Cryoport (CYRX) 3 Nov 222022 Q3 Earnings call transcript

Good afternoon, and welcome to Cryoport's Third Quarter 2022 Earnings Conference Call. All participants will start in a listen-only mode.

As a reminder, this call is being recorded.

I would now like to turn the call over to your host, Todd Fromer from KCSA Strategic Communications. Please go ahead.

operator. you, Thank

we today, are this begin team. available statements like remind assumptions statements. on developments to address the not occurring Before are and on future call I our management's contains to that forward-looking that or events conference operating forward-looking All currently or certain everyone management anticipate our in statements we These performance, would expect based forward-looking information that and statements. beliefs

forward-looking statements these reasonable management as made. that Our team when are and believes

should not otherwise, of statements revise made. or obligation you information new as the only place However, any any undue events update result law. by required we such because as any or future reliance forward-looking forward-looking We date except speak undertake publicly on do statements, not such or whether statements to a of as

certain Factors statements projections. but other our uncertainties those events file the and elsewhere those in limited Securities developments to from to In and differ actual to, Exchange are our addition, C expectations could subject and results, from risks Risk uncertainties forward-looking include, cause time risks the on experience and and filed we XA, present and Item and materially report Commission in our Securities to time Commission. described reports Form XX-K which described not in are that annual These with historical or and with

Jerrell over the Mr. call It floor the Shelton, Executive is yours. Officer my to pleasure Cryoport. is to Chief of Jerrell, turn

Financial and Thomas Dr. President and Chief this afternoon Vice our of Sawicki; gentlemen. Officer, appreciate Chief joining us call Heinzen. afternoon, our Corporate earnings today. and ladies you, our our Mark With Relations, Development Scientific Robert Stefanovich; Good Investor We Todd. Thank Officer, is you

performance recent and and document provides operational website. outlook. business our in a review Events to As third of a can in under found Relations we our It the financial section. our Investor This Presentations be have review a quarter and general uploaded reminder, document

to you've and we I to it. update your will a go I to will read website the then not to business, brief on you move had download answering it, your and the a questions. If chance on would encourage provide

this the units geographies. demand reflecting Last many We quarter companies strong and I that globally, that quarter, third impacted macroeconomic Unfortunately, delivered solid call and of that in revenue. XX% ranging on impact. were currency with quarter quarter report with like revenue a experienced all business their a we began basis. another across I pressures quarter, operate or wide They XX% constant must convergence increasing second our abrupt

X% total for the XXXX. million, quarter, to For the an $XX.X million reporting increase third we third quarter of compared of are of revenue $XX.X

of the aforementioned our have all factors mind, With guidance. we in reevaluated

range with in is million million, $XXX decrease Our the of from to year of now guidance a full XXXX guidance. approximately XX% for $XXX previous

We total we given aspirational our since reevaluating that million have that goal. million the the of goal all $XXX $XXX exchanges, the also occurred you of XXXX, revenue changes provided are all by end to in

business potential we as the aside, Short-term greater in by of are MVE have thing pressures our which markets, serve who a million $XXX solid impact with cash deliberate CryoPDP believe I'm company and of people of Biological that know one these growing our and reached sorry, We consideration is highly of manned we Solutions to Cryogene. motivated issues units is than conclusions mission exposure and $XXX these or systems manned after that on Cryoport international nascent. million healthy cash dynamic and have target

publicly sciences outlook on have and and platform markets and The business the our that are we remain of cell further gene our disclosed, initiatives working its market. many is Despite commitment stronger in chain leadership science development in and deliver initiatives our focused essential underway. our never others is so that positive, and our of further target team serve. strengthening Cryoport given and our had half markets, the these has advance the XXXX position life diligently of never supply we life-saving second The commitment dynamic resolute foregoing impacting second are headwinds we solutions support none. therapy growing been the performance, been to company positioning to serving our us and life business to

continue value and shareholder and headwinds, remain and grow solid, despite to ability times remain expect bad. to and Our confident our prosper we any markets growth through Cryoport's prospects to good short-term we in increase Cryoport long-term

team, continue a we will As to forward. move

excuses not issues any or accept affect We internal performance. that external will for our

are the and make adjustments that times efforts. more a will efficient weather because come needed of much necessary near-term stronger, our these strategic organization to much out We

advantage the and see Our we'll through as ourselves take and attitudes team as are us preactions of we XXXX for in work position long-term opportunities short-term ultimate importance and to dedication of to continue any growth. obstacles

to Now will happy may questions we have. open lines for the any you be

Operator?

