Cryoport falls on lowering annual revenue forecast
07/08/2024 13:03
** Shares of Cryoport CYRX.O fall 20.3% to $6.21 premarket
** Company late on Tuesday reported Q2 revenue of $57.6 mln
vs analysts' estimates of $57.7 mln - LSEG data
** CYRX provides supply chain solutions for life sciences
companies
** Co lowered its 2024 revenue forecast to $225 mln to $235
mln vs its prior range of $242 mln to $252 mln
** Shares of the co may still steer volatile in the near
term "with investors potentially reluctant to give CYRX credit
until there are consecutive and meaningful top-line beats -
particularly given the company's recent history of misses and
lack of visibility" - Leerink Partners
** Reported Q2 net loss of $1.62 per share vs a loss of 42
cents per share a year earlier
** Up to last close, stock is down 49.7% YTD
(Reporting by Sneha S K in Bengaluru)
((Sneha.SK@thomsonreuters.com))