- Third quarter 2023 commercial Cell and Gene Therapy revenue
up 54% year-over-year
- Supporting a record total of 670 clinical trials worldwide,
with 81 in Phase 3
- Nine months 2023 revenue of $176
million
- Affirms full year 2023 revenue guidance of $233 - $243
million
NASHVILLE, Tenn., Nov. 8, 2023
/PRNewswire/ -- Cryoport, Inc. (NASDAQ: CYRX) ("Cryoport" or the
"Company"), a leading global provider of innovative products and
services to the life sciences, with a focus on the fast-growing
cell and gene therapy industry, enabling the future of medicine for
a new era of life sciences, today announced financial results for
the third quarter (Q3) and first nine months (9M) of 2023.
Jerrell Shelton, CEO of Cryoport,
commented, "Our third quarter results were consistent with our
expectations, reflecting current global economic and geopolitical
challenges. However, we are seeing solid and sustained demand from
our key life sciences and cell and gene therapy customers despite
the current macroeconomic climate.
"We experienced a notable increase in commercial cell and gene
therapy revenue, growing 54% year-over-year, while bioservices
revenue increased 26% year-over-year for the third quarter. In the
same period, Cryoport Systems' revenue grew 10%, on both a
year-over-year and sequential basis. Clinical trials that Cryoport
supports also increased, adding a net 27 clinical trials
year-over-year, bringing our global clinical trials supported to a
record total of 670.
"While demand for our cryogenic systems provided by MVE
Biological Solutions was, as expected, lower than in previous
years, it is important to point out that we maintained strong gross
margins on our product revenue of 45% for the quarter, contributing
free cash to support our strategic growth investments. As the
world's largest manufacturer of vacuum insulated products and
cryogenic systems and a preferred brand for academic, government,
and life science companies, we expect solid performance from MVE
Biological Solutions as our clients' capex spending normalizes.
"During the third quarter, we continued to execute on our
corporate strategy to accelerate our long-term growth through
meaningful partnerships. This includes our collaboration with Cell
and Gene Therapy Catapult, the premier cell and gene therapy
manufacturing innovation center in Europe which will support our European
expansion. We also entered into a strategic partnership with Be The
Match BioTherapies®, which manages the most diverse bone
marrow registry in the world, and signed a multi-year supply chain
solutions agreement with Monash IVF, a leading provider of assisted
reproductive services in Australia.
"Subsequent to quarter end, we completed the acquisition of
Tec4med Lifescience, a solutions company with cutting-edge
technology for comprehensive monitoring solutions, based in
Darmstadt, Germany, that is
expected to have applications across the Cryoport spectrum of
solutions.
"These latest developments and our leading market position as
provider of technology-enabled, dependable, end-to-end supply chain
solutions to the life sciences add to our confidence that our
long-term growth prospects are solid. We believe the combined power
of our industry-leading brands, including Cryoport Systems, MVE
Biological Solutions, CRYOPDP, and CRYOGENE, coupled with the
capital projects we have underway, position Cryoport to capitalize
on the continued growth of the life sciences and especially the
cell and gene therapy industry, as more therapies make their way
towards commercialization over these ensuing years," concluded Mr.
Shelton.
In tabular form, revenue by market for Q3 2023 and 9M 2023, as compared to the same periods in 2022
was as follows:
Cryoport, Inc. and
Subsidiaries
|
|
|
|
|
|
|
|
Total revenues by
market
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
Three Months
Ended
September 30,
|
|
|
Nine Months
Ended
September 30,
|
|
(in
thousands)
|
2023
|
2022
|
%
Change
|
|
2023
|
2022
|
%
Change
|
Biopharma/Pharma
|
$
46,979
|
$
48,570
|
-3 %
|
|
$ 144,634
|
$ 143,309
|
1 %
|
Animal
Health
|
6,884
|
9,629
|
-29 %
|
|
23,620
|
25,985
|
-9 %
|
Reproductive
Medicine
|
2,294
|
2,265
|
1 %
|
|
7,741
|
7,625
|
2 %
|
Total
revenues
|
$
56,157
|
$
60,464
|
-7 %
|
|
$
175,995
|
$
176,919
|
-1 %
|
As of September 30, 2023, Cryoport
supported 12 commercial therapies and
a net total of 670 global clinical trials, a net
increase of 27 clinical trials over September 30, 2022. The number of trials in Phase
3 was 81 as of the end of the third quarter of 2023. The number of
trials by phase and region are as follows:
Cryoport Supported
Clinical Trials by Phase
|
|
|
|
|
|
Clinical
Trials
|
September
30,
|
|
2021
|
2022
|
2023
|
|
Phase 1
|
240
|
268
|
275
|
|
Phase 2
|
272
|
295
|
314
|
|
Phase 3
|
70
|
80
|
81
|
|
Total
|
582
|
643
|
670
|
|
|
|
|
|
|
Cryoport Supported
Clinical Trials by Region
|
|
|
|
|
|
Clinical
Trials
|
September
30,
|
|
2021
|
2022
|
2023
|
|
Americas
|
459
|
496
|
516
|
|
EMEA
|
92
|
105
|
112
|
|
APAC
|
31
|
42
|
42
|
|
Total
|
582
|
643
|
670
|
|
A total of six Cryoport supported Biologic License Applications
(BLAs) or Marketing Authorization Applications (MAAs) were filed in
the third quarter of 2023. During the remainder of 2023, we
anticipate up to an additional five application filings, two new
therapy approvals and an additional seven label/ geographic
expansions or moves to earlier lines of treatment approved.
