Company Quick10K Filing
Cryoport
Price16.88 EPS-1
Shares36 P/E-31
MCap605 P/FCF-293
Net Debt-94 EBIT-19
TEV512 TEV/EBIT-27
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-03-10
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-13
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-03-08
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-04
10-Q 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-08-15
10-K 2016-03-31 Filed 2016-06-28
10-Q 2015-12-31 Filed 2016-02-11
10-Q 2015-09-30 Filed 2015-11-16
10-Q 2015-06-30 Filed 2015-08-06
10-K 2015-03-31 Filed 2015-05-19
10-Q 2014-12-31 Filed 2015-02-05
10-Q 2014-09-30 Filed 2014-11-12
10-Q 2014-06-30 Filed 2014-07-31
10-K 2014-03-31 Filed 2014-06-25
10-Q 2013-12-31 Filed 2014-02-13
10-Q 2013-09-30 Filed 2013-11-18
10-Q 2013-06-30 Filed 2013-08-14
10-K 2013-03-31 Filed 2013-06-25
10-Q 2012-12-31 Filed 2013-02-14
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-14
10-K 2012-03-31 Filed 2012-06-27
10-Q 2011-12-31 Filed 2012-02-21
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-08-15
10-K 2011-03-31 Filed 2011-06-27
10-Q 2010-12-31 Filed 2011-02-22
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-23
10-K 2010-03-31 Filed 2010-06-22
10-Q 2009-12-31 Filed 2010-02-16
8-K 2020-08-24 Enter Agreement, Sale of Shares, Shareholder Rights, Regulation FD, Exhibits
8-K 2020-08-21 Enter Agreement, Regulation FD, Exhibits
8-K 2020-08-06 Earnings, Exhibits
8-K 2020-05-26
8-K 2020-05-19
8-K 2020-05-07
8-K 2020-05-01
8-K 2020-03-05
8-K 2020-01-09
8-K 2019-12-14
8-K 2019-11-07
8-K 2019-10-28
8-K 2019-10-09
8-K 2019-08-15
8-K 2019-08-08
8-K 2019-07-09
8-K 2019-06-19
8-K 2019-05-14
8-K 2019-05-02
8-K 2019-05-02
8-K 2019-03-07
8-K 2019-01-04
8-K 2018-12-14
8-K 2018-08-24
8-K 2018-05-17
8-K 2018-03-28
8-K 2018-03-06
8-K 2018-02-08
8-K 2018-01-02

CYRX 10Q Quarterly Report

Note 1. Management's Representation and Basis of Presentation
Note 2. Nature of The Business
Note 3. Summary of Significant Accounting Policies
Note 4. Cash, Cash Equivalents and Short - Term Investments
Note 5. Fair Value Measurements
Note 6. Segment Reporting
Note 7. Goodwill and Intangible Assets
Note 8. Convertible Senior Notes
Note 9. Commitments and Contingencies
Note 10. Leases
Note 11. Stockholders' Equity
Note 12. Stock - Based Compensation
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A.Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 cyrx-20200630xex31d1.htm
EX-31.2 cyrx-20200630xex31d2.htm
EX-32.1 cyrx-20200630xex32d1.htm

Cryoport Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
140111825425-32012201420172020
Assets, Equity
10.05.00.0-5.0-10.0-15.02012201420172020
Rev, G Profit, Net Income
7552296-17-402012201420172020
Ops, Inv, Fin

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______.

Commission File Number: 001-34632

Graphic

CRYOPORT, INC.

(Exact Name of Registrant as Specified in its Charter)

Nevada

88-0313393

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

112 Westwood Place, Suite 350

Brentwood, TN 37027

(Address of principal executive offices , including zip code)

(949470-2300

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class:

    

Trading Symbol(s)

    

Name of each exchange on which registered:

Common Stock , $0.001 par value

 CYRX

The Nasdaq Stock Market LLC (The Nasdaq Capital Market)

Warrants to purchase Common Stock

 CYRXW

The Nasdaq Stock Market LLC (The Nasdaq Capital Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer," “smaller reporting company," and "emerging growth company” in Rule 12b-2 of the Exchange Act.:

Large accelerated filer

Accelerated filer

Non-accelerated filer

  

Smaller reporting company

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes      No  

As of July 31, 2020 there were 38,778,015 shares of the registrant’s common stock outstanding.

