NASHVILLE, Tenn., March 1, 2021 /PRNewswire/ -- Cryoport, Inc.
(NASDAQ: CYRX) ("Cryoport" or the
"Company"), a global leader in temperature-controlled supply chain solutions for the life sciences
industry, today announced financial results for the three- and
twelve-month periods ended December 31, 2020.
"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,"
said Jerrell Shelton, CEO of
Cryoport.
"At the beginning of the fourth quarter, we closed on the
acquisitions of MVE Biological Solutions and CRYOPDP, which were
formative milestones for the advancement of Cryoport's strategic
vision. As a result of these strategic milestones, Cryoport is now positioned to further leverage its
global platform, with a family of companies that provide mutually
reinforcing, market-leading temperature-controlled supply chain
solutions for the life sciences industry. Cryoport now has 30
locations around the world, as well as expanded and enhanced capabilities covering the full range
of temperature-controlled supply chain solutions, from controlled
room temperature (CRT) down to cryogenic temperatures (-196°C). Our
end-to-end capabilities provide a wide slate of comprehensive and
seamless solutions to our client base, including deep proficiencies
in biostorage, temperature-controlled logistics, cryogenic
equipment and systems. We believe these acquisitions solidify our
leadership position in the Animal Health, Reproductive Medicine and
especially the Biopharma/Pharma markets, and that we have
the unique capabilities, and competitive moat needed to extend
our support of commercial regenerative medicine therapies around
the globe as dozens of anticipated therapies come to market. Our
full year 2020 revenue as compared to 2019 was as follows:
Cryoport, Inc. and
Subsidiaries
|
|
|
|
|
|
|
Total revenues by
market
|
|
|
|
|
|
|
|
Three months
Ended
December 31
|
|
Years Ended
December 31
|
|
(in
thousands)
|
2020
|
2019
|
%
Change
|
2020
|
2019
|
%
Change
|
Biopharma/Pharma
|
$
39,301
|
$
8,228
|
378%
|
$
66,394
|
$
30,032
|
121%
|
Animal
Health
|
7,168
|
291
|
2363%
|
7,846
|
996
|
687%
|
Reproductive
Medicine
|
1,892
|
723
|
162%
|
4,456
|
2,914
|
53%
|
Total
revenues
|
$
48,361
|
$
9,242
|
423%
|
$
78,696
|
$
33,942
|
132%
|
"By executing on our business plans and delivering performance
for our clients and our
shareholders, we were able to successfully access the capital markets and close a $287.5 million
follow-on public offering in January
2021 to further 'fuel our engines' for future growth. We
will continue to develop our temperature-controlled supply chain
capabilities for the life sciences industry and, particularly, the
regenerative medicine ecosystem, as an increasing number of
therapies continue to enter development, progress through clinical
trials and approach commercialization. Our world-leading platform
offers the most advanced temperature-controlled
supply chain solutions for the life sciences, with a focus on the rapidly growing biopharma market.
With our newly expanded global footprint and advanced
temperature-controlled supply chain platform addressing this
dynamic market, we are poised for continued
outsized growth.
"In conclusion, I would like to say that I am especially proud of our new and expanded initiative to
do our part in protecting our planet. I am, of course, referring to
our recent announcement of the launch of our ESG program. This new
program marks our first disclosure of ESG information.
Sustainability has always been integral to our work and we have
elevated it to be one of our key priorities for guiding our
operating philosophy and corporate governance as we move
forward.
"Overall, we were delighted with the way our Company performed
in 2020, with 36% organic growth in the fourth quarter and 26% for
the full year. We delivered robust growth during the year, and we
continued to see increasing traction in the regenerative medicine
industry as we closed the year supporting a total of 528 clinical
trials, and six commercial therapy agreements. Strategically, our
two acquisitions position us well for excellent growth in 2021.
With robust advancements across the life sciences, we anticipate
that 2021 will be another excellent year for our company," said Mr.
Shelton.
Biopharma/Pharma
For the full year 2020, Biopharma/Pharma revenue grew
organically (excluding contributions from MVE Biological Solutions
and CRYOPDP) by 27% or $8.1 million,
to $38.2 million compared to the
prior year.