question Of our with ahead and from course. first And go SVB Souda Securities. [Operator we'll Puneet take Instructions]

Hi question. Shelton Mark and thanks for my taking

a the what wanted think MVE. future? wonder you I wondering growth. growth before now. I looking could contemplating I you start was you're if China type of and I how impact quantify with mid-teens talked also I you know in shutdown the about the to see the

MVE part CFO, of going It's a and our I'm company Stefanovich. some in the There it's solid term, a long answer solid Robert question to is and then turn is to variability solid. quarter-to-quarter. market. But Well, it

And so course, creates there of a variation.

very very of If MVE, there's is I cyclicality, slight the at slight seasonality. history look long-term there

by leaves to economy. customers. a the uncertainty about market our the leads a concern the in about that conditions and that conclusion the concern us There's there's So me

turn And I think term, to that short for Robert. short-term the specifically lived. it be will I'll then financial impact, for

of maybe couple MVE. comments Yes, on just a

that business like lead did currency. have bring comprised us and for and our growth the revenue, by revenue about product constant guidance a year and full we So identified, down couple MVE, which business. increased by XX%, are X% there X% you capital that of look to a on of that uncertainties MVE One, specific if a units. expenditures and had that a year-over-year some the believe really, drove identified for we really that. MVE And But cryogenic larger of for the has markets, really the curtailed in towards economic we capital the on smaller impact disruption by systems and that, the the the because customers items MVE's freezers is

half of year, second And million probably had of expected about for XXXX that second the for $XX impact the half.

facility our And shutdowns The second related MVE. China. in actually, first Chengdu for time, for component manufacturing to reoccurring the the this time, is impacted

for And for the about half for XXXX. second total in expected to the that impact be so is $X.X million

beyond. So looking QX we're impact of and XXXX and QX the at not specifically on

guidance that on results. full provide on our will year when We report we additional

it. enrollment. number see gene cell more then my heard biopharma of if in delays tool wondering was question Got spending the happens impacts And cautious continues anything therapy their company about being do for pipeline, the there? to and I grow. if future next pipeline trials. another with from to you clinical see trials I with with also And the capital we

visibility wondering I'm any that's have on. something if you

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any pausing And any slowdown clinical about was or we're it seeing if trials... So

Yes.

I'll apologize, just I reiterate So here.

you activity robust strong. very, still We're clinical clinical III from trial to projects. trial see So a with very very programs up space the XXX XX standpoint, continues activity. Phase to Clinical in be

clinical from very lot have Our see robust money a raised down comfortable At portfolios. in slowing not extremely they're are in point of portfolio their time, a activity investment and this position, and clients cash we their

at just if you of year-over-year, Cryoport Systems you commercial in it's look what on emphasize revenue XX% Clinical in said, Yes. And is excess at overall then revenue, XX%. revenue if excess XX.X%. to trial Mark of is the look growth

Systems is of as cellgene So the business reminder, is XX% revenue, to biopharma that related a to strong. total big and is a and of core portion market. of And that pharma related the very Cryoport

UBS. our And we'll move to go John ahead Sourbeer on next from with question and

run some some shifts additional quarter? seeing to there just the you're customers wondering of distributors? other the smaller you the the the you was could And could that guidance, on in if I fourth the from maybe color through FX for of outlook provide assumptions any

just Maybe few a add can I to Yes. comments it.

in As spending the well. as I mentioned second half of in expect see it earlier, uncertainties current think and driven QX the customer by that started is a I economy. QX, we and the the change what big in that we into portion move Is to market that

freezer that million mentioned half. MVE's so and the does business, impact about second $XX And for we certainly

invasion Europe at part of If large is Russian Ukraine. and you by really which driven look in the

and as and for onboarding well mentioned new specific down year. business mostly the shutdowns rely I $X.X seen two in of COVID a a And non-cell was the which gene to to region an in well in for in on on impact two-week European in studies haven't about shutdown one million the business. is Eastern of bit there. on new primarily again, One, related logistics once than half impact alone general the shut about that lanes of weeks slowdown CryoPDP little the as therapy the as then plant the the was MVE's the region and the for China APAC Chengdu, really some volume China. for trade enrollment Impact as, be fact, our delays more expected manufacturing second there for trials, heavily and clients, We CryoPDP's APAC

of negative many rates. have exchange some our revenue the then And impacted And about that's foreign we the currencies. like foreign obviously, in So of are XX% main by pieces. companies, we

