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Cryoport Reports 92% Revenue Growth for First Quarter of Fiscal 2015
Date:7/31/2014

three months ended June 30, 2014 was 36% as compared with 11% for the three months ended June 30, 2013.  The increase in gross margin was primarily due to the increase in revenue combined with a reduction in freight as a percentage of revenue and a decrease of fixed manufacturing costs.

Selling, general and administrative expenses increased $0.2 million to $1.4 million for the three months ended June 30, 2014, as compared with $1.2 million for the three months ended June 30, 2013.  The increase was primarily due to recruiting fees, the engagement of our investor relations firm and related activities, legal fees and banking charges.

Loss from operations was $1.2 million for the three months ended June 30, 2014, as compared to $1.3 million for the three months ended June 30, 2013.

Net loss was $2.3 million, an increase of 74% for the three months ended June 30, 2014, as compared with a net loss of $1.3 million for the three months ended June 30, 2013. This increase was primarily driven by a non-cash charge for the beneficial conversion feature of convertible notes issued by Cryoport from December 2013 through March 2014.

As of June 30, 2014, Cryoport had cash and cash equivalents of $0.2 million compared with $0.4 million as of March 31, 2014.

Further information on Cryoport's results are included on the attached unaudited consolidated balance sheets and statements of operations and further explanation of Cryoport's financial performance is provided in Cryoport's quarterly report for the three months ended June 30, 2014 on Form 10-Q, which will be filed with the Securities and Exchange Commission (SEC) on July 31, 2014. The full report is available on the SEC Filings section of the Investor Relations section of our website at www.cryoport.com.

About Cryoport, Inc.Cryoport provides leading edge cryogenic logistics solutions to the life sciences industry through the combination
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SOURCE Cryoport, Inc.
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