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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 9, 2023
CRYOPORT, INC.
(Exact name of registrant as specified in its charter)
Nevada |
|
001-34632 |
|
88-0313393 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
|
|
|
|
|
112
Westwood Place, Suite
350, Brentwood, TN 37027 |
(Address of principal executive offices, including zip code) |
|
|
|
|
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Registrant’s telephone number, including area code: (949) 470-2300 |
|
Not Applicable |
(Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
|
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section
12(b) of the Act:
Title
of each class |
|
Trading
Symbol |
|
Name
of each exchange on which
registered |
Common Stock, $0.001 par value |
|
CYRX |
|
The NASDAQ Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02 | Results of Operations and Financial Condition. |
On August 9, 2023, Cryoport, Inc. (the “Company”)
issued a press release announcing its financial results for the second quarter ended June 30, 2023. A copy of the press release issued
by the Company is attached hereto as Exhibit 99.1.
The information, including the exhibit attached
hereto, in this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as otherwise expressly stated in
such filing.
Item 9.01. |
Financial Statements and Exhibits |
(d) |
Exhibits. |
The following material is filed as an exhibit to this Current Report on Form 8-K: |
Exhibit
Number
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: August 9, 2023 |
|
Cryoport, Inc. |
|
|
|
|
|
/s/ Robert Stefanovich |
|
|
Robert Stefanovich |
|
|
Chief Financial Officer |
Exhibit 99.1
Cryoport Reports Second Quarter 2023
Financial Results
| § | Second quarter revenue
of $57 million, in line with previously announced preliminary results |
| § | Clinical trials supported
by Cryoport increased to a record 668 global clinical trials by quarter end; a net increase of 42 new trials added year-over-year |
| § | Strong balance sheet
with over $500 million in cash and short-term investments |
NASHVILLE,
Tennessee, August 9, 2023, - Cryoport, Inc. (NASDAQ: CYRX) (“Cryoport” or the “Company”), a leading
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, today announced financial results for the second quarter (Q2) and first half (H1) of 2023.
Jerrell Shelton, CEO of Cryoport,
commented, “Today, we reported quarterly revenue results that were consistent with the preliminary results we previously provided,
which reflected significantly weaker than expected demand for capital equipment from China and slower than expected ramps from certain
clients during the second quarter.
“China’s economic condition
and a significant drop in orders caused a second quarter decline in MVE Biological Solutions’ China derived revenue of 67% or $5.8
million year-over-year. For the previous two years the Chinese market has represented approximately 23% of MVE’s total revenue and
10% of Cryoport’s overall revenue. Our leadership team has recently been to China to meet with our MVE team based there, along with
key clients, and distributors to reinforce our strengths and relationships. As a part of this effort, we have devised mitigation plans
that we believe will help to build on MVE’s long-term market leading position.
“We have confidence in our
corporate strategy, and we remain steadfast that our long-term growth drivers are firmly intact, despite these short term-challenges.
Our view is informed and reinforced by the more than 20% anticipated ten-year compound annual growth rate of the cell and gene therapy
industry and the increasing number of clinical trials and commercial therapies now supported by Cryoport. In addition, a number of recent
advancements by our cell and gene therapy clients fuel our optimism, such as the FDA’s (U.S. Food and Drug Administration) approval
for commercial production at Bristol Myers Squibb’s new, state-of-the-art cell therapy manufacturing facility in Devens, Massachusetts,
its acceptance of CRISPR Therapeutics/Vertex Pharmaceuticals’ Biologics License Applications (BLAs) for exagamglogene autotemcel
(exa-cel) for the treatment of severe sickle cell disease (SCD) and transfusion-dependent beta thalassemia (TDT), and its approval of
Sarepta Therapeutics’ gene therapy ELEVIDYS, for the treatment of Duchenne Muscular Dystrophy.
“In addition to these client
developments, we also continue to make strategic investments and form relationships to further enhance our growth prospects. These include
the continued build-out of our Global Supply Chain Center Network, an expanded infrastructure we are creating that provides the life sciences
industry with the most advanced solutions to ensure the safe and timely delivery of its extremely valuable, lifesaving cell and gene therapies.
Our bioservices/biostorage network revenue grew 38% year-over-year to $3.2 million in the second quarter. We are also making further strides
in the reproductive medicine industry, including recent agreements with Boston IVF and IVFAustralia as a supply chain solutions partner
to support their global reproductive material shipments.
