Revenue improved sequentially across all businesses Commercial Cell & Gene Therapy revenue increased 51% year-over-year and 20% sequentially A record total of 684 global clinical trials supported as of June 30, 2024 Cost reduction initiatives anticipated to result in approximately $22 million of annualized cost savings and drive Cryoport towards its goal of profitable growth, as well as a return to positive Adjusted EBITDA in 2025 Company provides updated 2024 full-year revenue guidance of $225 to $235 million NASHVILLE, Tenn. , Aug. 6, 2024 /PRNewswire/ -- Cryoport, Inc.
(NASDAQ: CYRX ) (Cryoport), a global leader in supply chain solutions for the life sciences, today announced financial results for its second quarter (Q2) and first half (H1) of 2024. Jerrell Shelton , CEO of Cryoport, commented, "During our second quarter, we saw continued progress across all businesses as all revenue lines improved sequentially. Our revenue from the support of commercial Cell & Gene Therapies stood out, with an increase of 51% year-over-year and 20% sequentially, reflecting a strong demand for these life-saving treatment therapies.
"MVE Biological Solutions, our primary Life Sciences Products business, showed a modest sequential improvement for the quarter, as we continued to experience overall lower demand compared to previous years. We anticipate continued softness in demand in our Life Sciences Products business, as customers continue to delay capital expenditures and leverage their exi.