Cryoport Reports Second Quarter 2024 Financial Results
Rhea-AI Summary
Cryoport reported Q2 2024 financial results, showing sequential revenue improvement across all businesses. Key highlights include:
- Commercial Cell & Gene Therapy revenue increased 51% year-over-year and 20% sequentially
- A record 684 global clinical trials supported as of June 30, 2024
- Cost reduction initiatives expected to result in $22 million annual savings
- Updated 2024 full-year revenue guidance of $225-$235 million
- Q2 2024 total revenue was $57.6 million, up 1% year-over-year
- Gross margin improved to 43.7% in Q2 2024 from 43.4% in Q2 2023
- Net loss of $78.0 million in Q2 2024, primarily due to a $63.8 million impairment charge
- $427.1 million in cash and investments as of June 30, 2024
The company expects continued softness in Life Sciences Products demand but anticipates sequential growth in Life Sciences Services for the remainder of 2024.
Positive
- Commercial Cell & Gene Therapy revenue increased 51% year-over-year and 20% sequentially
- Record 684 global clinical trials supported, up from 668 in 2023
- Cost reduction initiatives expected to result in $22 million annual savings
- Gross margin improved to 43.7% in Q2 2024 from 43.4% in Q2 2023
- Strong cash position with $427.1 million in cash and investments
Negative
- Updated 2024 full-year revenue guidance lowered to $225-$235 million
- Net loss of $78.0 million in Q2 2024, primarily due to a $63.8 million impairment charge
- Life Sciences Products revenue declined 10.4% year-over-year
- Continued softness expected in Life Sciences Products demand
Insights
Cryoport's Q2 2024 results show mixed performance. While total revenue increased
The cost reduction initiatives, expected to yield
The company's strong cash position of
Cryoport's support for 684 global clinical trials, including 76 in Phase 3, demonstrates its important role in the biotech ecosystem. The approval of new therapies, including the first cell therapy for a solid tumor, highlights the advancing field of cell and gene therapies.
The
However, the softness in Life Sciences Products demand, likely due to customer capital expenditure delays, could persist in the near term. This may impact Cryoport's overall growth trajectory until excess capacity is absorbed.
Cryoport's Q2 results reflect broader market challenges in the life sciences sector. The company's revised guidance and cost-cutting measures align with industry-wide trends of capital conservation and operational efficiency.
The strong performance in Cell & Gene Therapy services contrasts with weakness in Life Sciences Products, indicating a shift in customer priorities. This divergence may continue as the industry focuses on advancing late-stage clinical trials and commercializing approved therapies.
Cryoport's expansion into new areas like biosimilars, antibodies and Direct-to-Patient shipments demonstrates adaptability. However, the company's expectation of continued softness in China through 2025 highlights ongoing geopolitical and economic uncertainties affecting the global life sciences market.
- Revenue improved sequentially across all businesses
- Commercial Cell & Gene Therapy revenue increased
51% year-over-year and20% sequentially - A record total of 684 global clinical trials supported as of June 30, 2024
- Cost reduction initiatives anticipated to result in approximately
$22 million - Company provides updated 2024 full-year revenue guidance of
$225 $235 million
Jerrell Shelton, CEO of Cryoport, commented, "During our second quarter, we saw continued progress across all businesses as all revenue lines improved sequentially. Our revenue from the support of commercial Cell & Gene Therapies stood out, with an increase of
"MVE Biological Solutions, our primary Life Sciences Products business, showed a modest sequential improvement for the quarter, as we continued to experience overall lower demand compared to previous years. We anticipate continued softness in demand in our Life Sciences Products business, as customers continue to delay capital expenditures and leverage their existing footprint of cryogenic systems. We have executed cost management initiatives across our manufacturing facilities and aligned the direct workforce with the current market demand to help enable continuing positive cash flow contribution. Longer term, we expect demand to improve as excess freezer capacity is absorbed.