Table of Contents

TABLE OF CONTENTS

 

Page

PART I. FINANCIAL INFORMATION

 

 

ITEM 1. Financial Statements

 

 

Condensed Consolidated Balance Sheets at June 30, 2020 (Unaudited) and December 31, 2019

3

Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019

4

Unaudited Condensed Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2020 and 2019

5

Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2020 and 2019

6

Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019

7

Notes to Condensed Consolidated Financial Statements (Unaudited)

8

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

30

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

38

ITEM 4. Controls and Procedures

38

PART II. OTHER INFORMATION

39

ITEM 1. Legal Proceedings

39

ITEM 1A. Risk Factors

39

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

40

ITEM 3. Defaults Upon Senior Securities

40

ITEM 4. Mine Safety Disclosures

40

ITEM 5. Other Information

40

ITEM 6. Exhibits

41

SIGNATURES

42

2

Table of Contents

Cryoport, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

June 30, 

December 31, 

2020

2019

    

(unaudited)

    

ASSETS

 

  

 

  

Current Assets:

 

  

 

  

Cash and cash equivalents

$

44,326,038

$

47,234,770

Short-term investments

 

163,891,831

 

47,060,786

Accounts receivable, net

 

7,038,733

 

7,098,191

Inventories

 

538,376

 

473,961

Prepaid expenses and other current assets

 

891,652

 

1,096,855

Total current assets

 

216,686,630

 

102,964,563

Property and equipment, net

 

13,702,732

 

11,833,057

Operating lease right-of-use assets

 

5,868,513

 

4,460,319

Intangible assets, net

4,984,012

5,177,578

Goodwill

 

10,999,722

 

10,999,722

Deposits

 

534,978

 

437,299

Total assets

$

252,776,587

$

135,872,538

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

  

Current Liabilities:

 

 

  

Accounts payable and other accrued expenses

$

6,509,745

$

2,498,375

Accrued compensation and related expenses

 

1,852,186

 

1,903,720

Deferred revenue

 

330,272

 

367,867

Operating lease liabilities

 

691,386

 

665,901

Finance lease liabilities

 

57,946

 

24,617

Total current liabilities

 

9,441,535

 

5,460,480

Convertible senior notes, net of discount of $4.0 million

 

110,977,419

 

Operating lease liabilities, net of current portion

 

5,497,430

 

4,101,236

Finance lease liabilities, net of current portion

 

146,570

 

8,539

Deferred tax liability

 

56,945

 

20,935

Total liabilities

 

126,119,899

 

9,591,190

Commitments and contingencies

 

  

 

  

Stockholders’ Equity:

 

  

 

  

Preferred stock, $0.001 par value; 2,500,000 shares authorized:

 

  

 

  

Class A convertible preferred stock — $0.001 par value; 800,000 shares authorized; none issued and outstanding

 

 

Class B convertible preferred stock — $0.001 par value; 585,000 shares authorized; none issued and outstanding

 

 

Common stock, $0.001 par value; 100,000,000 shares authorized; 38,565,193 and 37,339,787 issued and outstanding at June 30, 2020 and December 31, 2019, respectively

 

38,565

 

37,340

Additional paid-in capital

 

295,423,521

 

285,609,022

Accumulated deficit

 

(169,065,602)

 

(159,319,963)

Accumulated other comprehensive income (loss)

 

260,204

 

(45,051)

Total stockholders’ equity

 

126,656,688

 

126,281,348

Total liabilities and stockholders’ equity

$

252,776,587

$

135,872,538

See accompanying notes to condensed consolidated financial statements.

3

Table of Contents

Cryoport, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(unaudited)

Three Months Ended 

Six Months Ended 

June 30, 

June 30, 

    

2020

    

2019

    

2020

    

2019

Revenues

$

9,389,006

$

8,463,588

$

19,163,081

$

15,116,500

Cost of revenues

 

4,262,010

 

4,125,199

 

8,778,121

 

7,324,210

Gross margin

 

5,126,996

 

4,338,389

 

10,384,960

 

7,792,290

Operating costs and expenses:

 

 

 

 

General and administrative

 

5,733,149

 

3,258,781

 

9,763,191

 

5,955,640

Sales and marketing

 

3,292,845

 

2,843,073

 

