Cryoport cuts FY guidance as Q2 revenue hurt by weaker demand; Shares sink
CYRX
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Investing.com – Cryoport plunged in after-hours Wednesday after the logistics solutions provider cut its annual guidance as weaker demand and clinical trial delays weighed on growth.
Cryoport (NASDAQ:CYRX) fell 24% in after-hours trading following the report.
The company said it now expects annual revenue in a range of $233 million to $243M, down from a prior range of $270M to $290M.
The weaker outlook comes as the company estimated second-quarter revenue to be between $56.5M and $57.5M for the second quarter of 2023. That was short of Wall Street estimates of $67M, with the company flagging several factors that pressured growth including “weaker than expected global demand for capital equipment; clinical trial start delays; and slower than expected ramps from certain clients.”
