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Shares of Cryoport Inc. jumped 7.5% after reporting first quarter revenue rose 65% to $6.7 million.
The Irvine-based company (Nasdaq: CYRX) also reported a narrower loss, $2.39 million, or 8 cents a share, compared with $2.68 million, or 10 cents, in the same period a year earlier. Analysts on average had expected an 8 cent loss.
Cryoport, a provider of temperature controlled logistics for the cell therapy industry, now services the two biggest developers, Novartis AG (NYSE: NVS) and Gilead Sciences Inc. (Nasdaq: GILD).
“We now support 383 clinical trials, up from 261 for the same quarter last year and representing a net gain of 26 over the fourth quarter of 2018,” Chief Executive Jerrell Shelton said in a statement.
Shares have almost doubled since mid-January to $15.43 and a $473 million market cap.