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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 12, 2023
CRYOPORT, INC.
(Exact name of registrant as specified in its charter)
Nevada |
|
001-34632 |
|
88-0313393 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
|
|
|
|
|
112 Westwood Place, Suite 350, Brentwood, TN 37027 |
(Address of principal executive offices, including zip code) |
|
|
|
|
|
Registrant’s telephone number, including area code: (949) 470-2300 |
|
Not Applicable |
(Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
|
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section
12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name
of each exchange on which
registered |
Common Stock, $0.001 par value |
|
CYRX |
|
The NASDAQ Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ¨
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 2.02 | Results of Operations and Financial Condition. |
On July 12, 2023, Cryoport,
Inc. (the “Company”) issued a press release announcing certain preliminary financial results for the second quarter ended
June 30, 2023. A copy of the press release issued by the Company is attached hereto as Exhibit 99.1.
The information, including
the exhibit attached hereto, in this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section,
nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as otherwise
expressly stated in such filing.
Item 9.01. |
Financial Statements and Exhibits |
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 12, 2023 |
Cryoport, Inc. |
|
|
|
|
|
/s/ Robert Stefanovich |
|
|
Robert Stefanovich |
|
|
Chief Financial Officer |
|
Exhibit 99.1
Cryoport Announces Certain Preliminary Results
for Second Quarter & Updates 2023 Revenue Expectations
| § | Second quarter results
were impacted by weaker than expected global demand for capital equipment; clinical trial start delays; and slower than expected ramps
from certain clients |
| § | Second quarter revenue
expected in the range of $56.5 - $57.5 million |
| § | Full year 2023 revenue
now expected in the range of $233 - $243 million |
| § | Long-term outlook robust
with cell and gene therapy industry expected to grow at a ten-year CAGR in excess of 22% |
NASHVILLE, Tennessee, July 12, 2023 - Cryoport,
Inc. (Nasdaq: CYRX) (“Cryoport” or the “Company”), a leading global provider of innovative products and
services for the fast growing cell and gene therapy industry, today announced certain preliminary results for second quarter 2023 and
updated its expectations for full year 2023 revenue expectations.
Second Quarter Preliminary Results
Second quarter 2023 total revenue is expected
to be in the range of $56.5 to $57.5 million, representing a decrease of 11%, at the midpoint, compared to the second quarter of 2022.
These results reflect weaker than expected global demand for capital equipment; clinical trial start delays; and slower than expected
ramps from certain clients.
Jerrell Shelton, CEO of Cryoport, commented, "Based
on our conversations with clients and third-party sources, we expect life sciences fundamentals to remain strong for the longer term.
Unfortunately, there has been a global slowdown in capital equipment investment. The impact of this unexpected slowdown was further exacerbated
by a number of clinical trial start delays and several key customers falling short of their forecasts for the revenue ramp of certain
cell and gene therapies. We expect some of these challenging conditions to persist into the third and fourth quarters of 2023."
Outlook
Based on current information, the Company is revising
its full year financial outlook, with revenue now expected to be in the range of $233 to $243 million for 2023. Mr. Shelton continued,
“The impact to our business from the factors outlined above was abrupt and significant. We are, however, positive about our long-term
outlook as the cell and gene therapy industry is expected to grow at a ten-year compound annual growth rate (CAGR) in excess of 22%. Our
view is strengthened by the large number of Cryoport clients that have BLA (Biologic License Applications) and MAA (Marketing Authorization
Application) filings and approvals planned or pending with the FDA (U.S. Food and Drug Administration). Recent client developments also
give us further reason to be optimistic. These include the FDA’s approval of Bristol Myers Squibb’s new cell therapy manufacturing
facility for commercial production in Devens, Massachusetts; its acceptance of CRISPR Therapeutics’ and Vertex Pharmaceuticals’
BLAs for exa-cel (exagamglogene autotemcel), a treatment for SCD (severe sickle cell disease) and TDT (transfusion-dependent beta thalassemia);
and its recent approval of Sarepta Therapeutics’ ELEVIDYS, the first gene therapy to treat Duchenne Muscular Dystrophy.
