CryoPort Inc (CYRX)

[H2R]

From the CC: revenue growth

As reported this afternoon, our results for this quarter continue to demonstrate strong top line performance with revenue growth up 52% year-over-year, as we once again provided consistent growth across all three of our markets in the life sciences, biopharma, reproductive medicine and animal health.

The strongest performance was in the biopharma market, which now accounts for 76% of our total revenue and is our largest growth market. For that reason, the focus of this call will be on some of the top profile and recent developments in the biopharma market which we expect will have a significant and positive impact on Cryoport's revenue, operations, and profitability.

Biopharma revenues up 69% year-over-year and 10% sequentially, as we continue to make steady progress expanding our client roster with the addition of 19 new biopharma clients for the second quarter. We are now supporting 172 clinical trials in the space.

For several years we have witnessed increasing levels of activity in the clinical trials of regenerative therapies in the united states. According to the research published in the May of this year, the global regenerative medicine market was valued at $18.9 billion in 2016 and is expected to grow to over $54 billion by 2021, representing compounded annual growth rate of 23% during that timeframe.