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Cryoport Reports Third Quarter 2024 Financial Results

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Q3 2024 Life Sciences Services revenue up 9% year-over-year, including BioStorage/BioServices revenue up 12% year-over-year Supported a record total of 691 global clinical trials as of September 30, 2024Company reaffirmed full year 2024 revenue guidance of $225 to $235 million

NASHVILLE, Tenn., Nov. 7, 2024 /PRNewswire/ — Cryoport, Inc. (NASDAQ: CYRX) (Cryoport), a global leader in supply chain solutions for the life sciences industry, today announced financial results for its third quarter (Q3) and first nine months (9M) of 2024. 

Jerrell Shelton, CEO of Cryoport, remarked, “Our Life Sciences Services business showed 9% growth during the third quarter, with BioStorage/BioServices revenue increasing by 12% compared to the third quarter of last year. The increase in our services revenue was coupled with a substantial improvement in gross margin to 46% for our services business.

“Reflecting on our performance through the third quarter, we are maintaining our full-year revenue forecast of $225 million to $235 million, anticipating continued growth in our services business while acknowledging the ongoing softness in product sales.

“We have been actively executing on our cost reduction and capital realignment strategies and we are currently on course to complete these adjustments by the year’s end. These actions are already showing positive results, as evidenced by the improvement in our gross margin, adjusted EBITDA and positive cash flow this quarter, moving us closer towards our objective of sustainable profitability. We believe that these measures will lead us to a return to positive adjusted EBITDA during 2025.

“We expect the macroeconomic and sector-specific challenges that have impacted many companies serving the life sciences industry to continue for the near future, so we plan to further sharpen our focus on profitable growth and maintaining a strong balance sheet. We continue to be optimistic about our long-term business growth trajectory. We believe that we are strategically positioned to leverage the anticipated long-term growth in the Life Sciences and the Cell & Gene Therapy market through our comprehensive and integrated supply chain solutions.

“In October, we launched our IntegriCell™ Cryopreservation Solution with a new state-of-the-art facility on our Houston campus. This offering addresses yet another critical aspect in optimizing the supply chain for the development and commercialization of cell-based therapies through high quality, standardized, cryopreserved starting material,” Mr. Shelton concluded.

In tabular form, Q3 2024 and 9M 2024 revenue compared to Q3 2023 and 9M 2023, respectively, was as follows:

Cryoport, Inc. and Subsidiaries

Revenue 

(unaudited)

Three Months Ended
September 30,

Nine Months Ended
September 30,

(in thousands)

2024

2023

% Change

2024

2023

% Change

Life Sciences Services

$       39,278

$       36,022

9 %

$     114,104

$     107,062

7 %

BioLogistics Solutions

35,302

32,486

9 %

103,076

97,093

6 %

BioStorage/BioServices 

3,976

3,536

12 %

11,028

9,969

11 %

Life Sciences Products

$       17,386

$       20,135

-14 %

$       54,749

$       68,933

-21 %

Total Revenue

$       56,664

$       56,157

1 %

$     168,853

$     175,995

-4 %

 

BioStorage/BioServices revenue continues to grow double digits year-over-year, increasing 12%, as we continue to introduce our expanded capabilities to existing customers as well as add new customers into our global network, and as more allogeneic clinical and commercial therapies progress in the number of patients treated.

Revenue from commercially approved Cell & Gene therapies represented $6.1 million, or 11%, of total revenue for Q3 2024. During Q3 2024, one new therapy was approved by the Pharmaceuticals and Medical Devices Agency (PMDA) of Japan, which was SanBio’s AKUUGO, an allogeneic treatment for the indication of improving chronic motor paralysis resulting from traumatic brain injury. In addition, the FDA approved Adaptimmune’s Tecelra for the treatment of adults with unresectable or metastatic synovial sarcoma, the first cell therapy targeting a solid tumor. Our total commercial therapy count was seventeen (17) as of September 30, 2024.

As of September 30, 2024, Cryoport supported a total of 691 global clinical trials, a net increase of 21 clinical trials over September 30, 2023, with 79 trials in Phase 3. The number of trials by phase and region are as follows: 

Cryoport Supported Clinical Trials by Phase

Clinical Trials

September 30,

2022

2023

2024

Phase 1

268

275

295

Phase 2

295

314

317

Phase 3

80

81

79

Total

643

670

691

Cryoport Supported Clinical Trials by Region

Clinical Trials

September 30,

2022

2023

2024

Americas

496

516

531

EMEA

105

112

112

APAC

42

42

48

Total

643

670

691

  

During the third quarter, three (3) Biologics License Application (BLA)/Marketing Authorization Application (MAA) filings occurred, and one (1) BLA filing occurred in October. For the remainder of 2024, we anticipate up to an additional four (4) application filings and two (2) new therapy approvals, with another two (2) possible approvals of new therapies in January of 2025.

BioLogistics Solutions revenue rose 9% year over year during the third quarter as it continued to benefit from the ramp in temperature-controlled logistics revenue outside of the Cell & Gene therapy market, including biosimilars, antibodies, APIs and a growing number of Direct-to-Patient shipments.

Financial Highlights

Revenue

Total revenue for Q3 2024 was $56.7 million compared to $56.2 million for Q3 2023, a year-over-year increase of 1% or $0.5 million. Life Sciences Services revenue for Q3 2024 was $39.3 million compared to $36.0 million for Q3 2023, up 9.0% year-over-year and 3.3% sequentially, including BioStorage/BioServices revenue of $4.0 million, up 12.4% year-over-year and 12.9% sequentially. Life Sciences Products revenue for Q3 2024 was $17.4 million compared to $20.1 million for Q3 2023, down 13.7% year-over-year and 11.1% sequentially.Total revenue for 9M 2024 was $168.9 million compared to $176.0 million for 9M 2023. Life Sciences Services revenue for 9M 2024 was $114.1 million compared to $107.1 million for 9M 2023, including BioStorage/BioServices revenue of $11.0 million for 9M 2024 compared to $10.0 million for 9M 2023.Life Sciences Products revenue for 9M 2024 was $54.7 million compared to $68.9 million for 9M 2023.