X.X% $X we the $X.X of expect and this about be or have to quarter, in the for year. for We on around third revenue quarter impact million fourth million

sounds opportunity of that way there? the kind I frame a like the relationship XXXX guess Takeda revenue just opportunity. relationship And with to that's Any with

studies, look not and saying different for just build-out We're now. community overall And the care it folks upwards does really We're provide population collection cryo access eligible required. that and if have the that's because getting about also out at processing. is apheresis that patient today. actually XX% care and really significantly of opportunity of right excited platform setting are setting the it pushes lot that do There's community a of an extremely into in established standardized out you Yes.

little a by get excited first a the it, two in it's contribution wouldn't look and QX obviously time year. going will next too much take standpoint this impact quite established. to but I of quarter we're or some bit So to have in QX from

at quantified point this haven't that We

a for need therapies at Systems we huge Cryro the initiative. a of but the Support, see for we you look need specifically And just the a where more And XX% few see that's things the that initiatives, mentioned for clinical point we those And obviously, when XXX you this business relationship about trials, as the be autologous and looking even trials or going maybe to triclinical therapies. allogeneic out allogeneic are is at well, significant. for that trials will to need there's

cell is an I completed Cryoport piece. initiative So to acquisition integral that competencies this revenue the part just for additional we as expanded for the And Matters for wanted expand as add establishing that well capture then Cryoport. in

on end. one And here my then last

You goal. you're an aspirational timing Any on the that? when had could update there on we mentioned reevaluating expect

quarter guidance you our on for and guidance when and fourth we the We'll give giving as as aspirational well XXXX. report Yes. goal

to question from Brandon Couillard with Jefferies. We'll our move next on

Any already late. I a question the the bit thanks I you a on up change the some lay But apologize on taking Jerrell willing of assets of given in any asked. This and months . deals , of landscape? give kind to my over for us Brandon last appetite entertain? you'd jumped is loosened I size have can land little M&A kind if just that the on or of might types macro your headwinds, few be

of the opportunity. there any, the good that if it environment, the about is No. more creates things one Actually, are

We at effort our haven't candidates. acquisition looking intensive appropriate stopped toward

our cash And so sheet. we will on $XXX of million fortunately balance continue have that. We

position weather to recession. upcoming a in good this We're

And so continue. we

a and we sort We to continue have through robust pipeline, it.

if impending you talk any that into point with kind we on levers up choppier have head can picking Robert, maybe protect help of recession kind to you choppy even And you're taking macro of P&L there. last times the or actions ahead? about

in and prudent that, terms cell space. want utilize customers a filings expected lot we're Well, we our transparency really Having to BLA have MAA to are. certainly said the capital. We of how terms I what redirect going, therapy obviously where our the are gene in of of

significant are a Phase that If really for of of supporting, have demand driver have for there's going we be so for number supporting, you that's the of because trials lot software trials initiatives these going revenue look in to in that significant the for And we Cryoport. at and main clinical it's a we're the and Cryoport to the XX III innovation we'll that programs technology, be business terms shippers. invest some of continue we the really driving to new solutions

prudent very want of that will Jerrell apply We but strong So be cash. the yes, leverage to that a We we in want how sheet, terms maintain lies we as also have to we mentioned, strong we sheet. our balance balance ahead of us. opportunity

we could little to bit, add No, a Brandon, we too. could that just Brandon,

the on cryro the is complemented quarter an by is in CryroPortal the gives of radio world the a and next be an of We is We've extensive And have data that by X.X on. system, X.X. revolutionary any a and initiatives to year software seen management the the that's condition One that competition. edge fed end you've monitoring us that into this collecting first Scouttrax, lot back year. that previous calls, rest reported the on upgrade of Portal that it's is we've system, of been which a at fruition logistics working of they'll coming and

