CryoPort, Inc. (NASDAQ:CYRX), a global leader in supply chain solutions for cell & gene therapies, stock fell 2.98% (As on March 13, 11:21:35 AM UTC-4, Source: Google Finance) after the company posted lower than expected results for the fourth quarter of FY 23. Revenue from the support of commercial Cell & Gene therapies increased 33% year-over-year with one new therapy approved in the fourth quarter and two new therapies receiving approval subsequent to year end, bringing our current total commercial count to 14. As of December 31, 2023, Cryoport supported a total of 675 global clinical trials, a net increase of 21 clinical trials over December 31, 2022 and 82 of the clinical trials we supported were in phase 3 as of year-end 2023. A total of 17 Cryoport supported Biologic License Applications (BLAs) or Marketing Authorization Applications (MAAs) were filed in 2023, of which 3 were filed during the fourth quarter. During 2024, we anticipate up to an additional 17 application filings, 9 new therapy approvals and an additional 7 label/geographic expansions or moves to earlier lines of treatment approved.

CYRX in the fourth quarter of FY 23 has reported the adjusted earnings per share of  $-1.31, missing the analysts’ estimates for the adjusted earnings per share of  $-0.33. The company had reported 5 percent decline in the adjusted revenue growth to $57.26 million in the fourth quarter of FY 23, missing the analysts’ estimates for revenue of $58.4 million. By source, services revenue for Q4 2023 was $37.0 million, up 12% year-over-year, including BioStorage/BioServices revenue of $3.6 million, up 29% year-over-year. Product revenue for Q4 2023 was $20.2 million, down 26% year-over-year while flat sequentially. Biopharma/Pharma revenue was $47.9 million, down 5% or $2.7 million for Q4 2023 compared to $50.6 million for Q4 2022. Revenue from the support of commercial Cell and Gene therapies increased by $1.5 million, or 36%, to $5.7 million for Q4 2023. Animal Health revenue was $6.8 million for Q4 2023, down 10% or $0.7 million compared to $7.5 million for Q4 2022. Reproductive Medicine revenue was $2.6 million for Q4 2023, up 11% compared to $2.3 million for Q4 2022. Gross margin was 40.6% for Q4 2023 compared to 43.5% for the same period in 2022. Adjusted EBITDA was a negative $6.6 million for Q4 2023, compared to $0.7 million for Q4 2022. Cryoport held $456.8 million in cash, cash equivalents, and short-term investments as of December 31, 2023.