Gross Margin

Total gross margin was 44.8% for Q3 2024 compared to 43.2% for Q3 2023. Gross margin for Life Sciences Services was 46.0% for Q3 2024 compared to 42.2% for Q3 2023. Gross margin for Life Sciences Products was 42.1% for Q3 2024 compared to 44.9% for Q3 2023.Total gross margin was 42.8% for 9M 2024 compared to 43.2% for 9M 2023. Gross margin for Life Sciences Services was 44.0% for 9M 2024 compared to 44.1% for 9M 2023. Gross margin for Life Sciences Products was 40.5% for 9M 2024 compared to 41.9% for 9M 2023.

Operating Costs and Expenses

Operating costs and expenses were $41.8 million for Q3 2024 compared to operating costs and expenses of $41.2 million for Q3 2023. Operating costs and expenses for 9M 2024 were $189.3 million compared to $121.4 million for 9M 2023. The operating costs and expenses for 9M 2024 include an impairment loss of $63.8 million recorded in Q2 2024, which is primarily related to the write off of remaining goodwill for MVE Biological Solutions.

Net Income (Loss)

Net income was $0.8 million for Q3 2024 compared to a net loss of $13.3 million for Q3 2023, which was primarily a result of increased gains on the extinguishment of debt. Net loss was $96.1 million for 9M 2024 compared to a net loss of $37.2 million for the same period in 2023, which was primarily a result of the impairment loss of $63.8 million recorded in Q2 2024.Net loss attributable to common stockholders was $1.2 million, or $0.02 per share, and $102.1 million, or $2.07 per share, for Q3 2024 and 9M 2024, respectively. This compares to a net loss attributable to common stockholders of $15.3 million, or $0.31 per share, and $43.2 million, or $0.89 per share, for Q3 2023 and 9M 2023, respectively.

Adjusted EBITDA

Adjusted EBITDA was a negative $2.4 million for Q3 2024, compared to a negative $3.1 million for Q3 2023. Adjusted EBITDA for 9M 2024 was a negative $13.9 million, compared to a negative $1.7 million for 9M 2023.

Cash, Cash equivalents, and Short-Term Investments

Cryoport held $272.7 million in cash, cash equivalents, and short-term investments as of September 30, 2024.

Convertible Debt repurchases

In Q3 2024, the Company announced that its Board of Directors had authorized a repurchase program to purchase up to $200.0 million of the Company’s common stock and/or convertible senior notes (the “2024 Repurchase Program”), which was in addition to the remaining amount under its 2022 repurchase program. The 2024 Repurchase Program became effective on August 1, 2024, and remains in effect through December 31, 2027. The Company has approximately $73.9 million in total of repurchase authorization available under its two Repurchase Programs as of September 30, 2024.During Q3 2024, the Company repurchased $175.0 million in aggregate principal amount of its Convertible Senior Notes due in 2026 for an aggregate repurchase price of $154.5 million.

Note: All reconciliations of GAAP to adjusted (non-GAAP) figures above are detailed in the reconciliation tables included later in the press release.

Outlook

The Company reaffirms full year 2024 revenue guidance in the range of $225 million$235 million. The Company’s 2024 guidance is dependent on its current business and expectations, which may be further impacted by, among other things, factors that are outside of our control, such as the global macroeconomic and geopolitical environment, supply chain constraints, inflationary pressures, and the effects of foreign currency fluctuations, as well as the other factors described in the Company’s filings with the Securities and Exchange Commission (“SEC”), including in the “Risk Factors” section of its most recently filed periodic reports on Form 10-K and Form 10-Q, as well as in its subsequent filings with the SEC.

Additional Information

Further information on Cryoport’s financial results is included in the attached condensed consolidated balance sheets and statements of operations, and additional explanations of Cryoport’s financial performance are provided in the Company’s Quarterly Report on Form 10-Q for the three months ended September 30, 2024, which is expected to be filed with the SEC on November 7, 2024. Additionally, the full report will be available in the SEC Filings section of the Investor Relations section of Cryoport’s website at www.cryoportinc.com.

Earnings Conference Call Information

IMPORTANT INFORMATION: In addition to the earnings release, a document titled “Cryoport Third Quarter 2024 in Review”, providing a review of Cryoport’s financial and operational performance and a general business update, will be issued at 4:05 p.m. ET on Thursday, November 7, 2024. The document is designed to be read in advance of the questions and answers conference call and will be accessible at https://ir.cryoportinc.com/news-events/ir-calendar.

Cryoport management will host a conference call at 5:00 p.m. ET on November 7, 2024. The conference call will be in the format of a questions and answers session and will address any queries investors have regarding the Company’s reported results. A slide deck will accompany the call.

Conference Call Information

Date:

Thursday, November 7, 2024

Time:

5:00 p.m. ET

Dial-in numbers:

1-800-717-1738 (U.S.), 1-646-307-1865 (International)

Confirmation code:

Request the “Cryoport Call” or Conference ID: 1171580

Live webcast:

‘Investor Relations’ section at www.cryoportinc.com or click here.

 

Please allow 10 minutes prior to the call to visit this site to download and install any necessary audio software.

The questions and answers call will be recorded and available approximately three hours after completion of the live event in the Investor Relations section of the Company’s website at www.cryoportinc.com for a limited time. To access the replay of the questions and answers click here. A dial-in replay of the call will also be available to those interested, until November 14, 2024. To access the replay, dial 1-844-512-2921 (United States) or 1-412-317-6671 (International) and enter replay entry code: 1171580#.

About Cryoport, Inc.

