LAKE FOREST, Calif., Nov. 12, 2014 /PRNewswire/ -- Cryoport, Inc. (OTCBB: CYRX) today announced financial results for its second quarter and six months ended September 30, 2014.
Recent Operating Highlights
- Generated 65% revenue growth to $1.8 million for the first six months of fiscal 2015 ended September 30, 2014 compared to the prior year
- Secured a collaboration agreement with UPS that enhances their temperature-sensitive offerings to the healthcare industry
- Deployed the “Regenerative Medicine Point-of-Care Repository” solution for Liventa Bioscience’s AmnioClear® LCT therapy to orthopedic clinics in the U.S.
- Engaged the Broekman Group to enhance logistics and operational support in Europe
Six-Month Financial Results
Cryoport’s net revenues increased 65% to $1.8 million for the six months ended September 30, 2014, as compared to $1.1 million for the same period last year. The increase was primarily driven by growth in overall demand within the Company’s existing client base and the addition of new clients using Cryoport Express® Solutions as compared to the same period in the prior year.
Gross margin for the six months ended September 30, 2014 was 32% of net revenues, or $0.6 million, as compared to gross margin of 12% of net revenues, or $0.1 million, for the six months ended September 30, 2013. Cost of revenues for the six months ended September 30, 2014 was 68% of net revenues, or $1.2 million, as compared to 88% of net revenues, or $0.9 million for the six months ended September 30, 2013, which illustrates the operating leverage in the business model as revenue continues to ramp.
Net loss decreased by $13.6 million to $3.7 million for the six months ended September 30, 2014, a 77% decrease compared with a net loss of $16.3 million for the six months ended September 30, 2013. The net loss for the second fiscal quarter last year included a debt conversion expense of $13.2 million.
Three-Month Financial Results
Net revenues were $0.8 million, a 42% increase for the three months ended September 30, 2014, as compared with $0.6 million for the three months ended September 30, 2013.
The demand for cryogenic logistics solutions in the life sciences industry and an increase in our client base were the main contributors to the growth.
Gross margins for the three months ended September 30, 2014 was 27% as compared with 12% for the three months ended September 30, 2013. The increase in gross margin was primarily due to the operating leverage in the company resulting in improved economies of scale as revenues increased.
Net loss decreased by $13.6 million to $1.4 million for the three months ended September 30, 2014, a 91% decrease compared with a net loss of $15.0 million for the three months ended September 30, 2013. The net loss for the second fiscal quarter last year included a debt conversion expense of $13.2 million.
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