Welcome!

News Feed Item

Cryoport Increases Revenues By 149% For The First Nine Months of Fiscal 2014

Cryoport, Inc. (OTCBB: CYRX) today announced financial results for the quarter and nine months ended December 31, 2013.

Net revenues were $1.8 million for the nine months ended December 31, 2013, as compared to $732,000 for the nine months ended December 31, 2012. The 149% increase was primarily driven by Cryoport’s Integrated Solution and overall growth in the number of customers using Cryoport Express® Solutions compared to the same period in the prior year.

Gross margin for the nine months ended December 31, 2013 was 16% of net revenues, or $294,000, as compared to a gross loss of 46% of net revenues, or $335,000, for the nine months ended December 31, 2012. Cost of revenues for the nine months ended December 31, 2013 was 84% of net revenues, or $1.5 million, as compared to 146% of net revenues, or $1.1 million for the nine months ended December 31, 2012 which demonstrates continued improvement of Cryoport’s positive gross margin.

Cryoport’s Chief Executive Officer, Jerrell Shelton, commented, “I'm pleased to report continued revenue and gross profit growth for the quarter and the first nine months of our fiscal year. Our sales and marketing strategies are gaining momentum as evidenced by our reported revenue and continue to be fueled by a very active and growing sales pipeline. As reported in a press release earlier this month, we entered into a strategic alliance with Liventa Bioscience. This alliance is aimed at serving the many points of orthopedic care delivery with Liventa Bioscience’s cell-based, advanced biologics tissue forms. This exclusive agreement combines Cryoport’s proprietary, purpose-built cold chain logistics solutions for cell based and advanced biologic tissue forms with Liventa Bioscience’s distribution capability to ‘point-of-use’ US-based orthopedic care providers.

“In addition, we continue to move forward with our ‘powered by CryoportSM' partnering strategy designed to expand our sales and marketing reach as well as to increase the awareness of our solutions in the life sciences community. More and more companies have started relying on our validated and technology-centric solutions and expertise in time- and temperature-sensitive logistics. We now have experienced nine consecutive quarters of revenue growth and expect to further accelerate our sales trajectory as implied by our current momentum.

“Moving forward, we expect to maintain our long-term view of the market opportunity and stay true to our strategic plan. Our goal is to be the leading provider of logistics solutions to the life sciences industry. We are successfully transitioning from a ‘one service fits all’ approach to being a ‘logistics solutions company’ developing customized plans to meet client-defined needs. In addition to sales of our basic turnkey solution, our customer-integrated solution is being particularly well received, and we also have customers utilizing our customer-staged, customer-managed, and distribution partner models. Our central role in cold chain logistics in this fast growing market continues to be validated by the increasing attention we receive from integrators, specialty couriers, and freight forwarders; all of which provides us with additional opportunities for revenue producing partnerships.

“We have more than doubled our customer base over the past nine months and are in the early adoption stages with a number of larger life sciences companies. Revenues related to reproductive medicine, in-vitro fertilization in particular, are increasing as is our animal husbandry business. During this current fiscal 2014 and beyond, I believe we will continue to drive shareholder value by becoming even more effective in increasing market awareness, closing sales, serving customer needs, efficiently managing expenses, and prudently investing capital in support of our growth plans. Our Cryoport team is indefatigably motivated for success.”

Further information on Cryoport’s results are included on the attached condensed consolidated balance sheets and statements of operations and further explanation of Cryoport’s financial performance is provided in Cryoport’s quarterly report for the quarter ended December 31, 2013 on Form 10-Q, which was filed with the SEC today. The full report is available on the SEC Filings section of the Investor Relations section of our website at www.cryoport.com.

About Cryoport, Inc.

Cryoport provides leading edge frozen shipping logistics solutions to the life sciences industry through the combination of purpose-built proprietary hardware and software technologies and skilled total turnkey management of the entire logistics process. Cryoport Express® liquid nitrogen dry vapor shippers are validated to maintain a constant -150°C temperature for a 10-plus day dynamic shipment duration, and its Cryoportal™ Logistics Management Platform manages the entire shipment process, including initial order input, document preparation, customs clearance, courier management, shipment tracking, issue resolution, and delivery. Cryoport’s total turnkey logistics solutions offer reliability, cost effectiveness, and convenience, while the use of recyclable and reusable components provides a “green” and environmentally friendly solution. Cryoport service options include recording the “chain of condition” and “chain of custody” for all shipments thereby meeting the exacting requirements for scientific work and for regulatory purposes. For more information visit www.cryoport.com.

Forward Looking Statements

Statements in this press release which are not purely historical, including statements regarding Cryoport, Inc.’s intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. It is important to note that the company's actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, risks and uncertainties associated with the effect of changing economic conditions, trends in the products markets, variations in the company's cash flow, market acceptance risks, and technical development risks. The company’s business could be affected by a number of other factors, including the risk factors listed from time to time in the company's SEC reports including, but not limited to, the annual report on Form 10-K for the year ended March 31, 2013. The company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Cryoport, Inc. disclaims any obligation, and does not undertake to update or revise any forward-looking statements in this press release.