Cryoport, Inc. (Nasdaq: CYRX), is a global leader in supply chain solutions for the Life Sciences with an emphasis on cell & gene therapies. Cryoport enables manufacturers, contract manufacturers (CDMOs), contract research organizations (CROs), developers, and researchers to conduct their respective business with products and services that are designed to derisk services and provide certainty. We provide a broad array of supply chain solutions for the life sciences industry. Through our platform of critical products and solutions including advanced temperature-controlled packaging, informatics, specialized bio-logistics services, bio-storage, bio-services, and cryogenic systems, we are “Enabling the Future of Medicine™” worldwide, through our innovative systems, compliant procedures, and agile approach to superior supply chain management.

Our corporate headquarters, located in Nashville, Tennessee, is complemented by over 50 global locations in 17 countries, with key sites in the United States, United Kingdom, France, the Netherlands, Belgium, Portugal, Germany, Japan, Australia, India, and China.

For more information, visit www.cryoportinc.com or follow via LinkedIn at https://www.linkedin.com/company/cryoportinc or @cryoport on X, formerly known as Twitter at www.x.com/cryoport for live updates.

Forward-Looking Statements
Statements in this press release which are not purely historical, including statements regarding Cryoport’s intentions, hopes, beliefs, expectations, representations, projections, plans, or predictions of the future, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, those related to Cryoport’s industry, business, long-term growth prospects, plans, strategies, acquisitions, future financial results and financial condition, such as Cryoport’s outlook and guidance for full year 2024 revenue and the related assumptions and factors expected to drive revenue, projected growth trends in the markets in which the Cryoport operates, Cryoport’s plans and expectations regarding the launch of new products and services, such as the expected timing and benefits of such products and services launches, Cryoport’s expectations about future benefits of its acquisitions, and anticipated regulatory filings, approvals, label/geographic expansions or moves to earlier lines of treatment approved with respect to the products of Cryoport’s clients. Forward-looking statements also include those related to Cryoport’s anticipation of continued growth in its services business and ongoing softness in product sales; Cryoport’s plans and expectations relating to its previously announced cost reduction and capital realignment strategies, including Cryoport’s plans to complete these adjustments by the year’s end and Cryoport’s belief that these measures will lead to a return to positive adjusted EBITDA during 2025; Cryoport’s expectations that the macroeconomic and sector-specific challenges that have impacted many companies serving the life sciences industry to continue into the near future; and Cryoport’s belief that it is strategically positioned to leverage the anticipated long-term growth in the Cell & Gene therapy market through Cryoport’s comprehensive and integrated supply chain solutions. It is important to note that Cryoport’s actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, risks and uncertainties associated with the effect of changing economic and geopolitical conditions, supply chain constraints, inflationary pressures, the effects of foreign currency fluctuations, trends in the products markets, variations in Cryoport’s cash flow, market acceptance risks, and technical development risks. Additional risks and uncertainties include difficulties, delays or Cryoport’s inability to successfully complete its planned cost reduction and capital realignment measures, which could reduce the benefits realized from such activities within the time periods currently anticipated. Cryoport’s business could be affected by other factors discussed in Cryoport’s SEC reports, including in the “Risk Factors” section of its most recently filed periodic reports on Form 10-K and Form 10-Q, as well as in its subsequent filings with the SEC. The forward-looking statements contained in this press release speak only as of the date hereof and Cryoport cautions investors not to place undue reliance on these forward-looking statements. Except as required by law, Cryoport disclaims any obligation, and does not undertake to update or revise any forward-looking statements in this press release.

Cryoport, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

Three Months Ended
September 30,
(unaudited)

Nine Months Ended
September 30,
(unaudited)

(in thousands, except share and per share data)

2024

2023

2024

2023

Revenue

Life Sciences Services revenue

$              39,278

$              36,022

$            114,104

$            107,062

Life Sciences Products revenue

17,386

20,135

54,749

68,933

Total revenue

56,664

56,157

168,853

175,995

Cost of revenue:

Cost of services revenue

21,220

20,803

63,927

59,887

Cost of products revenue

10,059

11,088

32,576

40,037

Total cost of revenue

31,279

31,891

96,503

99,924

Gross margin

25,385

24,266

72,350

76,071

Operating costs and expenses:

Selling, general and administrative

37,654

36,023

111,921

108,066

Engineering and development

4,157

5,152

13,555

13,291

Impairment loss

63,809

Total operating costs and expenses:

41,811

41,175

189,285

121,357

Loss from operations

(16,426)

(16,909)

(116,935)

(45,286)

Other income (expense):

Investment income

3,059

2,848

8,468

7,962

Interest expense

(889)

(1,357)

(3,472)

(4,197)

Gain on extinguishment of debt, net

17,326

5,679

18,505

5,679

Other income (expense), net

(1,616)

(3,059)

(1,398)

242

Income (loss) before provision for income taxes

1,454

(12,798)

(94,832)

(35,600)

Provision for income taxes

(649)

(471)

(1,247)

(1,598)

Net income (loss)

$                    805

$             (13,269)

$             (96,079)

$             (37,198)

Paid-in-kind dividend on Series C convertible preferred stock

(2,000)

(2,000)

(6,000)

(6,000)

Net loss attributable to common stockholders

$               (1,195)

$             (15,269)

$          (102,079)

$             (43,198)

Net loss per share attributable to common stockholders – basic and diluted

$                 (0.02)

$                 (0.31)

$                 (2.07)

$                 (0.89)

Weighted average common shares outstanding – basic and diluted

49,417,757

48,904,102

49,261,717

48,660,646

 

Cryoport, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

September 30,

December 31,

2024

2023

(in thousands)

(unaudited)