Financial Highlights
Total revenue for Q3 2023 was $56.2
million compared to $60.5
million for Q3 2022, a year-over-year decrease of 7% or
$4.3 million.
- Biopharma/Pharma revenue was $47.0
million, down 3% or $1.6
million for Q3 2023 compared to $48.6
million for Q3 2022. Revenue was mainly impacted by the
anticipated weaker demand for cryogenic freezer systems and
continued turnover of clinical trials, partially offset by the
increase in revenue from the support of commercially launched
therapies, demand for our bioservices solutions, and logistics
services. Revenue from the support of commercial cell and gene
therapies increased by $2.3 million,
or 54%, to $6.6 million for Q3
2023.
- Animal Health revenue was $6.9
million for Q3 2023, compared to $9.6
million for Q3 2022, driven by decreased demand for
cryogenic systems supporting bovine production.
- Reproductive Medicine revenue was $2.3
million for Q3 2023, consistent with Q3 2022, reflecting
sustained demand for our CryoStork® logistics
solutions.
Total revenue for 9M 2023 was
$176.0 million, compared to
$176.9 million for 9M 2022, a year-over-year decrease of 1% and flat
at constant currency.
- Biopharma/Pharma revenue increased to $144.6 million, a gain of 1% or $1.3 million for 9M
2023, compared to $143.3 million for
the same period in 2022. Revenue from commercial therapies
increased to $15.9 million, a gain of
31% or $3.8 million for 9M 2023.
- Animal Health revenue was $23.6
million, a decrease of 9% or $2.4
million for 9M 2023, compared
to $26.0 million for the same period
in 2022.
- Reproductive Medicine revenue increased to $7.7 million, a gain of 2% for 9M 2023, compared to $7.6
million for the same period in 2022.
Gross margin was 43.2% for Q3 2023 compared to 43.7% for the
same period in 2022. Gross margin was 43.2% for 9M 2023 compared to 43.9% for 9M 2022.
As a result of development initiatives, operating costs and
expenses increased to $41.2 million
for Q3 2023, compared to $34.2
million for Q3 2022. The increase was primarily attributable
to the further build out of our competencies (IntegriCell™),
infrastructure (Supply Chain Center Network, specialty courier
expansion, manufacturing plant expansion), and technology
development (Cryoportal 2®, Cryosphere™, SkyTrax) to
support the continuing scaling of our business and demand for
Cryoport's services. One of our most important strategic
initiatives is the IntegriCell™ platform, a standardized integrated
optimized apheresis collection, cryopreservation and leukopak
distribution solution for cell therapies for which Cryoport is
currently building out two cryopreservation centers of excellence
located in Houston, TX and Liège,
Belgium, which are expected to be
fully operational and ready for validation during Q2 2024.
Operating costs and expenses increased to $121.4 million for 9M 2023, compared to $98.5
million for the same period in the prior year.
Net loss for Q3 2023 and 9M 2023
was $13.3 million and $37.2 million, respectively, compared to a net
loss of $5.3 million and $27.9 million for the same periods in 2022,
respectively.
Net loss attributable to common stockholders was $15.3 million, or $0.31 per share, and $43.2
million, or $0.89 per share,
for Q3 2023 and 9M 2023,
respectively. This compares to a net loss attributable to common
stockholders of $7.3 million, or
$0.15 per share, and $33.9 million, or $0.69 per share, for Q3 2022 and 9M 2022, respectively.