that be nice thing third and going And as uptake soon it as then variable freezer Vario we of up other XXX% rate and have Then completed, our MVE. through the final giving great two dial customers. announced minus on its you And we to at is words, XX from new cryosphere will is cryosphere, can a Verio that's expect These market the CryoSPHERE. models up flexibility to to is In freezer. Fusion a validation. are

that but does Fusion the coming model and laboratories feeds Asia go to time, unit a fourth time. EMEA And continues the so We one charge on nitrogen have single whole we of through it with long up every tanks another it and checking open throughout you and a plumbing world then liquid a nitrogen require the it is market doors, operate a years, actually model forth, not and second many Fusion suggest for floors. liquid in and will are and from that and fusion third Pac out because segment that and will five new

going allogeneic And come to then the this in product that as United to need pharmacies States, market. hospital are products they're

to but alpha well that's that going well the expect just on have be stage, perhaps that play is have and cryoPDP We [indiscernible]. undertaken. allogeneic we Europe role and a direct-to-patient to that as we initiative successful initiative Takeda and in of Then autogas, BioLife in being certainly course, in a as the delivery as

of we tell production, mature therapy. leukopak But gives collection And the huge as better excited promise gene looking then, the CryoPDP U.S. a I to that two us. we're and first and are course, given for pressure the how you they three apheresis not vociferously. mean, the mentioned. which for for has that out material, It's cell one or and I in can't as with starting and I are ability operation, about industry that us rolling

not market the CryoPDP, building and operation. couriers. in U.S., to of is a as you and gene has been which that we're in biopharma in cell course, the has the third market most biggest we're of been moving been world, cryPDP know, and other out has that therapy, important then, And historically displacing the here. developed the some It's the strong

that we going us So lot a great confidence. gives have on

Yes.

equity already me and initiatives of last put the couple resource these of mean the all years. we've just Let I and Swine over add.

able a another investments robust space year organization another year, potential tremendous earlier made for next pipeline gene outcome this which two filings of expansions, for obviously the in there's And those because the and and fact, accelerate. benefit reason to to portend upwards approvals going a as line product a whole. XX of cell we've these indications, and opportunity to from is our that we're be obviously, continues the So

color all Thank that you. Appreciate

our David question We'll to move with BTIG. from on Larsen next

also much think and headwinds you occur, of revenue I really sort sounds coming me like limited MVE are Can to please purchases me PDP, mean which you're of systems capital sort where the is then remind cryo how facing large MVE, from I Cryogene. large Cryoport the the freezer is roughly to it items.

makes sounds of growth the But me be to in pretty through kind could good from if divisions, me. helpful each that other sense are sort rates you divisions. So run of of it dollars those coming because would really of these just some like the that

headwinds just top more headwinds affected in the release Ukraine over the are war, in going I'm things lanes facing War. to that the That we that Ukrainian for our But one and headwinds Russian the moment. briefing. a global Those Ukraine or XX turn include the of the Robert in put press CryoPDP. we're David, to like

lost because it in we part and volume no that fact, in world. that In there the of trials are lane because conducted are right there's now affected

Europe headwinds, conditions of people today United are are that about, not so the the approach. in in than the they worse how thinking broader but knowing are economic The the recession to oncoming actually States. actually

So you headwinds. those turn bigger specificity. Robert, that the over And to of are for I'll some

Yes.

right terms larger the statement and freezers. shift you're Just your MVE that I of from about initial mean, in

into significant QX and in that as has expect to we impact a So certainly well. QX, that continue

However, cryoPDP was also impacted.

in infrastructure you recall, may CryoPDPis a Pac. Europe in and As and presence has very Asia strong

lesser and the because been notable impacted regions COVID Russia, those because on Ukraine, a no certainly, has the to impact of on business business. extent systems much really Cryogene of by And impacts their Cryoport

the look you vast at majority is and don't service provide the CryoPDBCryoport revenue, a units. the is what of combination MVE business services But Systems down and only revenue is we and into is revenue the Cryogene. break and MVE revenue product if you product Now really can I

you It's revenue So the if for million of X%. quarter, at up down year-over-year, sequentially. the look $XX.X services it's

currency, XX%. But if year-over-year you actually constant look at up it's

the systems some quarter. of bit over of XX%, CryoPDP the Cryoport which somewhat is the XX% experienced impact the So have increase third roughly of by you offset a little or in

revenue, product the down just the of X% it's year-over-year For that's mentioned. of it's because a items I increase, and sequentially,

