Cryoport reports Q3 EPS (31c), consensus (31c)

Reports Q3 revenue $56.16M, consensus $55.27M. Jerrell Shelton, CEO of Cryoport, commented, “Our third quarter results were consistent with our expectations, reflecting current global economic and geopolitical challenges. However, we are seeing solid and sustained demand from our key life sciences and cell and gene therapy customers despite the current macroeconomic climate. We experienced a notable increase in commercial cell and gene therapy revenue, growing 54% year-over-year, while bioservices revenue increased 26% year-over-year for the third quarter. In the same period, Cryoport Systems’ revenue grew 10%, on both a year-over-year and sequential basis. Clinical trials that Cryoport supports also increased, adding a net 27 clinical trials year-over-year, bringing our global clinical trials supported to a record total of 670. While demand for our cryogenic systems provided by MVE Biological Solutions was, as expected, lower than in previous years, it is important to point out that we maintained strong gross margins on our product revenue of 45% for the quarter, contributing free cash to support our strategic growth investments. As the world’s largest manufacturer of vacuum insulated products and cryogenic systems and a preferred brand for academic, government, and life science companies, we expect solid performance from MVE Biological Solutions as our clients’ capex spending normalizes.”