Cryoport Inc (NASDAQ:CYRX) reported third-quarter financial results after the market close on Tuesday. Here’s a rundown of the temperature-controlled supply chain solutions company’s report.
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Q3 Highlights: Cryoport reported third-quarter revenue of $44.2 million, beating analyst estimates of $41.36 million, according to Benzinga Pro. The company reported a third-quarter loss of 18 cents per share, beating estimates for a loss of 21 cents per share.
Total revenue was up 15% on a year-over-year basis as Commercial Cell and Gene Therapy revenue increased 36%. Here’s a breakdown of revenue by category.
- Life Sciences Services: $24.36 million, up 16% year-over-year
- Life Sciences Products: $19.98 million, up 15% year-over-year
Cryoport said it supported a total of 745 global clinical trials as of Sept. 30, with 83 of the trial currently in Phase 3. The company ended the quarter with $421.3 million in cash, cash equivalents and short-term investments.
“Q3 was another outstanding quarter for Cryoport with 15% year-over-year growth in revenue from continuing operations,” said Jerrell Shelton, CEO of Cryoport.
“Cryoport continues to demonstrate a visible pathway to profitability with improvements in adjusted EBITDA and a solid gross margin of 48% in Q3, while continuing to invest in our priority growth initiatives to drive long-term value.”
Cryoport repurchased 483,397 shares of its common stock under its buyback program at an average price of $7.73 per share. The company had approximately $65.9 million remaining under its share repurchase programs at quarter’s end.
Cryoport raised its fiscal 2025 revenue guidance to a range of $170 million to $174 million.
“Cryoport continues to maintain competitive differentiation as the only pure-play end-to-end temperature-controlled supply chain platform that supports the largest portfolio of clinical and commercial Cell & Gene therapies,” Shelton said.
Cryoport’s management team will further discuss the quarter on an earnings call scheduled for 5 p.m. ET.
CYRX Price Action: Cryoport shares were up approximately 13% year-to-date heading into the report. The stock closed Tuesday up 1.99% at $9.22, according to Benzinga Pro.
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