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Mar 31, 2022
CryoPort Q1 2022 Earnings Report
Announced financial results for the first quarter of 2022, impacted by a fire at the New Prague manufacturing plant.
Key Takeaways
Cryoport reported its Q1 2022 results, noting that revenue was adversely impacted by approximately $9.4 million due to a fire at their New Prague, MN manufacturing plant. Despite this, the company supported a record 609 clinical trials in regenerative medicine and closed the quarter with approximately $600 million in cash and cash equivalents.
Biopharma/Pharma revenue was $43.0 million, up from $42.4 million in Q1 2021.
Revenue from commercial therapies grew 53.5% to a record $3.9 million.
The company supports a record 609 clinical trials in regenerative medicine.
Animal Health revenue decreased 24% to $6.8 million due to the fire at the New Prague manufacturing plant.
CryoPort
CryoPort
Forward Guidance
The company is providing full year 2022 revenue guidance of $260 - $265 million, representing an increase of approximately 17% to 19% over 2021 revenue.
Positive Outlook
- Record backlog for cryogenic freezer and shipper systems and solutions.
- Growth from support of clinical trials.
- Growth from commercially launched therapies from cell and gene therapy clients.
- Growth in temperature-controlled logistics and transport.
- Expanded client utilization of new and expanding biostorage services.
Challenges Ahead
- Ongoing and prolonged COVID-19 pandemic.
- Supply chain constraints.
- Inflationary pressures.
- Factors outside of our control.
- Factors described in the Company’s filings with the Securities and Exchange Commission