6,374,272

 

5,251,065

Engineering and development

 

1,946,443

 

540,933

 

3,679,169

 

1,030,529

Total operating costs and expenses

 

10,972,437

 

6,642,787

 

19,816,632

 

12,237,234

Loss from operations

 

(5,845,441)

 

(2,304,398)

 

(9,431,672)

 

(4,444,944)

Other income (expense):

 

 

 

 

Interest expense

 

(398,256)

 

(333,910)

 

(400,707)

 

(672,638)

Other income, net

 

490,784

 

119,441

 

169,598

 

210,913

Loss before provision for income taxes

 

(5,752,913)

 

(2,518,867)

 

(9,662,781)

 

(4,906,669)

Provision for income taxes

 

(49,833)

 

(9,624)

 

(82,858)

 

(8,724)

Net loss

$

(5,802,746)

$

(2,528,491)

$

(9,745,639)

$

(4,915,393)

Net loss per share – basic and diluted

$

(0.15)

$

(0.08)

$

(0.26)

$

(0.16)

Weighted average shares outstanding – basic and diluted

 

38,281,087

 

31,176,166

 

37,914,818

 

30,811,109

See accompanying notes to condensed consolidated financial statements.

4

Table of Contents

Cryoport, Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Loss

Three Months Ended 

Six Months Ended 

June 30, 

June 30, 

    

2020

    

2019

    

2020

    

2019

Net loss

$

(5,802,746)

$

(2,528,491)

$

(9,745,639)

$

(4,915,393)

Other comprehensive income (loss), net of tax:

 

 

 

 

Net unrealized gain (loss) on available-for-sale debt securities

 

(144,647)

 

37,905

 

335,746

 

59,612

Reclassification of realized gain on available-for-sale debt securities to earnings

 

(15,563)

 

(18,913)

 

(26,552)

 

(12,846)

Foreign currency translation adjustments

 

(2,795)

 

(1,535)

 

(3,939)

 

(11,615)

Other comprehensive income (loss)

 

(163,005)

 

17,457

 

305,255

 

35,151

Total comprehensive loss

$

(5,965,751)

$

(2,511,034)

$

(9,440,384)

$

(4,880,242)

5

Table of Contents

Cryoport, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

Accumulated 

Class A

Class B

Additional

Other 

Total 

Preferred Stock

Preferred Stock

Common Stock

Paid–In 

Accumulated 

Comprehensive 

Stockholders’

    

Shares

    

Amount

    

Shares

    

Amount

    

Shares

    

Amount

    

Capital

    

Deficit

    

Income

    

Equity  (Deficit)

Balance at March 31, 2019

 

$

 

$

 

30,677,500

$

30,678

$

182,230,799

$

(143,375,386)

$

20,847

$

38,906,938

Net loss

 

 

 

 

 

 

 

 

(2,528,491)

 

 

(2,528,491)

Other comprehensive income, net of taxes

 

 

 

 

 

 

 

 

 

17,457

 

17,457

Stock-based compensation expense

 

 

 

 

 

 

 

1,959,588

 

 

 

1,959,588

Proceeds from public offering, net of costs of $106,300

4,312,500

4,313

68,803,133

68,807,446

Issuance of common stock for board of director compensation

 

 

 

 

 

1,920

 

2

 

32,165

 

 

 

32,167

Proceeds from exercise of stock options and warrants

 

 

 

 

 

493,650

 

493

 

1,554,577

 

 

 

1,555,070

Balance at June 30, 2019

 

$

 

$

 

35,485,570

$

35,486

$

254,580,262

$

(145,903,877)

$

38,304

$

108,750,175

Balance at March 31, 2020

 

$

 

$

 

37,930,255

$

37,930

$

290,106,664

$

(163,262,856)

$

423,209

$

127,304,947

Net loss

 

 

 

 

 

 

 

 

(5,802,746)

 

 

(5,802,746)

Other comprehensive loss, net of taxes

(163,005)

(163,005)

Stock-based compensation expense

 

 

 

 

 

 

 

2,280,830

 

 

 

2,280,830

Issuance of common stock for board of director compensation

 

 

 

 

 

699

 

1

 

20,666

 

 

 

20,667

Proceeds from exercise of stock options and warrants

 

 

 

 

 

634,239

 

634

 

3,015,361

 

