Business
Cryoport Reports Record Revenue for Fiscal Year 2019
Revenue grows 73% year over year Revenue from commercial therapies increased 295% over the prior year to $8.3 million Cryoport now supports 436 clinical
About this update from Cryoport, Inc.
[{"type":"text","content":"Revenue grows 73% year over year\n Revenue from commercial therapies increased 295% over the prior year to $8.3 million\n Cryoport now supports 436 clinical trials in Regenerative Medicine market\n\n\nNASHVILLE, Tenn., March 5, 2020 /PRNewswire/ -- Cryoport, Inc. (NASDAQ: CYRX) (NASDAQ: CYRXW) (\"Cryoport\"), a global leader in life sciences solutions, today announced financial results for the three and twelve-month periods ended December 31, 2019.\n\n \n \n \n \n \n \n\n \n\"We reported revenue of $33.9 million for fiscal year 2019, an increase of 73% from fiscal year 2018,\" said Jerrell Shelton, Chief Executive Officer of Cryoport. \"This record revenue was driven partly by our commercial agreements supporting Gilead's YESCARTA® and Novartis' KYMRIAH®, which contributed $8.3 million in the twelve-month period, an increase of 295% or $6.2 million, compared with the prior year. Revenue from our commercial agreements is expected to continue to grow throughout 2020 as the rollouts of these lifesaving therapies accelerate. We also expect to start generating revenue from the commercial launch of bluebird bio's ZYNTEGLO™, commencing in the first quarter of 2020.\n\"Global Bioservices contributed $3.0 million in revenue for fiscal year 2019 as a result of the Cryogene acquisition in May 2019. We have made meaningful progress in leveraging cross-selling opportunities and onboarded several Cryoport clients to the Cryogene platform during the second half of 2019. We expect revenue from existing clients and cross-selling opportunities to continue to drive revenue growth throughout 2020. \nMr. Shelton continued, \"As we deepen and broaden our Compliance Unified Ecosystem™ of global strategic alliances to better serve our life sciences markets we are also investing in infrastructure, adding new talent to our teams, and developing new, innovative solutions. This includes the build out of a larger Global Supply Chain Center in Morris Plains, New Jersey and a new Global Supply Chain Center in Houston, Texas to provide global logistics and bioservices solutions to meet the growing demands for our services and to ensure we have the scale to serve an expanded client base. Both centers are expected to be completed during the fourth quarter of 2020.\"\n\"In 2019 the global regenerative medicine market experienced significant growth, resulting in a...