|By Business Wire||
|February 13, 2014 06:01 AM EST||
Cryoport, Inc. (OTCBB: CYRX) today announced financial results for the quarter and nine months ended December 31, 2013.
Net revenues were $1.8 million for the nine months ended December 31, 2013, as compared to $732,000 for the nine months ended December 31, 2012. The 149% increase was primarily driven by Cryoport’s Integrated Solution and overall growth in the number of customers using Cryoport Express® Solutions compared to the same period in the prior year.
Gross margin for the nine months ended December 31, 2013 was 16% of net revenues, or $294,000, as compared to a gross loss of 46% of net revenues, or $335,000, for the nine months ended December 31, 2012. Cost of revenues for the nine months ended December 31, 2013 was 84% of net revenues, or $1.5 million, as compared to 146% of net revenues, or $1.1 million for the nine months ended December 31, 2012 which demonstrates continued improvement of Cryoport’s positive gross margin.
Cryoport’s Chief Executive Officer, Jerrell Shelton, commented, “I'm pleased to report continued revenue and gross profit growth for the quarter and the first nine months of our fiscal year. Our sales and marketing strategies are gaining momentum as evidenced by our reported revenue and continue to be fueled by a very active and growing sales pipeline. As reported in a press release earlier this month, we entered into a strategic alliance with Liventa Bioscience. This alliance is aimed at serving the many points of orthopedic care delivery with Liventa Bioscience’s cell-based, advanced biologics tissue forms. This exclusive agreement combines Cryoport’s proprietary, purpose-built cold chain logistics solutions for cell based and advanced biologic tissue forms with Liventa Bioscience’s distribution capability to ‘point-of-use’ US-based orthopedic care providers.
“In addition, we continue to move forward with our ‘powered by CryoportSM' partnering strategy designed to expand our sales and marketing reach as well as to increase the awareness of our solutions in the life sciences community. More and more companies have started relying on our validated and technology-centric solutions and expertise in time- and temperature-sensitive logistics. We now have experienced nine consecutive quarters of revenue growth and expect to further accelerate our sales trajectory as implied by our current momentum.
“Moving forward, we expect to maintain our long-term view of the market opportunity and stay true to our strategic plan. Our goal is to be the leading provider of logistics solutions to the life sciences industry. We are successfully transitioning from a ‘one service fits all’ approach to being a ‘logistics solutions company’ developing customized plans to meet client-defined needs. In addition to sales of our basic turnkey solution, our customer-integrated solution is being particularly well received, and we also have customers utilizing our customer-staged, customer-managed, and distribution partner models. Our central role in cold chain logistics in this fast growing market continues to be validated by the increasing attention we receive from integrators, specialty couriers, and freight forwarders; all of which provides us with additional opportunities for revenue producing partnerships.
“We have more than doubled our customer base over the past nine months and are in the early adoption stages with a number of larger life sciences companies. Revenues related to reproductive medicine, in-vitro fertilization in particular, are increasing as is our animal husbandry business. During this current fiscal 2014 and beyond, I believe we will continue to drive shareholder value by becoming even more effective in increasing market awareness, closing sales, serving customer needs, efficiently managing expenses, and prudently investing capital in support of our growth plans. Our Cryoport team is indefatigably motivated for success.”
Further information on Cryoport’s results are included on the attached condensed consolidated balance sheets and statements of operations and further explanation of Cryoport’s financial performance is provided in Cryoport’s quarterly report for the quarter ended December 31, 2013 on Form 10-Q, which was filed with the SEC today. The full report is available on the SEC Filings section of the Investor Relations section of our website at www.cryoport.com.
About Cryoport, Inc.
Cryoport provides leading edge frozen shipping logistics solutions to the life sciences industry through the combination of purpose-built proprietary hardware and software technologies and skilled total turnkey management of the entire logistics process. Cryoport Express® liquid nitrogen dry vapor shippers are validated to maintain a constant -150°C temperature for a 10-plus day dynamic shipment duration, and its Cryoportal™ Logistics Management Platform manages the entire shipment process, including initial order input, document preparation, customs clearance, courier management, shipment tracking, issue resolution, and delivery. Cryoport’s total turnkey logistics solutions offer reliability, cost effectiveness, and convenience, while the use of recyclable and reusable components provides a “green” and environmentally friendly solution. Cryoport service options include recording the “chain of condition” and “chain of custody” for all shipments thereby meeting the exacting requirements for scientific work and for regulatory purposes. For more information visit www.cryoport.com.
