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spk01: Good afternoon and welcome to the CryoPorts second quarter 2022 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. To withdraw your question, please press star then two. As a reminder, the call is being recorded. I will now turn the call over to your host, Todd Frommer, from KCSA Strategic Communications. Please go ahead.
spk08: 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 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. 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 the other reports which we file with the Securities and Exchange Commission. It is now my pleasure to turn the call over to Mr. Gerald Shelton, Chief Executive Officer of CryoPort. Jerry, the floor is yours.
spk09: Thank you, Todd. Good afternoon, ladies and gentlemen. We appreciate your joining our earnings call today. With us this afternoon is our Chief Financial Officer, Robert Stavanovich, our Chief Scientific Officer, Dr. Mark Zawicki, and our Vice President of Corporate Development and Investor Relations, Thomas Heinzen. As a reminder, we have uploaded our second quarter 22 in review document to our website. It can be found under investor relations in the events and presentation section. This 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. I'll provide a brief update on our business and then we'll move on to answering your questions. Reflecting strong demand across all business units and geographies, we delivered another solid quarter with second quarter revenue increasing 14% or 18% on a constant currency basis to a record $64.2 million. Importantly, all our business delivered double digits, top line growth in this period. Our gross margin increased slightly, more than 200 basis points from first quarter 2022 as we continued our disciplined approach to CapEx as our new manufacturing operations returned to production. Although the macro environment has been volatile this year, demand for our products and services remains strong. We are meeting this demand and preparing for projected demand through continued expansion of our business through both acquisitions and internal expansion projects. An important milestone for us during the quarter was the opening of our first two global supply chain centers. These two new world-class facilities are located in Houston, Texas, and Morris Plains, New Jersey, and formed the foundation of our global supply chain center network. I'm happy to report that both facilities are fully staffed and accepting clients. During the quarter, we were also busy on the acquisition front as we further strengthened our presence in the EMEA region with the acquisition of Cell & Co. Bioservices, located in Clermont-Ferrand, France. Given its capabilities, licensing, and strategic location, Cell & Co. will play an important role for our company by accelerating the expansion of our new global supply chain center network in the EMEA region by approximately two years. Also, just last week, we closed on the acquisition of Cell Matters, located in Liege, Belgium, Cell Matters specializes in cryoprocess optimization, cryoprocessing, and cryopreservation, which further expands our supply chain platform from the life sciences upstream in support of standardized apheresis collection and processing. Our increasing portfolio of new products, services, and systems, coupled with our expanding global footprint, is continually moving us forward and achieving a growing essentiality within our markets and the life sciences. across the cell and gene industry as we are increasingly providing new solutions to de-risk processes for delivering therapy efficacy for patients in need. We have successfully accomplished this as we have been methodical and disciplined in expanding our platform and global footprint through organic development, acquisitions, partnerships, and business alliances. And looking ahead, we believe that there are still many opportunities in which we can capitalize to deepen our relationship with our clients. Fortunately, we're in a strong financial position with approximately $550 million in cash, which is sufficient to support our planned growth initiatives. Regenerative medicine is growing, and so is our pipeline of potential commercial customers in regenerative medicine, with a total number of global clinical trials supported by Crowdport reaching a record 626 at the end of the second quarter of 2022, a net increase of 65 over second quarter of 2021, and 24 over the year end. It is worth noting that a record 81 of these trials are in phase three, up from 69 this same time last year. In addition to strong demand for our products, systems, and services, we'll also benefit from increased client utilization of our new and expanding bioservices. which includes commercial therapy storage, secondary labeling, kitting, and fulfillment. Therefore, we are confirming our full-year 2022 revenue guidance to $260 million to $265 million. This revenue guidance represents a solid growth of 17 to 19 percent and is driven by current demand across our business units. This ends my prepared remarks. Now we'll be happy to take your questions. Operator, if you will please open the lines for questions.
spk01: We will now begin the question and answer session. To ask a question, you may press star then 1 on your touch tone phone. If you are using a speaker phone, please pick up your handset before pressing the keys. To withdraw your question, please press star then 2. At this time, we will pause momentarily to assemble the roster. And our first question will come from Puneet Sudha of SVB Securities. Please go ahead.
