Business
Cryoport Reports 2020 Third-Quarter Results
- Acquired MVE Biological Solutions and CRYOPDP advancing Cryoport's position as the global leader in temperature-controlled supply chain solutions for the
About this update from Cryoport, Inc.
[{"type":"text","content":"- Acquired MVE Biological Solutions and CRYOPDP advancing Cryoport's position as the global leader in temperature-controlled supply chain solutions for the life sciences industry\n - Renewed contract to support Novartis' commercial and clinical programs\n - Selected to support potential commercial launch of Bristol Myers Squibb's Lisocabtagene Maraleucel (Liso-Cel)\n\n\nNASHVILLE, Tenn., Nov. 5, 2020 /PRNewswire/ -- Cryoport, Inc. (NASDAQ: CYRX) (\"Cryoport\", \"our\" or \"we\"), a global leader in temperature-controlled supply chain solutions for the life sciences industry, announced financial results for the Third Quarter and nine-month period ended September 30, 2020. \n\n \n \n \n \n \n \n\n \n\"Our Third Quarter results reflect solid performance and positive trends for Cryoport, powered by continued strength in Biopharma, with regenerative medicine clinical trials supported by Cryoport increasing to 517, and Reproductive Medicine, which benefited from increased activity as fertility clinics resumed operations as well as the expansion of our services to additional fertility clinic networks. I am proud of our team's relentless passion and commitment to patients and clients around the world as we boldly fight the COVID-19 pandemic and continue to serve our clients by delivering lifesaving therapies without interruption. Our team's resilient mindset, combined with our strategic capabilities and execution excellence, increases our optimism for a continued ramp in 2020 and strong momentum entering into 2021,\" said Jerrell Shelton, Chairman and CEO.\nOVERALL FINANCIAL RESULTS: \nTHIRD QUARTER\n($ in millions) \n2020\n2019\n% Change\nRevenue \n$ 11.2\n$ 9.6\n17%\nGross Margin ($) \n$ 6.1\n$4.6\n31%\nGross Margin (%)\n54.2%\n48.3%\n12%\n\"This was a seminal quarter for the advancement of Cryoport's vision, mission and strategy. We successfully signed definitive agreements for our milestone acquisitions of MVE Biological Solutions and CRYOPDP during the Third Quarter and closed both on October 1, 2020. With these important acquisitions, we instantly expanded to 30 locations across the globe, as well as broadened our capabilities into the full range of temperature-controlled supply chain solutions, covering controlled room temperature (CRT) down to cryogenic temperatures (-196°C). We also broadened our capabilities by adding deep pro...