"Based on our anticipated sequential revenue growth in our Life Sciences Services, coupled with the expected continued softness in demand for our Life Sciences Products, we are revising our full year 2024 revenue guidance to the range of
"As previously disclosed, we have been implementing cost reduction and capital realignment measures as well as pacing the build-out of our global capabilities and infrastructure to be more in line with the current market environment. We anticipate our cost reduction initiatives will be fully implemented by the end of 2024 and will positively impact Cryoport's financial results for the second half of 2024 with approximately
"We believe our cost reduction and capital realignment plan will enable us to continue to successfully service our customers and execute on our key growth initiatives as we optimize our operational efficiencies by reducing operating costs across our global organization. We intend to drive profitable growth in our key markets, enhance operating performance, and generate positive cash flow. Examples of some of the cost reduction actions taken to date are outlined below:
Life Sciences Services
- Reduced global Full Time Equivalents (FTE) by 101
- Reduction of external contractors and consultants
- CAPEX reduction/deferrals, including
- New facilities delayed, and
- Consolidation of engineering and R&D initiatives
- Prioritizing resource allocation for the support of anticipated commercial launches and the ongoing global ramps of approved therapies
Life Sciences Products
- Reduced global FTE by 46
- Reduced variable manufacturing labor and material costs
- CAPEX reductions and deferrals, including
- Deferral of expansion plans
- Reprioritization of engineering and R&D projects
"We remain confident in a broad-based market recovery for the life sciences industry except for
In tabular form, Q2 2024 and H1 2024 revenue compared to Q2 2023 and H1 2023, respectively, were as follows:
Cryoport, Inc. and Subsidiaries | ||||||
Revenue | ||||||
(unaudited) | ||||||
Three Months Ended | Six Months Ended | |||||
(in thousands) | 2024 | 2023 | % Change | 2024 | 2023 | % Change |
Life Sciences Services | $ 38,040 | $ 35,204 | 8 % | $ 74,826 | $ 71,040 | 5 % |
BioLogistics Solutions | 34,517 | 32,003 | 8 % | 67,775 | 64,608 | 5 % |
BioStorage/BioServices | 3,523 | 3,201 | 10 % | 7,051 | 6,432 | 10 % |
Life Sciences Products | $ 19,557 | $ 21,817 | -10 % | $ 37,363 | $ 48,798 | -23 % |
Total Revenue | $ 57,597 | $ 57,021 | 1 % | $ 112,189 | $ 119,838 | -6 % |
BioStorage/Bioservices revenue continues to grow double digits year-over-year as we continue to add new customers into our global network and as more allogeneic clinical and commercial therapies progress in the number of patients treated.
Revenue from commercial approved Cell & Gene therapies increased
As of June 30, 2024, Cryoport supported a total of 684 global clinical trials, a net increase of 16 clinical trials over June 30, 2023, with 76 of these clinical trials in Phase 3 . The number of trials by phase and region are as follows:
Cryoport Supported Clinical Trials by Phase | |||
Clinical Trials | June 30, | ||
2022 | 2023 | 2024 | |
Phase 1 | 260 | 273 | 286 |
Phase 2 | 285 | 313 | 322 |
Phase 3 | 81 | 82 | 76 |
Total | 626 | 668 | 684 |
Cryoport Supported Clinical Trials by Region | |||
Clinical Trials | June 30, | ||
2022 | 2023 | 2024 | |
488 | 515 | 525 | |
EMEA | 104 | 109 | 114 |
APAC | 34 | 44 | 45 |
Total | 626 | 668 | 684 |
During the second quarter five (5) BLA/MAA filings occurred, one BLA filing occurred in July. For the remainder of 2024, we anticipate up to an additional seven (7) application filings, two (2) new therapy approvals and an additional one (1) approval for label/geographic expansion.
BioLogistics Solutions growth in the second quarter also benefited from the ramp in temperature-controlled logistics revenue outside of the Cell & Gene market, including biosimilars, antibodies, API's and a growing number of Direct-to-Patient shipments.
Financial Highlights
Revenue
- Total revenue for Q2 2024 was
$57.6 million $57.0 million 1.0% or$0.6 million $3.0 million 5.5% sequentially.- Life Sciences Services revenue for Q2 2024 was
$38.0 million $35.2 million 8.1% year-over-year and3.4% sequentially, including BioStorage/BioServices revenue of$3.5 million 10.1% year-over-year and down0.2% sequentially. - Life Sciences Products revenue for Q2 2024 was
$19.6 million $21.8 million 10.4% year-over-year and up9.8% sequentially.
