Cryoport falls after 2023 revenue forecast cut
13/07/2023 17:07
(Updates)
** Shares of Cryoport Inc CYRX.O hit over three-year low
as they fall 27.2% to $14.12
** Stock set for its biggest one-day pct fall in over 8
months
** The life sciences industry logistics support provider cut
its 2023 revenue forecast late on Wednesday, impacted by abrupt
slowdown in demand for its cryogenic freezer systems
** Co now expects full-year 2023 revenue between $233 mln
and $243 mln, down from previous forecast of $270 mln-$290 mln
** Analysts on an average estimate $266.5 mln - Refinitiv
** Brokerage SVB Securities downgrades rating on stock to
"market perform" from "outperform", cuts PT to $10 from $30
** New PT represents a 48.5% downside to stock's last close
of $19.4
** The slash in forecast is a result of tighter spending at
small and small-mid cap biotechs for cell and gene therapy
clinical trials - SVB
** Overall slowdown in activity and lower capital spending
is impacting CYRX's cryogenic freezer business, particularly in
China, says brokerage
** Including session moves, stock down ~18% YTD
(Reporting by Mariam Sunny in Bengaluru)
((Mariam.ESunny@thomsonreuters.com;))