Cryoport reports Q3 EPS (2c), consensus (29c)

Reports Q3 revenue $56.66M, consensus $58.04M. CEO Jerrell Shelton remarked, “Our Life Sciences Services business showed 9% growth during the third quarter, with BioStorage/BioServices revenue increasing by 12% compared to the third quarter of last year. The increase in our services revenue was coupled with a substantial improvement in gross margin to 46% for our services business. Reflecting on our performance through Q3, we are maintaining our full-year revenue forecast of $225M-$235M, anticipating continued growth in our services business while acknowledging the ongoing softness in product sales. We have been actively executing on our cost reduction and capital realignment strategies and we are currently on course to complete these adjustments by the year’s end. These actions are already showing positive results, as evidenced by the improvement in our gross margin, adjusted EBITDA and positive cash flow this quarter, moving us closer towards our objective of sustainable profitability. We believe that these measures will lead us to a return to positive adjusted EBITDA during 2025…We believe that we are strategically positioned to leverage the anticipated long-term growth in the Life Sciences and the Cell & Gene Therapy market through our comprehensive and integrated supply chain solutions.”