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Cryoport cuts FY guidance as Q2 revenue hurt by weaker demand; Shares sink

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." 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.