Business
Cryoport Reports Fourth Quarter and Full Year 2023 Financial Results
FY 2023 revenue of $233.3 million, in-line with guidanceYear-over-year, Commercial Cell & Gene Therapy revenue rose 33%; BioStorage/BioServices revenue
About this update from Cryoport, Inc.
[{"type":"text","content":"FY 2023 revenue of $233.3 million, in-line with guidanceYear-over-year, Commercial Cell & Gene Therapy revenue rose 33%; BioStorage/BioServices revenue increased 45% Global clinical trials supported reached a record 675NASHVILLE, Tenn., March 12, 2024 /PRNewswire/ -- Cryoport, Inc. (NASDAQ: CYRX) (\"Cryoport\"), a global leader in supply chain solutions for cell & gene therapies, today announced financial results for the fourth quarter (Q4) and year (FY) ended December 31, 2023. Jerrell Shelton, CEO of Cryoport, commented, \"Today we reported full year results including total revenue of $233.3 million for the fiscal year ended December 31, 2023. Our results were within our revenue guidance range, despite the challenging operating environment we experienced throughout the year.\n\n \n \n \n \n \n \n\n \n\"Notwithstanding these challenges, there were several bright spots. In 2023, our services business, the core driver of our growth, increased to 62% of total revenue. We also experienced year-over-year growth in our revenues from BioStorage/BioServices and from the support of commercial Cell & Gene therapies of 45% and 33%, respectively, demonstrating strong demand for our services offerings. In addition, we ended the year supporting a record 675 clinical trials worldwide, a net increase of 21 clinical trials over last year with 82 of these in phase 3. We believe our clinical trials portfolio constitutes a significant long-term revenue growth opportunity for Cryoport as more therapies continue to proceed through clinical trials towards commercial approval.\n\"Product revenues were lower than historical levels; however, MVE Biological Solutions' revenue began to stabilize in the latter part of the year. Moreover, MVE continues to be a strong business unit, which has generated considerable free cash flow and maintained margins on its product revenue.\n\"Throughout 2023, we made targeted investments in our business and formed strategic relationships to further position ourselves for continued growth. Some of our actions included our acquisition of Bluebird Express last November, which is in support of accelerating CRYOPDP's U.S. expansion plans; our expanded relationship with NMDP BioTherapies (formerly known as Be The Match Biotherapies) in which they will be leveraging our new IntegriCellTM platform in support of allogeneic donor r...