spk03: Hi, yeah, you have Michael on for Puneet. Yeah, thanks for taking my question. So for my first question, I was just wondering for FX impact in the quarter, could you give any color on how the impact is spread across the various parts of the business and then for 2022 overall? What FX impact are you contemplating on the top line, and do you see FX meaningfully impacting any of your margins?
spk11: Yes. No, thanks for the question, Michael. Just a few comments on that. You know, as you've seen in our earnings release, we did disclose kind of the constant currency versus the as-reported revenue growth, so as-reported 14% and constant currency 18%. You know, we have about, you know, roughly about 36% of our revenue is related to foreign currencies, so we certainly saw an impact in Q2. Without that impact, you know, revenues would have been $6.1 million instead of the $64.2 million. So about, you know, $1.9 million increase in revenues on a constant currency basis. So there is an impact that we do expect to see, you know, impact going forward into the second half of the year. obviously nobody knows exactly where the exchange rates will be. In terms of, you know, the exchange rate impact on the various markets, we've seen, you know, obviously an impact on all three markets, the biggest part really being in animal health and biopharma.
spk02: Got it. That's helpful. And then I think a question about clinical trials.
spk03: all across the board, and we're just wondering, just given the macro environment, if there's any potential cancellations or curtailing, especially from small biotechs, and is it possible to give any color on just how many of these clinical trials you're servicing are with smaller biotechs versus big pharma?
spk07: We see no evidence of any deceleration as it relates to clinical portfolio activity within, you know, the entities in the programs that we support to date. You know, we've done an analysis internally and, you know, the programs that we support are very well supported from a cash position. And so we have a high degree of confidence that we're not going to see any negative impact related to any sort of macro environment In fact, the cell and gene space is still very robustly being invested. There's a lot of investment still going into the space as it relates to healthcare and biotech overall.
spk02: Great. That's helpful. Thank you very much. Thank you.
spk01: The next question comes from John Subier of UBS. Please go ahead.
spk10: All right. Thanks for taking my question. You know, maybe just a question on the commercial revenues, you know, continue to ramp year over year. Any way to provide some color on, you know, what you have in the outlook for the guidance on the second half of the year and how you see that ramping throughout 22?
spk11: Yeah, just maybe before Mark comments on it, on the revenue outlook, we don't give that granularity in revenues. We did provide guidance for the full year of $265 million. We do reiterate that guidance now as well. Obviously, it is going to be a mix of the business units and of the revenue driven by the growth and maturation of clinical trials. And then ultimately, you know, the growth in the commercial records as well.
spk07: Yeah, just to add to that, you know, obviously we've had a significant focus on building as robust of a clinical trial pipeline as we can. And that has demonstrated the ability to transition to the commercial therapies where we're currently supporting nine programs. That's despite the fact that Celengene is still very early in its development. We do anticipate commercial growth to continue. And there's a couple of different areas and reasonings behind that. So first and foremost is we're seeing continued expansion of approved therapies on a global basis, launching in new countries and new geographies. A lot of these therapies are also really pushing towards earlier line therapy. And we're seeing success in them moving from fourth line to third line and now third line to second line treatment. And they're also focused on expanding the number of indications which we've also seen substantial success on from a lot of the therapies that we're supporting now. And that doesn't even include any new therapy launches. So I think the combination of these four things, you know, is a very positive element and will continue to drive growth in this space for us.
spk10: Got it. I appreciate the color. And maybe just a follow-up on the last comments there. You know, on allogeneic therapies, Are you anticipating any approvals in 22? And can you just add some additional color on what you see are the opportunities around allogeneic?
spk12: Tom, why don't you take that? Hi, John. There could be two allos, maybe three allos approved this year.
spk07: And if you recall, we're currently supporting a little bit more than 30% of our pipeline as allo at this point.
spk10: Got it. Appreciate the color. And then I guess maybe just one last one. You know, it sounds like that the new praying facility is operational at capacity. Any additional color you can provide on how MBE is recovering and maybe any insight into how the backlog is looking on that business?
spk09: You know, MBE is doing fine at this point. We will, we're working hard, you know, throughout the rest of the year to make up the lost capacity that we had, the lost production we had in the first quarter, but the plant's working well and MVE is doing very well.
