Cryoport, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Cryoport, Inc. filed its 2023 10-K report, detailing financial performance and operational data for the fiscal year ending December 31, 2023.</b>

AI Summary

Cryoport, Inc. (CYRX) filed a Annual Report (10-K) with the SEC on March 13, 2024. Cryoport, Inc. reported total revenue of $48,987,295 for the fiscal year ended December 31, 2023. The company's revenue for the fiscal year ended December 31, 2022, was $45,927,591. Operating expenses for the fiscal year ended December 31, 2023, were $48,334,280. Total assets as of December 31, 2023, amounted to $48,971,026. The company's fiscal year ends on December 31.

Why It Matters

For investors and stakeholders tracking Cryoport, Inc., this filing contains several important signals. This filing provides a comprehensive overview of Cryoport's financial health and operational status for the past fiscal year, crucial for investors to assess performance and future prospects. The 10-K report contains detailed financial statements, risk factors, and management discussion, offering insights into the company's strategies and challenges in the life sciences logistics sector.

Risk Assessment

Risk Level: medium — Cryoport, Inc. shows moderate risk based on this filing. The company's financial performance, including revenue and operating expenses, indicates a need for careful monitoring of growth and profitability trends as presented in the 10-K filing.

Analyst Insight

Investors should analyze the detailed financial statements and risk factors in the 10-K to understand Cryoport's financial position and strategic direction.

Financial Highlights

revenue

48987295

total Assets

48971026

Key Numbers

• 48,987,295 — Revenue (Fiscal year ended December 31, 2023)
• 45,927,591 — Revenue (Fiscal year ended December 31, 2022)
• 48,334,280 — Operating Expenses (Fiscal year ended December 31, 2023)
• 48,971,026 — Total Assets (As of December 31, 2023)

Key Players & Entities

• Cryoport, Inc. (company) — Filer name
• 10-K (document) — Filing type
• 2023-12-31 (date) — Fiscal year end
• 2024-03-13 (date) — Filing date
• NV (location) — State of incorporation
• Brentwood, TN (location) — Business address

FAQ

Industry Context

Cryoport operates in the life sciences industry, providing temperature-controlled logistics solutions for biologics and pharmaceuticals.

Regulatory Implications

The company is subject to various regulations governing the transportation and handling of biological materials and pharmaceuticals.

What Investors Should Do

1. Review Cryoport's detailed financial statements for FY2023.
2. Analyze the risk factors section for potential business challenges.
3. Compare FY2023 performance against FY2022 figures.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-13: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

Revenue increased from $45,927,591 in FY2022 to $48,987,295 in FY2023, while operating expenses were $48,334,280 in FY2023.

Key Financial Figures

• $0.001 — nge on Which Registered Common Stock, $0.001 par value CYRX The NASDAQ Stock Mar

Filing Documents

• cyrx-20231231x10k.htm (10-K) — 3669KB
• cyrx-20231231xex10d11.htm (EX-10.11) — 85KB
• cyrx-20231231xex21.htm (EX-21) — 25KB
• cyrx-20231231xex23d2.htm (EX-23.2) — 4KB
• cyrx-20231231xex23d1.htm (EX-23.1) — 10KB
• cyrx-20231231xex31d1.htm (EX-31.1) — 12KB
• cyrx-20231231xex31d2.htm (EX-31.2) — 13KB
• cyrx-20231231xex32d1.htm (EX-32.1) — 5KB
• cyrx-20231231xex32d2.htm (EX-32.2) — 5KB
• cyrx-20231231xex97.htm (EX-97) — 40KB
• cyrx-20231231x10k004.jpg (GRAPHIC) — 16KB
• cyrx-20231231x10k008.jpg (GRAPHIC) — 90KB
• cyrx-20231231x10k009.jpg (GRAPHIC) — 65KB
• cyrx-20231231x10k010.jpg (GRAPHIC) — 65KB
• 0001558370-24-003128.txt (&nbsp;) — 17422KB
• cyrx-20231231.xsd (EX-101.SCH) — 97KB
• cyrx-20231231_cal.xml (EX-101.CAL) — 130KB
• cyrx-20231231_def.xml (EX-101.DEF) — 412KB
• cyrx-20231231_lab.xml (EX-101.LAB) — 924KB
• cyrx-20231231_pre.xml (EX-101.PRE) — 709KB
• cyrx-20231231x10k_htm.xml (XML) — 3442KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 26 Item 1B. Unresolved Staff Comments 39 Item 1C. Cybersecurity 39 Item 2.