We continued to work closely with our partners to ensure
patients have access to the life-saving therapies we support.
Revenue from Cryoport's commercial agreements primarily consisted
of our agreements with Novartis's KYMRIAH® and Gilead/Kite's
YESCARTA®, Gilead's TECARTUS™, and first revenue from bluebird
bio's ZYNTEGLO® in the Fourth Quarter 2020, albeit nominal at this
time.
Late in the fourth quarter 2020, the European Commission (EC)
granted full (standard) market authorization for Orchard
Therapeutics' Libmeldy™ gene therapy. Separately,
Bristol-Myers Squibb recently
received FDA approval for their cell therapy BREYANZI®, marking Cryoport's sixth long-
term agreement supporting the global commercial launch of a cell
and gene therapy. We expect revenue from all these agreements
to ramp throughout 2021 and to drive sustained momentum in our
revenue growth.
We are pleased to also report continued strong net clinical trial growth for the fourth quarter 2020
as we expanded our leading position in the Biopharma market.
Clinical trial activity has not only rebounded from the COVID-19
impact but strengthened when compared with pre-COVID-19 levels and
continues to accelerate due to excellent execution by our business
development and operating teams.
As this global clinical trial activity continues to increase, it
bodes well for Cryoport and we now
support a net total of 528 clinical trials as of December 31, 2020 compared with 517 at the end of
the third quarter 2020 and 436 as of December 31, 2019. The number of those trials in
Phase III
is 69, compared to 56 as of December 31, 2019. Of the 528 total trials Cryoport supports, 419 are
in the Americas, 84 in EMEA (Europe, the Middle East and Africa) and 25 in APAC (Asia Pacific).
This compares to 361 in the Americas, 61 in EMEA and 14 in APAC as
of December 31, 2019. Additionally,
due to the increase in demand for support in the APAC region,
Cryoport Systems and CRYOPDP established their first jointly
operated global logistics center in Osaka, Japan in the fourth quarter 2020,
followed by Singapore during the
first quarter 2021.
A total of seven (7) Cryoport supported Marketing Authorization
Applications (MAA's) or Biologic
License Applications (BLA's) were filed in 2020, based on internal information and forecasts from
the Alliance for Regenerative Medicine. Looking forward, we
anticipate up to 21 MAA or BLA submissions for Cryoport-supported
products during 2021.
Animal Health
Our revenue from the Animal Health market increased $6.8 million, or 687%, to $7.8 million for
the year ended December 31, 2020, as compared to the same period in 2019. This increase was
primarily driven by our acquisition of MVE
Biological Solutions
on October 1, 2020, which has a strong and established
presence in this market. In addition, our pipeline of potential new clients continues to grow and is
expected to further drive revenue growth in 2021.
Reproductive Medicine
Reproductive Medicine revenue increased to $1.9 million, a gain of 162% or $1.2 million for the fourth quarter of 2020
compared to $0.7 million for the
fourth quarter of 2019 and increased to $4.5
million, a gain of 53% or $1.5
million for the full year 2020 compared to $2.9 million in the prior year.
Our results were also driven in part by our success in the
Reproductive Medicine market, which
benefited from our refreshed market engagement strategy as well as increased activity as fertility
clinics ramped up procedures that had previously been delayed due
to COVID-19. We continued to add fertility clinics to our
network including the Colorado Center for Reproductive Medicine
("CCRM"), a global pioneer in fertility science, research and
advancement. Cryoport's temperature-controlled supply chain
solutions will support CCRM's fertility treatments, including
in vitro fertilization (IVF), fertility preservation, third-party reproduction and egg donation. In
addition, MVE Biological Solutions added revenue to our
Reproductive Medicine market through its portfolio of cryogenic
shipper and freezer solutions.
COVID-19 Activity
Cryoport is supporting 29 separate clinical trials relating to
COVID-19 across our business units:
- Cryoport Systems – 18 trials
- CRYOPDP – 6 trials
- CRYOGENE – 5 trials
Additionally, MVE Biological Solutions received orders from U.S.
government tenders and through our distribution network for storage
systems that are destined for use in storing pandemic related
materials.
Environmental, Social, Governance (ESG)
Last week Cryoport announced the launch of its ESG program.