spk10: Great. Thanks for the caller and taking my questions.
spk12: Thank you. Thanks, John.
spk01: The next question comes from Richard Baldry of Roth Capital. Please go ahead.
spk15: Thanks. You know, this question is sort of outside of your own controls, but I'm Curious at what you think is gating the growth rates for the commercial side of the business. I think I read is 22%. It seems to me that with the number of new indications coming online, sort of the critical treatment protocols they're providing that I would have thought that'd be growing, you know, significantly faster. So is there something, whether it's, you know, manufacturing capacities or otherwise that's holding that back? And how do you think that'll progress over sort of the near intermediate term? Thanks.
spk12: Hey, Rich. It's Tom. I'll take a swing at it first, and then maybe Mark can add to it. But you hit it on the head. It's manufacturing capacity. Again, if you go back and look at Bristol-Myers that just reported their quarter ahead of ours a couple days ago, they called it out again. They couldn't fill demand. Thankfully, Gilead did increase their demand. They opened up a new facility in Maryland that increased their capacity by 50%, but that's not fully up and running at full tilt. And then more capacity is coming on, hopefully, as we speak here. We have a lot of customers building out. So that's the biggest thing today. Mark?
spk07: No, I think you hit it right on the head. I mean, there's two primary issues. One is, you know, final product manufacturing capacity, which a lot of these companies are bringing online. You know, Tom mentioned the Kite facility down in Frederick, Maryland is one of them. And the second is viral vector capacity. And a lot of folks are starting to internalize viral vector production, so they have more control over that supply chain and eliminate that as a barrier to scalability.
spk15: And can you talk maybe a little bit, if not qualitatively or quantitatively, qualitatively, to the acquisition revenue impacts in the third and fourth quarter from your most recent deals? Is there any way to kind of get our hands around how large those entities were or the head counts that those would have brought in and maybe back into some concepts of the size of our own. Thanks.
spk11: Yeah, I mean, those are relatively small acquisitions. We all say that if you look at those acquisitions, you know, they certainly have a strategic component to them. But in terms of size, if you look at, you know, even the acquisitions that we talked about that we closed subsequent to quarter end, you look at cell matters, you know, very strategic acquisitions. That's a small acquisition, and ultimately, they're going to start generating revenues as part of a broader initiative. You look at Polar Express in Spain. That's part of the expansion of private PDP into the Spanish market. That was an acquisition of $1.5 million with an earn-out. So those are going to contribute some revenue. If you look at the acquisition that we closed in April, Sellenco in France, You know, they had a contribution which was, you know, less than a million. It was a little over $500,000. For the quarter. For the quarter, yeah.
spk02: Great. Thanks. Thanks, Rich.
spk01: The next question comes from Yan Zai of B. Reilly Securities. Please go ahead.
spk14: Hi, Tim. Congratulations on an impressive quarter. So maybe one first question directed to Jerry. When we look at the global footprint and we began to see some overlap locations between cryoport systems and cryo PDP. So maybe can you talk about the plan here, either replicate the success you have here in the US to EU, considering the numerous acquisition in EU happened in the last couple of months, or do you plan to improve the synergy between these two segments in the US here?
spk09: There's really no overlap. Comfort Systems has a different mission than Cryo PDP, which is a specialty carrier serving biopharma. But we are working on the synergies, and we absolutely will improve them over time.
spk07: The other thing I'll just add to that is that we are focused on looking at opportunities where it makes sense for co-location. and obviously cost management associated with co-occupying common facilities as well as synergies associated with the business platform. So both of those things are also significant factors in looking at that synergy activity.
spk14: Yes, got it. That's helpful. And a follow-up here is in the quarterly review, you mentioned some interesting metrics here, the quality audits. Just curious, is there an improvement compared to first half of 2021, and are these from new customers or from existing customers?
spk12: It's a mix of new and existing, but it grows all the time because we keep growing our pipeline of business. So it's something we thought was important. We talk about quality a lot, but we really hadn't disclosed anything, and we thought it was important for the streets, our customers, everyone that looks at these reports to see how dedicated we are globally to our quality team, our quality systems, our processes.