Okay.

to the their can that Like like revenue, freezers. and freezers, assuming, I'm large they've in So lower store point? put to the product at we looking patient smaller product at price shifted There's Like the inject are the me solutions a the around these mainly are just these hospital? likely you purchasing these therapy the I gene we the okay or facilities, with Cell they no, saw can buying member mean there, hospitals

That's we sell through David, sell no we distributor an a MVE, network.

absolute most But is can control we clients. likely our is capital have you capital what of spending and smaller that by toward visibility. we is the expenditures So think don't tell we units skewing a

doing So to when larger a they can that. van a unit smaller unit, we they're than think more

also the are freezers of smaller know start-ups that think the those We but there number two use usually drivers. and primary we a start-ups are

assets. units hospital other Let institutions, a governmental long-term going into purchased, they're go are large the it's those which steel arm, vast that predominantly largely pharma, unless institutions, environments storage, are stainless go into a which large academic That's They with me teaching manufacturing the and larger research add are placed. where don't just and into development units, get these of majority hospitals, but the contract biotech,

so year-over-year, is XX% elsewhere. actually like this what only consistent with clinical Okay. with it has across trial the this up consistent They're looks channel right.. is we've CapEx we've the seen. are plus what And is fine. My under been volumes there seen pressure then thought

Yes.

up terms But the So number volume perspective, is XX% revenue XX% revenue is from the clinical up trial year-over-year. a clinical trial in actually of

Company. Saxon We'll next David take question our & with Needham from

have late asked. any call, questions the apologize But David hopped described, from should I low single-digit been on into I mean, challenges. the think But I so of I if mean business short-term to headwinds that, XXXX? And asked, seems sound about you growth don't we question, that these first showing fundamentals. strong be the fourth like to another my underlying growth. is quarter how I get Larsen

think about out XX% us revenue a framework, help of with kind growth. we So how should

been our our we We'll into David, lot's we has Yes, answered. consideration. also question give when that you A give at guidance And guidance need We that aspirational to on will fourth take time. goal quarter. now. happening revision report right

it's Okay. anything units. you're I And But seeing, is smaller that worried gives asked. just dynamic point greater and guess, smaller coming hasn't in skewing then on us their about to money can saving that competition to confidence and customers been really hopefully, the this you budgets that a to that, units degree,

but give you not and an analogy, analogy. analogy, I'll it's perfect it's an a David,

consumers when a like they quit they you If they're doing, the stop buying go they go go this what sedan. VMWXX series the or the buying prices and consumers, think isn't into people up, it's about and gas Chevy to but an three escalating and

here, have you going purchases us to with customers capital units. So larger from smaller

just from buying still us. buying that they're So they're unit. It's a smaller

look units, it's revenue that So okay. you sale, But look if when sense? per at at down. make you it's Does

one That leave in. squeeze a Prague also third And then I does. where can levels at it update on an production the Chengdu MVE new those the Hi there facilities? and two facility, I'll for just maybe Maybe facility And

Okay.

you number our shutdowns has of in there. there's in China. from affected I that In we've manufacturing couple on have a shutdowns but over in districts, weeks impact, a certainly China, have we had recurring that can various terms of of rolling comment And lasted Robert been folks can come us financial that, which tell and our

at is that New It's at doing that that continues issues prague, well. do all. we're I working to reduce PRAGUE don't and have It's We sizable. a well New any have is recovered. mean backlog. I vigorously with backlog

Riley with Zhi Yuan Securities. next B. We'll take our question from

couple We have of them. a

the of on to XX% about revenue by the that commercial XXXX. products cell the increased gene we those of therapies, quarter third and compared first, saw year-over-year So

that Cryoport up between Is this the doesn't part was commercial market... from revenue these Cryoport's what's from However, everything two missing therapy you us Can because segment understand it from capture XX%. numbers? help

a I Can guys. little repeat Sorry, that of drop You you on me. that. bit it? part missed

Yes...