Current assets

Cash and cash equivalents

$                      44,665

$                      46,346

Short-term investments

228,001

410,409

Accounts receivable, net

43,461

42,074

Inventories

23,552

26,206

Prepaid expenses and other current assets

10,658

10,077

Total current assets

350,337

535,112

Property and equipment, net

88,281

84,858

Operating lease right-of-use assets

30,113

32,653

Intangible assets, net

175,815

194,382

Goodwill

54,057

108,403

Deposits

1,493

1,680

Deferred tax assets

1,669

656

 Total assets 

$                    701,765

$                    957,744

Current liabilities

Accounts payable and other accrued expenses

$                      25,194

$                      26,995

Accrued compensation and related expenses

11,275

11,409

Deferred revenue

1,091

1,308

Current portion of operating lease liabilities

5,834

5,371

Current portion of finance lease liabilities

470

286

Current portion of convertible senior notes, net

14,271

Current portion of notes payable

153

149

Current portion of contingent consideration

3,151

92

Total current liabilities

61,439

45,610

Convertible senior notes, net

183,628

378,553

Notes payable, net

1,238

1,335

Operating lease liabilities, net

26,466

29,355

Finance lease liabilities, net

1,306

954

Deferred tax liabilities

3,526

2,816

Other long-term liabilities

569

601

Contingent consideration, net

5,021

9,497

    Total liabilities

283,193

468,721

    Total stockholders’ equity

418,572

489,023

    Total liabilities and stockholders’ equity

$                    701,765

$                    957,744

 

Note Regarding Use of Non-GAAP Financial Measures

To supplement our financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measures of financial performance as defined in Regulation G of the Securities Exchange Act of 1934 are included in this release: revenue at constant currency, revenue growth rate at constant currency, operating costs and expenses, excluding impairment loss, net income, excluding impairment loss, and adjusted EBITDA. Non-GAAP financial measures are not calculated in accordance with GAAP, are not based on any comprehensive set of accounting rules or principles and may be different from non-GAAP financial measures presented by other companies. Non-GAAP financial measures, including revenue at constant currency, revenue growth rate at constant currency and adjusted EBITDA, should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.

We believe that revenue growth is a key indicator of how Cryoport is progressing from period to period, and we believe that the non-GAAP financial measures, revenue at constant currency and revenue growth rate at constant currency, are useful to investors in analyzing the underlying trends in revenue. Under GAAP, revenue received in local (non-U.S. dollar) currency is translated into U.S. dollars at the average exchange rate for the period presented. As a result, fluctuations in foreign currency exchange rates affect the results of our operations and the value of our foreign assets and liabilities, which in turn may adversely affect results of operations and cash flows and the comparability of period-to-period results of operations. When we use the term “constant currency,” it means that we have translated local currency revenue for the current reporting period into U.S. dollars using the same average foreign currency exchange rates for the conversion of revenue into U.S. dollars that we used to translate local currency revenue for the comparable reporting period of the prior year. Revenue growth rate at constant currency refers to the measure of comparing the current reporting period revenue at constant currency with the reported GAAP revenue for the comparable reporting period of the prior year.

However, we also believe that data on constant currency period-over-period changes have limitations, particularly as the currency effects that are eliminated could constitute a significant element of our revenue and could significantly impact our performance. We therefore limit our use of constant currency period-over-period changes to a measure for the impact of currency fluctuations on the translation of local currency revenue into U.S. dollars. We do not evaluate our results and performance without considering both period-over-period changes in non-GAAP constant currency revenue on the one hand and changes in revenue prepared in accordance with GAAP on the other. We caution the readers of this press release to follow a similar approach by considering revenue on constant currency period-over-period changes only in addition to, and not as a substitute for, or superior to, changes in revenue prepared in accordance with GAAP.

Operating costs and expenses, excluding impairment loss, is defined as operating costs and expenses, excluding impairment losses, if any. Net loss, excluding impairment loss, is defined as net loss, excluding impairment losses, if any. Management believes these measures, when read in conjunction with, and as supplemental to, the corresponding GAAP financial measures, provide a useful measure of Cryoport’s expenses and operating results, a meaningful comparison with historical results, and insight into Cryoport’s operating performance.

Adjusted EBITDA is defined as net loss adjusted for interest expense, income taxes, depreciation and amortization expense, stock-based compensation expense, acquisition and integration costs, cost reduction initiatives, investment income, unrealized (gain)/loss on investments, foreign currency (gain)/loss, gain on insurance claim, net gain on extinguishment of debt, impairment loss, changes in fair value of contingent consideration and charges or gains resulting from non-recurring events, as applicable.

Management believes that adjusted EBITDA provides a useful measure of Cryoport’s operating results, a meaningful comparison with historical results and with the results of other companies, and insight into Cryoport’s ongoing operating performance. Further, management and the Company’s board of directors utilize adjusted EBITDA to gain a better understanding of Cryoport’s comparative operating performance from period to period and as a basis for planning and forecasting future periods. Adjusted EBITDA is also a significant performance measure used by Cryoport in connection with its incentive compensation programs. Management believes adjusted EBITDA, when read in conjunction with Cryoport’s GAAP financials, is useful to investors because it provides a basis for meaningful period-to-period comparisons of Cryoport’s ongoing operating results, including results of operations, against investor and analyst financial models, helps identify trends in Cryoport’s underlying business and in performing related trend analyses, and it provides a better understanding of how management plans and measures Cryoport’s underlying business.

