CryoPort’s 4Q Sales Jump 423% As Clinical Trials Rebound; Street Says Buy


CryoPort outperformed sales expectations for the fourth quarter amid a rebound in clinical trial activity from the COVID-19 impact. Shares of the temperature-controlled logistics and biostorage services provider closed more than 5% higher on March 1.

Meanwhile, CryoPort (CYRX) posted a 4Q net loss of $0.26 per share due to higher operating costs. Analysts had forecasted a net loss $0.11 per share.

Revenue during the reported quarter increased 423% year-over-year to hit $48.36 million, topping analysts’ estimates of $43.95 million. Biopharma revenue jumped 378% year-over-year to $39.3 million. Revenue from the animal health segement ballooned 2363% year-over-year to $7.17 million due to CryoPort’s acquisition of MVE Biological Solutions in October 2020.

CryoPort’s CEO Jerrell Shelton said, “Our fourth quarter was a transformational quarter, furthering our strategy and strengthening our positioning for growth. Its results reflected strong performance and our continued momentum in the markets we serve, especially in cell and gene therapy. We increased the total number of regenerative medicine clinical trials supported to 528, compared with 436 at the end of 2019, and our pipeline of potential commercial customers is the largest in our history.”

Shelton anticipated 2021 to be “another excellent year” for the company. In light of increase in demand in the APAC region, the company set up a logistics center in Japan in 4Q and in Singapore in 1Q. (See CryoPort stock analysis on TipRanks)

Needham analyst David Saxon on March 3 initiated coverage on the stock with a Buy rating and a price target of $73 (17% upside potential). Saxon said, “CryoPort’s exposure to cell and gene therapies’ development and commercial distribution positions it well for durable revenue growth over the coming years.”

The analyst added, “Its recent acquisitions of CRYOPDP and MVE bolster CryoPort’s geographic and logistics footprint and improves access to storage and distribution equipment, respectively.”

Turning to Wall Street, CryoPort has a Strong Buy consensus rating based on 4 unanimous Buys. The average analyst price target of $75.20 implies about 20% upside from current levels. The stock has already rallied about 267% over the past year.

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