Although we have always taken pride in our "green company" status,
our new program marks our first disclosure of ESG information based
on the Sustainability Accounting Standards Board (SASB) and the
Taskforce on Climate-related Financial Disclosures (TCFD), which
are leading global sustainability frameworks. As a company focused
on delivering lifesaving therapies by providing reliable and
comprehensive temperature-controlled supply chain solutions for the
life sciences industry, sustainability has always been integral to
our work; however, this year we began a formalized evaluation of
our company's ESG initiatives.
Examples of some of our initiatives and positive impacts are as
follows:
- Our 2020 freezer production displaced annual energy consumption
by 115,508,192 kWh from what would otherwise be from alternative
products. This amount of energy saved would power 10,847 homes
(sized at 2,500 square feet) annually. This reduction in energy
consumption from our freezer lines alone equates to 109,547,623
pounds of Greenhouse Gas ("GHG") emissions avoided or the emissions
equivalent to 17,644 passenger vehicles driven for a year.
- In another case, one of our facilities uses carbonless energy
consumption, which prevented the emission of 3,487,702 pounds of
GHGs in 2020. This use of carbonless energy prevented emissions
equal to 544 passenger vehicles driven for a period of one
year.
- Recently, our Paris, France
operations moved into a new facility, which is designed with the
highest French environmental standards and equipped with solar
panels to reduce energy consumption and greenhouse gas
emissions.
- Our temperature-controlled supply chain solutions focused on
cell and gene therapies include logistics, which can boast a 99.8%
delivery success rate and due to this performance 9,586 additional
patients were able to receive therapies over the past 24 months and
690 intended parents are potentially able to have successful cycles
resulting in the birth of a child on an annual basis because of our
CryoStork® solution.
More detailed information about our ESG policies and our
positive ESG impacts can be found in our recent ESG press release
and on our website.
Financial Highlights
- Total revenue for the fourth quarter of 2020 increased to
$48.4 million compared to
$9.2 million for the fourth quarter
of 2019, a year-over-year gain of 423%, with organic growth of
36%.
- Total revenue for the full year 2020 increased to
$78.7 million compared to
$33.9 million for the full year 2019,
a year-over-year gain of 132%, with organic growth of 26%.
- Biopharma/Pharma revenue increased to $39.3 million, a gain of 378% or $31.1 million for the fourth quarter of 2020
compared to $8.2 million for the
fourth quarter of 2019 and increased to $66.4 million, a gain of 121% or $36.4 million for the full year 2020 compared to
$30.0 million in the prior
year.
- Animal Health revenue increased to $7.2 million, a gain of 2,363% or $6.9 million for the fourth quarter of 2020
compared to $0.3 million for the
fourth quarter of 2019 and increased to $7.8
million, a gain of 687% or $6.8
million for the full year 2020 compared to $1.0 million in the prior year.
- Reproductive Medicine revenue increased to $1.9 million, a gain of 162% or $1.2 million for the fourth quarter of 2020
compared to $0.7 million for the
fourth quarter of 2019 and increased to $4.5
million, a gain of 53% or $1.5
million for the full year 2020 compared to $2.9 million in the prior year.
- Gross margin was 46% for the full year 2020 compared to 51%
for the prior year and 41% for the fourth quarter of 2020 compared
to 53% for the fourth quarter of 2019.
- Operating costs and expenses increased by $23.9 million to $29.7
million for the fourth quarter of 2020 compared to
$5.8 million for the fourth quarter
of 2019 and increased by $31.3
million to $66.3 million for
the full year 2020 compared to $35.0
million in the prior year. The fourth quarter 2020 and full
year 2020 includes $12 million in
operating costs and expenses related to MVE Biological Solutions
and CRYOPDP, both acquired October 1,
2020. Acquisition and integration costs included in
operating costs and expenses were $3.7
million and $11.2 million for
the fourth quarter and full year 2020. The organic increase in
operating costs and expenses is related to the further build out of
our competencies, infrastructure, and technology development to
support the continuing scaling of our business and demand for
Cryoport's solutions.
- Net loss for the fourth quarter of 2020 was $11.5 million compared to a net loss of
$0.9 million for the fourth quarter
of 2019 and $32.7 million for the
full year 2020 compared to $18.3
million for the prior year.
