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Jun 30, 2023
CryoPort Q2 2023 Earnings Report
Reported a decrease in revenue due to weaker demand for capital equipment from China and slower client ramps, but highlighted strategic investments and client advancements.
Key Takeaways
Cryoport reported a decrease in revenue for Q2 2023, primarily due to a significant decline in China-derived revenue. Despite this, the company remains confident in its long-term growth drivers, supported by the anticipated growth of the cell and gene therapy industry and recent client advancements. Strategic investments and new service offerings are expected to enhance future growth prospects.
Q2 2023 revenue decreased by 11% year-over-year to $57.0 million.
MVE Biological Solutions' China revenue declined by 67% year-over-year.
Bioservices/biostorage network revenue grew 38% year-over-year to $3.2 million.
Net loss for Q2 2023 was $18.4 million, compared to a net loss of $9.2 million for the same period in 2022.
Revenue by Segment
Forward Guidance
Cryoport expects full year 2023 revenue to be in the range of $233 - $243 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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