Cryoport Reports Results for the 3rd Quarter 2022.

NASHVILLE, Tenn: Cryoport, Inc. (NASDAQ: CYRX) ("Cryoport" or the "Company"), a global leader in temperature-controlled supply chain solutions for the life sciences industry, today announced financial results for the three- and nine-month periods ended September 30, 2022.

Jerrell Shelton, CEO of Cryoport, commented, "Like many companies that operate globally, we were subject to macroeconomic headwinds during the third quarter and expect some of these pressures will extend into the fourth quarter. Specifically, during the third quarter, we experienced a convergence of macroeconomic pressures that impacted revenue including: a negative foreign exchange impact of $2.6 million due to the increased strength of the U.S. dollar against certain foreign currencies; recurring COVID lockdowns in China; supply chain related issues; the Russia/Ukraine war and its ripple effect throughout Europe; and industry capacity limitations, which interfered with cell and gene therapy commercial revenue acceleration.

"During the third quarter, we also saw a shift in cryogenic freezer sales through distributors to smaller, lower cost units as customers became more reserved in regard to capital purchases. Like any company that sells a broad range of products, we expect to experience some level of order variability during any given quarter. However, the shift in the third quarter was sharp and is likely tied to concerns about the general economic environment. As of now, we see this purchasing trend continuing in the fourth quarter, but we remain confident that the life sciences market fundamentals are sound and will continue to drive long-term demand for our comprehensive set of products and services.

"We have not seen erosion in demand from our key cell and gene therapy customers as Cryoport Systems grew over 25% year-over-year and as we continued to increase the number of clinical programs that Cryoport supports, adding another 17 clinical trials during the quarter, bringing our total to a record 643 global clinical trials. However, the impact from the previously mentioned macroeconomic factors affected other parts of our business and prompts us to reevaluate our annual guidance for 2022. Based on these factors, we are now anticipating full year 2022 revenue to be in the range of $232 million to $238 million.

"Despite these headwinds impacting our second half 2022 performance, we remain positive given the persistent demand from our target markets. We are optimistic about further advancing our leadership position in providing temperature-controlled supply chain solutions to the life sciences industry and expect to resume our overall growth as macroeconomic conditions subside and as our new products and services launch in 2023. We continue to position ourselves for anticipated rapid growth in the cell and gene industry, through product and service developments including our newly commissioned Cryoport Systems Global Supply Chain Center Network, the expected launches of the Cryoportal(r) Logistics Management System 2.0, SkyTraxTM, a revolutionary condition monitoring system, the CryoSphereTM, a revolutionary Elite shipper that reduces shipping risks for cell and gene therapies, new model launches of MVE Vario(r) and MVE Fusion(r) freezers, and our Direct-to-Patient service over the next few quarters. These new products and services are expected to further expand our market presence, create new future revenue streams, and enable us to support the growing number of commercial cell and gene therapy products more broadly.

"Our efforts to...