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Jun 30, 2024
CryoPort Q2 2024 Earnings Report
Cryoport's financial performance saw sequential improvements across all businesses, with revenue from commercial Cell & Gene Therapies support increasing significantly. Cost management initiatives were implemented to drive profitable growth and achieve positive adjusted EBITDA in 2025.
Key Takeaways
Cryoport reported improved sequential revenue growth across all businesses in Q2 2024, driven by a 51% year-over-year increase in revenue from commercial Cell & Gene Therapies. The company is implementing cost reduction initiatives expected to yield $22 million in annualized savings by 2025, aiming for profitable growth and positive adjusted EBITDA. Full-year revenue guidance was revised to $225 million - $235 million due to continued softness in Life Sciences Products demand.
Revenue from commercial Cell & Gene Therapies support increased 51% year-over-year and 20% sequentially.
Cost reduction initiatives are expected to result in $22 million in annualized cost savings by 2025.
Full year 2024 revenue guidance was revised to a range of $225 million to $235 million.
BioStorage/Bioservices revenue continues to grow double digits year-over-year.
CryoPort
CryoPort
CryoPort Revenue by Segment
Revenue by Segment
Life Sciences Services Revenue
CapyFin.comBioLogistics Solutions Revenue
CapyFin.comBioStorage/BioServices Revenue
CapyFin.comLife Sciences Products Revenue
CapyFin.com Forward Guidance
Cryoport expects full year 2024 revenue in the range of $225 million - $235 million.
Positive Outlook
- Sequential improvements across Life Sciences Services offerings.
- Ramp of clinical and commercial Cell & Gene therapies.
- Anticipated new product and service launches later this year.
- Diversified and enhanced revenue streams.
- Return to year-over-year revenue growth in the second half of 2024.
Challenges Ahead
- Global macroeconomic and geopolitical environment.
- Supply chain constraints.
- Inflationary pressures.
- Effects of foreign currency fluctuations.
- Continued softness in demand for Life Sciences Products.
Revenue & Expenses
Visualization of income flow from segment revenue to net income