Sorry.

increased So was revenue of the segment, XX% gene they for the Cryoport's compared therapies, and this cell to year-over-year XX%. the third XXXX. up from commercial quarter commercial therapy

help what's product? you between two because Cryoport it of didn't missing So us can everything in the numbers? capture commercial understand these Is

Yes.

did commercial from will commercial significant confidence cell to our have therapy as revenue you're QX on progress. year-over-year. market. of customers made and lines therapies our to therapies the yes, of gene and therapies well got our commercial revenue, continue right, our months first We've introduce that a to their new So as review, And continue this seven outline raise do in as did that the ramp six basis and XX% our we MAA customers global as significant earlier filings We ramp are year. making and year filings nine BLA this more

have in more two the we that approvals we commercial quarter. potentially And also expect fourth noted

directly actively of forecast receive a our from we So work customers to on lot and internal forecasting.

quarters. commercial do So the in coming progress to we the anticipate continue growth and in see space significant and

Okay. Got it.

change the Can it maybe guys segment. way. a logistics in in services in market different MVE share ask comment So cryogenic you the on and

Well, just back to second. one go that Yes. so

have XXX% we client still clinical record we all and to that every to converting let on know, we track you single commercial support Just of pipeline commercial have, our a

Thank... Yes.

global don't any and added as MVE I think share that change MVEs we for market and in believe you MVE well, business. there's

taking it. yes, Got questions thanks And our for

you. Thank

And take Johnson next our from question and we'll go with ahead Jacob Stephens.

question. strategic Maybe a higher of level first, kind

some kind what transporting with done. about on the product was lot going like other focused of about think the starting were legacy in an in? you'll about to drug capabilities final seems you to Company, the manufacturing into we of drug maybe area Cryoport history this as of Takeda forward, we It a M&A you've things the think continue I think or partnership add workflow. As you're move partnerships substance of Should and that's

No. No.

strategy in CDMO to not or the of that nature. to not be It's manufacturing. anything is be Our a

the essential supply chain to Our sciences. platform strategy supporting is life the build

Yes.

Let me that. to add just

supporting it's around is standardized the focus contract for is it chain business on end as these the This basis. So a Jerrell a an manufacturing around collection view collection what and patient and/or the of industry. considerations manufacturing relates from all out both of and the building elements headache to entire basis. global accessibility we a And processing activity of product partners supply huge around our internal

due we're trying by to the which those and missed that centers. to better manage scheduling quality, along the optimize lines. reduce the of their to them And product to provide other programs into of manufacturing same vehicle importantly, the care to things community number to considerations goods most slots problem are through improve are patient access these vast cost The and extend right the pushing all setting. of the that now to is majority out teaching paradigm

they're for the so same for competing same And infrastructure. They're competing patients. the

ability. in a conjunction And us this the team that infrastructure so which Takeda out with building extend provides vehicle by to and standardize

chain view supply it we extension a So as

MVE a pieces on Okay. moving number sense. then been makes of just there. there's And That

you questions, Just more that asset should I of to about can. we guess normalized a couple growth? think if When returning

year, of areas? pieces the And other you And think into given just of some do visibility what that have looks thing, you the And like? other then you do versus this how maybe think there much you that's that lot growth through moving a distributors. noted business

is we visibility the limited the we Our that of also documentation. distribution other the because that our in we've impacting And headwinds market that network. know outlined things many are

that when business thing. move We'll apprised on to that as visibility along. just the have don't mix we sort returns I of and So keep you changes

along. we intelligence gain and working insight we'll more through are move as it, more We and

Jerrell Got it, thank you

that, any closing questions. have turn remarks. additional like no to And call further or the with I back management for we would over our to

you your for thank and and operator, our you, questions thank Well, discussion.

experienced Cryoport Systems a a from external quarter target growth programs impacted that these gene short-term to we momentum challenge customers manufacturer we where cell revenue markets the and as demand In pressures was support. by the despite of summary, continued solid third of our by in number see plethora clinical and continue we demonstrated issues, primary economic increased evidenced

forward quarter look continuing We updating We XXXX on this our us for next to joining our progress you in want the appreciate to evening. we report we your and results. when interest again thank you company,

evening, you'll and have good very We thank much. hope you a

that participation. that, with And does for Thank your call. conclude you today's

You disconnect. may now