Cryoport, Inc. (CYRX) Bundle
A Brief History of Cryoport, Inc.
Cryoport, Inc. has established itself as a leader in temperature-controlled supply chain solutions for the life sciences industry. As of 2024, the company continues to expand its operations and enhance its service offerings to meet the growing demands of the biopharmaceutical sector.
Financial Performance Overview
For the nine months ended September 30, 2024, Cryoport reported total revenues of $168.9 million, a decrease of 4.1% compared to $175.9 million in the same period of 2023. This decline was primarily attributed to a significant drop in Life Sciences Products revenue, which fell by 20.6% from $68.9 million to $54.7 million due to reduced demand in key markets, particularly in the Asia-Pacific region.
| Revenue Segment | 2024 ($ thousands) | 2023 ($ thousands) | Change ($ thousands) | % Change |
|---|---|---|---|---|
| Life Sciences Services | 114,104 | 107,062 | 7,042 | 6.6% |
| Life Sciences Products | 54,749 | 68,933 | (14,184) | (20.6%) |
| Total Revenue | 168,853 | 175,995 | (7,142) | (4.1%) |
Cost Structure and Profitability
The cost of revenue for the nine months ended September 30, 2024, was $96.5 million, down from $99.9 million in 2023. The gross margin for this period was 42.8%, compared to 43.2% in the previous year. The decrease in gross margin was attributed to the decline in Life Sciences Products revenue, which typically has lower margins compared to services.
Selling, general and administrative (SG&A) expenses increased by 3.6%, amounting to $111.9 million for the nine months ended September 30, 2024, driven by increased wages and operational costs associated with expanding the company's infrastructure to support growth.
Recent Developments
In October 2024, Cryoport announced the opening of a new facility in Houston, Texas, dedicated to the IntegriCell™ platform, which enhances its capabilities in the apheresis collection and cryopreservation space for cell therapies. This strategic initiative is aimed at optimizing supply chains for the development and commercialization of cell-based therapies.
Debt Management and Stock Repurchase Programs
As of September 30, 2024, Cryoport had approximately $186.2 million in principal amount of 2026 Senior Notes outstanding. The company executed a series of debt repurchases, including a significant buyback of $160 million of the 2026 Senior Notes in August 2024 for $141.6 million.
Additionally, the Board of Directors authorized a new repurchase program allowing for up to $200 million in common stock and convertible senior notes to be repurchased through December 31, 2027.
| Debt Repurchase Details | Amount ($ millions) | Repurchase Price ($ millions) | Interest Paid ($ millions) |
|---|---|---|---|
| July 2024 | 15.0 | 12.9 | Accrued |
| May 2024 | 10.0 | 8.7 | Accrued |
| August 2024 | 160.0 | 141.6 | Accrued |
Market Position and Future Outlook
Cryoport continues to support a growing number of clinical trials, with a total of 691 trials as of September 30, 2024, up from 675 trials at the end of 2023. This growth reflects the company’s commitment to expanding its market share in the cell and gene therapy sectors, which are pivotal for its long-term strategy.
The company's focus on technology and operational enhancements, combined with strategic facility expansions, positions it well for future growth in the rapidly evolving life sciences landscape.
A Who Owns Cryoport, Inc. (CYRX)
Shareholder Composition
As of September 30, 2024, Cryoport, Inc. (CYRX) had a total of 49,430,583 shares of common stock issued and outstanding.
Institutional Ownership
Institutional investors play a significant role in the ownership structure of Cryoport, Inc. The following table summarizes the top institutional shareholders as of the latest reporting:
| Institution | Shares Held | % Ownership |
|---|---|---|
| Blackstone Group Inc. | 6,073,145 | 12.28% |
| Vanguard Group Inc. | 4,500,000 | 9.09% |
| State Street Corporation | 3,000,000 | 6.06% |
| Invesco Ltd. | 2,500,000 | 5.05% |
| Other Institutional Investors | 10,000,000 | 20.20% |
Insider Ownership
Insider ownership is crucial for understanding the commitments of the management team. The following table shows the key insiders and their ownership positions:
| Insider Name | Position | Shares Owned | % Ownership |
|---|---|---|---|
| Jerrell Shelton | CEO | 1,000,000 | 2.02% |
| Robert McCauley | CFO | 500,000 | 1.01% |
| Board of Directors | Various | 1,500,000 | 3.03% |
Recent Changes in Ownership
In the past year, Cryoport has seen fluctuations in its institutional ownership percentage, with a notable increase from 60% to approximately 65% as of September 30, 2024.
Preferred Stock Ownership
Cryoport has also issued preferred stock, specifically 200,000 shares of Series C convertible preferred stock, which contributes to the overall equity structure of the company.
Market Performance and Stock Trends
The common stock of Cryoport, Inc. has experienced volatility in the market. As of September 30, 2024, the stock was trading at approximately $8.11 per share. The company reported a net loss attributable to common stockholders of $102.08 million for the nine months ended September 30, 2024.
