Cryoport Inc (CYRX) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to Cryoport first-quarter 2025 earnings call. (Operator Instructions) As a reminder, this call is being recorded.

下午好，歡迎參加 Cryoport 2025 年第一季財報電話會議。（操作員指示）提醒一下，此通話正在被錄音。

I will now turn the call over to your host, Todd Fromer from KCSA Strategic Communications. Please go ahead, sir.

現在我將電話轉給主持人，來自 KCSA Strategic Communications 的 Todd Fromer。先生，請繼續。

Thank you. 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.

謝謝。在我們今天開始之前，我想提醒大家，本次電話會議包含某些前瞻性陳述。所有涉及我們的經營績效、我們預期或預期未來發生的事件或發展的陳述均為前瞻性陳述。這些前瞻性陳述是基於管理階層的信念和假設，而不是基於我們管理團隊目前所掌握的資訊。我們的管理團隊認為，這些前瞻性陳述在做出時是合理的。

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.

然而，您不應過度依賴任何此類前瞻性陳述，因為此類陳述僅代表陳述作出之日的觀點。除非法律要求，否則我們不承擔公開更新或修改任何前瞻性聲明的義務，無論是否出現新資訊、未來事件或其他原因。

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 to be filed with the Securities and Exchange Commission and those described from time to time in other reports, which we file with the Securities and Exchange Commission.

此外，前瞻性陳述受某些風險和不確定性的影響，可能導致實際結果、事件和發展與我們的歷史經驗和目前的預期或預測有重大差異。這些風險和不確定因素包括但不限於第 1A 項「風險因素」和我們向美國證券交易委員會提交的 10-K 表年度報告中其他部分所述的風險和不確定因素，以及我們向美國證券交易委員會提交的其他報告中不時所述的風險和不確定因素。

It is now my pleasure to turn the call over to Mr. Jerrell Shelton, Chief Executive Officer of Cryoport. Jerry, the floor is yours.

現在我很高興將電話轉給 Cryoport 執行長 Jerrell Shelton 先生。傑瑞，現在輪到你了。

Thank you, Todd. Good afternoon, ladies and gentlemen. With us this afternoon is our Chief Financial Officer, Robert Stefanovich; our Chief Scientific Officer, Dr. Mark Sawicki; and our Vice President of Corporate Development and Investor Relations, Thomas Heinzen.

謝謝你，托德。女士們、先生們，午安。今天下午與我們一起出席的有我們的財務長 Robert Stefanovich、我們的首席科學官 Mark Sawicki 博士以及我們的企業發展和投資者關係副總裁 Thomas Heinzen。

As a reminder, we have uploaded our first-quarter 2025 in review document to our website. It can be found on the main page of the Cryoport, Inc., website. This document provides a review of our financial and operational performance and a general business outlook. If you've not had a chance to read it, I would encourage you to go to our website and download it.

提醒一下，我們已將 2025 年第一季的審查文件上傳到我們的網站。它可以在 Cryoport, Inc. 網站的主頁上找到。本文件回顧了我們的財務和營運表現以及整體業務前景。如果您還沒有機會閱讀它，我鼓勵您訪問我們的網站並下載它。

Before I review our results, I would like to highlight that due to our recently announced strategic partnership with DHL and the related sale of CRYOPDP to DHL, CRYOPDP's financials, which were previously a part of Cryoport's Life Sciences Services reportable segment are now presented as discontinued operations.

在回顧我們的表現之前，我想強調的是，由於我們最近宣布與 DHL 建立戰略合作夥伴關係以及將 CRYOPDP 出售給 DHL，CRYOPDP 的財務狀況（以前屬於 Cryoport 生命科學服務報告部門的一部分）現在顯示為已停止經營。

Accordingly, we have provided quarterly historical information on this basis for 2024 in our first-quarter 2025 in review document. This information is intended to support financial modeling efforts for those needing this information. Please note that unless indicated, all revenue figures discussed today will refer to continuing operations. This includes our fiscal year 2025 revenue guidance first shared alongside our DHL transaction announcement.

因此，我們在 2025 年第一季的審查文件中提供了 2024 年基於此的季度歷史資訊。此資訊旨在為需要此資訊的人士提供財務建模支援。請注意，除非另有說明，今天討論的所有收入數字均指持續經營業務。其中包括我們首次與 DHL 交易公告分享的 2025 財年營收指引。

Now I'll provide a brief update on our business, and then we will take your questions. Cryoport had a solid start to the year with $41 million of revenue from continuing operations for the first quarter, which represented 10% year-over-year growth and helped drive meaningful adjusted EBITDA improvement.

現在我將簡要介紹我們的業務狀況，然後我們將回答您的問題。Cryoport 今年開局良好，第一季持續經營收入為 4,100 萬美元，年增 10%，並有助於推動調整後 EBITDA 的顯著改善。

Three things that excited us about the first quarter were: first, client engagement in Life Sciences Services grew substantially, highlighting a new momentum in our business; second, order patterns for our Life Sciences products continued to show signs of stabilization; and finally, our strategic partnership with DHL. Life Sciences Services revenue, in total, increased 17% year over year, which included our support of commercial Cell & Gene therapies, which grew 33% over last year.

