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 2020-09-30 Filed 2020-11-06
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 2021-02-05 Sale of Shares, Regulation FD, Exhibits
8-K 2021-01-20 Other Events, Exhibits
8-K 2021-01-19 Earnings, Other Events, Exhibits
8-K 2021-01-19 Other Events, Exhibits
8-K 2021-01-13 Code of Ethics
8-K 2020-11-05
8-K 2020-10-01
8-K 2020-08-24
8-K 2020-08-21
8-K 2020-08-06
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
Note 13. Subsequent Event - Acquisitions and Financing Transaction
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-20200930xex31d1.htm
EX-31.2 cyrx-20200930xex31d2.htm
EX-32.1 cyrx-20200930xex32d1.htm

Cryoport Earnings 2020-09-30

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 September 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 another 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)

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 October 30, 2020 there were 39,663,710 shares of the registrant’s common stock outstanding.

Table of Contents

TABLE OF CONTENTS

 

Page

PART I. FINANCIAL INFORMATION

3

 

 

ITEM 1. Financial Statements

3

 

 

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

3

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

4

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

5

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

6

Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 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

32

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

41

ITEM 4. Controls and Procedures

41

PART II. OTHER INFORMATION

41

ITEM 1. Legal Proceedings

41

ITEM 1A. Risk Factors

42

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

55

ITEM 3. Defaults Upon Senior Securities

55

ITEM 4. Mine Safety Disclosures

55

ITEM 5. Other Information

55

ITEM 6. Exhibits

56

SIGNATURES

57

2

Table of Contents

Cryoport, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

September 30, 

December 31, 

2020

    

2019

(unaudited)

ASSETS

Current Assets:

  

  

Cash and cash equivalents

$

161,987,083

$

47,234,770

Short-term investments

 

40,952,522

 

47,060,786

Accounts receivable, net

7,783,502

7,098,191

Inventories

 

476,622

 

473,961

Prepaid expenses and other current assets

 

1,444,303

 

1,096,855

Total current assets

 

212,644,032

 

102,964,563

Property and equipment, net

 

15,178,619

 

11,833,057

Operating lease right-of-use assets

8,113,923

4,460,319

Intangible assets, net

 

4,891,124

 

5,177,578

Goodwill

10,999,722

10,999,722

Deposits

 

535,750

 

437,299

Total assets

$

252,363,170

$

135,872,538

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

  

 

  

Current Liabilities:

 

  

 

  

Accounts payable and other accrued expenses

$

9,663,211

$

2,498,375

Accrued compensation and related expenses

 

2,554,753

 

1,903,720

Deferred revenue

 

236,975

 

367,867

Operating lease liabilities

666,929

665,901

Finance lease liabilities

 

63,616

 

24,617

Total current liabilities

 

13,185,484

 

5,460,480

Convertible senior notes, net of discount of $3.8 million

111,155,209

Operating lease liabilities, net of current portion

7,814,874

4,101,236

Finance lease liabilities, net of current portion

123,654

8,539

Deferred tax liability

47,943

20,935

Total liabilities

 

132,327,164

 

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

 

 

Class C convertible preferred stock - $0.001 par value; 250,000 shares authorized; none issued and outstanding

Common stock, $0.001 par value; 100,000,000 shares authorized; 38,983,824 and 37,339,787 issued and outstanding at September 30, 2020 and December 31, 2019, respectively

38,984

37,340

Additional paid-in capital

 

300,273,819

 

285,609,022

Accumulated deficit

 

(180,483,423)

 

(159,319,963)

Accumulated other comprehensive income (loss)

 

206,626

 

(45,051)

Total stockholders’ equity

 

120,036,006

 

126,281,348

Total liabilities and stockholders’ equity

$

252,363,170

$

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

Nine Months Ended

September 30, 

September 30, 

    

2020

    

2019

    

2020

    

2019

Revenues

$

11,172,084

$

9,583,334

$

30,335,165

$

24,699,834

Cost of revenues

 

5,116,831

4,956,277

 

13,894,952

 

12,280,487

Gross margin

 

6,055,253

4,627,057

 

16,440,213

 

12,419,347

 

  

 

  

 

  

Operating costs and expenses:

 

  

 

  

 

  

 

  

General and administrative

 

10,794,110

 

9,376,686

 

20,557,301

 

15,332,326

Sales and marketing

 

3,681,862

 

5,961,593

 

10,056,134

 

11,212,658

Engineering and development

 

2,311,718

 

1,640,528

 

5,990,887

 

2,671,057

Total operating costs and expenses

 

16,787,690

 

16,978,807

 

36,604,322

 

29,216,041

 

 

  

 

 

Loss from operations

 

(10,732,437)

 

(12,351,750)

 

(20,164,109)

 

(16,796,694)

Other income (expense):

 

  

 

  

 

  

 

  

Interest expense

 

(1,081,542)

 

(248,410)

 

(1,482,249)

 

(921,048)

Other income, net

 

367,093

 

133,499

 

536,691

 

344,412

Loss before provision for income taxes

 

(11,446,886)

 

(12,466,661)

 

(21,109,667)

 

(17,373,330)

Benefit (provision) for income taxes

 

29,065

 

(1,886)

 

(53,793)

 

(10,610)

Net loss

$

(11,417,821)

$

(12,468,547)

$

(21,163,460)

$

(17,383,940)

Net loss per share – basic and diluted

$

(0.29)

$

(0.35)

$

(0.55)

$

(0.54)

Weighted average shares outstanding – basic and diluted

 

39,144,916

 

35,674,162

 

38,211,327

 

32,449,940

See accompanying notes to condensed consolidated financial statements.