     
 

CRYOPORT, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

 
Three Months Ended Nine Months Ended
December 31, December 31,
2013   2012 2013   2012
Net revenues $ 757,327 $ 307,153 $ 1,825,117 $ 732,049
Cost of revenues 590,266     368,795   1,531,312     1,066,853  
 
Gross margin (loss) 167,061     (61,642 ) 293,805     (334,804 )
 
Operating expenses:
Selling, general and administrative 1,305,562 1,392,937 3,768,049 4,003,544
Research and development 118,490     94,424   329,569     305,031  
 
Total operating expenses 1,424,052     1,487,361   4,097,618     4,308,575  
 
Loss from operations (1,256,991 ) (1,549,003 ) (3,803,813 ) (4,643,379 )
Other income (expense):
Debt conversion expense (552,750 ) -- (13,713,767 ) --
Interest expense (31,786 ) (11,896 ) (626,781 ) (48,255 )
Change in fair value of derivative liabilities 1,196     (6,112 ) 20,845     27,712  
 
Loss before income taxes (1,840,331 ) (1,567,011 ) (18,123,516 ) (4,663,922 )
Income taxes --     --   --     1,600  
 
Net loss $ (1,840,331 ) $ (1,567,011 ) $(18,123,516 ) $ (4,665,522 )
 
Net loss per share, basic and diluted $ (0.03 ) $ (0.04 ) $ (0.40 ) $ (0.12 )
 
Basic and diluted weighted average common shares 58,995,821     37,760,628   45,342,320     37,760,628  
 
 
   
 

CRYOPORT, INC.

SUMMARY CONDENSED CONSOLIDATED BALANCE SHEETS

   
 
December 31, March 31,
2013 2013
(unaudited)
Cash and cash equivalents $ 219,970 $ 563,104
Accounts receivable, net 635,687 217,097
Inventories 30,008 39,212
Other current assets   102,718     138,892  
 
Total current assets 988,383 958,305
Property and equipment, net 464,122 505,485
Intangible assets, net 189,094 272,263
Deposits and other assets   9,358     19,744  
 
Total assets $ 1,650,957   $ 1,755,797  
 
 
 
Accounts payable and accrued expenses $ 895,902 $ 858,709
Accrued compensation and related expenses 391,438 217,432
Convertible debentures payable and accrued interest, net of discount 390,471 1,304,419
Current portion of related party notes payable 96,000 96,000
Derivative liabilities   3     20,848  
 
Total current liabilities 1,773,814 2,497,408
Related party notes payable and accrued interest, net of current portion   1,277,546     1,321,664  
 
Total liabilities 3,051,360 3,819,072
Total stockholders’ deficit   (1,400,403 )   (2,063,275 )
 
Total liabilities and stockholders’ equity $ 1,650,957   $ 1,755,797  
 

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that Interface Corporation will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Interface Corporation is a company developing, manufacturing and marketing high quality and wide variety of industrial computers and interface modules such as PCIs and PCI express. For more information, visit http://www.i...
Today companies are looking to achieve cloud-first digital agility to reduce time-to-market, optimize utilization of resources, and rapidly deliver disruptive business solutions. However, leveraging the benefits of cloud deployments can be complicated for companies with extensive legacy computing environments. In his session at 21st Cloud Expo, Craig Sproule, founder and CEO of Metavine, will outline the challenges enterprises face in migrating legacy solutions to the cloud. He will also prese...
SYS-CON Events announced today that Ryobi Systems will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ryobi Systems Co., Ltd., as an information service company, specialized in business support for local governments and medical industry. We are challenging to achive the precision farming with AI. For more information, visit http:...
Elon Musk is among the notable industry figures who worries about the power of AI to destroy rather than help society. Mark Zuckerberg, on the other hand, embraces all that is going on. AI is most powerful when deployed across the vast networks being built for Internets of Things in the manufacturing, transportation and logistics, retail, healthcare, government and other sectors. Is AI transforming IoT for the good or the bad? Do we need to worry about its potential destructive power? Or will we...
SYS-CON Events announced today that Enroute Lab will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enroute Lab is an industrial design, research and development company of unmanned robotic vehicle system. For more information, please visit http://elab.co.jp/.
SYS-CON Events announced today that Nihon Micron will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Nihon Micron Co., Ltd. strives for technological innovation to establish high-density, high-precision processing technology for providing printed circuit board and metal mount RFID tags used for communication devices. For more inf...
SYS-CON Events announced today that mruby Forum will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. mruby is the lightweight implementation of the Ruby language. We introduce mruby and the mruby IoT framework that enhances development productivity. For more information, visit http://forum.mruby.org/.
In his session at @ThingsExpo, Greg Gorman is the Director, IoT Developer Ecosystem, Watson IoT, will provide a short tutorial on Node-RED, a Node.js-based programming tool for wiring together hardware devices, APIs and online services in new and interesting ways. It provides a browser-based editor that makes it easy to wire together flows using a wide range of nodes in the palette that can be deployed to its runtime in a single-click. There is a large library of contributed nodes that help so...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
DevOps at Cloud Expo – being held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real r...
Your clients expect transactions to never fail, cloud access to be fast and always on, and their data to be protected - no exceptions. Hear about how Secure Service Container (SSC), an IBM-exclusive open technology, enables secure building and hosting of next-generation applications, both cloud and on-premises. SSC protects the full stack from external and insider threats, allows automatic encryption of data in-flight and at-rest, and is tamper-resistant during installation and runtime – with no...
While some developers care passionately about how data centers and clouds are architected, for most, it is only the end result that matters. To the majority of companies, technology exists to solve a business problem, and only delivers value when it is solving that problem. 2017 brings the mainstream adoption of containers for production workloads. In his session at 21st Cloud Expo, Ben McCormack, VP of Operations at Evernote, will discuss how data centers of the future will be managed, how th...
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...
SYS-CON Events announced today that Mobile Create USA will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Mobile Create USA Inc. is an MVNO-based business model that uses portable communication devices and cellular-based infrastructure in the development, sales, operation and mobile communications systems incorporating GPS capabi...
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.