Why Are Cryoport Shares Plunging Today?
Portfolio Pulse from Vandana Singh
Cryoport Inc's shares are trading lower after the company released preliminary Q2 FY23 results and updated its revenue expectations for FY23. The company expects Q2 sales of $56.5-$57.5 million, a decrease of 11% compared to Q2 2022 and below the consensus of $67.4 million. This is due to weaker global demand for capital equipment, clinical trial start delays, and slower ramps from certain clients. Cryoport has also lowered its FY23 sales outlook to $233-$243 million, down from prior guidance of $270-$290 million.
July 13, 2023 | 1:31 pm
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Cryoport's shares are trading lower due to disappointing Q2 FY23 results and lowered revenue expectations for FY23. The company's sales outlook for FY23 has also been reduced.
Cryoport's shares are trading lower due to weaker-than-expected Q2 FY23 results and lowered revenue expectations for FY23. The company's sales outlook for FY23 has also been reduced due to weaker global demand for capital equipment, clinical trial start delays, and slower ramps from certain clients. This news is highly relevant and important for investors as it directly impacts the company's financial performance and stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100