2018 Q1 Form 10-K Financial Statement

#000114420418013595 Filed on March 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2016 Q4 2016 Q3
Revenue $4.023M $2.229M $1.977M
YoY Change 48.35% 52.78% 37.58%
Cost Of Revenue $1.839M $1.290M $1.180M
YoY Change 26.06% 20.56% 17.92%
Gross Profit $2.184M $941.0K $797.0K
YoY Change 74.33% 145.05% 82.8%
Gross Profit Margin 54.29% 42.22% 40.31%
Selling, General & Admin $3.653M $2.840M $2.743M
YoY Change 31.73% 0.16% 26.99%
% of Gross Profit 167.23% 301.81% 344.16%
Research & Development $329.7K $100.0K $214.7K
YoY Change 31.97% -56.1% 114.05%
% of Gross Profit 15.1% 10.63% 26.94%
Depreciation & Amortization $187.8K $100.0K $100.0K
YoY Change 42.78% 25.0% 150.0%
% of Gross Profit 8.6% 10.63% 12.55%
Operating Expenses $3.983M $2.940M $2.958M
YoY Change 31.75% -4.02% 30.98%
Operating Profit -$1.798M -$2.002M -$2.161M
YoY Change 1.66% -25.27% 18.62%
Interest Expense $0.00 -$20.00K $19.31K
YoY Change -100.0% -125.02% -96.79%
% of Operating Profit
Other Income/Expense, Net $15.77K -$2.260M $0.00
YoY Change 167680.25% -100.0%
Pretax Income -$2.682M -$4.280M -$2.182M
YoY Change 50.25% 55.06% -10.05%
Income Tax $813.00 $0.00 $2.878K
% Of Pretax Income
Net Earnings -$2.683M -$4.284M -$2.184M
YoY Change 49.96% 55.19% -9.96%
Net Earnings / Revenue -66.68% -192.19% -110.47%
Basic Earnings Per Share
Diluted Earnings Per Share -$100.1K -$254.0K -$144.2K
COMMON SHARES
Basic Shares Outstanding 27.34M shares 17.60M shares 15.12M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q1 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.00M $4.500M $2.600M
YoY Change 31.03% -13.46% -63.38%
Cash & Equivalents $18.99M $4.525M $2.558M
Short-Term Investments
Other Short-Term Assets $500.0K $300.0K $600.0K
YoY Change 66.67% 3.82% 200.0%
Inventory $121.9K $89.50K $82.19K
Prepaid Expenses
Receivables $2.400M $1.195M $1.000M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $22.04M $6.096M $4.247M
YoY Change 34.47% -1.77% -46.91%
LONG-TERM ASSETS
Property, Plant & Equipment $2.572M $1.647M $1.373M
YoY Change 22.49% 88.1% 71.65%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $400.0K $400.0K $400.0K
YoY Change 0.0% 0.0%
Total Long-Term Assets $3.042M $2.016M $1.753M
YoY Change 21.33% 60.91% 94.75%
TOTAL ASSETS
Total Short-Term Assets $22.04M $6.096M $4.247M
Total Long-Term Assets $3.042M $2.016M $1.753M
Total Assets $25.08M $8.112M $6.000M
YoY Change 32.72% 8.76% -32.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.300M $1.200M $1.200M
YoY Change -23.53% 9.09% 33.33%
Accrued Expenses $1.100M $400.0K $400.0K
YoY Change 175.0% 0.0% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $700.0K $700.0K
YoY Change -30.0% -30.0%
Total Short-Term Liabilities $2.400M $2.231M $2.292M
YoY Change -8.89% -9.6% 4.19%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $200.0K $200.0K
YoY Change 0.0%
Total Long-Term Liabilities $200.0K $200.0K $0.00
YoY Change 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.400M $2.231M $2.292M
Total Long-Term Liabilities $200.0K $200.0K $0.00
Total Liabilities $2.632M $2.432M $2.292M
YoY Change -7.12% -1.49% 4.19%
SHAREHOLDERS EQUITY
Retained Earnings -$134.1M -$123.5M -$119.3M
YoY Change
Common Stock $156.6M $129.2M $122.9M
YoY Change 10.75% 13.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $22.45M $5.680M $3.698M
YoY Change
Total Liabilities & Shareholders Equity $25.08M $8.112M $6.000M
YoY Change 32.72% 8.76% -32.58%