Cryoport, Inc. and Subsidiaries

Reconciliation of GAAP operating cost and expenses to Non-GAAP adjusted operating cost and expenses

(unaudited)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2024

2023

2024

2023

(in thousands)

GAAP operating costs and expenses

$        41,811

$             41,175

$      189,285

$      121,357

Non-GAAP adjustments to operating costs and expenses

Impairment loss

63,809

Non-GAAP adjusted operating costs and expenses

$        41,811

$             41,175

$      125,476

$      121,357

Cryoport, Inc. and Subsidiaries

Reconciliation of GAAP net income (loss) to Non-GAAP adjusted net income (loss)

(unaudited)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2024

2023

2024

2023

(in thousands)

GAAP net income (loss)

$              805

$           (13,269)

$      (96,079)

$      (37,198)

Non-GAAP adjustments to net income (loss)

Impairment loss

63,809

Non-GAAP adjusted net income (loss)

$              805

$           (13,269)

$      (32,270)

$      (37,198)

 

Cryoport, Inc. and Subsidiaries

Reconciliation of GAAP net income (loss) to adjusted EBITDA

(unaudited)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2024

2023

2024

2023

(in thousands)

GAAP net income (loss)

$              805

$      (13,269)

$      (96,079)

$      (37,198)

Non-GAAP adjustments to net income (loss):

Depreciation and amortization expense

7,836

6,911

22,863

20,038

Acquisition and integration costs

308

675

896

6,304

Cost reduction initiatives

568

1,116

Investment income

(3,059)

(2,848)

(8,468)

(7,962)

Unrealized loss on investments

3,535

2,336

2,593

2,300

Gain on insurance claim

(2,642)

Foreign currency (gain)/loss

(1,724)

710

(762)

114

Interest expense, net

889

1,357

3,472

4,197

Stock-based compensation expense

4,838

5,976

15,291

16,960

Gain on extinguishment of debt, net

(17,326)

(5,679)

(18,505)

(5,679)

Impairment loss

63,809

Change in fair value of contingent consideration

316

250

(1,329)

250

Other non-recurring costs

Income taxes

649

471

1,247

1,598

Adjusted EBITDA

$         (2,365)

$         (3,110)

$      (13,856)

$         (1,720)

 

Cryoport, Inc. and Subsidiaries

Total revenue by type for the three months ended September 30, 2024

(unaudited)

Life Sciences
Services

Life Sciences
Products

Total

(in thousands)

As Reported

$             39,278

$                17,386

$             56,664

Non US-GAAP Constant Currency

39,193

17,340

56,532

FX Impact [$]

85

46

132

FX Impact [%]

0.2 %

0.3 %

0.2 %

Cryoport, Inc. and Subsidiaries

Total revenue by type for the nine months ended September 30, 2024

(unaudited)

Life Sciences
Services

Life Sciences
Products

Total

(in thousands)

As Reported

$           114,104

$                54,749

$           168,853

Non US-GAAP Constant Currency

114,220

54,774

168,994

FX Impact [$]

(116)

(25)

(141)

FX Impact [%]

(0.1 %)

(0.0 %)

(0.1 %)

 

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SOURCE Cryoport, Inc.

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Two Schools, One Vision: XCL World Academy and XCL American Academy to Merge

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SINGAPORE, Nov. 8, 2024 /PRNewswire/ — XCL Education Group today announced the merger of XCL American Academy into XCL World Academy in August 2025, creating a single, unified campus dedicated to providing an exceptional learning environment that fosters diversity, academic excellence, and personal growth for all students.

This will bring together the strengths of both schools, their innovative learning spaces, and experienced educators. Students will benefit from an enriched learning environment that seamlessly integrates the best of both worlds: the renowned IB program, along with the strong academic foundation provided by the American AERO standards.

“Following careful consideration and extensive consultation, we have made the strategic decision to merge XCL American Academy into XCL World Academy, to create an even stronger and cohesive learning environment for our students,” said Gilles Mahe, CEO of XCL Education Group. “This merger will allow us to better leverage our facilities and resources, for all our students.”

XCL also announced the launch of the new Innovation Hub earlier this year. The state-of-the-art multi-level building is purpose-designed to enhance the learning environment with the latest technology and specialized labs for students. The Innovation Hub is designed to be environmentally friendly and with sustainability at the forefront of design. The building includes clean air filtration in all learning spaces and home to a digital multimedia lab, specialist labs, and a multi-use esports arena.

“The $80 million investment in the Innovation Hub and other facilities at our campus in Singapore is a testament to our commitment to providing our students with the best possible learning environment,” said Mahe. “These facilities will provide our students with the opportunity to learn and grow in a world-class setting.”

“We are confident that this merger will deliver the best possible outcomes for every XCL student in Singapore,” said Mahe. “We look forward to welcoming all of our students to the unified campus in August 2025.”

About XCL Education Group
XCL Education is one of the largest, fastest growing K-12 education platforms in Southeast Asia. Headquartered in Singapore, it serves over 20,000 students across 17 K-12 campuses and 45 Preschools in Malaysia, Singapore, Thailand, and Vietnam.  XCL Education aspires to be a trusted and respected future-focused family of schools, fostering curiosity, excellence, and creating life-shaping impact on our students, staff, and communities we serve.  To learn more, visit XCL Education.  

About XCL World Academy
XCL World Academy is a premium international school in Singapore, offering a rigorous academic program for students aged 2 to 18 years. The school is authorized to offer the International Baccalaureate (IB) Primary Years Programme (PYP), Middle Years Programme (MYP), and Diploma Programme (DP). XCL World Academy is committed to providing a holistic education that develops students’ intellectual, social, emotional, and physical well-being.

About XCL American Academy
XCL American Academy is an international school in Singapore, offering high-quality, rigorous, and accessible American education for children aged 4 – 14 years.

 

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SOURCE XCL Education Group

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Sabre Corporation Announces Exchange Offers by Sabre GLBL Inc. for Certain Senior Secured Debt Securities

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SOUTHLAKE, Texas, Nov. 7, 2024 /PRNewswire/ — Sabre Corporation (“Sabre”) today announced that Sabre GLBL Inc. (“Sabre GLBL”), a wholly-owned subsidiary of Sabre, has commenced exchange offers (each, an “Exchange Offer” and together, the “Exchange Offers”) to exchange certain of its outstanding 11.250% Senior Secured Notes due 2027 (the “December 2027 Notes”) and 8.625% Senior Secured Notes due 2027 (the “June 2027 Notes” and, together with the December 2027 Notes, the “Existing Notes” and each of them a “series” of Existing Notes) for up to $500 million (as such amount may be amended by Sabre GLBL in its sole discretion, the “Maximum Exchange Amount”) in aggregate principal amount of Sabre GLBL’s new 10.750% Senior Secured Notes due 2029 (the “New Notes” and together with the Existing Notes, the “Securities”), upon the terms and subject to the conditions described in the confidential offering circular, dated as of November 7, 2024, for the Exchange Offers (as it may be amended or supplemented, the “Offering Circular”). The primary purpose of the Exchange Offers is to improve the Company’s maturity profile by extending the maturity date of the indebtedness represented by the Existing Notes from 2027 to 2029.