 

 

3,015,995

Balance at June 30, 2020

 

$

 

$

 

38,565,193

$

38,565

$

295,423,521

$

(169,065,602)

$

260,204

$

126,656,688

Balance at December 31, 2018

 

$

 

$

 

30,319,038

$

30,319

$

179,501,577

$

(140,988,484)

$

3,153

$

38,546,565

Net loss

 

 

 

 

 

 

 

 

(4,915,393)

 

 

(4,915,393)

Other comprehensive income, net of taxes

 

 

 

 

 

 

 

 

 

35,151

 

35,151

Stock-based compensation expense

 

 

 

 

 

 

 

3,355,824

 

 

 

3,355,824

Proceeds from public offering, net of costs of $106,300

4,312,500

4,313

68,803,133

68,807,446

Issuance of common stock for board of director compensation

 

 

 

 

 

3,239

 

3

 

49,663

 

 

 

49,666

Proceeds from exercise of stock options and warrants

 

 

 

 

 

850,793

 

851

 

2,870,065

 

 

 

2,870,916

Balance at June 30, 2019

 

$

 

$

 

35,485,570

$

35,486

$

254,580,262

$

(145,903,877)

$

38,304

$

108,750,175

 

  

 

  

 

  

 

  

 

 

 

 

 

 

  

Balance at December 31, 2019

 

$

 

$

 

37,339,787

$

37,340

$

285,609,022

$

(159,319,963)

$

(45,051)

$

126,281,348

Net loss

 

 

 

 

 

 

 

 

(9,745,639)

 

 

(9,745,639)

Other comprehensive income, net of taxes

305,255

305,255

Stock-based compensation expense

 

 

 

 

 

 

 

3,880,542

 

 

 

3,880,542

Issuance of common stock for board of director compensation

 

 

 

 

 

1,968

 

2

 

41,331

 

 

 

41,333

Proceeds from exercise of stock options and warrants

 

 

 

 

 

1,223,438

 

1,223

 

5,892,626

 

 

 

5,893,849

Balance at June 30, 2020

 

$

 

$

 

38,565,193

$

38,565

$

295,423,521

$

(169,065,602)

$

260,204

$

126,656,688

See accompanying notes to condensed consolidated financial statements.

6

Table of Contents

Cryoport, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(unaudited)

For the Six Months Ended

June 30, 

    

2020

    

2019

Cash Flows From Operating Activities:

 

  

 

  

Net loss

$

(9,745,639)

$

(4,915,393)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

Depreciation and amortization

 

1,668,710

 

797,255

Amortization of debt discount

 

60,105

 

30,793

Unrealized gain on investments in equity securities

 

(336,578)

 

(75,348)

Realized loss on investments in equity securities

804,772

Realized gain on available-for-sale investments

(16,892)

(29,911)

Stock-based compensation expense

 

3,921,875

 

3,405,490

Loss on disposal of property and equipment

 

121,336

 

100,254

Provision for bad debt

33,976

42,042

Changes in operating assets and liabilities:

 

 

Accounts receivable

 

25,482

 

(2,594,234)

Inventories

 

(64,415)

 

(85,924)

Prepaid expenses and other current assets

 

205,203

 

225,402

Deposits

 

(97,679)

 

(14,977)

Change in operating lease right-of-use assets and lease liabilities

13,485

(56,532)

Accounts payable and other accrued expenses

 

3,149,770

 

1,712,648

Accrued compensation and related expenses

 

(51,534)

 

271,779

Deferred revenue

 

(37,595)

 

(64,830)

Deferred tax liability

36,010

Net cash used in operating activities

 

(309,608)

 

(1,251,486)

Cash Flows From Investing Activities:

 

 

Purchases of property and equipment

 

(2,542,151)

 

(2,578,145)

Purchases of short-term investments

 

(136,252,019)

 

(6,020,660)

Sales/maturities of short-term investments

 

19,278,866

 

2,000,000

Cash paid for acquisition

(20,429,651)

Patent and trademark costs

 

(74,934)

(43,029)

Net cash used in investing activities

 

(119,590,238)

 

(27,071,485)

Cash Flows From Financing Activities:

 

 

Proceeds from exercise of stock options and warrants

 

5,893,849

 

2,870,916

Proceeds from issuance of convertible senior notes