Q3 was a bit weird they way they reported it. Yes: "On an organic basis that is without acquisitions, this translates into 38% year-over-year growth". But, 73% of the Q3 revenue was from acquisitions - the two major acquisitions that closed on 10/1/20. THOSE acquired businesses, actually showed a slight negative revenue growth from 2Q21 to 3Q21. When asked about seasonality on the call, mgt kind of faded and hedged. Reality: it looks like the majority of CYRX's business revenue isn't growing at all, or is only at a very moderate rate.
The capital raising transactions announced after the close today appears highly opportunistic: they had $350m of excess cash at 9/30/21 - the vast majority of that was raised opportunistically last January when the stock spiked to $66. The complex transactions involving convertible and stock issuance and old convertible repurchase allows CYRX to raise $300m of additional cash (plus a shoe?) and allows the old convert holders to role into the new issue without have to unwind and then reset hedging transactions. JeffCo gets the nod - they had the highest stock price target from their equity analyst: $96. Well, that's normal.
Q4 results probably won't get reported until next March. I think that is when the true apples to apples comparison of businesses will reveal there really isn't any, or at least very much, "there" there, in this would be growth story. Until then, I expect insiders keep selling, and I would expect Blackstone to look for a quicker out.
"Overall, we had a revenue increase of 371% over the third quarter of 2020." Really? - I calculate a 407% increase over Q3 2020 - but the number is largely meaningless because nearly 3/4's of Q3 revenue was acquired and is being compared to a prior year base of $0 under acquisition accounting.
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