- Net loss attributable to common stockholders was
$53.9 million, or $1.32 per share, for the fourth quarter of 2020
compared to a net loss attributable to common stockholders of
$0.9 million, or $0.03 per share, for the fourth quarter of 2019
and a net loss attributable to common stockholders of $75.0 million, or $1.94 share, for the full year 2020 compared to a
net loss attributable to common stockholders of $18.3 million, or $0.55 per share, in the prior year. This was
driven by non-cash dividends in the aggregate amount of
$42.3 million for the year ended
December 31, 2020, representing a
deemed dividend in the amount of $39.5
million resulting from a beneficial conversion feature and a
paid-in-kind dividend of $2.8
million, both from the private placement of Series C
Preferred Stock with Blackstone, completed in connection with the
MVE acquisition.
- Adjusted EBITDA for the fourth quarter of 2020 was
$3.9 million compared to $0.5 million for the fourth quarter of 2019 and
break-even for the full year of 2020 compared to $1.9 million in the prior year.
- Cryoport reported $93.3
million in cash, cash equivalents and short-term investments
as of December 31, 2020, compared
with $94.3 million as of December 31, 2019. This amount includes net
proceeds of approximately $111.3
million received from a convertible debt offering during the
year ended December 31, 2020
as well as net proceeds of approximately $265.4 million from the private placement of
common stock and issuance of the Series C preferred stock to
Blackstone. This was partially offset by the $314.5 million and $48.6
million acquisitions of the MVE Biological Solutions and
CRYOPDP, respectively, on October 1,
2020.
- In January 2021, Cryoport
closed an underwritten public offering of 4,356,059 shares of its
common stock, at a public offering price of $66.00 per share, before deducting underwriting
discounts and commissions and received net proceeds of
approximately $269.7
million.
Note:
All reconciliations of GAAP to adjusted (non-GAAP) figures above are detailed in the reconciliation tables included later
in the press release.
Further information on Cryoport's financial results is included
on the attached condensed consolidated balance sheets and
statements of operations, and additional explanations of Cryoport's
financial performance are provided in Cryoport's annual report on
Form 10-K for the twelve months ended December 31, 2020, which will be filed with the
Securities and Exchange Commission ("SEC") on March 1, 2021. The full report will be available
on the SEC Filings section of the Investor Relations section of
Cryoport's website at www.cryoport.com.
Earnings Conference Call Information
IMPORTANT INFORMATION: A document titled "Cryoport 2020
Year in Review", providing a
review of Cryoport's recent financial and operational performance and a general business update,
will be issued at 4:05 pm EST on Monday,
March 1, 2021. The document is designed to be read by
investors before the questions and answers conference call and will
be accessible at
http://ir.cryoport.com/events-and-presentations.
Cryoport management will host a conference call at 5:00 pm EST
on Monday, March 1, 2021.
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.
Conference Call Information
Date:
|
March 1,
2021
|
Time:
|
5:00 p.m.
EST
|
Dial-in
numbers:
|
1-855-327-6837 (U.S.),
1-631-891-4304 (International)
|
Confirmation
code:
|
Request the "Cryoport
Call"
|
Live
webcast:
|
'Investor Relations'
section at www.cryoport.com or at this link. Please allow
10 minutes prior to the call to visit this site to download and install any necessary audio
software.
|
Questions and answers will be recorded and available approximately three hours after completion
of the live event on the Investor Relations section of the Company's website at www.cryoport.com for
a limited time. To access the replay of the questions and answers,
please follow this link. A dial-in replay of the call will also be
available, to those interested, until March
8, 2021. To access
the replay, dial +1 (844) 512-2921 (United States) or +1 (412) 317-6671 (International) and enter
replay pin number: 10013100.
About Cryoport, Inc.
Cryoport, Inc. (Nasdaq: CYRX) is redefining
temperature-controlled supply chain support for the
life sciences industry by continually broadening its platform of solutions and services, serving the
Biopharma, Reproductive Medicine, and Animal Health markets. Through its family of companies,
Cryoport Systems, MVE Biological Solutions, CRYOPDP and CRYOGENE,
Cryoport provides strategic solutions that support the growing
needs of these markets.