Adjusted EBITDA was a negative $3.1
million for Q3 2023, compared to $4.7
million for Q3 2022. Adjusted EBITDA for 9M 2023 was a negative $1.7 million, compared to $13.0 million for 9M 2022.
Cryoport held $465.9 million in
cash, cash equivalents, and short-term investments as of
September 30, 2023.
Share Repurchase Update
On March 11, 2022, the Company
announced that its board of directors authorized a repurchase
program through December 31, 2025,
authorizing the repurchase of common stock and/or convertible
senior notes in the amount of up to $100.0
million. During the year ended December 31, 2022, the Company purchased
1,604,994 shares of its common stock under this program. These
shares were returned to the status of authorized but unissued
shares of common stock. During the third quarter of 2023, the
Company repurchased $31.3 million in
aggregate principal amount of its Convertible Senior Notes due in
2026 for an aggregate repurchase price of $25.1 million, resulting in a gain on
extinguishment of debt of $5.7
million, net of debt issuance costs. There is currently
$36.0 million remaining available
under the repurchase program.
Note: All
reconciliations
of GAAP to adjusted (non-GAAP) figures above are detailed in the reconciliation tables included later
in the press release.
|
Outlook
Cryoport's management affirms the Company's full year 2023
revenue guidance range of $233 -
$243 million. The Company's 2023
guidance is dependent on its current business and expectations,
which may be further impacted by, among other things, factors that
are outside of our control, such as the global macroeconomic and
geopolitical environment, continued supply chain constraints,
inflationary pressures, volatility in the China economy, the ongoing wars between
Russia and Ukraine and between Israel and Hamas, economic uncertainty and the
effects of foreign currency fluctuations, as well as the other
factors described in the Company's filings with the Securities and
Exchange Commission ("SEC"), 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.
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, 2023, which is expected to be filed
with the SEC on November 8,
2023. Additionally, the full report will be available in the
SEC Filings section of the Investor Relations section of Cryoport's
website at www.cryoport.com.
Earnings Conference Call Information
IMPORTANT INFORMATION: In addition to the earnings
release, a document titled "Cryoport Third Quarter 2023 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 Wednesday, November 8,
2023. The document is designed to be read in advance of the
questions and answers conference call and will be accessible at
http://ir.cryoport.com/events-and-presentations.
Cryoport management will host a conference call at 5:00 p.m. ET on November
8, 2023. 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:
|
Wednesday, November 8,
2023
|
Time:
|
5:00 p.m.
ET
|
Dial-in
numbers:
|
1-888-886-7786 (U.S.),
1-416-764-8658 (International)
|
Confirmation
code:
|
Request the "Cryoport
Call" or Conference ID: 15559162
|
Live
webcast:
|
'Investor Relations'
section at www.cryoport.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.cryoport.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 15, 2023. To access the
replay, dial 1-844-512-2921 (United
States) or 1-412-317-6671 (International) and enter replay
entry code: 15559162#.
About Cryoport, Inc.
Cryoport, Inc. (Nasdaq: CYRX), is a global provider of
innovative products and services to the fast-growing Cell &
Gene Therapy industry - enabling the future of medicine for a new
era of life sciences. With 50 strategic locations covering the
Americas, EMEA (Europe, the
Middle East and Africa) and APAC (Asia Pacific), Cryoport's global platform
provides mission-critical bio-logistics, bio-storage,
bio-processing, and cryogenic systems to the life sciences markets
worldwide.
For more information, visit www.cryoport.com or follow
@cryoport on X, formerly known as Twitter at
www.twitter.com/cryoport for live updates.