- Life Sciences Services revenue for Q2 2024 was
- Total revenue for H1 2024 was
$112.2 million $119.8 million - Life Sciences Services revenue for H1 2024 was
$74.8 million $71.0 million $7.1 million $6.4 million - Life Sciences Products revenue for H1 2024 was
$37.4 million $48.8 million
- Life Sciences Services revenue for H1 2024 was
Gross Margin
- Total gross margin was
43.7% for Q2 2024 compared to43.4% for Q2 2023.- Gross margin for Life Sciences Services was
44.5% for Q2 2024 compared to43.2% for Q2 2023. - Gross margin for Life Sciences Products was
42.2% for Q2 2024 compared to43.7% for Q2 2023.
- Gross margin for Life Sciences Services was
- Total gross margin was
41.9% for H1 2024 compared to43.2% for H1 2023.- Gross margin for Life Sciences Services was
42.9% for H1 2024 compared to45.0% for H1 2023. - Gross margin for Life Sciences Products was
39.7% for H1 2024 compared to40.7% for H1 2023.
- Gross margin for Life Sciences Services was
Operating Costs and Expenses
- Operating costs and expenses were
$104.4 million $43.1 million $63.8 million $147.5 million $80.2 million - Operating costs and expenses, excluding the impairment loss for Q2 2024 were
$40.6 million $43.1 million $83.7 million $80.2 million
Net Loss
- Net loss for Q2 2024 and H1 2024 was
$78.0 million $96.9 million $18.4 million $23.9 million $63.8 million - Net loss, excluding the impairment loss for Q2 2024 and H1 2024 was
$14.2 million $33.1 million $18.4 million $23.9 million - Net loss attributable to common stockholders was
$80.0 million $1.62 $100.9 million $2.05 $20.4 million $0.42 $27.9 million $0.58
Adjusted EBITDA
- Adjusted EBITDA was a negative
$3.8 million $1.3 million $11.5 million $1.6 million
Cash, Cash equivalents, and Short-Term Investments
- Cryoport held
$427.1 million
Convertible Debt repurchases
- During Q2 2024 and in July 2024, the Company repurchased
$10.0 million $15.0 million $8.7 million $12.9 million - On August 6, 2024, the Company announced that its Board of Directors had authorized a repurchase program to purchase up to
$200 million 0.75% Convertible Senior Notes due in 2026 (the "2026 Notes") to repurchase$160 million $141.6 million
Note: All reconciliations of GAAP to adjusted (non-GAAP) figures above are detailed in the reconciliation tables included later in the press release.
Outlook
We now expect full year 2024 revenue in the range of
Additional Information
Further information on Cryoport's financial results is included in the attached condensed consolidated balance sheets and statements of operations, and additional explanations of Cryoport's financial performance are provided in the Company's Quarterly Report on Form 10-Q for the three months ended June 30, 2024, which is expected to be filed with the SEC on August 6, 2024. Additionally, the full report will be available in the SEC Filings section of the Investor Relations section of Cryoport's website at www.cryoportinc.com.
Earnings Conference Call Information
IMPORTANT INFORMATION: In addition to the earnings release, a document titled "Cryoport Second Quarter 2024 in Review", providing a review of Cryoport's financial and operational performance and a general business update, will be issued at 4:05 p.m. ET on Tuesday, August 6, 2024. The document is designed to be read in advance of the questions and answers conference call and will be accessible at https://ir.cryoportinc.com/news-events/ir-calendar.
Cryoport management will host a conference call at 5:00 p.m. ET on August 6, 2024. The conference call will be in the format of a questions and answers session and will address any queries investors have regarding the Company's reported results. A slide deck will accompany the call.
Conference Call Information
Date: | Tuesday, August 6, 2024 |
Time: | 5:00 p.m. ET |
Dial-in numbers: | 1-800-717-1738 ( |
Confirmation | Request the "Cryoport Call" or Conference ID: 1157932 |
Live webcast: | 'Investor Relations' section at www.cryoportinc.com or click here. |
Please allow 10 minutes prior to the call to visit this site to download and install any |
The questions and answers call will be recorded and available approximately three hours after completion of the live event in the Investor Relations section of the Company's website at www.cryoportinc.com for a limited time. To access the replay of the questions and answers click here. A dial-in replay of the call will also be available to those interested, until August 13, 2024. To access the replay, dial 1-844-512-2921 (
About Cryoport, Inc.
