Cryoport Reports Fourth Quarter and Full Year 2024 Financial Results

Core Insights - Cryoport, Inc. reported total revenue of $228.4 million for FY 2024, which aligns with company expectations, despite a 2.1$59.5 million, a 4.0% increase from $57.3 million in Q4 2023 [20] - Life Sciences Services revenue for Q4 2024 was$39.6 million, up 6.8% year-over-year, while Life Sciences Products revenue decreased by 1.3% to $20.0 million [20] - For FY 2024, Life Sciences Services revenue was$153.7 million, a 6.6% increase, while Life Sciences Products revenue fell by 16.2% to $74.7 million [20] Cost Management - Operating costs and expenses decreased significantly to$41.2 million in Q4 2024 from 93.1 million in Q4 2023, largely due to a non-cash impairment charge in the previous year [11][20] - The company implemented cost reduction and capital realignment strategies, contributing to improved gross margins and a pathway to positive adjusted EBITDA in 2025 [4][12] Clinical Trials and Market Position - As of December 31, 2024, Cryoport supported a total of 701 global clinical trials, an increase of 26 trials from the previous year [8][10] - The company anticipates further growth in the Cell & Gene Therapy market and plans to expand its service offerings and revenue streams through new product introductions and strategic collaborations [5][10] Future Outlook - Cryoport provided revenue guidance for FY 2025 in the range of 240 million to $250 million, reflecting confidence in continued growth [15] - The company expects to file up to 23 additional Biologic License Applications (BLA) in 2025, along with five new therapy approvals [9][10]