Cryoport, Inc. reported its financial results for the third quarter and nine months ended September 30, 2024, showing mixed performance in revenue and profitability compared to the previous fiscal period. Total revenue for Q3 2024 was $56.7 million, a slight increase of 0.9% from $56.2 million in Q3 2023. For the nine months ended September 30, 2024, total revenue decreased by 4.1% to $168.9 million from $176.0 million in the same period last year.

The Life Sciences Services segment saw a revenue increase of 9.0% in Q3 2024, reaching $39.3 million, up from $36.0 million in Q3 2023. However, Life Sciences Products revenue fell by 13.7% to $17.4 million, primarily due to decreased demand for cryogenic systems in the Americas. For the nine-month period, Life Sciences Services revenue increased by 6.6% to $114.1 million, while Life Sciences Products revenue dropped by 20.6% to $54.7 million.

Cryoport's net income for Q3 2024 was $805,000, a significant improvement from a net loss of $13.3 million in Q3 2023. However, the company reported a net loss of $96.1 million for the nine months ended September 30, 2024, compared to a loss of $37.2 million for the same period in 2023. The increase in net loss was largely attributed to a $63.8 million impairment charge related to goodwill for the MVE Biological Solutions reporting unit.

Total operating costs and expenses for Q3 2024 were $41.8 million, slightly higher than $41.2 million in Q3 2023. Selling, general, and administrative (SG&A) expenses increased by 4.5% to $17.5 million, driven by higher wages and employee costs. Engineering and development expenses decreased by 19.3% to $4.2 million.

Cryoport's total current assets decreased to $350.3 million as of September 30, 2024, from $535.1 million at the end of 2023. Total liabilities decreased to $283.2 million, while total stockholders' equity was $418.6 million, down from $489.0 million at the end of 2023.

Strategically, Cryoport has been active in acquisitions, including the purchase of Bluebird Express, LLC for $10.2 million, which is expected to enhance its capabilities in the supply chain for cell and gene therapies. The company also repurchased $175 million in principal amount of its 2026 Senior Notes, resulting in a net gain on extinguishment of debt of $18.5 million for the nine months ended September 30, 2024.

Overall, while Cryoport experienced growth in certain service areas, challenges in product demand and significant impairment charges impacted its overall financial performance during the period.