Forward Looking Statements
Statements in this press release which are not purely historical, including statements regarding Cryoport, Inc.’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. 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, 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, including the risk factors listed from time to time in the company's SEC reports including, but not limited to, the annual report on Form 10-K for the year ended March 31, 2013. The company cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Cryoport, Inc. disclaims any obligation, and does not undertake to update or revise any forward-looking statements in this press release.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|Three Months Ended||Nine Months Ended|
|December 31,||December 31,|
|Net revenues||$ 757,327||$||307,153||$ 1,825,117||$||732,049|
|Cost of revenues||590,266||368,795||1,531,312||1,066,853|
|Gross margin (loss)||167,061||(61,642||)||293,805||(334,804||)|
|Selling, general and administrative||1,305,562||1,392,937||3,768,049||4,003,544|
|Research and development||118,490||94,424||329,569||305,031|
|Total operating expenses||1,424,052||1,487,361||4,097,618||4,308,575|
|Loss from operations||(1,256,991||)||(1,549,003||)||(3,803,813||)||(4,643,379||)|
|Other income (expense):|
|Debt conversion expense||(552,750||)||--||(13,713,767||)||--|
|Change in fair value of derivative liabilities||1,196||(6,112||)||20,845||27,712|
|Loss before income taxes||(1,840,331||)||(1,567,011||)||(18,123,516||)||(4,663,922||)|
|Net loss||$ (1,840,331||)||$||(1,567,011||)||$(18,123,516||)||$||(4,665,522||)|
|Net loss per share, basic and diluted||$ (0.03||)||$||(0.04||)||$ (0.40||)||$||(0.12||)|
|Basic and diluted weighted average common shares||58,995,821||37,760,628||45,342,320||37,760,628|
SUMMARY CONDENSED CONSOLIDATED BALANCE SHEETS
|December 31,||March 31,|
|Cash and cash equivalents||$||219,970||$||563,104|
|Accounts receivable, net||635,687||217,097|
|Other current assets||102,718||138,892|
|Total current assets||988,383||958,305|
|Property and equipment, net||464,122||505,485|
|Intangible assets, net||189,094||272,263|
|Deposits and other assets||9,358||19,744|
|Accounts payable and accrued expenses||$||895,902||$||858,709|
|Accrued compensation and related expenses||391,438||217,432|
|Convertible debentures payable and accrued interest, net of discount||390,471||1,304,419|
|Current portion of related party notes payable||96,000||96,000|
|Total current liabilities||1,773,814||2,497,408|
|Related party notes payable and accrued interest, net of current portion||1,277,546||1,321,664|
|Total stockholders’ deficit||(1,400,403||)||(2,063,275||)|
|Total liabilities and stockholders’ equity||$||1,650,957||$||1,755,797|
Since 2008 and for the first time in history, more than half of humans live in urban areas, urging cities to become “smart.” Today, cities can leverage the wide availability of smartphones combined with new technologies such as Beacons or NFC to connect their urban furniture and environment to create citizen-first services that improve transportation, way-finding and information delivery. In her session at @ThingsExpo, Laetitia Gazel-Anthoine, CEO of Connecthings, will focus on successful use c...
Mar. 3, 2015 04:00 AM EST Reads: 2,962
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, includin...
Mar. 3, 2015 03:30 AM EST Reads: 2,596
The Workspace-as-a-Service (WaaS) market will grow to $6.4B by 2018. In his session at 16th Cloud Expo, Seth Bostock, CEO of IndependenceIT, will begin by walking the audience through the evolution of Workspace as-a-Service, where it is now vs. where it going. To look beyond the desktop we must understand exactly what WaaS is, who the users are, and where it is going in the future. IT departments, ISVs and service providers must look to workflow and automation capabilities to adapt to growing ...
Mar. 3, 2015 03:00 AM EST Reads: 696
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impac...
Mar. 3, 2015 02:00 AM EST Reads: 3,088
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of present...
Mar. 3, 2015 12:00 AM EST Reads: 3,028
Platform-as-a-Service (PaaS) is a technology designed to make DevOps easier and allow developers to focus on application development. The PaaS takes care of provisioning, scaling, HA, and other cloud management aspects. Apache Stratos is a PaaS codebase developed in Apache and designed to create a highly productive developer environment while also supporting powerful deployment options. Integration with the Docker platform, CoreOS Linux distribution, and Kubernetes container management system ...
Mar. 2, 2015 11:45 PM EST Reads: 770
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, will analyze a range of cloud offerings (IaaS, PaaS, SaaS) and discuss the benefits/challenges of migrating to each of...
Mar. 2, 2015 11:30 PM EST Reads: 747
Cloud data governance was previously an avoided function when cloud deployments were relatively small. With the rapid adoption in public cloud – both rogue and sanctioned, it’s not uncommon to find regulated data dumped into public cloud and unprotected. This is why enterprises and cloud providers alike need to embrace a cloud data governance function and map policies, processes and technology controls accordingly. In her session at 15th Cloud Expo, Evelyn de Souza, Data Privacy and Compliance...
Mar. 2, 2015 11:30 PM EST Reads: 752
As organizations shift toward IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection &E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his session at 16th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Partnerships, will disc...
Mar. 2, 2015 09:45 PM EST Reads: 637
Hadoop as a Service (as offered by handful of niche vendors now) is a cloud computing solution that makes medium and large-scale data processing accessible, easy, fast and inexpensive. In his session at Big Data Expo, Kumar Ramamurthy, Vice President and Chief Technologist, EIM & Big Data, at Virtusa, will discuss how this is achieved by eliminating the operational challenges of running Hadoop, so one can focus on business growth. The fragmented Hadoop distribution world and various PaaS soluti...
Mar. 2, 2015 09:30 PM EST Reads: 672
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch ...
Mar. 2, 2015 07:15 PM EST Reads: 829
VictorOps is making on-call suck less with the only collaborative alert management platform on the market. With easy on-call scheduling management, a real-time incident timeline that gives you contextual relevance around your alerts and powerful reporting features that make post-mortems more effective, VictorOps helps your IT/DevOps team solve problems faster.
Mar. 2, 2015 05:00 PM EST Reads: 1,313
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, will discuss why containers should be paired with new architectural practices such as microservices ra...
Mar. 2, 2015 04:00 PM EST Reads: 1,526
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been ...
Mar. 2, 2015 04:00 PM EST Reads: 1,370
HP and Aruba Networks on Monday announced a definitive agreement for HP to acquire Aruba, a provider of next-generation network access solutions for the mobile enterprise, for $24.67 per share in cash. The equity value of the transaction is approximately $3.0 billion, and net of cash and debt approximately $2.7 billion. Both companies' boards of directors have approved the deal. "Enterprises are facing a mobile-first world and are looking for solutions that help them transition legacy investme...
Mar. 2, 2015 04:00 PM EST Reads: 769