Business
Cryoport's MVE Biological Solutions' New Prague Manufacturing Plant Returns to Full Production
Company provides further update on financial impact of New Prague, MN fire NASHVILLE, Tenn., March 30, 2022 /PRNewswire/ -- Cryoport, Inc. (Nasdaq: CYRX)
About this update from Cryoport, Inc.
[{"type":"text","content":" Company provides further update on financial impact of New Prague, MN fire\nNASHVILLE, Tenn., March 30, 2022 /PRNewswire/ -- Cryoport, Inc. (Nasdaq: CYRX) (\"Cryoport\" or the \"Company\"), a global leader in temperature-controlled supply chain solutions for the life sciences industry, today announced that its New Prague facility has returned to full production. As previously announced, a fire occurred in a portion of the MVE Biological Solutions manufacturing facility located in New Prague, Minnesota on January 25, 2022, causing production to be temporarily curtailed. The New Prague facility manufactures aluminum dewars and is one of MVE Biological Solutions' three global manufacturing facilities.\n\n \n \n \n \n \n \n\n \nCryoport previously announced it would resume production at the New Prague facility during the week of February 14th and ramp up to full production during the first quarter of 2022. The Company also guided to a revenue impact from the fire of $4 to $5 million limited to the first quarter of 2022. Production did resume as planned; however, a number of unexpected challenges resulting from the fire caused the recommissioning and validation of production to progress more slowly than had been previously anticipated. As a result, Cryoport now expects a revenue impact from the fire of $9.0 to $9.5 million which will remain limited to the first quarter. As previously announced, the Company expects its insurance to cover the majority of the costs to restore and re-open the facility, as well as related business interruption losses. Management will concentrate on reducing shipment timelines to customers throughout the remainder of the year.\nAbout Cryoport, IncCryoport, Inc. (Nasdaq: CYRX), headquartered in Nashville, TN, is a global leader in temperature-controlled supply chain solutions for the life sciences industry supporting life-saving cell and gene therapies across the clinical and commercial spectrum. With 33 strategic locations covering the Americas, EMEA (Europe, the Middle East and Africa) and APAC (Asia Pacific), Cryoport's global platform provides mission-critical solutions, services, and products to Biopharma, Animal Health, and Reproductive Medicine customers worldwide. In addition to its standard setting supply chain solutions, Cryoport is the world's largest manufacturer of cryogenic systems and one of...