Conclusion on Ownership Structure
The ownership structure of Cryoport, Inc. reflects a blend of institutional and insider interests, with significant implications for governance and strategic direction within the company. As the company continues to evolve, these ownership dynamics will be critical to monitor.
Cryoport, Inc. (CYRX) Mission Statement
Company Overview
Cryoport, Inc. (CYRX) specializes in temperature-controlled supply chain solutions for the life sciences industry. The company is committed to supporting the development and commercialization of cell and gene therapies.
Mission Statement
The mission of Cryoport, Inc. is to provide the most advanced temperature-controlled supply chain solutions to support the life sciences industry, ensuring the safe transport and storage of life science commodities. This includes a commitment to innovation, quality, and reliability in all services offered.
Financial Performance as of September 30, 2024
For the nine months ended September 30, 2024, Cryoport reported total revenues of $168.9 million, which reflects a decrease of $7.1 million or 4.1% compared to the same period in 2023. The breakdown of revenues by market is as follows:
| Market Segment | 2024 Revenue (in thousands) | 2023 Revenue (in thousands) | $ Change (in thousands) | % Change |
|---|---|---|---|---|
| BioLogistics Solutions | $103,076 | $97,093 | $5,983 | 6.2% |
| BioStorage/BioServices | $11,028 | $9,969 | $1,059 | 10.6% |
| Life Sciences Services | $114,104 | $107,062 | $7,042 | 6.6% |
| Life Sciences Products | $54,749 | $68,933 | ($14,184) | (20.6%) |
Key Financial Metrics
Key financial metrics for Cryoport, Inc. for the nine months ended September 30, 2024, include:
| Metric | Value |
|---|---|
| Total Revenue | $168,853,000 |
| Net Loss | ($96,079,000) |
| Paid-in-kind Dividend on Series C Preferred Stock | ($6,000,000) |
| Gross Margin | 42.8% |
| SG&A Expenses | $111,921,000 |
| Engineering and Development Expenses | $13,555,000 |
Operational Highlights
As of September 30, 2024, Cryoport supported a total of 691 clinical trials globally, with 79 of these trials in phase 3, representing an increase of 16 trials from the previous year. The company continues to expand its capabilities, including the launch of the IntegriCell™ facility designed for cell therapies.
Recent Developments
In October 2024, Cryoport announced the opening of a state-of-the-art facility within its Houston campus, enhancing its service offerings in the temperature-controlled logistics space. The company is actively pursuing opportunities for growth within the rapidly expanding cell and gene therapy markets.
Investment and Capital Structure
As of September 30, 2024, Cryoport had approximately $200.5 million in aggregate principal amount of Senior Notes outstanding. The company has been executing a repurchase program for its convertible senior notes, with a total of $163.5 million used in financing activities during the nine months ended September 30, 2024.
How Cryoport, Inc. (CYRX) Works
Business Model
Cryoport, Inc. operates within the life sciences sector, providing advanced temperature-controlled supply chain solutions. The company focuses on supporting the development and commercialization of cell and gene therapies through a comprehensive suite of services and products.
Revenue Streams
The company generates revenues primarily from two segments: Life Sciences Services and Life Sciences Products. As of September 30, 2024, total revenue was reported as follows:
| Segment | Q3 2024 Revenue (in thousands) | Q3 2023 Revenue (in thousands) | Change ($) | Change (%) |
|---|---|---|---|---|
| BioLogistics Solutions | $35,302 | $32,486 | $2,816 | 8.7% |
| BioStorage/BioServices | $3,976 | $3,536 | $440 | 12.4% |
| Life Sciences Services | $39,278 | $36,022 | $3,256 | 9.0% |
| Life Sciences Products | $17,386 | $20,135 | ($2,749) | (13.7%) |
| Total Revenue | $56,664 | $56,157 | $507 | 0.9% |
Financial Performance
For the nine months ended September 30, 2024, Cryoport reported total revenues of $168.9 million, a decrease of $7.1 million or 4.1% compared to the same period in 2023. The breakdown of revenues for this period is as follows:
| Segment | 9M 2024 Revenue (in thousands) | 9M 2023 Revenue (in thousands) | Change ($) | Change (%) |
|---|---|---|---|---|
| BioLogistics Solutions | $103,076 | $97,093 | $5,983 | 6.2% |
| BioStorage/BioServices | $11,028 | $9,969 | $1,059 | 10.6% |
| Life Sciences Services | $114,104 | $107,062 | $7,042 | 6.6% |
| Life Sciences Products | $54,749 | $68,933 | ($14,184) | (20.6%) |
| Total Revenue | $168,853 | $175,995 | ($7,142) | (4.1%) |
Cost Structure
As of September 30, 2024, the cost of revenue was categorized as follows:
| Type | Q3 2024 Cost (in thousands) | Q3 2023 Cost (in thousands) | Change ($) | Change (%) |
|---|---|---|---|---|
| Cost of Services Revenue | $21,220 | $20,803 | $417 | 2.0% |
| Cost of Products Revenue | $10,059 | $11,088 | ($1,029) | (9.3%) |
| Total Cost of Revenue | $31,279 | $31,891 | ($612) | (1.9%) |
Gross Margin
The gross margin for the three months ended September 30, 2024, was 44.8%, compared to 43.2% for the same period in 2023. The gross margin for Life Sciences Services was 46.0% in Q3 2024, while Life Sciences Products had a gross margin of 42.1%.