Forward-Looking Statements
Statements in this press release which are not purely
historical, including statements regarding the Company'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 the
Company's industry, business, plans, strategy, acquisitions,
including CRYOPDP and MVE Biological Solutions, financial results
and financial condition. It is important to note that the
Company's actual results could differ materially from those in any
such forward-looking statements. Factors that could cause actual
results to differ materially include, but are not limited to, risks
and uncertainties associated with the effect of changing economic
conditions, trends in the products markets,
variations in the Company's cash flow, market acceptance risks, and technical development risks.
The Company's business could be affected by a number of other factors, including the risk factors
discussed in the Company's Securities and Exchange Commission ("SEC") reports including, but
not limited to, the Company's Quarterly Report on Form 10-Q for the three and nine months ended
September 30, 2020 and any subsequent
filings with the SEC. The forward-looking statements contained in
this press release speak only as of the date hereof and the Company
cautions
investors not to place undue reliance on these forward-looking statements. Except as required by
law, the Company disclaims any obligation, and does not undertake
to update or revise any forward-looking statements in this
press release.
Cryoport, Inc. and
Subsidiaries
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
Three months
Ended December 31,
(unaudited)
|
|
Years Ended
December 31,
|
(in thousands,
except share and per share data)
|
2020
|
2019
|
|
2020
|
2019
|
Revenues
|
|
|
|
|
|
Services
revenues
|
$
24,964
|
$
9,242
|
|
$
55,299
|
$
33,942
|
Product
revenues
|
23,397
|
-
|
|
23,397
|
-
|
Total
revenues
|
48,361
|
9,242
|
|
78,696
|
33,942
|
Cost of
revenues
|
|
|
|
|
|
Cost of services
revenues
|
15,626
|
4,310
|
|
29,521
|
16,590
|
Cost of product
revenues
|
12,841
|
-
|
|
12,841
|
-
|
Total cost of
revenues
|
28,467
|
4,310
|
|
42,362
|
16,590
|
Gross
Margin
|
19,894
|
4,932
|
|
36,334
|
17,352
|
Operating costs
and expenses
|
|
|
|
|
|
Selling, general and
administrative
|
26,247
|
4,741
|
|
56,860
|
31,286
|
Engineering and
development
|
3,494
|
1,069
|
|
9,484
|
3,741
|
Total operating
costs and expenses
|
29,741
|
5,810
|
|
66,344
|
35,027
|
Income (loss) from
operations
|
(9,847)
|
(878)
|
|
(30,010)
|
(17,675)
|
Other income
(expense)
|
|
|
|
|
|
Investment
income
|
150
|
291
|
|
761
|
583
|
Interest
expense
|
(1,077)
|
(446)
|
|
(2,560)
|
(1,367)
|
Other income
(expense), net
|
(854)
|
136
|
|
(929)
|
189
|
Loss before provision
for income taxes
|
(11,628)
|
(897)
|
|
(32,738)
|
(18,270)
|
Benefit from
(provision for) income taxes
|
98
|
(51)
|
|
45
|
(62)
|
Net Income
(loss)
|
$
(11,530)
|
$
(948)
|
|
$
(32,693)
|
$
(18,332)
|
Deemed dividend on
Series C convertible preferred stock
|
(39,492)
|
-
|
|
(39,492)
|
-
|
Pain-in-kind dividend
on Series C convertible preferred stock
|
(2,844)
|
-
|
|
(2,844)
|
-
|
Net loss
attributable to common stockholders
|
$
(53,866)
|
$
(948)
|
|
$
(75,029)
|
$
(18,332)
|
Net loss
attributable to common stockholders - basic and
diluted
|
$
(1.32)
|
$
(0.03)
|
|
$
(1.94)
|
$
(0.55)
|
Weighted average
common shares outstanding - basic and diluted
|
40,902,343
|
36,196,524
|
|
38,582,432
|
33,394,285
|
Cryoport, Inc. and
Subsidiaries
|
|
|
Condensed
Consolidated Balance Sheets
|
|
|
|
December
31,
|
(in
thousands)
|
2020
|
2019
|
Current
assets:
|
|
|
Cash and
cash equivalents
|
$
36,873
|
$
47,235
|
Short-term investments
|
56,444
|
47,061
|
Accounts
receivable, net
|
31,377