Cashflow Statement

Concept 2018 Q1 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income -$2.683M -$4.284M -$2.184M
YoY Change 49.96% 55.19% -9.96%
Depreciation, Depletion And Amortization $187.8K $100.0K $100.0K
YoY Change 42.78% 25.0% 150.0%
Cash From Operating Activities -$1.064M -$760.0K -$1.530M
YoY Change 28.16% -45.71% 42.99%
INVESTING ACTIVITIES
Capital Expenditures $269.5K -$390.0K -$80.00K
YoY Change -57.29% 5.41% -65.22%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$284.9K -$390.0K -$80.00K
YoY Change -55.57% 5.41% -65.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $3.700M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.300M 3.120M -360.0K
YoY Change -53.83% -7900.0% -106.03%
NET CHANGE
Cash From Operating Activities -1.064M -760.0K -1.530M
Cash From Investing Activities -284.9K -390.0K -80.00K
Cash From Financing Activities 5.300M 3.120M -360.0K
Net Change In Cash 3.952M 1.970M -1.970M
YoY Change -60.51% -208.84% -142.18%
FREE CASH FLOW
Cash From Operating Activities -$1.064M -$760.0K -$1.530M
Capital Expenditures $269.5K -$390.0K -$80.00K
Free Cash Flow -$1.333M -$370.0K -$1.450M
YoY Change -8.75% -64.08% 72.62%

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CY2017 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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CY2017Q4 us-gaap Earnings Per Share Basic And Diluted
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CY2017 us-gaap Income Tax Reconciliation Other Reconciling Items
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CY2016 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2017 cyrx Effective Income Tax Rate Reconciliation Nondeductible Expense Warrant Inducement And Repricing Costs Amount
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0 USD
CY2017Q1 us-gaap Sales Revenue Net
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CY2017Q4 us-gaap Sales Revenue Net
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3322000 USD
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CY2016Q2 us-gaap Sales Revenue Net
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1393000 USD
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CY2016Q2 us-gaap Gross Profit
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CY2016Q3 us-gaap Gross Profit
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797000 USD
CY2016Q4 us-gaap Gross Profit
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0
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CY2017 us-gaap Nature Of Operations
NatureOfOperations
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="center"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b>Note 1.&#160;Nature of the Business</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Cryoport, Inc. (&#8220;Cryoport&#8221;) is the premier provider of cryogenic logistics solutions to the life sciences industry through its purpose-built proprietary packaging, information technology and specialized cold chain logistics expertise. The Company provides leading edge logistics solutions for biologic materials, such as immunotherapies, stem cells, CAR-T cells and reproductive cells for clients worldwide. Leading global companies, such as FedEx, UPS and DHL have each separately selected Cryoport as the preferred cryogenic logistics provider for time- and temperature-sensitive biological material. &#160;Cryoport actively&#160;supports points-of-care, contract research organizations, central laboratories, pharmaceutical companies, contract manufacturers and university researchers.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 27pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Company is a Nevada corporation and its <font style="BACKGROUND-COLOR: transparent">common stock is traded on the NASDAQ Capital Market exchange under the ticker symbol &#8220;CYRX.&#8221;</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 24.5pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><strong><i>Use of Estimates</i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 24.5pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from estimated amounts. The Company&#8217;s significant estimates include the allowance for doubtful accounts, recoverability of long-lived assets, allowance for inventory obsolescence, deferred taxes and their accompanying valuations, and valuation of equity instruments.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2017 us-gaap Concentration Risk Credit Risk
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 24.5pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><strong><i>Concentrations of Credit Risk</i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 24.5pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">&#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Company maintains its cash accounts in financial institutions. Accounts at these institutions are insured by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) with basic deposit insurance coverage limits up to $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">250,000</font> per owner. At December 31, 2017, the Company had cash balances of approximately $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">14.8</font> million which exceeded the FDIC insurance limit. The Company performs ongoing evaluations of these institutions to limit its concentration risk exposure.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 24.5pt; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q4 us-gaap Common Stock Shares Authorized
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CY2017 cyrx Stock Issued During Period Value New Issues Under Offering
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CY2017 cyrx Stock Issued During Period Value Stock Options And Warrants Exercised
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5151660 USD
CY2017 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
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170326 USD
CY2017 cyrx Deferred Offering Costs In Connection With Warrant Repricing
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31981 USD
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DeferredOfferingCostsInConnectionWithWarrantRepricing
0 USD
cyrx Deferred Offering Costs In Connection With Warrant Repricing
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0 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2016Q4 us-gaap Preferred Stock Shares Authorized
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CY2017 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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9162082 shares
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165189 shares
CY2016Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2017Q4 us-gaap Property Plant And Equipment Gross
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4058035 USD
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2903152 USD
CY2016Q4 us-gaap Deferred Tax Assets Net
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0 USD
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0 USD
CY2017 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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8032000 USD
CY2016 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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0 USD
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2017 us-gaap Increase Decrease In Deferred Income Taxes
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8000000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due
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2421972 USD
CY2017 cyrx Stock Issued During Period Shares Cashless Exercise Of Warrants
StockIssuedDuringPeriodSharesCashlessExerciseOfWarrants
144164 shares
CY2017Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
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261083 shares

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