The aggregate principal amount of New Notes to be issued pursuant to the Exchange Offers is subject to a minimum principal amount of $250 million (the “New Notes Issuance Minimum”).

In addition, the principal amount of each series of Existing Notes that is accepted pursuant to the Exchange Offers will be subject to the “Acceptance Priority Level” (in numerical priority order), as set forth in the table below and as further described in the Offering Circular.

The following table summarizes certain terms of the Exchange Offers:

CUSIP No./ ISIN

Title of
Security

Principal
Amount
Outstanding

Acceptance
Priority
Level(1)

Exchange
Consideration(2)

Early Exchange
Premium(2)(3)

Total Exchange
Consideration(1)(2)(3)

CUSIP: 78573NAH5 (144A);
U86043AF0 (Reg. S) / ISIN:
US78573NAH52 (144A);
USU86043AF04 (Reg. S)           

11.250%
Senior
Secured Notes
due 2027

$555,000,000

1

$1,000.00 principal
amount of New Notes

$82.50 principal
amount of New
Notes

$1,082.50 principal
amount of New Notes

CUSIP: 78573NAJ1 (144A);
U86043AG8 (Reg. S) / ISIN:
US78573NAJ19 (144A);
USU86043AG86 (Reg. S)

8.625%
Senior
Secured Notes
due 2027

$903,077,000

2

$930.00 principal
amount of New Notes

$82.50 principal
amount of New
Notes

$1,012.50 principal
amount of New Notes

(1)   Acceptance of the Existing Notes is subject to the Acceptance Priority Level as described below.

(2)   For each $1,000 principal amount of Existing Notes.

(3)   Includes Early Exchange Premium.

If the aggregate principal amount of Existing Notes validly tendered on or before the Early Exchange Date (as defined below) constitutes a principal amount of Existing Notes that, if accepted by the Company, would result in issuing New Notes having an aggregate principal amount equal to or in excess of the Maximum Exchange Amount, the Company will not accept any Existing Notes tendered for exchange after the Early Exchange Date (even if they are of Acceptance Priority Level 1).  If acceptance of all validly tendered Existing Notes of a series on the Early Exchange Date or the Expiration Date (as defined below), as applicable, would result in the Company issuing New Notes having an aggregate principal amount in excess of the Maximum Exchange Amount, the tendered Existing Notes of such series will be accepted on a pro rata basis as described in the Offering Circular. On each settlement date, Existing Notes of a series having a higher Acceptance Priority Level will be accepted for exchange before any Existing Notes of a series having a lower Acceptance Priority Level. For the avoidance of doubt, if the Exchange Offers are not fully subscribed as of the Early Exchange Date, subject to the terms and conditions of the Exchange Offers, all existing Notes tendered at or prior to the Early Exchange Date will be accepted for exchange in priority to all Existing Notes tendered after the Early Exchange Date even if such Existing Notes tendered after the Early Exchange Date have a higher Acceptance Priority Level than the Existing Notes tendered at or prior to the Early Exchange Date.

The New Notes will mature on November 15, 2029 and will bear interest at a rate per annum equal to 10.750%. The New Notes will first be redeemable, at Sabre GLBL’s option, starting on November 15, 2026, at 105.375% of their outstanding principal amount, plus accrued interest, and under certain other circumstances described in the Offering Circular.

The New Notes and the guarantees thereof will be senior secured indebtedness and will rank equal in right of payment with all of the existing and future senior secured indebtedness of Sabre GLBL and the guarantors. The New Notes will initially be jointly and severally, irrevocably and unconditionally guaranteed by Sabre Holdings Corporation (“Sabre Holdings”) and all of Sabre GLBL’s current and future restricted subsidiaries that are borrowers under or guarantee Sabre GLBL’s senior secured credit facilities under certain of its existing credit agreements or certain other secured indebtedness. The New Notes and the guarantees thereof will be secured, subject to permitted liens, by a first-priority security interest in substantially all present and hereinafter acquired assets of Sabre GLBL and each of the guarantors (other than certain excluded assets). The New Notes will be guaranteed by the same parties and on the same basis, and secured by the same assets and on the same basis, as the Existing Notes. In addition, the covenants in the indenture for the New Notes will be substantially the same as the covenants applicable to the Existing Notes.

The Exchange Offers will expire at 5:00 p.m., New York City time, on December 9, 2024, unless extended (such date and time, as it may be extended, the “Expiration Date”), unless earlier terminated. Tenders of Existing Notes may be withdrawn from the Exchange Offers at or prior to, but not after, 5:00 p.m., New York City time, on November 21, 2024, unless extended (such date and time, as it may be extended, the “Withdrawal Deadline”). Eligible Holders (as defined below) must validly tender their Existing Notes at or prior to 5:00 p.m., New York City time, on November 21, 2024, unless extended (such date and time, as it may be extended, the “Early Exchange Date”), to be eligible to receive the Total Exchange Consideration (as set forth above), which includes the Early Exchange Premium (as set forth above) for such Existing Notes. Eligible Holders tendering Existing Notes after the Early Exchange Date and on or before the Expiration Date will only be eligible to receive the Exchange Consideration (as set forth above), which will equal the Total Exchange Consideration for such series of Existing Notes less the applicable Early Exchange Premium.

