CryoPort, Inc.

We need it. Ladies and gentlemen, thank you for standing by, and welcome to the Cryoport Incorporated third quarter 2021 earnings call. Now, during today's conference call, all telephone participants will start in a listen-only mode, and later we'll conduct a question-and-answer session. Now, at that time, if you have a question, you can queue up over the phone lines by dialing 1-4, that's 1 followed by the 4, on your telephone keypad. If you need to speak to the operator, you can do so at any time during the conference. Please dial star-0. And a quick reminder for today, this event is being recorded. It's November 4th, 2021. It is now my pleasure to turn the call over to Mr. Todd Frommer, President of KCSA Strategic Communications. Please go ahead, sir.

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 that 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. 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 the other reports which we file with the Securities and Exchange Commission. It is now my pleasure to turn the call over to Mr. General Shelton, Chief Executive Officer of CryoPort. 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 Commercial Officer, Mr. Robert Stavanovich, 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 the third quarter 2021 in review document to our website. It can be found under investor relations in the events and presentation section. The document provides a review of our recent financial and operational performance and a general business outlook. If you have not had a chance to read it, I would encourage you to go to our website and download it. Now for a brief update followed by your questions regarding our third quarter results. I'm happy to report that our third quarter was the fifth consecutive record quarter for Crowdport. Strong demand coupled with superlative execution from our team drove our solid performance in the quarter and we are firmly on track to deliver record revenue for the full year. During the third quarter, we added 38 new customers. At Crowdport Systems, which is double the prior quarter's new wins. Revenue from our eight commercial agreements increased 44% year-over-year, while Cryo PDP added 72 new customers during the quarter. The number of clinical trials we support increased 13% year-over-year, and organic growth from Cryoport Systems and Cryo Gene delivered a 38% year-over-year revenue increase. Cryoport on the whole performed well in the third quarter with cryo-PDP and MBE biological solutions delivering solid growth that was well above their historical growth rates. Cryoport is setting the pace for the cell and gene therapy supply chain through our deep expertise in comprehensive solutions. Our pipeline of commercial customers is the largest in our history. We're now supporting 582 regenerative medicine clinical trials, with 70 of them in phase three. Approximately 30% of our pipeline is allogeneic, of which 32 are in phase three. We're currently supporting eight commercial therapies in regenerative medicine, and for the remainder of this year, we anticipate up to another four MAA or BLA submissions for Cryoport-supported products. In 2022, we are looking for up to 21 additional filings. On the financial front, our total revenue in the third quarter of 2021 was a record $56.7 million, up from $11.2 million in the same period of the prior year. On an organic basis, that is without acquisitions, this translates into 38% year-over-year growth. As for total revenue in the period, Our biopharma pharma business continues to be strong, accounting for approximately 81%. Overall, we had a revenue increase of 371% over the third quarter of 2020. In closing, we're proud of our performance, the momentum we are seeing in our business. Our strong results through 2021 are a testament to our strategic resource allocation, superb execution by our talented teams of employees, and ever-improving capabilities. It is our relentless pursuit of superb execution and innovation that continues to set us apart and support our leadership position. Operator, please open the line for questions.