|
7,098
|
Inventories
|
10,535
|
474
|
Prepaid
expense and other current assets
|
11,928
|
1,097
|
Total current
assets
|
147,157
|
102,965
|
Property
and equipment, net
|
30,036
|
11,833
|
Operating lease right-of-use assets
|
14,044
|
4,460
|
Intangible assets, net
|
213,908
|
5,178
|
Goodwill
|
145,282
|
11,000
|
Deposits
|
1,184
|
437
|
Other
long-term assets
|
794
|
-
|
Total assets
|
$
552,405
|
$
135,873
|
|
|
|
Current
liabilities:
|
|
|
Accounts
payable and other accrued expenses
|
$
24,844
|
$
2,498
|
Accrued
compensation and related expenses
|
7,441
|
1,904
|
Deferred
revenue
|
445
|
368
|
Operating
lease liabilities
|
2,231
|
666
|
Finance lease
liabilities
|
59
|
25
|
Total current
liabilities
|
35,020
|
5,461
|
Convertible senior note, net
|
111,344
|
-
|
Note
payable
|
4,912
|
-
|
Operating lease
liabilities, net
|
12,261
|
4,101
|
Finance lease
liabilities, net
|
112
|
9
|
Deferred tax
liability
|
5,882
|
21
|
Other long-term
liabilities
|
176
|
-
|
Total
liabilities
|
169,707
|
9,592
|
Total
stockholders' equity
|
382,698
|
126,281
|
Total
liabilities and stockholders' equity
|
$
552,405
|
$
135,873
|
Note Regarding Use of Non-GAAP Financial Measures
This news release contains a non-GAAP financial measure as
defined in Regulation G of the Securities Exchange Act of 1934,
adjusted EBITDA. 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, investment income, and charges or gains
resulting from non-recurring events. Adjusted EBITDA is not
calculated in accordance with generally accepted accounting
principles (GAAP), is not based on any comprehensive set of
accounting rules or principles and may be different from non-GAAP
financial measures presented by other companies. Non-GAAP financial
measures, including adjusted EBIDTA, should not be considered as a
substitute for, or superior to, measures of financial performance
prepared in accordance with GAAP.
In evaluating Cryoport's performance, management uses adjusted
EBITDA to supplement financial statements prepared under GAAP.
Management believes 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 Board of Directors utilize this non-GAAP
financial measure 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. Management
believes this non-GAAP financial measure, when read in conjunction
with Cryoport's GAAP financials, is useful to investors because
they provide a basis for meaningful period-to- period comparisons
of Cryoport's ongoing operating results, including results of
operations, against investor and analyst financial models,
identifying trends in Cryoport's underlying business and
performing related trend analyses, and they provide a better
understanding of how management plans and measures Cryoport's underlying business.
Cryoport, Inc. and
Subsidiaries
|
|
|
|
|
|
Reconciliation of
GAAP net loss to adjusted EBITDA
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
Three months
Ended
December 31
|
|
Years Ended
December 31
|
(Amounts in
thousands)
|
2020
|
2019
|
|
2020
|
2019
|
GAAP net income
(loss)
|
$
(11,530)
|
$
(948)
|
|
$
(32,693)
|
$
(18,332)
|
Non-GAAP adjustments
to net loss:
|
|
|
|
|
|
Depreciation and
amortization expense
|
7,370
|
825
|
|
9,869
|
2,415
|
Acquisitions and
integration costs
|
3,700
|
-
|
|
11,163
|
383
|
Inventory step-up
charges
|
727
|
-
|
|
727
|
-
|
Other non-recurring
charges
|
225
|
-
|
|
225
|
-
|
Investment
income
|
(150)
|
(290)
|
|
(761)
|
(543)
|
Interest expense,
net
|
1,077
|
446
|
|
2,560
|
1,367
|
Stock-based
compensation expense
|
2,561
|
382
|
|
8,916
|
16,524
|
Income
taxes
|
(98)
|
51
|
|
(45)
|
62
|
Adjusted
EBITDA
|
$
3,882
|
$
466
|
|
$
(39)
|
$
1,876
|
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SOURCE Cryoport, Inc.