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Mar 31, 2023
CryoPort Q1 2023 Earnings Report
Cryoport reported record revenue driven by solid demand and double-digit growth in all markets.
Key Takeaways
Cryoport reported record revenue of $62.8 million for Q1 2023, a 20% increase year-over-year (23% in constant currency). Growth was driven by strong demand across Biopharma/Pharma, Reproductive Medicine, and Animal Health markets. The company reaffirmed its full-year revenue guidance of $270 - $290 million.
Achieved record revenue of $62.8 million, representing a 20% year-over-year increase.
Experienced double-digit growth across all markets: Biopharma/Pharma, Reproductive Medicine, and Animal Health.
Supported a total of 652 global clinical trials, with 82 in phase 3.
Launched Cryoportal® v2 Logistics Management System and is rolling out the Cryoport Elite™ shipper line.
CryoPort
CryoPort
CryoPort Revenue by Segment
Revenue by Segment
Life Sciences Services Revenue
CapyFin.comBioLogistics Solutions Revenue
CapyFin.comBioStorage/BioServices Revenue
CapyFin.com Forward Guidance
The Company’s revenue guidance of $270 - $290 million for the full year 2023 is expected to be driven largely by ongoing support of global clinical trials, a growing number of commercial cell and gene therapy products from clients, the expansion of cell and gene manufacturing capacity to meet patient demand, and the demand for biostorage and cryogenic freezer systems.
Positive Outlook
- Ongoing support of global clinical trials
- Growing number of commercial cell and gene therapy products from our clients
- Expansion of cell and gene manufacturing capacity to meet patient demand
- Demand for biostorage and cryogenic freezer systems
- Launch of new services and products, designed to further expand, and strengthen our industry position
Challenges Ahead
- Global macroeconomic environment
- Ongoing effects and after effects of COVID-19 related shut downs/slowdowns globally
- Continued supply chain constraints
- Inflationary pressures
- Ongoing war between Russia and Ukraine
Revenue & Expenses
Visualization of income flow from segment revenue to net income