“We believe these important advancements
of our cell and gene therapy clients, our future planned products and services launches, as well as our leading market position and strong
balance sheet will enable Cryoport to achieve sustainable, long-term revenue and earnings growth. Our team is committed to driving shareholder
value by delivering innovative solutions that support the life sciences industry with an emphasis on life-saving cell and gene therapies,"
concluded Mr. Shelton.
The Company's 2023 guidance is dependent on its
current business and expectations, which may be further impacted by, among other things, factors that are outside of our control, such
as the global macroeconomic environment, the ongoing effects and after effects of COVID-19 related shut downs/slowdowns globally, continued
supply chain constraints, inflationary pressures, the ongoing war between Russia and Ukraine, economic uncertainty and the effects of
foreign currency fluctuations, as well as the other factors described in the Company's filings with the Securities and Exchange Commission
("SEC"), including in the "Risk Factors" section of its most recently filed periodic reports on Form 10-K and Form
10-Q, as well as in its subsequent filings with the SEC.
The Company’s financial results for the
second quarter ended June 30, 2023 presented above reflect the Company’s preliminary estimates, are based on the information
available as of the date hereof and are subject to further review by the Company and its external auditors. The Company’s actual
results may differ materially from these estimates as a result of the completion of the Company’s financial closing procedures,
final adjustments and other developments arising between now and the time that the Company’s financial results for this period are
finalized. As a result, investors should exercise caution relying on this information and should not draw any inferences from this information
regarding financial or operating data not provided. These preliminary estimates are not meant to be a comprehensive statement of
the Company’s financial position and results for this period. The Company expects to report its full second quarter 2023 financial
results on Wednesday, August 9, 2023, after U.S. markets close.
About Cryoport, Inc
Cryoport, Inc. (Nasdaq:
CYRX), is a global provider of innovative products and services to the fast-growing Cell & Gene Therapy industry - enabling the future
of medicine for a new era of life sciences. With 48 strategic locations covering the Americas, EMEA (Europe, the Middle East and Africa)
and APAC (Asia Pacific), Cryoport's global platform provides mission-critical bio-logistics, bio-storage, bio-processing, and cryogenic
systems to the life sciences markets worldwide.
For more information, visit www.cryoport.com
or follow @cryoport on Twitter at www.twitter.com/cryoport for live updates.
Forward-Looking Statements
Statements in this press
release which are not purely historical, including statements regarding the Company'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. These forward-looking statements include, but are not limited to, those related to the Company’s industry, business,
long-term growth prospects, plans, strategies, acquisitions, future financial results and financial condition, such as the Company’s
expectations for second quarter 2023 revenue and its outlook and revised guidance for full year 2023 revenue, the Company’s expectation
that certain business and market challenges will persist into the third and fourth quarters of 2023, the Company’s plans and expectations
regarding the launch of new products and services, and the Company’s belief that it is positioned to achieve sustainable, long-term
revenue and earnings growth. 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, including as a result of the COVID-19 pandemic and its variants, supply chain
constraints, inflationary pressures, the ongoing war between Russia and Ukraine and the effects of foreign currency fluctuations, 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 discussed in the Company’s SEC reports, including in the “Risk Factors”
section of its most recently filed periodic reports on Form 10-K and Form 10-Q, as well as in its subsequent filings with the SEC. The
forward-looking statements contained in this press release speak only as of the date hereof and the Company cautions investors not to
place undue reliance on these forward-looking statements. Except as required by law, the Company disclaims any obligation, and does not
undertake to update or revise any forward-looking statements in this press release.
Cryoport Investor Contacts:
Todd Fromer
KCSA Strategic Communication
tfromer@kcsa.com
P: 1-212-896-1215
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