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Mar 31, 2020
CryoPort Q1 2020 Earnings Report
Cryoport reported a 47% revenue increase for Q1 2020, driven by strong growth in commercial therapies and clinical trials.
Key Takeaways
Cryoport announced a 47% increase in revenue for the first quarter of 2020, reaching $9.8 million. This growth was primarily driven by increased revenue from commercial therapies, particularly Gilead's YESCARTA® and Novartis' KYMRIAH®. The company also experienced strong clinical trial growth, adding 29 new trials, and is actively monitoring the impact of COVID-19 on its operations.
Revenue increased by 47% to $9.8 million compared to Q1 2019.
Revenue from commercial therapies increased by 110%, with YESCARTA® and KYMRIAH® contributing $2.9 million.
Added a net total of 29 clinical trials, bringing the total to 465.
Experienced minimal disruption to the commercial portfolio from the COVID-19 pandemic.
CryoPort
CryoPort
CryoPort Revenue by Segment
Revenue by Segment
BioStorage/BioServices Revenue
CapyFin.com Forward Guidance
Cryoport is confident in its ability to navigate the uncertainties caused by the pandemic, due to its strong balance sheet, loyal client base, and successfully implemented business mitigation plans. The company is focused on supporting the anticipated expansion in demand for its supply chain solutions, building out its infrastructure, and evaluating potential M&A opportunities.
Positive Outlook
- Ongoing rollouts of YESCARTA® and KYMRIAH® are expected to drive continued activity.
- Revenue from bluebird bio's ZYNTEGLO™ is expected to commence in the second half of 2020.
- Structural shift in the biopharma market toward large-molecule treatments plays to Cryoport's strengths.
- Expects a further six Cryoport supported MAA’s and BLA’s to be filed in 2020.
- Strong balance sheet and liquidity position
Challenges Ahead
- Clinical trial suspensions impacted clinical trial revenue in late Q1 and continue into Q2 2020.
- The Reproductive Medicine market was impacted by COVID-19 imposed restrictions.
- The timing of some MAA’s and BLA’s may be impacted by COVID-19.
- Near-term headwinds from COVID-19
- Uncertainties caused by the pandemic