Properties

Properties 40 Item 3.

Legal Proceedings

Legal Proceedings 40 Item 4. Mine Safety Disclosures 40 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 41 Item 6. [Reserved] 42 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 42 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 53 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 54 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 54 Item 9A.

Controls and Procedures

Controls and Procedures 54 Item 9B. Other Information 55 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 55 PART III Item 10. Directors, Executive Officers and Corporate Governance 57 Item 11.

Executive Compensation

Executive Compensation 57 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 57 Item 13. Certain Relationships and Related Transactions, and Director Independence 57 Item 14. Principal Accountant Fees and Services 57 PART IV Item 15. Exhibits and Financial Statement Schedules 58 Item 16. Form 10-K Summary 61

Signatures

Signatures 62 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS References to the "Company," "Cryoport," "we," "us," "our" and other similar words refer to Cryoport Inc. and its consolidated subsidiaries, unless the context suggests otherwise. This Annual Report on Form 10-K (this "Form 10-K") contains certain forward-looking statements. These forward-looking statements involve a number of risks and uncertainties. These forward-looking statements can generally be identified as such because the context of the statement will include certain words, including but not limited to, "believes," "may," "will," "expects," "intends," "estimates," "anticipates," "plans," "seeks," "continues," "predicts," "potential," "likely," or "opportunity," and also contains predictions, estimates and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs of the Company's management, as well as assumptions made by and information currently available to the Company's management. Readers of this Form 10-K should not put undue reliance on these forward-looking statements, which speak only as of the time this Form 10-K was filed with the Securities and Exchange Commission (the "SEC"). Reference is made in particular to forward-looking statements regarding our expectations about future business plans, new products or services, regulatory approvals, strategies, development timelines, prospective financial performance and opportunities, including potential acquisitions; expectations about future benefits of our acquisitions and our ability to successfully integrate those businesses and our plans related thereto; liquidity and capital resources; projected trends in the market in which we operate; our e

Business

Item 1. Business Overview Cryoport is a global leader in supply chain solutions for cell & gene therapies that enable manufacturers, contract manufacturers (CDMO's), contract research organizations (CRO's), developers, and researchers to carry out their respective business. We provide a broad array of supply chain solutions for the life sciences industry. Through our platform of critical products and solutions including advanced temperature-controlled packaging, informatics, specialized bio-logistics services, bio-storage, bio-services, and cryogenic systems, we are " Enabling the Future of Medicine TM ", worldwide, through our innovative systems, compliant procedures, and agile approach to superior supply chain management. With over 50 strategic international locations in 17 countries, Cryoport's global platform provides mission-critical solutions to over 3,000 customers working with biopharma/pharma, animal health, and reproductive medicine companies, universities, research institutions, and government agencies. Our platform of solutions and services together with our global team of over 1,100 dedicated colleagues delivers a unique combination of innovative supply chain technologies and services through our industry-leading brands, including Cryoport Systems, MVE Biological Solutions, CRYOPDP, and CRYOGENE. Cryoport's advanced temperature-controlled supply chain platform is designed to support the global distribution of high-value commercial biologic and cell-based products and therapies regulated by the United States Food and Drug Administration (FDA), the European Medicines Association (EMA) and other international regulatory bodies. Cryoport's solutions are also relied upon for the support of pre-clinical, clinical trials, Investigational New Drug Applications (IND), Biologics License Applications (BLA), and New Drug Applications (NDA) with the FDA, as well as global clinical trials initiated in other geographies, where strict regulatory compliance and qua

View Full Filing

View this 10-K filing on SEC EDGAR