In addition to the Total Exchange Consideration or Exchange Consideration (as described in the table above), as applicable, Eligible Holders whose Existing Notes are accepted for exchange will be paid the accrued and unpaid interest, if any, on the Existing Notes to, but not including, the early settlement date, which is expected to be November 25, 2024, unless extended (such date and time, as it may be extended, the “Early Settlement Date”) on such Existing Notes; provided, however, that since any New Notes issued on the final settlement date, which is expected to be December 11, 2024, unless extended (such date and time, as it may be extended, the “Final Settlement Date”) will be issued with accrued interest from the Early Settlement Date up to, but not including, the Final Settlement Date, the amount of such accrued interest on any such New Notes will be deducted, from the cash payable as accrued interest on the Existing Notes exchanged on the Final Settlement Date, provided further that such net amount will not be below zero. For the avoidance of doubt, Eligible Holders (as defined below) who validly tender Existing Notes of a series after the Early Exchange Date but on or before the Expiration Date, will not receive accrued and unpaid interest, if any, on such Existing Notes from the Early Settlement Date through the Final Settlement Date. In addition, Eligible Holders of the December 2027 Notes whose tenders are settled after December 1, 2024 and before December 15, 2024 will be deemed to have consented to giving up any claim to the interest payment due on December 15 in respect of the December 2027 Notes that they might otherwise have as a result of the related interest payment record date of December 1, 2024, and will receive only the accrued interest described above. Interest on the New Notes will accrue from (and including) the Early Settlement Date. Interest on the New Notes will accrue from (and including) the Early Settlement Date.

Sabre GLBL’s obligation to accept for exchange the Existing Notes validly tendered and not validly withdrawn in each Exchange Offer is subject to the satisfaction or waiver of certain conditions as described in the Offering Circular, including the New Notes Issuance Minimum. Such conditions may be waived by Sabre GLBL in its sole discretion, subject to applicable law. Any waiver of a condition by Sabre GLBL will not constitute a waiver of any other condition. For avoidance of doubt, the Exchange Offer in respect of the December 2027 Notes is not conditioned on the Exchange Offer in respect of the June 2027 Notes, or vice versa. Sabre GLBL reserves the right to extend, amend or terminate any Exchange Offer for any reason or for no reason. In addition, Sabre GLBL reserves the right to increase, decrease or otherwise change the Maximum Exchange Amount in its sole discretion without extending the Early Exchange Date or the Withdrawal Deadline or otherwise reinstating withdrawal rights, subject to compliance with applicable law and the terms of outstanding indebtedness. Sabre GLBL will not receive any cash proceeds from the Exchange Offers and will not incur additional indebtedness in excess of the aggregate principal amount of Existing Notes that are exchanged in the Exchange Offers. 

Concurrently with the Exchange Offers, Sabre GLBL is offering lenders under its senior secured term loans (the “Old Term Loans”) to exchange up to approximately $375 million of their Old Term Loans for the same amount of new senior secured term loans maturing in November 2029 (the “New Term Loans”). Except for the extended maturity and new pricing terms of the New Term Loans, we expect that the New Term Loans will have substantially similar terms as the Old Term Loans. The consummation of each term loan exchange is conditioned on participation from at least $50 million in principal amount per tranche of the New Term Loans.

The consummation of each Exchange Offer is not subject to, or conditioned upon, the consummation of such term loan exchanges. The consummation of such term loan exchanges is not subject to, or conditioned upon, the consummation of any Exchange Offer. The proposed term loan exchanges are subject to market conditions and there can be no assurance that any or all of them will in fact be consummated in the manner described herein or at all.

The Exchange Offers are being made only to holders of Existing Notes that have certified, by submitting an instruction to the clearing system, that they are either (i) “qualified institutional buyers” as defined in Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities Act”) or (ii) are located outside the United States and are not “U.S. persons” as defined in Rule 902 under the Securities Act (such holders, “Eligible Holders”). Only Eligible Holders are authorized to receive or review the Offering Circular or to participate in the Exchange Offers. Non U.S.-persons may also be subject to additional eligibility criteria.

Information Relating to the Exchange Offers

The complete terms and conditions of the Exchange Offers are set forth in the Offering Circular.  The Offering Circular contains important information and Eligible Holders are encouraged to read it in its entirety.  The Offering Circular will only be distributed to Eligible Holders who complete and return an eligibility form confirming that they are either a “qualified institutional buyer” under Rule 144A or not a “U.S. person” under Regulation S under the Securities Act for purposes of applicable securities laws.  Holders of Existing Notes who desire to complete an eligibility form should either visit www.dfking.com/sabre or request instructions by sending an e-mail to sabre@dfking.com or by calling D.F. King & Co., Inc., the information and exchange agent for the Exchange Offers, at (toll-free) (800) 848-3374 (toll-free) or (banks and brokers) (212) 269-5550.

None of Sabre, Sabre Holdings, Sabre GLBL, their affiliates, their respective boards of directors and stockholders, the Exchange Agent or Computershare Trust Company, N.A., as trustee for the Existing Notes and New Notes, are making any recommendation as to whether holders should tender any Existing Notes in response to the Exchange Offers. Holders must make their own decision as to whether to tender any of their Existing Notes, and, if so, the principal amount of Existing Notes to tender.

This press release is for informational purposes only and is neither an offer to buy nor a solicitation of an offer to sell any of the New Notes or any other securities. The Exchange Offers are not being made to holders of Existing Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. The Exchange Offers are only being made pursuant to the Offering Circular. Eligible Holders are strongly encouraged to read the Offering Circular carefully because it will contain important information.

The New Notes have not been and will not be registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.  The New Notes have not been approved or disapproved by any regulatory authority, nor has any such authority passed upon the accuracy or adequacy of the Offering Circular.