Cryoport, Inc. (Nasdaq: CYRX), is a global leader in supply chain solutions for the Life Sciences with an emphasis on cell & gene therapies. Cryoport enables manufacturers, contract manufacturers (CDMO's), contract research organizations (CRO's), developers, and researchers to carry out their respective business with products and services that are designed to derisk services and provide certainty. 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™" worldwide, through our innovative systems, compliant procedures, and agile approach to superior supply chain management.
Our corporate headquarters, located in
For more information, visit www.cryoportinc.com or follow via LinkedIn at https://www.linkedin.com/company/cryoportinc or @cryoport on X, formerly known as Twitter at www.twitter.com/cryoport for live updates.
Forward-Looking Statements
Statements in this press release which are not purely historical, including statements regarding Cryoport's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, those related to Cryoport's industry, business, long-term growth prospects, plans, strategies, acquisitions, future financial results and financial condition, such as Cryoport's outlook and updated guidance for full year 2024 revenue and the related assumptions and factors expected to drive revenue, projected growth trends in the markets in which the Cryoport operates, Cryoport's plans and expectations regarding the launch of new products and services, such as the expected timing and benefits of such products and services launches, Cryoport's expectations about future benefits of its acquisitions, and anticipated regulatory filings, approvals, label/geographic expansions or moves to earlier lines of treatment approved with respect to the products of Cryoport's clients. Forward-looking statements also include those related to Cryoport's plans and expectations relating to its recently announced cost reduction and capital realignment measures, including that such measures will be fully implemented by the end of 2024 and will positively impact Cryoport's financial results for the second half of 2024 with approximately
Cryoport, Inc. and Subsidiaries | ||||
Condensed Consolidated Statements of Operations | ||||
Three Months Ended | Six Months Ended | |||
(in thousands, except share and per share data) | 2024 | 2023 | 2024 | 2023 |
Revenue | ||||
Life Sciences Services revenue | $ 38,040 | $ 35,204 | $ 74,826 | $ 71,040 |
Life Sciences Products revenue | 19,557 | 21,817 | 37,363 | 48,798 |
Total revenue | 57,597 | 57,021 | 112,189 | 119,838 |
Cost of revenue: | ||||
Cost of services revenue | 21,105 | 20,008 | 42,707 | 39,084 |
Cost of products revenue | 11,302 | 12,280 | 22,517 | 28,949 |
Total cost of revenue | 32,407 | 32,288 | 65,224 | 68,033 |
Gross margin | 25,190 | 24,733 | 46,965 | 51,805 |
Operating costs and expenses: | ||||
Selling, general and administrative | 35,963 | 38,802 | 74,267 | 72,043 |
Engineering and development | 4,646 | 4,263 | 9,398 | 8,139 |
Impairment loss | 63,809 | - | 63,809 | - |
Total operating costs and expenses: | 104,418 | 43,065 | 147,474 | 80,182 |
Loss from operations | (79,228) | (18,332) | (100,509) | (28,377) |
Other income (expense): | ||||
Investment income | 2,809 | 2,647 | 5,409 | 5,114 |
Interest expense | (1,245) | (1,331) | (2,583) | (2,840) |
Gain on extinguishment of debt, net | 1,179 | - | 1,179 | - |
Other income (expense), net | (1,121) | (704) | 218 | 3,301 |
Loss before provision for income taxes | (77,606) | (17,720) | (96,286) | (22,802) |
Provision for income taxes | (383) | (635) | (598) | (1,127) |
Net loss | $ (77,989) | $ (18,355) | $ (96,884) | $ (23,929) |
Paid-in-kind dividend on Series C convertible preferred stock | (2,000) | (2,000) | (4,000) | (4,000) |
Net loss attributable to common stockholders | $ (79,989) | $ (20,355) | $ (100,884) | $ (27,929) |
Net loss per share attributable to common stockholders - basic and diluted | $ (1.62) | $ (0.42) | $ (2.05) | $ (0.58) |
Weighted average common shares outstanding - basic and diluted | 49,345,644 | 48,709,384 | 49,182,830 | 48,536,901 |
Cryoport, Inc. and Subsidiaries | ||
Condensed Consolidated Balance Sheets | ||
June 30, | December 31, | |
2024 | 2023 | |
(in thousands) | (unaudited) | |
Current assets | ||
Cash and cash equivalents | $ 46,458 | $ 46,346 |
Short-term investments | 380,684 | 410,409 |
Accounts receivable, net | 40,160 | 42,074 |
Inventories | 23,609 | 26,206 |
