LAKE FOREST: Cryoport, Inc. (NASDAQ: CYRX) (“Cryoport” or the “Company”) today announced financial results for the three and six month periods ended September 30, 2015.
Commenting on the second quarter results, Jerrell Shelton, Chief Executive Officer of Cryoport, stated, “We delivered strong top line growth of 74%, overcoming seasonality and orders that slipped to our third fiscal quarter.
This growth was driven by the addition of a significant number of new clients, as well as continuing growth within our existing client base. Given our traction and client business that we have visibility on, our revenue guidance of $10 – $12 million for fiscal 2016 remains intact.”
“During the first half of fiscal 2016, we added more than 160 new clients as we continue to make strides in our business development and demand for our leading cold chain logistics solutions strengthens. In fact, we estimate that Cryoport currently supports approximately 20% of all the Phase III clinical trials for regenerative therapies.
We support 52 clinical trials in total. As most shareholders know, as the therapies we are supporting in the Phase III of their trials receive regulatory clearance and move to commercialization, we can expect long-term growth of substantial proportion,” stated Mr. Shelton.
“There is no doubt that this is an important time for Cryoport as we are experiencing increasing demand for our unique cold chain solutions as the cellular therapy segment of the life sciences industry continues to develop and experience success.
We continue adding new clinical trial clients at an impressive pace and are in late-stage discussions with several clients regarding long-term supply agreements as they prepare to commercialize their respective therapies. By our estimates, the clinical trials that we currently support could generate cumulative revenues of more than $150 million over the next five years for Cryoport.
And as we continue to add new clinical trial clients, we expect to increase our five-year cumulative revenue outlook, which will shorten our pathway to profitability and drive value for our shareholders,” concluded Mr. Shelton.
