Cryoport, Inc. has provided an update on resumption of activities at the New Prague facility. As previously announced, a fire occurred in a portion of the MVE Biological Solutions manufacturing facility located in New Prague, Minnesota on January 25, 2022, causing production to be temporarily curtailed. The New Prague facility manufactures aluminum dewars and is one of MVE Biological Solutions' three global manufacturing facilities.
Cryoport expects to resume production at the New Prague facility during the week of February 14th and ramp up to full production during the first quarter of 2022. The Company anticipates the revenue impact of $4 to $5 million to be limited to the first quarter. Furthermore, the Company expects its insurance to cover the majority of the costs to restore and re-open the facility, as well as related business interruption losses.
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