Biopharma revenue increased by 69% in the second quarter of 2017 compared to the prior year quarter 19 new Biopharma clients and 33 new clinical trial programs were added to Cryoport's robust pipeline during the second quarter of 2017 172 clinical trials are now being supported by Cryoport, with 17 in Phase III Signed multi-year agreement with Novartis to provide cryogenic logistics support for Novartis' commercialization of its CTL019/CD19 CAR-T cell therapy, expected to commence later in 2017 Reproductive Medicine
Reproductive Medicine revenue increased by 15% for the second quarter compared to the same quarter last year, led by a 57% increase in the U.S. market, which was partially offset by a decline in international revenue of 33%. International revenue continues to be impacted by the restriction of medical (reproductive) tourism and changing regulations in certain countries. Animal Health (AHII-OLD)
Revenue from the Animal Health market was up 15% in the second quarter compared to the same quarter last year. Overall Financial Results:
Revenue increased 52% to $2.9 million and 62% to $5.6 million for the three and six-month periods ended June 30, 2017, respectively, compared with the same periods in the prior year. Gross margin for the three and six-month periods ended June 30, 2017 was 48% and 47%, respectively, compared to 41% and 39% for the same three and six-month periods in the prior year, driven by increased business volume, pricing adjustments and efficiencies of scale. Operating costs and expenses increased by $496,000 and $313,000 for the three and six month periods ended June 30, 2017, respectively. GAAP net loss for the three and six-month periods ended June 30, 2017 was $1.9 million and $3.6 million, respectively, down 53% and 45% compared to $3.9 million and $6.6 million in the same three and six-month periods in the prior year. GAAP net loss attributable to common stockholders for the three and six-month periods ended June 30, 2017 was $1.9 million, or $0.08 per share, and $3.6 million, or $0.18 per share, compared with $3.9 million, or $0.28 per share, and $6.7 million, or $0.54 per share, in the same three and six-month periods in the prior year. Adjusted EBITDA for the three and six-month periods ended June 30, 2017 was ($890,000) and ($1.8 million), respectively, a reduction of 22% and 39% compared to ($1.1 million) and ($2.9 million) in the same three and six-month periods in the prior year. The Company has no debt and reported $12.9 million in cash and cash equivalents as of June 30, 2017, compared to $4.5 million as of Fiscal Year ended December 31, 2016. The increase in cash and cash equivalents includes net proceeds of $11.4 million received from an underwritten public offering on March 31, 2017. Subsequent to quarter end, in July 2017 we received proceeds of $1.8 million from the exercise of $3.00 warrants issued in connection with a tender offer carried out by the Company in 2016.
