CryoPort Inc. (NASDAQ: CYRX) reported improvement in its financial performance in both F4Q2016 and F2016 compared to the last 12 months. Beyond financial performance, the company also reported other milestones including entering into two strategic relationships.
Financial performance highlight
For F4Q2016, CryoPort Inc. (NASDAQ: CYRX) generated revenue of $1.6 million, indicating 30% YoY growth. The management explained that the topline gain was driven by higher revenues in reproductive medicines and biopharma divisions. Gross margin for the quarter was 37% compared to 31% a year ago. CryoPort posted EPS loss attributable to common shareholders of $0.26.
On annual basis, revenue increased 50% to $5.9 million. But gross margin improved just slightly to 32% from 30%. EPS loss attributable to common shareholders was $2.05.
As of March 31, CryoPort Inc. (NASDAQ: CYRX) said it had cash and equivalents amounting to $2.8 million, which is double the cash position on the exact same date in 2015.
According to CEO, Jerrell Shelton, the financial results reported in the last fiscal quarter and fiscal year were the outcomes of the investments the company has made in sales, marketing and operations.
Other corporate highlights for CryoPort Inc. (NASDAQ: CYRX)
During F2016, CryoPort Inc. (NASDAQ: CYRX) progressed in a number of ways including rolling out SmartPak II to the market. The tool is designed to provide comprehensive and real-time communication and visibility of precious biological commodities.
Other deals inked by CryoPort in the same year included entering into two strategic relationships involving Pacific Bio-Material Management and Worthington’s CryoScience.
CryoPort Inc. (NASDAQ: CYRX) said that it was selected by CryoStore BV to be a partner in logistics services. CryoStore BV serves the EU market in the field of storage and distribution of temperature-controlled goods. Still in Europe, CryoPort said that a company that uses its solutions was selected by United Parcel Service, Inc. (NYSE:UPS) to become a partner in providing shipping services for temperature sensitive portfolio in Europe.
CryoPort Inc. (NASDAQ: CYRX) recently closed an equity fundraiser that saw it generate gross proceeds amounting to more than $1.3 million from the sale of some 841,773 shares in a rights issue arrangement.