“With these recent client
developments, new services and products and strategic relationships, we believe our future growth prospects are stronger than ever. We
are committed to continue solidifying our leadership position in the cell and gene therapy industry, which is poised for significant expansion
as it transforms the way medicine is practiced. By doing so, we will further strengthen our business and continue to position Cryoport
for long-term and profitable growth,” concluded Mr. Shelton.
In tabular form, revenue by market
for Q2 2023 and H1 2023, as compared to the same periods in 2022 was as follows:
Cryoport, Inc. and Subsidiaries
Total revenues by market
(unaudited)
(in thousands) | |
Q2 2023 | | |
Q2 2022 | | |
% Change | | |
H1 2023 | | |
H1 2022 | | |
% Change | |
Biopharma/Pharma | |
$ | 46,533 | | |
$ | 52,591 | | |
| -12 | % | |
$ | 97,655 | | |
$ | 95,601 | | |
| 2 | % |
Animal Health | |
| 7,873 | | |
| 9,285 | | |
| -15 | % | |
| 16,736 | | |
| 16,079 | | |
| 4 | % |
Reproductive Medicine | |
| 2,615 | | |
| 2,277 | | |
| 15 | % | |
| 5,447 | | |
| 4,775 | | |
| 14 | % |
Total revenues | |
$ | 57,021 | | |
$ | 64,153 | | |
| -11 | % | |
$ | 119,838 | | |
$ | 116,455 | | |
| 3 | % |
As of June 30, 2023, the Company
supported 12 commercial therapies and a net total of 668 global clinical trials, a net increase of 42 clinical trials over June 30, 2022
and a sequential increase of 16 clinical trials from Q1 2023. The number of trials in Phase 3 was 82 as of the end of the second quarter.
The number of trials by phase and region are as follows:
Cryoport Supported
Clinical Trials by Phase
| |
June 30, | |
Clinical Trials | |
2021 | | |
2022 | | |
2023 | |
Phase 1 | |
| 227 | | |
| 260 | | |
| 273 | |
Phase 2 | |
| 265 | | |
| 285 | | |
| 313 | |
Phase 3 | |
| 69 | | |
| 81 | | |
| 82 | |
Total | |
| 561 | | |
| 626 | | |
| 668 | |
Cryoport Supported Clinical Trials
by Region
| |
June 30, | |
Clinical Trials | |
2021 | | |
2022 | | |
2023 | |
Americas | |
| 444 | | |
| 488 | | |
| 515 | |
EMEA | |
| 88 | | |
| 104 | | |
| 109 | |
APAC | |
| 29 | | |
| 34 | | |
| 44 | |
Total | |
| 561 | | |
| 626 | | |
| 668 | |
A total of four Cryoport
supported Biologic License Applications (BLAs) or Marketing Authorization Applications (MAAs) were filed in the second quarter of 2023.
During the remainder of 2023, we anticipate up to an additional 14 application filings, five new therapy approvals and an additional
nine label or geographic expansion approvals.
Financial Highlights
Total revenue for Q2 2023 was
$57.0 million compared to $64.2 million for Q2 2022, a year-over-year decrease of 11% or $7.1 million.
| · | Biopharma/Pharma revenue decreased to $46.5 million, down 12% or $6.1 million for
Q2 2023 compared to $52.6 million for Q2 2022. Revenue was impacted by weaker than expected demand for cryogenic freezer systems, particularly
in China, and slower than expected ramps from certain clients, partially offset by the increase in revenue from the support of commercially
launched therapies as well as demand for our bioservices solutions. Revenue from the support of commercial cell and gene therapies increased
by $0.4 million, or 9.2%, to $4.3 million and bioservices revenue increased by $0.9 million, or 38%, to $3.2 million for Q2 2023. |
| · | Animal Health revenue decreased to $7.9 million, down 15% or $1.4 million for Q2
2023 compared to $9.3 million for Q2 2022, primarily driven by decreased demand for cryogenic systems. |
| · | Reproductive Medicine revenue increased to $2.6 million, up 15% or $0.3 million
for Q2 2023 compared to $2.3 million for Q2 2022. This increase was driven by strong demand for our CryoStork® logistics
solutions and the onboarding of several fertility services networks in the United States and Australia. |
Total
revenue for H1 2023 increased to $119.8 million compared to $116.5 million for H1 2022, a year-over-year increase of 3% or $3.4 million
and 4% at constant currency. Revenue for H1 2022 was adversely impacted by approximately $9.4 million during Q1 2022 from the fire at
our New Prague, Minnesota manufacturing facility.
