CryoPort (NASDAQ:CYRX) stock is falling on Thursday after the cell and gene therapy products company released preliminary results for the second quarter of 2023.
The bad news for investors in CYRX stock starts with its expected revenue of $56.5 million to $57.5 million for the quarter. That would miss Wall Street’s revenue estimate of $67.44 million for the quarter. It also represents an 11% drop year-over-year at the midpoint of the revenue estimate.
To go along with that, CryoPort lowered its revenue guidance for the full year of 2023. This has it expecting this year’s revenue to range from $233 million to $243 million. Yet again, that doesn’t look good next to analysts’ 2023 revenue estimate of $274.85 million.
What’s Behind the Low Revenue?
Here’s what Jerrell Shelton, CEO of CryoPort, had to say about the matter:
“Unfortunately, there has been a global slowdown in capital equipment investment. The impact of this unexpected slowdown was further exacerbated by a number of clinical trial start delays and several key customers falling short of their forecasts for the revenue ramp of certain cell and gene therapies. We expect some of these challenging conditions to persist into the third and fourth quarters of 2023.”
Investors will want to keep an eye on the company when Aug. 9, 2023, rolls around. That’s when CryoPort will release its full earnings report for the second quarter of the year.
CYRX stock is down 26.4% as of Thursday morning.
Investors looking for more of the most recent stock market news today will want to stick around!
We have all of the latest stock market coverage that traders will want to read about on Thursday! A few examples include why shares of 60 Degrees Pharmaceuticals (NASDAQ:SXTP) and Jiuzi (NASDAQ:JZXN) stock are up, as well as the biggest pre-market stock movers this morning. We’ve got all that news ready to go at the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
