Cryoport revenues increased 74% to $1.4 millionStaff writer ▼ | November 16, 2015
Cryoport announced financial results for the three and six-month periods ended September 30, 2015.
Cryoport Gross margin was 30%
This growth was driven by an overall surge in the number of clients utilizing the company’s solutions complimented by growth and frequency of shipments from current clients.
Gross margin for the three and six month periods ended September 30, 2015 was 30% and 32%, respectively, compared to 27% and 32% for the same periods in the prior year. The company’s gross margin target continues to be 60%, which can be expected when cash flow breakeven is achieved.
Operating costs and expenses increased by $0.7 million and $1.3 million for the three and six month periods ended September 30, 2015, respectively. This increase is primarily due to equity-based compensation charges, salaries incurred to expand the sales force and the engagement of a new marketing firm to support sales activities.
Net loss for the three and six month periods ended September 30, 2015 was $2.4 million and $4.3 million, respectively.
Net loss attributable to common stockholders for the three and six month periods ended September 30, 2015 was $2.7 million, or $0.41 per share and $9.3 million, or $1.61 per share, respectively.
The increase for the six month period ended September 30, 2015 is partially the result of an increase in non-cash, preferred stock beneficial conversion charges of $2.0 million and an increase in undeclared cumulative preferred dividends of $0.3 million.
Cryoport reported $7.1 million in cash and cash equivalents as of September 30, 2015, compared to $1.4 million at as of fiscal year ended March 31, 2015. ■