| · | Biopharma/Pharma revenue increased to $97.7 million, a gain of 2% or $2.1 million
for H1 2023, compared to $95.6 million for the same period in 2022. Revenue from commercial therapies increased to $9.3 million, a gain
of 19% or $1.5 million for H1 2023. |
| · | Animal Health revenue was $16.7 million, an increase of 4% or $0.7 million for
H1 2023, compared to $16.1 million for the same period in 2022. This increase was primarily a result of the revenue shortfall from the
fire at our New Prague, Minnesota manufacturing facility during Q1 2022. |
| · | Reproductive Medicine revenue increased to $5.4 million, a gain of 14% or $0.7
million for H1 2023, compared to $4.8 million for the same period in 2022. |
Gross
margin was 43.4% for Q2 2023 compared to 45.0% for the same period in 2022. Gross margin was 43.2% for H1 2023 compared to 43.9%
for H1 2022.
Operating costs
and expenses increased by $9.0 million, or 26% to $43.1 million for Q2 2023 compared to $34.1 million for Q2 2022. The increase was primarily
attributable to the further build out of our competencies, infrastructure, and technology development to support the continuing scaling
of our business and demand for Cryoport’s systems and solutions and the evaluation of acquisition opportunities. Operating costs
and expenses increased for H1 2023 by $15.9 million, or 25% to $80.2 million compared to $64.2 million for the same period in the prior
year.
Net loss for
Q2 2023 and H1 2023 was $18.4 million and $23.9 million, respectively, compared to a net loss of $9.2 million and $22.6 million for the
same periods in 2022, respectively.
Net loss attributable
to common stockholders was $20.4 million, or $0.42 per share, and $27.9 million, or $0.58 per share, for Q2 2023 and H1 2023, respectively.
This compares to a net loss attributable to common stockholders of $11.2 million, or $0.23 per share, and $26.6 million, or $0.54 per
share, for Q2 2022 and H1 2022, respectively.
Adjusted
EBITDA was a negative $1.5 million for Q2 2023, a decrease of $7.5 million year-over-year. Adjusted EBITDA for H1 2023 was $1.4
million compared to $8.0 million for H1 2022.
Cryoport held
$504.7 million in cash, cash equivalents, and short-term investments as of June 30, 2023.
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 revenue for the
full year 2023 is expected to be in the 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
environment, the ongoing effects and after effects of COVID-19 related shut downs/slowdowns globally, continued supply chain constraints,
inflationary pressures, volatility in the China economy, the ongoing war between Russia and Ukraine, 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 June 30, 2023, which is expected to be filed with the SEC on August 9, 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 Second 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,
August 9, 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 August 9, 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, August 9, 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: 85344190 |
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 August 16, 2023. To access the replay, dial 1-844-512-2921
(United States) or 1-412-317-6671 (International) and enter replay entry code: 85344190#.
