Cryoport announced financial results for the first quarter ended March 31, 2017.
Overall revenue increased 74% to $2.7 million for the first quarter ended March 31, 2017, compared with the same period in the prior year. Biopharma revenue increased by 100% compared to the prior year quarter with 27 new Biopharma clients and 14 new clinical trial programs. A total of 139 clinical trials are now being supported by Cryoport, with 17 in Phase III.
"The quarter's results were driven by extraordinary growth in our core business of providing cold chain logistics solutions to biopharma clients, which saw revenue grow 100% year-over-year and 31% sequentially,” Jerrell Shelton, Cryoport, Inc.'s Chief Executive Officer said. “Our sales and marketing team continues to make excellent progress expanding our footprint as we secured 27 new clients and 14 new clinical trial programs, further strengthening our pipeline."
Reproductive Medicine revenue increased by 26% for the first quarter compared to the same quarter last year, led by a 52% increase in the U.S. market, which was partially offset by a decline in international revenue of 12%. International revenue continues to be impacted by the restriction of reproductive tourism in certain countries.