Cryoport(CYRX)2020-05-10 10:59Financial Data and Key Metrics Changes - The company reported revenues of 2.9 million, a 110% increase compared to Q1 2019 [11][12][20] Business Line Data and Key Metrics Changes - Bioservices revenue was reported at $1.3 million, which was not included in last year's numbers, indicating growth in this segment [11] - The company supported two therapies that filed for commercial approval during Q1 2020, with a third filing subsequent to the quarter end, showcasing ongoing activity in the biopharma market despite COVID-19 challenges [13] Market Data and Key Metrics Changes - The company experienced minimal disruption to its commercial portfolio due to COVID-19, although a significant number of clinical trials supported were temporarily paused [14][19] - The European business is tracking similarly to the U.S., with an increase in activity as restrictions begin to loosen [27] Company Strategy and Development Direction - The company is focused on expanding its capabilities in anticipation of expected growth in demand for supply chain solutions, supported by a strong balance sheet and long-term agreements [20][71] - The company is actively looking for M&A opportunities to further its mission and broaden its footprint, although no specific deals are currently underway [60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating uncertainties caused by the COVID-19 pandemic, highlighting the company's strong relationships and commitment to supporting clients [71][72] - The company anticipates continued growth in the regenerative medicine market, despite potential delays due to COVID-19 [71] Other Important Information - The company has not laid off any employees due to the pandemic and is prepared to ramp up support for paused trials as they restart [17] - The company is providing logistics support for six clinical trials related to potential COVID-19 treatments and vaccines [18] Q&A Session Summary Question: What is the status of trial delays? - Management indicated that the rate of new pauses has been slowing, with some improvement in volumes observed [22][23] Question: Will there be more business from COVID trials? - Management noted ongoing requests from portfolio companies for support, indicating potential for additional trials [24][25] Question: How is the European business performing? - The European business is experiencing a similar trend to the U.S., with increased activity as restrictions ease [27] Question: What is the impact of COVID on the reproductive side of the business? - The reproductive side was most impacted, but operations are starting to recover as clinics resume activities [39] Question: Are there any disruptions in shipping due to air travel restrictions? - The company has managed to maintain operations without missing shipments, despite challenges in commercial air travel [41] Question: What is the status of the agreement with Kite/Gilead? - The agreement is viewed as a three-year extension without changes to the economics [43] Question: How many BLAs and MAAs are currently under review? - There are three BLAs filed in 2020 to date, with an expectation of approximately six more this year [67]