On January 9, 2020, Cryoport, Inc. (NASDAQ: CYRX) (NASDAQ: CYRXW) (“Cryoport”), the world’s leading temperature-controlled logistics company dedicated to the life sciences industry, announced preliminary revenue for the twelve and three-month periods ended December 31, 2019, based upon preliminary unaudited financial information.
Subject to quarter-end closing adjustments, the Company expects to report revenue of approximately $33.9 million and $9.2 million for the twelve and three-month periods ended December 31, 2019, an increase of 73% compared to $19.6 million and 61% compared to $5.7 million for the twelve and three-month periods ended December 31, 2018, respectively.
Cryoport expects to report Biopharma revenue of approximately $27.0 million and $6.9 million for the twelve and three-month periods ended December 31, 2019, an increase of 64% and 41%, compared to $16.5 million and $4.9 million for the twelve and three-month periods ended December 31, 2018.
“Cryoport experienced strong growth and will report record revenue for the full-year 2019,” stated Jerrell Shelton, Chief Executive Officer of Cryoport.
“Throughout 2019, Cryoport significantly increased its market share, adding a net 79 new clinical trials bringing the total number of clinical trials that we are now supporting to 436, with a net of 12 being added during the quarter ended December 31, 2019. We achieved these results for the fourth quarter despite having two high-volume trials fail to meet their endpoints and several clinical trials pause during the fourth quarter as they transitioned between phases or as commercial applications were filed or prepared to be filed.
“The commercial filings represent the potential for new high-revenue commercial opportunities for Cryoport in 2020 and beyond. We are excited about our business and confident that 2020 will be another strong year as we expect to be supporting as many as five new commercial therapies as five of our existing clients recently filed Biologic License Applications (BLA) or Marketing Authorization Applications (MAA) for new therapies. Additionally, from our existing clients, we expect up to 10 additional commercial filings over the course of the year in 2020.
“For the full year 2019, we also experienced record revenue from our commercial agreements supporting Gilead’s YESCARTA® and Novartis’ KYMRIAH®. Our third commercial support program with bluebird bio for the anticipated commercial launch of ZYNTEGLO™ is slated to begin in early 2020,” concluded Mr. Shelton.
Cryoport expects to report its 2019 full-year and fourth quarter results on March 5, 2020.
On January 8, 2020, B. Riley FBR analyst Andrew D’Silva spotlights six names in the Specialty Pharmaceuticals space that he expects to outperform in 2020: Cryoport (CYRX), Harrow Health (HROW), Alimera Sciences (ALIM), CytoSorbents (CTSO), IntriCon (IIN) and OptimizeRx (OPRX).
On January 7, 2020, Stephens analyst Jacob Johnson initiated coverage of Cryoport with an Overweight rating and $21 price target. The company’s temperature-controlled logistics solutions are “mission critical” for cell and gene therapy clients and he sees Cryoport being a first derivative beneficiary as these therapies move through the clinic and into commercial production, the analyst tells investors.