Forward-Looking Statements
Statements in this press release which are not purely
historical, including statements regarding the Company'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 the
Company's industry, business, long-term growth prospects, including
expected growth in all of the Company's markets, plans, strategies,
acquisitions, future financial results and financial condition,
such as the Company's outlook and guidance for full year 2023
revenue and the related assumptions and factors expected to drive
revenue, projected growth trends in the markets in which the
Company operates, the Company'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, the
Company's expectations about future benefits of its acquisitions,
the Company's expectations of solid performance from MVE Biological
Solutions as the Company's clients' capex spending normalize, the
Company's belief that it is positioned to capitalize on the
continued growth of the life sciences and especially the cell and
gene therapy industry, and anticipated regulatory filings or
approvals with respect to the products of the Company's clients. 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 and geopolitical conditions,
supply chain constraints, inflationary pressures, the ongoing wars
between Russia and Ukraine and between Israel and Hamas and the effects of foreign
currency fluctuations, 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 discussed in the Company'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 the Company cautions investors not to place undue reliance on
these forward-looking statements. Except as required by law, the
Company 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
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
(in thousands,
except share and per share data)
|
2023
|
2022
|
|
2023
|
2022
|
Revenues:
|
|
|
|
|
|
Service
revenues
|
$
36,022
|
$
33,296
|
|
$
107,062
|
$
100,791
|
Product
revenues
|
20,135
|
27,168
|
|
68,933
|
76,128
|
Total
revenues
|
56,157
|
60,464
|
|
175,995
|
176,919
|
Cost of
revenues:
|
|
|
|
|
|
Cost of service
revenues
|
20,803
|
18,913
|
|
59,887
|
56,742
|
Cost of product
revenues
|
11,088
|
15,134
|
|
40,037
|
42,581
|
Total cost of
revenues
|
31,891
|
34,047
|
|
99,924
|
99,323
|
Gross
Margin
|
24,266
|
26,417
|
|
76,071
|
77,596
|
Operating costs and
expenses:
|
|
|
|
|
|
Selling, general and
administrative
|
36,023
|
30,235
|
|
108,066
|
87,420
|
Engineering and
development
|
5,152
|
3,985
|
|
13,291
|
11,045
|
Total operating
costs and expenses:
|
41,175
|
34,220
|
|
121,357
|
98,465
|
Loss from
operations
|
(16,909)
|
(7,803)
|
|
(45,286)
|
(20,869)
|
Other income
(expense):
|
|
|
|
|
|
Investment
income
|
2,848
|
2,485
|
|
7,962
|
5,797
|
Interest
expense
|
(1,357)
|
(1,609)
|
|
(4,197)
|
(4,686)
|
Gain on extinguishment
of debt, net
|
5,679
|
-
|
|
5,679
|
-
|
Other income (expense),
net
|
(3,059)
|
1,668
|
|
242
|
(7,377)
|
Loss before provision
for income taxes
|
(12,798)
|
(5,259)
|
|
(35,600)
|
(27,135)
|
Provision for income
taxes
|
(471)
|
(57)
|
|
(1,598)
|
(762)
|
Net
loss
|
$
(13,269)
|
$
(5,316)
|
|
$
(37,198)
|
$
(27,897)
|
Paid-in-kind dividend
on Series C convertible preferred stock
|
(2,000)
|
(2,000)
|
|
(6,000)
|
(6,000)
|
Net loss
attributable to common stockholders
|
$
(15,269)
|
$
(7,316)
|
|
$
(43,198)
|
$
(33,897)
|
Net loss per share
attributable to common stockholders - basic and
diluted
|
$
(0.31)
|
$
(0.15)
|
|
$
(0.89)
|
$
(0.69)
|
Weighted average common
shares outstanding - basic and diluted
|
48,904,102
|
48,520,696
|
|
48,660,646
|
49,148,558
|
Cryoport, Inc. and
Subsidiaries
|
|
|
Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
September
30,
|
December
31,
|
|
2023
|
2022
|
(in
thousands)
|
(unaudited)
|
|
Current
assets:
|
|
|
Cash and
cash equivalents
|
$
59,473
|
$
36,595
|
Short-term
investments
|
406,389
|
486,728
|
Accounts
receivable, net
|
42,626
|
43,858
|
Inventories
|
29,104
|
27,678
|
Prepaid
expenses and other current assets
|
11,548
|
9,317
|
Total
current assets
|
549,140
|
604,176
|
Property
and equipment, net
|
74,520
|
63,603
|
Operating
lease right-of-use assets
|
32,561
|
26,877
|
Intangible
assets, net
|
192,962
|
191,009
|
Goodwill
|
148,954
|
151,117
|
Deposits
|
1,656
|
1,017
|
Deferred
tax assets
|
863
|
947
|
Total
assets
|
$
1,000,656
|
$
1,038,746
|
|
|
|
Current
liabilities:
|
|
|
Accounts
payable and other accrued expenses
|
$
27,875
|
$
28,046
|
Accrued
compensation and related expenses
|
10,426
|
8,458
|
Deferred
revenue
|
1,580
|
439
|
Current portion
of operating lease liabilities
|
4,759
|
3,720
|
Current portion
of finance lease liabilities
|
195
|
128
|
Current portion
of notes payable
|
70
|
60
|
Total current
liabilities
|
44,905
|
40,851
|
Convertible
senior notes , net
|
377,955
|
406,708
|
Notes payable,
net
|
307
|
355
|
Operating lease
liabilities, net
|
29,757
|
24,721
|
Finance lease
liabilities, net
|
632
|
216
|
Deferred tax
liability
|
4,708
|
4,929
|
Other long-term
liabilities
|
484
|
451
|
Contingent
consideration
|
4,380
|
4,677
|
Total liabilities
|
463,128
|
482,908
|
Total stockholders' equity
|
537,528
|
555,838
|
Total liabilities and stockholders' equity
|
$
1,000,656
|
$
1,038,746
|
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, revenues
received in local (non-U.S. dollar) currency are 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 revenues for the
current reporting period into U.S. dollars using the same average
foreign currency exchange rates for the conversion of revenues into
U.S. dollars that we used to translate local currency revenues 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 at constant currency with the
reported GAAP revenue 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 interest
expense, income taxes, depreciation and amortization expense,
stock-based compensation expense, acquisition and integration
costs, investment income, unrealized (gain)/loss on investments,
foreign currency (gain)/loss, gain on insurance claim, gain on
extinguishment of debt and charges or gains resulting from
non-recurring events.