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 48 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 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 plans to further strengthen its business and continue to position itself for long-term and profitable growth
in 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 conditions, including as a result of the COVID-19 pandemic and its variants, supply chain constraints,
inflationary pressures, the ongoing war between Russia and Ukraine 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 Investor Contacts:
Todd Fromer
KCSA Strategic Communication
tfromer@kcsa.com
P: 1-212-896-1215
Cryoport, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(unaudited)
| |
Three
Months Ended
June 30, | | |
Six Months
Ended
June 30, | |
(in thousands, except share and per share data) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Revenues: | |
| | |
| | |
| | |
| |
Service revenues | |
$ | 35,204 | | |
$ | 34,585 | | |
$ | 71,040 | | |
$ | 67,495 | |
Product revenues | |
| 21,817 | | |
| 29,568 | | |
| 48,798 | | |
| 48,960 | |
Total revenues | |
| 57,021 | | |
| 64,153 | | |
| 119,838 | | |
| 116,455 | |
Cost of revenues: | |
| | | |
| | | |
| | | |
| | |
Cost of service revenues | |
| 20,008 | | |
| 19,111 | | |
| 39,084 | | |
| 37,829 | |
Cost of product revenues | |
| 12,280 | | |
| 16,204 | | |
| 28,949 | | |
| 27,447 | |
Total cost of revenues | |
| 32,288 | | |
| 35,315 | | |
| 68,033 | | |
| 65,276 | |
Gross Margin | |
| 24,733 | | |
| 28,838 | | |
| 51,805 | | |
| 51,179 | |
Operating costs and expenses: | |
| | | |
| | | |
| | | |
| | |
Selling, general and administrative | |
| 38,802 | | |
| 30,563 | | |
| 72,043 | | |
| 57,185 | |
Engineering and development | |
| 4,263 | | |
| 3,522 | | |
| 8,139 | | |
| 7,060 | |
Total operating costs and expenses: | |
| 43,065 | | |
| 34,085 | | |
| 80,182 | | |
| 64,245 | |
Loss from operations | |
| (18,332 | ) | |
| (5,247 | ) | |
| (28,377 | ) | |
| (13,066 | ) |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Investment income | |
| 2,647 | | |
| 2,048 | | |
| 5,114 | | |
| 3,312 | |
Interest expense | |
| (1,331 | ) | |
| (1,586 | ) | |
| (2,840 | ) | |
| (3,077 | ) |
Other expense, net | |
| (704 | ) | |
| (4,028 | ) | |
| 3,301 | | |
| (9,045 | ) |
Loss before provision for income taxes | |
| (17,720 | ) | |
| (8,813 | ) | |
| (22,802 | ) | |
| (21,876 | ) |
Provision for income taxes | |
| (635 | ) | |
| (364 | ) | |
| (1,127 | ) | |
| (705 | ) |
Net loss | |
$ | (18,355 | ) | |
$ | (9,177 | ) | |
$ | (23,929 | ) | |
$ | (22,581 | ) |
Paid-in-kind dividend on Series C convertible preferred stock | |
| (2,000 | ) | |
| (2,000 | ) | |
| (4,000 | ) | |
| (4,000 | ) |
Net loss attributable to common stockholders | |
$ | (20,355 | ) | |
$ | (11,177 | ) | |
$ | (27,929 | ) | |
$ | (26,581 | ) |
Net loss per share attributable to common stockholders - basic and diluted | |
$ | (0.42 | ) | |
$ | (0.23 | ) | |
$ | (0.58 | ) | |
$ | (0.54 | ) |
Weighted average common shares outstanding - basic and diluted | |
| 48,709,384 | | |
| 48,792,559 | | |
| 48,536,901 | | |
| 49,467,691 | |
Cryoport, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
(in thousands) | |
(unaudited) | | |
| |
Current assets: | |
| | |
| |
Cash and cash equivalents | |
$ | 67,314 | | |
$ | 36,595 | |
Short-term investments | |
| 437,360 | | |
| 486,728 | |
Accounts receivable, net | |
| 43,076 | | |
| 43,858 | |
Inventories | |
| 28,821 | | |
| 27,678 | |
Prepaid expenses and other current assets | |
| 8,616 | | |
| 9,317 | |
Total current assets | |
| 585,187 | | |
| 604,176 | |
Property and equipment, net | |
| 69,008 | | |
| 63,603 | |
Operating lease right-of-use assets | |
| 30,011 | | |
| 26,877 | |
Intangible assets, net | |
| 194,992 | | |
| 191,009 | |
Goodwill | |
| 149,308 | | |
| 151,117 | |
Deposits | |
| 1,210 | | |
| 1,017 | |
Deferred tax assets | |
| 934 | | |
| 947 | |
Total assets | |
$ | 1,030,650 | | |
$ | 1,038,746 | |
| |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable and other accrued expenses | |
