|Company Name||Cryoport, Inc.|
On July 12, 2023, after market hours, Cryoport announced preliminary second-quarter financial results, and disclosed that its second quarter 2023 total revenue “is expected to be in the range of $56.5 to $57.5 million, representing a decrease of 11%, at the midpoint, compared to the second quarter of 2022.” The Company attributed the shortfall to “a global slowdown in capital equipment investment” as well as “a number of clinical trial start delays and several key customers falling short of their forecasts for the revenue ramp of certain cell and gene therapies.”
On this news, Cryoport’s stock price fell $4.80, or 24.7%, to close at $16.60 per share on July 13, 2023, thereby injuring investors.
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