05 May 2017 | News
Biopharma revenue accounts for 75% of total revenues and remains the largest growth opportunity for Cryoport.
Cryoport, Inc., the world's leading cryogenic logistics company dedicated to the life sciences industry, announced financial results for the first quarter ended March 31, 2017.
The quarter's results were driven by extraordinary growth in core business of providing cold chain logistics solutions to biopharma clients, which saw revenue grow 100% year-over-year and 31% sequentially.
Cryoport's success is being mainly fueled by growth in the regenerative medicine market, where the advancement of CAR T-cell therapies is revolutionizing treatment options for a multitude of health issues, including cancers, congenital diseases and trauma.
With the first two CAR T-cell therapies expected to receive FDA approval this year to commence commercial sales, the opportunity to build significant value for Cryoport's shareholders is obvious.
Reproductive medicine revenue increased 26% year-over-year driven by strong domestic demand. Animal health revenue increased 28% year-over-year as we on-boarded new clients. Biopharma revenue accounts for 75% of total revenues and remains the largest growth opportunity for Cryoport.