spk14: Yes, thanks. And one last question from us. Since you guys reiterated the guidance again for 2022, just curious, since the guidance is calculated based on your order book and the expectations, And we have started to see some improvement of supply chain in the cell and gene therapy space. Like you mentioned, Gilead had a great quarter just announced. Just want to check if there is any read-through to your order book and the near-term demand that we can, when we think about modeling.
spk11: Yeah, I mean, just, yeah, obviously, if you look at the guidance, you know, we're clearly looking at, you know, the... supply chain issues, the foreign exchange, and we still feel very strong about the revenue that we can achieve for the full year. Hence, reiterating that guidance. I don't know, Mark, if you want to add anything.
spk07: Yeah, the only thing I'll add is, you know, you asked about order book. And so, you know, obviously we do base our extrapolations based on client feedback. And we try to get as much forecasting information as we can from our clients, in particular as it relates to volume considerations around our service business. And so we do take that into account as well.
spk11: And, you know, you have to, again, step back and look at, you know, where we are right now as a company. You know, the amount of clinical trials that we're supporting are being 626, and the expected BLA filings, MAA filings that will, you know, further contribute to those dynamics. So we have a very kind of strong customer base, a strong support of clinical trial portfolios that ultimately will, you know, assist in driving the revenue for the remainder of the year.
spk14: Great. Thank you for the additional comments. Thank you.
spk01: The next question comes from David Saxon of Needham & Co. Please go ahead.
spk04: Yeah. Hi, everyone. Thanks for taking the questions, and congrats on the quarter. Maybe a follow-up to the last question. Yeah, guidance does require some sort of acceleration into the back half, but you also have this $9.4 million of revenue from the fire. Just wanted to see, you know, were you able to recapture that in the second quarter? And, you know, what's the expectation for the cadence of recapturing, you know, whatever's left of that 9.4?
spk11: Yeah, no, just it's a very good question. I think just to be very clear, if you look at the performance for Q2, this is not driven by recapture of revenue from the new break facility. This is really driven by growth in all of our business units where we've seen very solid growth. So, in terms of recapturing, you know, the revenue from Q1, you know, as we mentioned, that's going to happen over time, you know, as we brought, you know, the manufacturing facility in New Prague, which is one of three manufacturing facilities of MBE Biological Solutions. As that has ramped up, obviously, we're going to continue to, you know, serve the client base and recapture some of that revenue over the quarters. So the impact on Q2 is really minimal. The growth is really driven by all of our business units collectively.
spk04: Okay. So if I'm hearing that correctly, it might extend into 23?
spk11: No, I think it's really more, you know, when you look at, when we say recapturing revenue, I mean, that's not an exact science, right? So you look at The revenue you're bringing on, and that's driven by client demand, certainly we had, you know, an issue in Q1 through fire damage. And with the new PRAE facility being fully up and running again, you know, we are recapturing some of that revenue, but I can't really quantify that.
spk09: David, we added a third shift in order to catch up that we didn't have before. So we think we can catch up this year.
spk04: Okay. Got it. And then my second question is just on margins. You know, gross margin, you know, there was some sequential improvement, which is good to see. Just wondering, you know, what you're seeing from an inflation perspective and then, you know, whether or not you can take price at all to offset any of that. Thanks so much.
spk11: Yeah, look, you're absolutely right. Gross margins, you know, we had a really strong sequential growth over Q1. We do believe, you know, margins have stabilized and we expect those to gradually improve, you know, over time. You know, you have to also look at, you know, the types of investments we're making and the expected growth that we're seeing in this market. So that will impact, you know, gross margins. You know, an example is bioservices. So we're just starting to wrap up bioservices. We had two facilities that were opened in Houston and in Morris Plains in June. Clients are now going through the audit processes, and you'll start seeing revenue come in through those bioservices facilities as well. So I'd expect your gross margins to improve. In terms of the pricing, we are looking like most companies, looking at our pricing, looking at adjusting our pricing. We have made adjustments to our pricing, and that's really an ongoing exercise. as we review the inflationary trends as well as foreign exchange trends.
spk02: Got it. Thank you.
spk01: The next question comes from Brandon Collard of Jefferies. Please go ahead.