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 net loss to adjusted EBITDA
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
(in
thousands)
|
2023
|
2022
|
|
2023
|
2022
|
GAAP net
loss
|
$
(13,269)
|
$
(5,316)
|
|
$
(37,198)
|
$
(27,897)
|
Non-GAAP adjustments to
net loss:
|
|
|
|
|
|
Depreciation and
amortization expense
|
6,911
|
5,787
|
|
20,038
|
16,631
|
Acquisition and
integration costs
|
675
|
721
|
|
6,304
|
1,544
|
Investment
income
|
(2,848)
|
(2,485)
|
|
(7,962)
|
(5,797)
|
Unrealized loss on
investments
|
2,336
|
3,914
|
|
2,300
|
12,550
|
Gain on insurance
claim
|
-
|
(4,815)
|
|
(2,642)
|
(4,815)
|
Foreign currency
(gain)/loss
|
710
|
(128)
|
|
114
|
628
|
Interest expense,
net
|
1,357
|
1,609
|
|
4,197
|
4,686
|
Stock-based
compensation expense
|
5,976
|
5,366
|
|
16,960
|
14,749
|
Gain on extinguishment
of debt, net
|
(5,679)
|
-
|
|
(5,679)
|
-
|
Other non-recurring
costs
|
250
|
-
|
|
250
|
-
|
Income taxes
|
471
|
57
|
|
1,598
|
762
|
Adjusted
EBITDA
|
$
(3,110)
|
$
4,710
|
|
$
(1,720)
|
$
13,041
|
Cryoport, Inc. and
Subsidiaries
|
|
|
|
|
Total revenues by
market at constant currency for the three months ended September
30, 2023
|
(unaudited)
|
|
|
|
|
|
|
Biopharma/
Pharma
|
Animal
Health
|
Reproductive
Medicine
|
Total
|
|
(in
thousands)
|
|
|
|
|
|
Non US-GAAP Constant
Currency
|
$
46,417
|
$
6,864
|
$
2,289
|
$
55,570
|
|
As Reported
|
46,979
|
6,884
|
2,294
|
56,157
|
|
FX Impact
[$]
|
562
|
20
|
5
|
587
|
|
FX Impact
[%]
|
1.2 %
|
0.3 %
|
0.2 %
|
1.0 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryoport, Inc. and
Subsidiaries
|
|
|
|
|
Total revenues by
market at constant currency for the nine months ended September 30,
2023
|
(unaudited)
|
|
|
|
|
|
|
Biopharma/
Pharma
|
Animal
Health
|
Reproductive
Medicine
|
Total
|
|
(in
thousands)
|
|
|
|
|
|
Non US-GAAP Constant
Currency
|
$
145,411
|
$
23,993
|
$
7,742
|
$
177,146
|
|
As Reported
|
144,634
|
23,620
|
7,741
|
175,995
|
|
FX Impact
[$]
|
(777)
|
(373)
|
(1)
|
(1,151)
|
|
FX Impact
[%]
|
(0.5 %)
|
(1.6 %)
|
(0.0 %)
|
(0.7 %)
|
|
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SOURCE Cryoport, Inc.