#United States #Nashville #Life Sciences #CryoPort #CYRX

Cryoport Reports Financial Success in Q4 and FY 2024

Cryoport, Inc. (NASDAQ: CYRX) is shining a spotlight on its financial achievements as it concludes the fiscal year 2024. Reporting a total revenue of $228.4 million, which aligns with the company’s guidance, Cryoport is well-positioned as a leading provider of supply chain solutions specifically tailored for the life sciences industry.

Headquartered in Nashville, Tennessee, Cryoport has shown significant momentum this past year. The company's revenue from commercial cell and gene therapy surged to $26 million for FY 2024, marking a 20% increase year-over-year. This growth illustrates the increasing demand for innovative therapies and Cryoport's integral role in supporting these advancements.

Leadership Insights

Jerrell Shelton, Cryoport's CEO, emphasized the company’s commitment to growth and efficiency, stating, “Cryoport ended 2024 with solid results including total full year revenue of $228.4 million, in-line with our expectations.” He also noted the company’s focus on cost reduction and capital alignment strategies, significantly enhancing its cost structure. The gross margin improved to 45.8% in Q4 2024, up from 40.6% in the same period the previous year.

Performance Across Segments

The year itself saw a solid performance across various sectors:

• - Life Sciences Services: Revenue reached $39.6 million in Q4 2024, a 6.8% increase compared to Q4 2023.
• - Biologistics Solutions: Revenue also showed a steady rise with a 6% increase.
• - BioStorage/BioServices: Achieving a commendable 11% growth year-over-year showcases the increasing reliance on Cryoport's logistics capabilities for clinical trials.

Clinical Trials and Market Leadership

Cryoport's robust support for global clinical trials further highlights its pivotal role in the healthcare sector, contributing to a record total of 701 clinical trials by the end of 2024—an increase of 26 from the previous year. This includes 81 Phase 3 trials, which represent critical stages in the drug development process.

New therapies approved during 2024, such as Mesoblast's Ryoncil® and ImmunityBio's Anktiva®, highlight Cryoport's adaptability to market needs. As of December 31, 2024, the company supported nineteen commercial therapies.

Looking Ahead

Looking towards 2025, Cryoport has set a bold revenue target between $240 million and $250 million as it aims to harness growth potential within cell and gene therapy markets. The company is also optimistic about expanding its offerings and strengthening collaborations to further enhance its market position.

Shelton expressed confidence in Cryoport's ability to leverage its growth pathway, stating, “We believe we have all the necessary tools in place to execute on our growth plans and to reach our long-term objective of sustainable profitability.”

Conclusion

In conclusion, Cryoport is not only showing resiliency through its financials but is also charting a course for future growth in a rapidly expanding sector. With a commitment to operational excellence and strategic growth initiatives in place, Cryoport exemplifies what it means to be at the forefront of life sciences logistics.