Cryoport (NASDAQ: CYRX) reported Q1 EPS of ($0.13), $0.05 better than the analyst estimate of ($0.18). Revenue for the quarter came in at $53.28 million versus the consensus estimate of $46.78 million.

Jerrell Shelton, CEO of Cryoport, said, \"It was a strong quarter and it developed as we had anticipated. We entered 2021 with an unrivaled leadership position with market-leading temperature-controlled supply chain solutions for the life sciences industry in our markets of Biopharma/Pharma, Animal Health and Reproductive Medicine. Our global platform, consisting of 32 locations and a family of companies that provide mutually reinforcing solutions, services and products, delivered an outstanding performance. Cryoport\'s revenue grew to a record $53.3 million for the quarter with our recent acquisitions of MVE Biological Solutions and CRYOPDP contributing significantly as we navigated the ongoing integration of these two fine acquisitions. I would like to emphasize that all our business units reported record revenue as well as strong sequential growth over our record fourth quarter 2020. This performance was primarily driven by the Biopharma/Pharma market, which represented approximately 80% of our total revenue in the first quarter of 2021. It is notable that we continued to build out our pipeline of potential commercial customers with the total number of regenerative medicine clinical trials supported by Cryoport reaching a record 543 trials compared with 465 at the end of the first quarter of 2020 as well as adding 2 new commercial launches supported by Cryoport.

\"Since closing our two strategic acquisitions, MVE Biological Solutions and CRYOPDP, we have sharpened each company\'s focus and made investments in the businesses to fuel their growth, which we believe positions us for excellent growth in 2021 and beyond. Prior to being acquired by Cryoport, both businesses were parts of very large companies and were not focused on Cryoport\'s high-growth regenerative medicine market. In the short time since closing these acquisitions, we have made significant strides in defining strategic focus, aligning resources, identifying synergies and stoking the innovation pipeline of each business. One example is the recent joint launch of our new global logistics center in Osaka, Japan which will further accelerate growth in APAC. As I have previously expressed, we anticipate achieving over $100 million of revenue and cost synergies over a 5-year period from CRYOPDP and Cryoport Systems, and the process of identifying and executing on these synergies is on schedule.

\"At MVE Biological Solutions, our factories are now running at record production levels, as they benefit from a newly invigorated strategic direction. Revenue growth rates for both MVE Biological Solutions and CRYOPDP were significantly higher than their historical growth rates and we believe these first two quarters, as a part of Cryoport, are an early indicator of the growth potential these two businesses have. We anticipate continued strength from both MVE Biological Solutions and CRYOPDP throughout 2021 as they further integrate into Cryoport. Our organic revenue, which excludes contributions from MVE Biological Solutions and CRYOPDP, increased by 35% year over year as we continue to support the ramp of clinical trials and commercial therapies. Through our dedicated teams, ongoing investments and expanded footprint, we now have a very broad reach within the industry and are dedicated to continuously scaling our business with focus and purpose.

For earnings history and earnings-related data on Cryoport (CYRX) click here.