-third-quarter-of-fiscal-year-2016-300216438.html
SOURCE Cryoport, Inc.
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