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Dec 31, 2022
CryoPort Q4 2022 Earnings Report
Cryoport's Q4 2022 earnings were reported, showing a revenue increase driven by demand for its supply chain solutions.
Key Takeaways
Cryoport reported a 7% increase in revenue for Q4 2022, reaching $60.4 million. The company's gross margin improved to 43.5%. Cryoport supported a total of 654 global clinical trials, with 79 in phase 3.
Total revenue for the fourth quarter of 2022 was $60.4 million, a 7% year-over-year increase.
Gross margin was 43.5% for the fourth quarter of 2022, compared to 41.0% in the fourth quarter of 2021.
Net loss for the three months ended December 31, 2022 was $9.4 million, compared to a net loss of $260.1 million for the same period in 2021.
Adjusted EBITDA was $0.7 million for the fourth quarter of 2022, compared to $2.1 million for the fourth quarter of 2021.
CryoPort
CryoPort
Forward Guidance
The Company is providing revenue guidance for full year 2023 of $270 - $290 million, representing strong topline growth of 18% at the mid-point over 2022 revenue.
Positive Outlook
- Anticipated growth from ongoing support of global clinical trials.
- A growing number of commercial cell and gene therapy products from our clients.
- The expansion of cell and gene manufacturing capacity to meet patient demand.
- Launch of new products and services, designed to further expand and strengthen our market position and create new diversifying revenue streams.
- Strategic investments to support our continued growth.
Challenges Ahead
- Current macroeconomic challenges.
- Ongoing effects of COVID-19 and related shut downs globally.
- Supply chain constraints.
- Inflationary pressures.
- Economic uncertainty and the effects of foreign currency fluctuations.