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Jun 30, 2020
CryoPort Q2 2020 Earnings Report
Reported an 11% increase in revenue compared to Q2 2019, driven by the biopharma segment.
Key Takeaways
Cryoport reported Q2 2020 revenue of $9.4 million, an 11% increase year-over-year, driven by the biopharma segment. The company added 26 net clinical trials, bringing the total to 491. They also renewed agreements with Gilead’s Kite and are finalizing an agreement with Novartis.
Reported revenue of $9.4 million, an 11% increase from Q2 2019.
Added a net total of 26 clinical trials, bringing the total number of supported clinical trials to 491.
Animal Health revenue remained steady at $0.2 million.
Reproductive Medicine contributed revenue of $0.6 million.
CryoPort
CryoPort
CryoPort Revenue by Segment
Revenue by Segment
BioStorage/BioServices Revenue
CapyFin.com Forward Guidance
Cryoport expects revenue from their agreement with Gilead's Kite to increase following the recent FDA approval of TECARTUS™ and are seeing an acceleration of other Cryoport supported regenerative therapies approaching commercialization.
Positive Outlook
- Revenue from agreement with Gilead’s Kite expected to increase following FDA approval of TECARTUS™.
- Acceleration of other Cryoport supported regenerative therapies approaching commercialization.
- Another Cryoport-supported therapy received FDA approval in July 2020, bringing the total number of commercial products supported by Cryoport to four.
- One more therapy was validated by the EMA and entered the EMA’s centralized review process.
- Six Cryoport supported Marketing Authorization Applications or Biologic License Applications are expected to be filed in 2020 and two additional commercial approvals are possible.
Challenges Ahead
- The Reproductive Medicine market was impacted by the temporary closure of fertility clinics globally.
- The timing of some commercial approvals may be impacted by the COVID-19 pandemic and other factors.
- 56 clinical trials suspended at the end of the first quarter due to the COVID-19 pandemic, only 3 remain suspended as of the end of the second quarter.
- Economic challenges and uncertainty presented by the pandemic.
- Operations were minimally impacted by the COVID-19 pandemic.