spk06: Hey, guys. This is Matt on for Brandon. Thanks for taking the question. First one on cell matter, the deal you created this week. Did you guys enter into a strategic partnership with them? year you can talk a little bit about maybe what you learned from the partnership to acquire the asset was all planned and then kind of how do you expect this to impact your crowd preservation offering going forward and maybe talk about the ability it offers you to expand the portfolio upstream a bit more yeah so one of the things we're always doing is we're always critically evaluating the overall supply chain related to cell and gene distribution
spk07: And one of the biggest pain points is moving upstream, and that is the collection and processing related activities of apheresis and luciferous product, as well as the associated distribution requirements of moving fresh product all around the world. And it's been a pain point in the industry for the last number of years. We've gotten resounding feedback from initial engagement around this platform as well as industry feedback that this is a critical pain point that needs to be addressed. This gives us a substantial opportunity to address that, and it will address the deficiency in the marketplace in general, but it also provides the ability to de-risk. and improve product quality, which is a critical consideration, in particular with the manufacturing variability that a lot of these companies are seeing based on the collection-related activities and collection and processing activities. So we think it's a significant opportunity, and it's an opportunity to de-risk. It's an opportunity to, you know, obviously – present a platform that substantially improves the overall product quality that's going into the manufacturing centers. And that's the feedback that we're getting from the industry as well.
spk06: And then following up to another question on the two new facilities you guys opened, can you just talk about kind of initial thoughts or reactions from your customer base? I think Robert noted that a handful are going through their audit process. Can you just call her on Timing of that, and then how you expect utilization at those two new facilities to kind of the back half of the year and way to handicap the potential revenue there. Now, if we look out 12, 18 months, once, you know, more normalized operations.
spk07: Yeah, so there's already client activity. We're already supporting client clinical activity in both locations. So we've already gone through the process. Some of our clients actually audited the facilities pre-completion to be able to move product in there as quickly as we can. That being said, obviously, it takes time to build out that backlog componentry associated with the storage and fulfillment-related considerations And we're still bringing certain services online in the bioservices area with them. So not all the services are instantaneously operating because you have to go through regulatory processes. So, you know, from our perspective, it's probably a 12 to 18-month process before you get a full absorption of those particular assets from a storage consideration.
spk12: Matt, one other thing to keep in mind is if you think about aloe and aloe getting approved and aloe coming to market, there aren't any aloe approved yet. So we have to be, and our clients demand us to be ahead of the curve so they can be getting this into their filings. They can be out in our facilities and everything else. So we have to be out ahead of this a bit. We don't want to be too far ahead, but we're really bullish on the bioservices, the whole network of the global supply chain network. It's going to be a big factor for us moving forward.
spk06: Makes sense. I'll leave it there. Thank you, guys. Thank you.
spk01: The next question comes from David Larsen of BTIG. Please go ahead.
spk13: Hi. Can you just remind me, what was the FX impact? I think you said it was like a $2.2 million revenue drag. Is that correct? And then how quickly can you react to price? So if you're seeing inflation pressures with steel, freight, and semiconductors, how quickly do you actually see those higher costs coming through? And then can you turn around and increase price like that same month? Or is there a quarter delay or a six-month delay? Thanks.
spk11: Yeah, no, absolutely. So just in terms of the FX impact, for the quarter, it was about $1.9 million. For the six months, about $2.8 million. So it did have an impact. In spite of us showing record revenue for the second quarter, obviously, if we didn't have an exchange rate impact, it would have been still quite a bit higher. In terms of the supply chain and inflationary, you know, issues or trends, you know, that's something that the Balancing Act, there's certainly a lag time between the time that we can, you know, implement pricing changes, which we have already done during Q1 as well. And so you'll see those kick in. Some of the contractual arrangements, you know, they have to be put in place. So typically it will be more than a month lag time that you'll see there.
spk13: Okay, and then the New Prague facility for MVE, that's up and operational and at full capacity. Is that correct? And it's my understanding that there's three plants, and all three of them have triple shifts going on at each of them to meet sort of this high level of demand. Is that the case?
spk09: The New Prague facility has three shifts. You know, we don't normally comment on details about our operations. New Prague was an exception because of the fire. But the other operations are operating at full capacity as well.
spk13: Okay. And then just my last question. I've been getting questions from investors around the competitive market. Any thoughts on like BioLife, for example? I think they may have a relationship with Thermal Fisher. Just any broad thoughts on a competitive environment? Thank you.
