Business
Cryoport Reports Fourth Quarter and Full Year 2022 Results
2022 revenue reached a record $237 million, commercial revenue up 27% year-over-yearNow supporting a record 654 global clinical trials and 10 commercial
About this update from Cryoport, Inc.
[{"type":"text","content":"2022 revenue reached a record $237 million, commercial revenue up 27% year-over-yearNow supporting a record 654 global clinical trials and 10 commercial therapiesEntering 2023 with $523 million in cash and short-term investmentsRevenue guidance for the full year 2023 of $270 - $290 million, up 18% year-over-year at the mid-pointNASHVILLE, Tenn., Feb. 23, 2023 /PRNewswire/ -- Cryoport, Inc. (NASDAQ: CYRX) (\"Cryoport\" or the \"Company\"), a leading global provider of innovative temperature-controlled supply chain solutions for the life sciences industry, with focus on the bio-pharmaceutical and cell and gene therapy markets, today announced financial results for the three months and year ended December 31, 2022.\n\n \n \n \n \n \n \n\n \nJerrell Shelton, CEO of Cryoport, commented, \"2022 marked a year of significant achievements for our company as we continued the development of our products and services for the future. Cryoport delivered a solid finish to 2022 with total revenue of $237.3 million, led by a 24% revenue increase from Cryoport Systems and driven by the demand for our comprehensive set of products and services and strong growth in the cell and gene therapy market. The regenerative medicine market continued its development as one of the fastest growing therapeutic segments, with Cryoport supporting a total of 654 clinical trials globally at year end with 79 of these in phase 3. Our company continues to lead the way for the development of advanced temperature-controlled supply chain solutions that will support the advancement of cell and gene therapies as well as our future growth.\" \nTotal revenue by market for the three months and year ended December 31, 2022 as compared to the same periods in 2021 was as follows:\nCryoport, Inc. and Subsidiaries\nTotal revenues by market\n(unaudited)\nThree Months Ended December 31,\nYears Ended December 31,\n(in thousands)\n2022\n2021\n% Change\n2022\n2021\n% Change\nBiopharma/Pharma\n$ 50,570\n$ 46,325\n9 %\n$ 193,879\n$ 180,203\n8 %\nAnimal Health\n7,480\n7,698\n-3 %\n33,465\n33,353\n0 %\nReproductive Medicine\n2,308\n2,417\n-5 %\n9,933\n9,052\n10 %\nTotal revenues\n$ 60,358\n$ 56,440\n7 %\n$ 237,277\n$ 222,608\n7 %\n \nThe regenerative medicine industry continued to advance and as of December 31, 2022, Cryoport supported ten (10) commercial therapies and a total of 654 globa...