4

Table of Contents

Cryoport, Inc. and Subsidiaries

Condensed Consolidated Statements of Comprehensive Loss

(unaudited)

Three Months Ended

Nine Months Ended

September 30, 

September 30, 

    

2020

    

2019

    

2020

    

2019

Net loss

$

(11,417,821)

$

(12,468,547)

$

(21,163,460)

$

(17,383,940)

Other comprehensive income (loss), net of tax:

 

  

 

  

 

  

 

  

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

 

(105,020)

 

(55,891)

 

250,643

 

(16,382)

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

27,669

(29,067)

(18,800)

(21,809)

Foreign currency translation adjustments

 

23,773

 

(19,348)

 

19,834

 

(30,964)

Other comprehensive income (loss)

 

(53,578)

 

(104,306)

 

251,677

 

(69,155)

Total comprehensive loss

$

(11,471,399)

$

(12,572,853)

$

(20,911,783)

$

(17,453,095)

See accompanying notes to condensed consolidated financial statements.

5

Table of Contents

Cryoport, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders’ Equity

(unaudited)

Accumulated 

Class A

Class B

Class C

Additional

Other 

Total 

Preferred Stock

Preferred Stock

Preferred Stock

Common Stock

Paid–In 

Accumulated 

Comprehensive 

Stockholders’

    

Shares

    

Amount

    

Shares

    

Amount

    

Shares

    

Amount

    

Shares

    

Amount

    

Capital

    

Deficit

    

Income (Loss)

    

Equity  (Deficit)

Balance at June 30, 2019

 

$

 

$

$

 

35,485,570

$

35,486

$

254,580,262

$

(145,903,877)

$

38,304

$

108,750,175

Net loss

 

 

 

 

 

 

 

 

 

(12,468,547)

 

 

(12,468,547)

Other comprehensive loss, net of taxes

 

 

 

 

 

 

 

 

 

 

(104,306)

 

(104,306)

Stock-based compensation expense

 

 

 

 

 

 

 

 

1,925,108

 

 

 

1,925,108

Accelerated stock-based compensation expense

10,789,774

10,789,774

Issuance of common stock for board of director compensation

 

 

 

 

 

 

1,249

 

1

 

20,665

 

 

 

20,666

Proceeds from exercise of stock options and warrants

 

 

 

 

 

 

356,713

 

357

 

1,415,895

 

 

 

1,416,252

Balance at September 30, 2019

$

$

$

35,843,532

$

35,844

$

268,731,704

$

(158,372,424)

$

(66,002)

$

110,329,122

Balance at June 30, 2020

 

$

 

$

$

 

38,565,193

$

38,565

$

295,423,521

$

(169,065,602)

$

260,204

$

126,656,688

Net loss

 

 

 

 

 

 

 

 

 

(11,417,821)

 

 

(11,417,821)

Other comprehensive loss, net of taxes

(53,578)

(53,578)

Stock-based compensation expense

 

 

 

 

 

 

 

 

2,412,005

 

 

 

2,412,005

Issuance of common stock for board of director compensation

 

 

 

 

 

 

432

 

1

 

20,666

 

 

 

20,667

Proceeds from exercise of stock options and warrants

 

 

 

 

 

 

418,199

 

418

 

2,417,627

 

 

 

2,418,045

Balance at September 30, 2020

 

 

 

38,983,824

$

38,984

$

300,273,819

$

(180,483,423)

$

206,626

$

120,036,006

Balance at December 30, 2018

 

$

 

$

$

 

30,319,038

$

30,319

$

179,501,577

$

(140,988,484)

$

3,153

$

38,546,565

Net loss

 

 

 

 

 

 

 

 

 

(17,383,940)

 

 

(17,383,940)

Other comprehensive loss, net of taxes

 

 

 

 

 

 

 

 

 

 

(69,155)

 

(69,155)

Stock-based compensation expense

 

 

 

 

 

 

 

 

5,280,931

 

 

 

5,280,931

Accelerated stock-based compensation expense

10,789,774

10,789,774

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

4,312,500

4,313

68,806,405

68,810,718

Issuance of common stock for board of director compensation

 

 

 

 

 

 

4,488

 

5

 

70,329

 

 

 

70,334

Proceeds from exercise of stock options and warrants

 

 

 

 

 

 

1,207,506

 

1,207

 

4,282,688

 

 

 

4,283,895

Balance at September 30, 2019

 

$

 

$

$

 

35,843,532

$

35,844

$

268,731,704

$

(158,372,424)

$

(66,002)

$

110,329,122

 

  

 

  

 

  

 

  

  

 

  

 

 

 

 

 

 

  

Balance at December 31, 2019

 

$

 

$

$

 

37,339,787

$

37,340

$

285,609,022

$

(159,319,963)

$

(45,051)

$

126,281,348

Net loss

 

 

 

 

 

 

 

 

 

(21,163,460)

 

 

(21,163,460)

Other comprehensive income, net of taxes

251,677

251,677

Stock-based compensation expense

 

 

 

 

 

 

 

 

6,292,546

 

 

 

6,292,546

Issuance of common stock for board of director compensation

 

 

 

 

 

 

2,400

 

2

 

61,998