CryoPort, Inc.

Thank you for standing by. This is the conference operator. Welcome to the Cryoport, Inc. year-end 2020 earnings call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star, then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star, I would now like to turn the conference over to Todd Frohmer, Managing Partner of KCSA. Please go ahead.

Thank you, operator. Before we begin today, I would like to remind everyone that this conference call contains certain forward-looking statements. All statements that address our operating performance, events, or developments that we expect or anticipate occurring in the future are forward-looking statements. These forward-looking statements are based on management's beliefs and assumptions and not on information currently available to our management team. Our management team believes these forward-looking statements are reasonable as and when made. However, you should not place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We do not undertake any obligation to publicly update or revise any forward-looking statements. whether as a result of new information or future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results, events, and developments to differ materially from our historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, those described in Item 1A risk factors, and elsewhere in our annual report on Form 10-K filed with the Securities and Exchange Commission, and those described from time to time in other reports which we filed with the Securities and Exchange Commission. It is now my pleasure to turn the call over to Mr. Gerald Shelton, Chief Executive Officer of Crowdport. Jerry, the floor is yours.

Thank you, Todd. Good afternoon, ladies and gentlemen. We appreciate your joining our earnings call today. With me this afternoon is our chief financial officer, Mr. Robert Stavanovich, and our chief scientific officer, Dr. Mark Sawicki, and our vice president of corporate development and investor relations, Thomas Heinzen. As a reminder, we have uploaded our 2020 year in review document to our website. It can be found under the investor relations section in the events and presentation section. This document provides a review of our recent financial and operational performance in general business outlook. If you have not had a chance to read it, I would encourage you to go to the website and download it. As with previous quarters on this conference call, we will provide you with a brief general update, and then we will move to addressing your questions regarding our company's results. 2020 was a historic year for Cryoport, culminating in a transformational fourth quarter during which we continued to effectively execute our strategy and significantly strengthen our global platform by closing on two milestone acquisitions. These strategic acquisitions provide our client base with the ability to leverage our ever-expanding supply chain continuum as we extend the breadth of their relationship with Cryoport, whom they have grown to trust with their irreplaceable coal chain therapies and materials. But that is not all that happened. Let me set the stage by a brief review of some of our accomplishments during the year. The following points. We raised a total of $390 million through a $115 million convertible debt financing and by issuing a $275 million convertible preferred to Blackstone Group to support the acquisitions of cryo PDP and MBE biological solutions, as well as for the further build out of our competencies. We acquired cryo PDP, established a foundational network of logistics centers in EMEA and APAC. We acquired MBE biological solutions, the number one producer of cryogenic. Systems worldwide further establishing Crowdfort as the number one end-to-end provider of temperature control supply chain solutions for the life sciences industry. With the two acquisitions, we have expanded our global presence to 30 locations located in 13 countries. Our network gives us a new advantage when serving global multinational customers and also provides redundancies and backup that reduces supply chain risk for our customers. We initiated the build out of two additional fully integrated bioservices and logistics centers, both of which will be online in 2021. We opened our first fully operational jointly operated logistics center for cryoport systems and cryo PDP in Osaka, Japan. We renewed and extended our commercial relationships with Novartis and Gilead. The number of cell and gene therapies we support grew to six, including the global launch of VMS's Rishyanya. On the R&D front, the highlight of 2020 was the expansion of our CryoPort certified cool line of shippers and solutions to support all temperature ranges from minus 80 to control room temperature, including the CryoPort Elite shipper an advanced proprietary and scientifically designed ultracold shipper, and a revolutionary and patent-pending cryosphere shipper, expected to be launched during the second half of 2021. We ended with cash and cash equivalents in short-term investments of $93.3 million. And in January 2021, we completed an underwritten public offering led by Morgan Stanley, Jefferies, Lyric, and UBS, raising net proceeds of $270 million. As a result of these strategic milestones, Crowdport is now positioned to further leverage our global platform with a family of companies that provide mutually reinforcing global market leading temperature control supply chain solutions for the life sciences. Our financial results reflected this strong performance and our continued momentum in these markets we serve, especially in cell and gene therapy. Total revenue for the fourth quarter of 2020 increased to $48.4 million compared to $9.2 million for the fourth quarter of 2019, a year-over-year gain of 423%, with organic growth of 36%. The total revenue for the full year 2020 increased to $78.7 million compared to $33.3 million for the full year 2019, a year-over-year gain of 132%, with organic growth of 26%. In summary, Crawford delivered. We surpassed our business and financial goals for 2020, despite the challenges of the environment due to COVID-19, staying true to our course of creating leading new markets through technology innovation. We focused on differentiated solutions, services, and products suited to the complexities and pressures of the life sciences temperature control supply chain challenges. And with that, I'd like to turn this call over to the operator to open the lines for your questions.