$ | 26,124 | | |
$ | 28,046 | |
Accrued compensation and related expenses | |
| 8,717 | | |
| 8,458 | |
Deferred revenue | |
| 927 | | |
| 439 | |
Current portion of operating lease liabilities | |
| 4,234 | | |
| 3,720 | |
Current portion of finance lease liabilities | |
| 191 | | |
| 128 | |
Current portion of notes payable | |
| 61 | | |
| 60 | |
Total current liabilities | |
| 40,254 | | |
| 40,851 | |
Convertible senior notes , net | |
| 407,992 | | |
| 406,708 | |
Notes payable, net | |
| 347 | | |
| 355 | |
Operating lease liabilities, net | |
| 27,520 | | |
| 24,721 | |
Finance lease liabilities, net | |
| 624 | | |
| 216 | |
Deferred tax liability | |
| 4,658 | | |
| 4,929 | |
Other long-term liabilities | |
| 361 | | |
| 451 | |
Contingent consideration | |
| 4,639 | | |
| 4,677 | |
Total liabilities | |
| 486,395 | | |
| 482,908 | |
Total stockholders' equity | |
| 544,255 | | |
| 555,838 | |
Total liabilities and stockholders' equity | |
$ | 1,030,650 | | |
$ | 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 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. 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
June 30, | | |
Six Months Ended
June 30, | |
(in thousands) | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
GAAP net loss | |
$ | (18,355 | ) | |
$ | (9,177 | ) | |
$ | (23,929 | ) | |
$ | (22,581 | ) |
Non-GAAP adjustments to net loss: | |
| | | |
| | | |
| | | |
| | |
Depreciation and amortization expense | |
| 6,723 | | |
| 5,480 | | |
| 13,127 | | |
| 10,845 | |
Acquisition and integration costs | |
| 4,372 | | |
| 566 | | |
| 5,629 | | |
| 823 | |
Investment income | |
| (2,647 | ) | |
| (2,048 | ) | |
| (5,114 | ) | |
| (3,312 | ) |
Unrealized (gain)/loss on investments | |
| 1,388 | | |
| 3,728 | | |
| (36 | ) | |
| 8,636 | |
Gain on insurance claim | |
| - | | |
| - | | |
| (2,642 | ) | |
| - | |
Foreign currency (gain)/loss | |
| (753 | ) | |
| 271 | | |
| (596 | ) | |
| 431 | |
Interest expense, net | |
| 1,331 | | |
| 1,586 | | |
| 2,840 | | |
| 3,077 | |
Stock-based compensation expense | |
| 5,800 | | |
| 5,258 | | |
| 10,984 | | |
| 9,383 | |
Income taxes | |
| 635 | | |
| 364 | | |
| 1,127 | | |
| 705 | |
Adjusted EBITDA | |
$ | (1,506 | ) | |
$ | 6,028 | | |
$ | 1,390 | | |
$ | 8,007 | |
Cryoport, Inc. and Subsidiaries
Total revenues by market at constant currency for the three months ended June 30, 2023
(unaudited)
(in thousands) | |
Biopharma/ Pharma | | |
Animal Health | | |
Reproductive Medicine | | |
Total | |
Non US-GAAP Constant Currency | |
$ | 46,710 | | |
$ | 7,997 | | |
$ | 2,612 | | |
$ | 57,319 | |
As Reported | |
| 46,533 | | |
| 7,873 | | |
| 2,615 | | |
| 57,021 | |
FX Impact [$] | |
| (177 | ) | |
| (124 | ) | |
| 3 | | |
| (298 | ) |
FX Impact [%] | |
| (0.4 | )% | |
| (1.6 | )% | |
| 0.1 | % | |
| (0.5 | )% |
Cryoport, Inc. and Subsidiaries
Total revenues by market at constant currency for the six months ended June 30, 2023
(unaudited)
(in thousands) | |
Biopharma/ Pharma | | |
Animal Health | | |
Reproductive Medicine | | |
Total | |
Non US-GAAP Constant Currency | |
$ | 98,994 | | |
$ | 17,129 | | |
$ | 5,453 | | |
$ | 121,576 | |
As Reported | |
| 97,655 | | |
| 16,736 | | |
| 5,447 | | |
| 119,838 | |
FX Impact [$] | |
| (1,339 | ) | |
| (393 | ) | |
| (6 | ) | |
| (1,738 | ) |
FX Impact [%] | |
| (1.4 | )% | |
| (2.4 | )% | |
| (0.1 | )% | |
| (1.5 | )% |
v3.23.2
Cover
|
Aug. 09, 2023 |
Cover [Abstract] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Aug. 09, 2023
|
Entity File Number |
001-34632
|
Entity Registrant Name |
CRYOPORT, INC.
|
Entity Central Index Key |
0001124524
|
Entity Tax Identification Number |
88-0313393
|
Entity Incorporation, State or Country Code |
NV
|
Entity Address, Address Line One |
112
Westwood Place
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Entity Address, Address Line Two |
Suite
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Entity Address, City or Town |
Brentwood
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