Prepaid expenses and other current assets | 11,075 | 10,077 |
Total current assets | 501,986 | 535,112 |
Property and equipment, net | 86,653 | 84,858 |
Operating lease right-of-use assets | 29,684 | 32,653 |
Intangible assets, net | 178,388 | 194,382 |
Goodwill | 52,384 | 108,403 |
Deposits | 1,668 | 1,680 |
Deferred tax assets | 1,578 | 656 |
Total assets | $ 852,341 | $ 957,744 |
Current liabilities | ||
Accounts payable and other accrued expenses | $ 24,805 | $ 26,995 |
Accrued compensation and related expenses | 10,690 | 11,409 |
Deferred revenue | 1,317 | 1,308 |
Current portion of operating lease liabilities | 5,299 | 5,371 |
Current portion of finance lease liabilities | 365 | 286 |
Current portion of convertible senior notes, net | 14,244 | - |
Current portion of notes payable | 110 | 149 |
Current portion of contingent consideration | 3,055 | 92 |
Total current liabilities | 59,885 | 45,610 |
Convertible senior notes, net | 355,665 | 378,553 |
Notes payable, net | 1,258 | 1,335 |
Operating lease liabilities, net | 26,523 | 29,355 |
Finance lease liabilities, net | 1,137 | 954 |
Deferred tax liabilities | 2,651 | 2,816 |
Other long-term liabilities | 427 | 601 |
Contingent consideration, net | 4,700 | 9,497 |
Total liabilities | 452,246 | 468,721 |
Total stockholders' equity | 400,095 | 489,023 |
Total liabilities and stockholders' equity | $ 852,341 | $ 957,744 |
Note Regarding Use of Non-GAAP Financial Measures
To supplement our financial statements, which are presented on the basis of
We believe that revenue growth is a key indicator of how Cryoport is progressing from period to period and we believe that the non-GAAP financial measures, revenue at constant currency and revenue growth rate at constant currency, are useful to investors in analyzing the underlying trends in revenue. Under GAAP, revenue received in local (non-
However, we also believe that data on constant currency period-over-period changes have limitations, particularly as the currency effects that are eliminated could constitute a significant element of our revenue and could significantly impact our performance. We therefore limit our use of constant currency period-over-period changes to a measure for the impact of currency fluctuations on the translation of local currency revenue into
Operating costs and expenses, excluding impairment loss, is defined as operating costs and expenses, excluding impairment losses, if any. Net loss, excluding impairment loss, is defined as net loss, excluding impairment losses, if any. Management believes these measures, when read in conjunction with, and as supplemental to, the corresponding GAAP financial measures, provide a useful measure of Cryoport's expenses and operating results, a meaningful comparison with historical results, and insight into Cryoport's operating performance.
Adjusted EBITDA is defined as net loss adjusted for interest expense, income taxes, depreciation and amortization expense, stock-based compensation expense, acquisition and integration costs, restructuring costs, investment income, unrealized (gain)/loss on investments, foreign currency (gain)/loss, gain on insurance claim, net gain on extinguishment of debt, impairment loss, changes in fair value of contingent consideration and charges or gains resulting from non-recurring events, as applicable.
Management believes that adjusted EBITDA provides a useful measure of Cryoport's operating results, a meaningful comparison with historical results and with the results of other companies, and insight into Cryoport's ongoing operating performance. Further, management and the Company's board of directors utilize adjusted EBITDA to gain a better understanding of Cryoport's comparative operating performance from period to period and as a basis for planning and forecasting future periods. Adjusted EBITDA is also a significant performance measure used by Cryoport in connection with its incentive compensation programs. Management believes adjusted EBITDA, when read in conjunction with Cryoport's GAAP financials, is useful to investors because it provides a basis for meaningful period-to-period comparisons of Cryoport's ongoing operating results, including results of operations, against investor and analyst financial models, helps identify trends in Cryoport's underlying business and in performing related trend analyses, and it provides a better understanding of how management plans and measures Cryoport's underlying business.
