MVE Biological Solutions’ new manufacturing facility at Cryoport in Prague resumes full production
The company provides an additional update on the financial impact of New Prague, MN Fire
NASHVILLE, Tenn., March 30, 2022 /PRNewswire/ — Cryoport, Inc. (Nasdaq: CYRX) (“Cryoport” or the “Company”), a global leader in temperature-controlled supply chain solutions for the life sciences industry, announced today that his New Prague the plant resumed full production. As previously announced, a fire broke out in part of the MVE Biological Solutions manufacturing facility located in New Prague, Minnesota to January 25, 2022, leading to a temporary reduction in production. the New Prague manufactures aluminum dewars and is one of three global manufacturing facilities for MVE Biological Solutions.
Cryoport had previously announced that it would resume production at New Prague installation during the week of February 14thand and ramping up to full production during the first quarter of 2022. The Company also considered the revenue impact of the fire of $4 for $5 million limited to Q1 2022. Production resumed as planned; however, a number of unexpected challenges resulting from the fire slowed the return to service and production validation slower than expected. As a result, Cryoport now expects a revenue impact from the fire of $9.0 for $9.5 million which will remain limited to the first quarter. As previously announced, the Company expects its insurance to cover the majority of the costs of restoring and reopening the facility, as well as losses related to business interruption. Management will focus on reducing shipping times to customers throughout the year.
About Cryoport, Inc.
Cryoport, Inc. (Nasdaq: CYRX), headquartered in Nashville, TN, is a global leader in temperature-controlled supply chain solutions for the life sciences industry, supporting lifesaving cell and gene therapies across the clinical and commercial spectrum. With 33 strategic locations spanning the Americas, EMEA (Europethe Middle East and Africa) and APAC (Asia Pacific), Cryoport’s global platform provides critical solutions, services and products to biopharma, animal health and reproductive medicine customers worldwide. In addition to its standard supply chain solutions, Cryoport is the world’s largest manufacturer of cryogenic systems and one of the largest life science-focused specialty couriers. From December 31, 2021Cryoport has supported eight commercial cell and gene therapies and 602 regenerative medicine clinical trials worldwide, including 74 Phase 3 trials.
For more information, visit www.cryoport.com or follow @cryoport on Twitter at www.twitter.com/cryoport for live updates.
Statements in this press release that are not purely historical, including statements regarding the Company’s intentions, hopes, beliefs, expectations, representations, projections, plans or predictions, are statements forward-looking statements within the meaning of the Private Securities Litigation Reform Act. of 1995. Such forward-looking statements include, but are not limited to, those relating to the industry, business, plans, strategy, acquisitions, including CRYOPDP and MVE Biological Solutions, financial results and condition financial of the Company. It is important to note that the actual results of the Company could differ materially from those of these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, risks and uncertainties associated with the effect of changing economic conditions, product market trends, cash flow variations of the Company, market acceptance risks and technical development risks. . The Company’s business could be affected by a number of other factors, including the risk factors discussed in the Company’s Securities and Exchange Commission (“SEC”) reports, including, but not limit, the Company’s annual report on Form 10-K for the three and twelve months ended December 31, 2021 and any subsequent SEC filings. The forward-looking statements contained in this press release speak only as of the date hereof and the Company cautions investors not to place undue reliance on such forward-looking statements. Except as required by law, the Company disclaims any obligation and does not undertake to update or revise any forward-looking statements contained in this press release.
SOURCE Cryoport, Inc.