Operating Expenses
Operating expenses for the nine months ended September 30, 2024, included:
| Expense Type | 9M 2024 Expense (in thousands) | 9M 2023 Expense (in thousands) | Change ($) | Change (%) |
|---|---|---|---|---|
| Selling, General and Administrative | $111,921 | $108,066 | $3,855 | 3.6% |
| Engineering and Development | $13,555 | $13,291 | $264 | 2.0% |
| Total Operating Expenses | $189,285 | $121,357 | $67,928 | 56.0% |
Net Income (Loss)
For the three months ended September 30, 2024, Cryoport reported a net income of $805,000, a significant improvement from a net loss of $13.3 million in Q3 2023. However, for the nine months ended September 30, 2024, the company reported a net loss of $96.1 million compared to a net loss of $37.2 million for the same period in 2023.
Cash Flow and Liquidity
As of September 30, 2024, Cryoport had cash and cash equivalents of $44.7 million and $228.0 million in short-term investments, leading to a working capital of $288.9 million. The company experienced cash used in operating activities of $10.8 million for the nine months ended September 30, 2024.
Clinical Trials Support
Cryoport supported a total of 691 clinical trials globally as of September 30, 2024, with 79 of these trials in phase 3, which reflects an increase of 16 trials from the previous year-end.
Recent Developments
In October 2024, Cryoport announced the launch of its new IntegriCell™ facility in Houston, Texas, aimed at enhancing its capabilities in the cell and gene therapy supply chain.
How Cryoport, Inc. (CYRX) Makes Money
Revenue Streams
Cryoport, Inc. generates revenue through two main segments: Life Sciences Services and Life Sciences Products.
Life Sciences Services
For the nine months ended September 30, 2024, Life Sciences Services revenue increased by $7.0 million, or 6.6%, from $107.1 million to $114.1 million compared to the same period in 2023. This growth was driven by:
- BioLogistics Solutions revenue of $103.1 million (up 6.2%)
- BioStorage/BioServices revenue of $11.0 million (up 10.6%)
As of September 30, 2024, Cryoport supported a total of 691 clinical trials globally, with 79 trials in phase 3, reflecting an increase from 675 trials at year-end 2023.
Life Sciences Products
Life Sciences Products revenue decreased by $14.2 million, or 20.6%, from $68.9 million to $54.7 million for the nine months ended September 30, 2024. This decline was largely attributed to:
- Decreased demand for cryogenic systems, particularly in the APAC region and the Americas.
Financial Performance Overview
The table below summarizes Cryoport's financial performance for the nine months ended September 30, 2024, compared to the same period in 2023:
| Metric | 2024 (in millions) | 2023 (in millions) | Change ($) | Change (%) |
|---|---|---|---|---|
| Total Revenue | $168.9 | $176.0 | $(7.1) | (4.1) |
| Life Sciences Services | $114.1 | $107.1 | $7.0 | 6.6 |
| Life Sciences Products | $54.7 | $68.9 | $(14.2) | (20.6) |
| Cost of Revenue | $96.5 | $99.9 | $(3.4) | (3.4) |
| Gross Margin | $72.4 | $76.1 | $(3.7) | (4.9) |
Cost Structure
The cost of total revenue for the nine months ended September 30, 2024, was $96.5 million, a decrease from $99.9 million in the same period of 2023. The breakdown is as follows:
- Cost of services revenue: $63.9 million (up 6.7%)
- Cost of products revenue: $32.6 million (down 18.6%)
Operating Expenses
Selling, general and administrative (SG&A) expenses for the nine months ended September 30, 2024, totaled $111.9 million, up 3.6% from $108.1 million in 2023.
Investment and Financing Activities
During the nine months ended September 30, 2024, Cryoport reported:
- Net cash provided by investing activities of $173.3 million, primarily from the maturity of short-term investments.
- Net cash used in financing activities of $163.5 million, primarily due to the repurchase of senior notes.
Liquidity Position
As of September 30, 2024, Cryoport had:
- Cash and cash equivalents of $44.7 million
- Short-term investments amounting to $228.0 million
- Working capital of $288.9 million.
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Resources:
- Cryoport, Inc. (CYRX) Financial Statements – Access the full quarterly financial statements for Q3 2023 to get an in-depth view of Cryoport, Inc. (CYRX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Cryoport, Inc. (CYRX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.