Cryoport, Inc. and Subsidiaries | ||||
Reconciliation of GAAP operating cost and expenses to Non-GAAP adjusted operating cost and expenses | ||||
(unaudited) | ||||
Three Months Ended | Six Months Ended | |||
2024 | 2023 | 2024 | 2023 | |
(in thousands) | ||||
GAAP operating costs and expenses | $ 104,418 | $ 43,065 | $ 147,474 | $ 80,182 |
Non-GAAP adjustments to operating costs and expenses | ||||
Impairment loss | 63,809 | — | 63,809 | — |
Non-GAAP adjusted operating costs and expenses | $ 40,609 | $ 43,065 | $ 83,665 | $ 80,182 |
Cryoport, Inc. and Subsidiaries | ||||
Reconciliation of GAAP net loss to Non-GAAP adjusted net loss | ||||
(unaudited) | ||||
Three Months Ended | Six Months Ended | |||
2024 | 2023 | 2024 | 2023 | |
(in thousands) | ||||
GAAP net loss | $ (77,989) | $ (18,355) | $ (96,884) | $ (23,929) |
Non-GAAP adjustments to net loss | ||||
Impairment loss | 63,809 | — | 63,809 | — |
Non-GAAP adjusted net loss | $ (14,180) | $ (18,355) | $ (33,075) | $ (23,929) |
Cryoport, Inc. and Subsidiaries | ||||
Reconciliation of GAAP net loss to adjusted EBITDA | ||||
(unaudited) | ||||
Three Months Ended | Six Months Ended | |||
2024 | 2023 | 2024 | 2023 | |
(in thousands) | ||||
GAAP net loss | $ (77,989) | $ (18,355) | $ (96,884) | $ (23,929) |
Non-GAAP adjustments to net loss: | ||||
Depreciation and amortization expense | 7,558 | 6,723 | 15,027 | 13,127 |
Acquisition and integration costs | 474 | 4,372 | 588 | 5,629 |
Restructuring costs | 548 | — | 548 | — |
Investment income | (2,809) | (2,647) | (5,409) | (5,114) |
Unrealized (gain)/loss on investments | 795 | 1,388 | (942) | (36) |
Gain on insurance claim | — | — | — | (2,642) |
Foreign currency (gain)/loss | 268 | (753) | 929 | (596) |
Interest expense, net | 1,245 | 1,331 | 2,583 | 2,840 |
Stock-based compensation expense | 4,997 | 5,800 | 10,453 | 10,984 |
Gain on extinguishment of debt, net | (1,179) | — | (1,179) | — |
Impairment loss | 63,809 | — | 63,809 | — |
Change in fair value of contingent consideration | (1,938) | 158 | (1,645) | 204 |
Income taxes | 383 | 635 | 598 | 1,127 |
Adjusted EBITDA | $ (3,838) | $ (1,348) | $ (11,524) | $ 1,594 |
Cryoport, Inc. and Subsidiaries | |||
Total revenue by type for the three months ended June 30, 2024 | |||
(unaudited) | |||
Life Sciences | Life Sciences | Total | |
(in thousands) | |||
Non US-GAAP Constant Currency | $ 38,246 | $ 19,625 | $ 57,871 |
As Reported | 38,040 | 19,557 | 57,597 |
FX Impact [$] | (206) | (68) | (274) |
FX Impact [%] | (0.5 %) | (0.3 %) | (0.5 %) |
Cryoport, Inc. and Subsidiaries | |||
Total revenue by type for the six months ended June 30, 2024 | |||
(unaudited) | |||
Life Sciences | Life Sciences | Total | |
(in thousands) | |||
Non US-GAAP Constant Currency | $ 75,027 | $ 37,434 | $ 112,461 |
As Reported | 74,826 | 37,363 | 112,189 |
FX Impact [$] | (201) | (71) | (272) |
FX Impact [%] | (0.3 %) | (0.2 %) | (0.2 %) |
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SOURCE Cryoport, Inc.
FAQ
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