Home Financial Markets Cryoport Inc. (NASDAQ:CYRX) stock surged in the current trading session; here’s why

Cryoport Inc. (NASDAQ:CYRX) stock surged in the current trading session; here’s why

At last check, in the current trading session, CYRX stock surged by 11.28% to the price of $61.45. CYRX stock closed the previous session at $55.22. The CYRX stock volume traded 0.45 million shares while the average 3 months trade volume has been 470.04K.

About Cryoport Inc.

Cryoport, Inc., is a life sciences services company that specifically focuses on providing logistics solutions. These logistics solutions are primed for temperature control. The company’s operations are active in the region of America, Asia Pacific, Africa, Middle East, and Europe.

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The company’s logistic solutions are diversified enough to provide cloud-based services for its clients and the management platform provides support for shipments; order entries, sorting and creating documents, preparing customs paper, courier management, monitoring shipment in real-time, shipment tracker, essential compliance papers and process for regulatory requirements.

Cryoport Inc.’s product offerings

Cryoport Inc. also provides ensured shipping of the biologic commodities that require temperature-controlled stability and refrigeration. This service is known as CryoPort Express Shippers. The company also provides verification processes to biopharma Company through Cryoport Express Advanced Therapy Shippers. Cryoport Inc has vacuum insulated aluminum walls and cryogenic freezers system in the SmartPak Condition Monitoring System that monitors and providers dashboards and validation documents for shipping.

The company has provided its services to a wide client base which consists of medical, biopharma, and medicine markets.

Cryoport Inc. announces the financial result of Q1 2021

On 5th May 5, 2021, Cryoport Inc. announced that it has released the financial result report for the first quarter of the year 2021. CYRX has seen a massive spike in its revenue and was developed as the company was expecting. CYRX stock has been leading the market for controlled temperature supply solutions. The earnings call was held on 4th May.

Cryoport has a massive expanse of operations in 32 locations and a diverse range of product and service offerings provided by the life-sciences Company itself and a family of acquired companies.

Here are the financial highlights of the company’s activities;

  • Total revenue of CYRX stock for the first quarter 2021 increased to $53.3 million which is a 445% gain from the first quarter of 2020.
  • Biopharma received a boost of 383% to $42.4 million as compared to $8.8 million in the first quarter of 2020.
  • Animal Health revenue saw a 3,893% gain to $9.0 million as compared to $0.2 million in the first quarter of 2020.
  • The Reproductive Medicine revenue increased to $1.9 million compared to $0.8 million in the first quarter of 2020.
  • Operating costs and expenses increased of the company had increased to $25.7 million compared to $8.8 million in the first quarter of 2020.
  • CYRX stock had an adjusted EBITDA for the first quarter of 2021 equal to $7.0 million which is an $8.8 million increase over the prior year’s first quarter.

The company announces that it will focus on gene therapy and cell market rather than pandemic support

With the pandemic, there is a surge in the requirement of freezers for optimizing cold temperature for the vaccines during shipping however the company has stated that it is not focusing on the covid-19 pandemic support in its biopharma portfolio and states that pandemic support agreements have contributed insignificantly. Cryoport will mainly be focusing on the growing cell and gene therapy market for the year 2021 and ahead.

 

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