Cryoport falls after 2023 revenue forecast cut
13/07/2023 11:41
** Shares of Cryoport Inc CYRX.O fall 31.3% to $13.33
premarket
** Life sciences industry logistic support provider cut its
2023 revenue outlook late on Wednesday citing abrupt slowdown in
demand for its cryogenic freezer systems
** Co now expects full-year 2023 revenue in the range of
$233 mln-$243 mln compared to $270 mln-$290 mln forecast
previously
** Says Q2 2023 revenue negatively impacted by weaker than
expected global demand for capital equipment and clinical trial
start delays
** Co expects Q2 revenue to be in the range of $56.5
mln-$57.5 mln, representing a decrease of 11% at the midpoint
year-over-year
** Up to last close, stock up ~12% this year
(Reporting by Mariam Sunny in Bengaluru)
((Mariam.ESunny@thomsonreuters.com;))