spk09: Yeah, David, this is a market of co-optition. And you often are competing with entities that are your customers or are your suppliers. And so that's the nature of the market. In terms of competition, it's a growing market. And I've said over and over, we can expect competition on all fronts as the market grows. And it definitely is growing. And You know, they're small competitors, but we are the market leaders, and we remain the market leaders, and we're committed to continuing to be the market leaders. Okay, great. Thanks very much.
spk13: Thank you.
spk01: Once again, if you would like to ask a question, please press star, then one. And our next question comes from Jacob Johnson of Stevens. Please go ahead.
spk05: hey thanks uh good afternoon I guess a couple thoughts on a couple different things maybe first just following up on Matt's question about the the supply chain centers and thinking about the opportunity there you know you guys have this Target for 2 to 28 million of revenue from a commercial therapy is there any way to tease out kind of how what the the supply chain centers represent of that that opportunity
spk09: Jacob, we don't comment on details of our operation. So these supply chain centers are significant to our strategy. They were well thought out. They've been three years in the making. They're up and running, and customers already, clients are already coming into the facility, moving their product into the facility. So that's about as far as I can go with that, Jacob, except to tell you that they're going to be significant, and these are the first two supply chain centers of a global supply chain network. We have four more that we're discussing right now, and you can expect to see a lot more activity in that area.
spk07: Yeah, the only thing else I'll add to that, Jacob, is, you know, obviously one of our core strategies is revenue diversification of our existing relationships, and, you know, expansion of services through acquisition and through new service platforms is really focused around driving that, you know, Basically, if you look at it on a per patient basis, driving the percentage of revenue that we get out of each and every patient interaction that we have within our organization.
spk05: Okay. I figured I'd give it a shot. Thanks for that. And then, Robert, just on guidance, you know, we've seen FX headwinds kind of intensify since you initially gave guidance and you reiterated it today. I mean, should we read that as you have a larger FX headwind, so kind of operationally you're kind of increasing expectations, or maybe there's some M&A flowing through there that's offsetting some of the FX headwinds, but I just wanted to kind of pick your brain on that.
spk11: So I think, look, I mean, we're clearly looking at, as Mark mentioned, looking at our client base and forecasting with the experience that we have, and we're really – very immersed into the cell and gene therapy space, you know, covering a lot of companies and portfolios of clinical trials. So we have a lot of visibility. Having said that, obviously, you know, if you look at risk factors in our queue, you'll see the scores related to foreign exchange, translations, supply chain risks, and others. And we're trying to weigh that and see how it impacts our full-year revenue guidance. And we feel confident with, you know, the revenue guidance that we give for the year. It's based on, you know, the views that we have right now, the discussions that we have with our clients, and, again, the strong positioning in the market space with the clinical trials we're supporting, with MBE being the global leader for cryogenic freezers and shipper systems, and Cryo-PCP, you know, having a very strong presence and leadership in temperature-controlled supply couriers, especially courier solutions. So we have a number of revenue streams that all contributed to that full year guidance.
spk05: Okay. Thanks for that, Robert. I'll leave it there. Thanks.
spk02: Thank you. Thank you.
spk01: This concludes our question and answer session. I would like to turn the conference back over to Jerry Shelton for any closing remarks.
spk09: Thank you, Operator. In closing first quarter 2022, was yet another quarter demonstrating our leadership position in temperature control supply chain solutions for the life sciences industry, supporting our markets of biopharma, animal health, and reproductive medicine, and especially the life-saving cell and gene therapies across the clinical and commercial spectrum. We're working hard to be the world's most comprehensive, fully integrated, commercially successful enabling company to the life sciences. Our focus is on biotechnology and providing the industry a fully integrated supply chain platform from the earliest stages of research to the delivery of the end commodities in their final form. Crowdport is known for industry leadership, dependability, agility, reliability, innovation, and excellence. And we will strive to continue to achieve a growing essentiality to our markets. Thank you for joining us today. We appreciate your continuing support. and interest in our company. We look forward to updating you on our progress again next quarter. We hope you have a good evening.
spk01: The conference is now concluded. Thank you for attending today's presentation and you may now disconnect.
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