Forward-Looking Statements

Certain statements herein are forward-looking statements about trends, future events, uncertainties and our plans and expectations of what may happen in the future. Any statements that are not historical or current facts are forward-looking statements. In many cases, you can identify forward-looking statements by terms such as “guidance,” “outlook,” “target,” “expect, ” “anticipate,” “on track,” “continue,” “believe,” “momentum,” “position,” “continue,” “progress,” “confident,” “trend,” “plan,” “recurring,” “trajectory,” “pipeline,” “opportunity,” “potential,” “positioned,” “benefit,” “goal,” “confident,” “indicate,” “optimistic,” “will,” “forecast,” “strategy,” “estimate,” “project,” “may,” “should,” “would,” “intend,” or the negative of these terms, where applicable, or other comparable terminology. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Sabre’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. The potential risks and uncertainties include, among others, our ability to realize the anticipated benefits of the Exchange Offers and the proposed term loan exchange transaction and the risk that the Exchange Offers and the proposed term loan exchange transaction may not be consummated, financial condition and credit ratings, as well as on the travel industry and consumer spending more broadly, the effect of remote working arrangements on our operations and the speed and extent of the recovery across the broader travel ecosystem, dependency on transaction volumes in the global travel industry, particularly air travel transaction volumes, the timing, implementation and effects of our growth strategies and technology transformation, the completion and effects of travel platforms, exposure to pricing pressure in the Travel Solutions business, changes affecting travel supplier customers, maintenance of the integrity of our systems and infrastructure and the effect of any security incidents, our ability to recruit, train and retain employees, competition in the travel distribution industry and solutions industry, failure to adapt to technological advancements, implementation of software solutions, implementation and effects of new, amended or renewed agreements and strategic partnerships, dependence on establishing, maintaining and renewing contracts with customers and other counterparties and collecting amounts due to us under these agreements, dependence on relationships with travel buyers, the ability to achieve our cost savings and efficiency goals and the effects of these goals, our collection, processing, storage, use and transmission of personal data and risks associated with PCI compliance, the effects of cost savings initiatives, the effects of new legislation or regulations or the failure to comply with regulations or other legal requirements, use of third-party distributor partners, the financial and business results and effects of acquisitions and divestitures of businesses or business operations, reliance on the value of our brands, reliance on third parties to provide information technology services and the effects of these services, the effects of any litigation, regulatory reviews and investigations, adverse global and regional economic and political conditions, risks related to global conflicts, risks arising from global operations, risks related to our significant amount of indebtedness, including increases in interest rates and our ability to refinance our debt, and tax-related matters.

More information about potential risks and uncertainties that could affect our business and results of operations is included in the “Risk Factors” and “Forward-Looking Statements” sections of Sabre Corporation’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, filed with the Securities and Exchange Commission (“SEC”) on October 31, 2024 and Sabre Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 15, 2024, as well as other risks and uncertainties specified in the “Risk Factors” section of the Offering Circular. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, outlook, guidance, results, actions, levels of activity, performance or achievements. Readers are cautioned not to place undue reliance on these forward-looking statements. Unless required by law, Sabre undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date they are made.

About Sabre

Sabre Corporation is a software and technology company that takes on the biggest opportunities and solves the most complex challenges in travel. The Company connects travel suppliers and buyers around the globe and across the ecosystem through innovative products and next-generation technology solutions. Sabre harnesses speed, scale and insights to build tomorrow’s technology today – empowering airlines, hoteliers, agencies and other partners to retail, distribute and fulfill travel worldwide. Headquartered in Southlake, Texas, USA, Sabre serves customers in more than 160 countries around the world.

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Shinsegae spreads Christmas magic to the world with a new global landmark ‘Shinsegae Square’

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SEOUL, South Korea, Nov. 8, 2024 /PRNewswire/ — “Heritage meets digital technology, Shinsegae paves its way to become an iconic landmark of Seoul, alluring customers from all around the world.”

Twinkling lights and glamorous moving images on the screen, Shinsegae Department Store, Korea’s first department store since 1963, presents a new landmark of Seoul in Myeong-dong which is located in the center of the capital and brings in the highest population of tourists.

Shinsegae Department Store has been an absolute favourite amongst millions of global customers along with Harrods(UK) and Isetan(Japan), taking the chart of No.1 leading position in the Korean department store industry by far.

Last year, Shinsegae Department Store in Myeong-dong has been visited by over 6 million customers from different countries, making the spot a ‘must-visit-place’ for Christmas season.

For the past 10 years, Shinsegae has delivered hopes and excitements to its onlookers visiting the place, wishing the best Christmas and New Year’s Eve for everyone.

With a size of three basketball courts(1292.3㎡), Shinsegae’s mega-sized digital signage is now recreated as ‘Shinsegae Square’ and presents an overwhelming beauty with the visuals from the screen.

This year, Shinsegae is showcasing a short film called ‘Pursuit of Christmas Moments’ to give the experience of joy and magical moments to the audience, elevating thrills for Christmas and New Year’s Eve.

The film depicts a story of Shinsegae Department Store being transformed into a magical Christmas castle along with fancy dinner parties inside and amusement parks embellished with glittering lights in the night sky, which will leave unforgettable memories for the visitors.

On the 31st of December, Shinsegae Square district will be presented as the spot to celebrate New Year’s Eve as it will exhibit diverse K-culture contents and media artworks.

Harmoniously permeated with historical buildings nearby, the audience will be fascinated by magnificent and breath-taking sceneries with feasts of colorful lights that Shinsegae Square sheds.

“Shinsegae Department Store now presents ‘Shinsegae Square’ where visual beauty and cutting-edge technologies are met to make the most cherishable memories to those visiting Seoul,” Shinsegae said.

“Rebranded as the iconic cultural hub with its K-culture contents and media artworks, Shinsegae Square will proceed to become the ultimate ‘lifestyle destination’, nowhere to be compared in Seoul.”

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SOURCE Shinsegae Department Store

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