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CryoPort Inc. (CYRX-2.59%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines CryoPort's operations as a global provider of temperature-controlled supply chain solutions for the life sciences industry, with a focus on supporting the Cell and Gene Therapy market.
The company reported total revenue of $228.4 million for 2024, a decrease from $233.3 million in 2023. This decline was attributed to a reduction in demand for cryogenic systems.
Life Sciences Services revenue increased by 6.6% to $153.7 million, driven by growth in BioStorage/BioServices and Commercial Cell & Gene therapy.
Life Sciences Products revenue decreased by 16.2% to $74.7 million, primarily due to decreased demand for cryogenic systems.
CryoPort reported a net loss of $114.8 million for 2024, compared to a net loss of $99.6 million in 2023. The increase in net loss was influenced by impairment charges.
The company recorded an impairment charge of $63.8 million related to goodwill and trademarks for its MVE reporting unit.
Operating expenses for selling, general, and administrative functions were $149.0 million, a slight increase from $146.9 million in the previous year.
CryoPort's cash and cash equivalents, along with short-term investments, totaled $261.7 million as of December 31, 2024.
The company continues to focus on expanding its global presence and enhancing its supply chain solutions to support the life sciences industry.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the CryoPort Inc. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.