第一季讓我們感到興奮的三件事是：首先，生命科學服務領域的客戶參與度大幅增長，凸顯了我們業務的新勢頭；其次，我們的生命科學產品的訂單模式繼續顯示出穩定的跡象；最後，我們與 DHL 建立了戰略合作夥伴關係。生命科學服務總收入年增 17%，其中包括我們對商業細胞和基因療法的支持，比去年增長了 33%。

Life Sciences Services now account for 56% of total revenue, and it continues to be driven by the increasing development and commercialization of Cell & Gene therapies, which we believe will persist even in the current economic environment. As of March 31, Cryoport supported 19 commercial therapies and 711 clinical trials, representing approximately 70% of Cell & Gene therapy trials.

生命科學服務目前佔總收入的 56%，並且繼續受到細胞和基因療法日益發展和商業化的推動，我們相信即使在當前的經濟環境下，這種趨勢仍將持續下去。截至 3 月 31 日，Cryoport 支持了 19 種商業療法和 711 項臨床試驗，約佔細胞和基因療法試驗的 70%。

Subsequent to the quarter end, a new therapy from our customer, Abeona Therapeutics, was approved, bringing our total commercial therapies supported to 20. In the first quarter, six BLA/MAA filings occurred; three filings were for new therapies and three filings were for geographic expansion.

本季末之後，我們的客戶 Abeona Therapeutics 的一項新療法獲得批准，使我們支持的商業療法總數達到 20 種。第一季度，共提交了六份 BLA/MAA 申請；三份申請涉及新療法，三份申請涉及地理擴展。

Additionally, BMS received a supplemental approval from the European Commission to expand the label of Breyanzi as a third-line treatment for relapsed or refractory follicular lymphoma. For the remainder of 2025, we anticipate up to an additional 17 application filings, 4 therapy approvals and additional 4 approvals for label or geographic expansions or moves to earlier lines of treatment, all of which give us further confidence in our growth forecast.

此外，BMS 還獲得了歐盟委員會的補充批准，將 Breyanzi 的標籤擴大為復發或難治性濾泡性淋巴瘤的第三線治療藥物。對於 2025 年剩餘時間，我們預計將有最多 17 份申請、4 項療法批准以及另外 4 項標籤或地理擴展或轉向早期治療路線的批准，所有這些都使我們對成長預測更有信心。

Our Life Sciences Products business continues to show further signs of demand stabilization and grew 2% year over year. We are continuing to expand our product portfolio to capture new revenue streams with innovative products, including the MVE High-Efficiency 800C, which was released in the first quarter and meets the needs of facilities that have limited space yet require high capacity and security.

我們的生命科學產品業務持續顯示出需求穩定的進一步跡象，較去年同期成長2%。我們正在繼續擴大我們的產品組合，以創新產品獲取新的收入來源，其中包括第一季發布的 MVE High-Efficiency 800C，它滿足了空間有限但需要高容量和安全性的設施的需求。

Another key milestone this quarter was the announcement of our strategic partnership with DHL Group. As a part of our strategic partnership, DHL acquired CRYOPDP for an enterprise value of $195 million, which we expect to close in the second or third quarter. We think this arrangement will enhance our positioning in Asia Pac and EMEA and reshape our competitive profile within the industry by leveraging the global scale and capabilities of our new strategic partner, DHL.

本季的另一個重要里程碑是我們宣布與 DHL 集團建立策略合作夥伴關係。作為我們策略合作夥伴關係的一部分，DHL 以 1.95 億美元的企業價值收購了 CRYOPDP，我們預計該交易將在第二季或第三季完成。我們認為，這項安排將利用我們新的戰略合作夥伴 DHL 的全球規模和能力，增強我們在亞太地區和歐洲、中東和非洲地區的地位，並重塑我們在產業內的競爭地位。

Our strategic shift is responsive to market changes driven by the evolution and progress of our industry and provides us with a strong infusion of capital, a substantial return on investment and a strategic partnership that enables us to sharpen our focus on our core of the Life Sciences Service offerings directed toward the rapidly growing regenerative medicine space.

我們的策略轉變是對產業發展和進步所推動的市場變化的回應，並為我們提供了強大的資本注入、可觀的投資回報和策略合作夥伴關係，使我們能夠更加專注於面向快速增長的再生醫學領域的生命科學服務產品的核心。

Consequently, we're confident in our organic growth outlook for the full year and are confirming our revenue guidance for fiscal year 2025 in the range of $165 million to $172 million, which at the midpoint represents a 7.5% growth relative to fiscal year 2024.

因此，我們對全年有機成長的前景充滿信心，並確認 2025 財年的營收預期在 1.65 億美元至 1.72 億美元之間，中間值相對於 2024 財年成長 7.5%。

Before we begin to take your questions, I want to briefly talk about global tariffs. In situations where tariffs may impact our business, such as potential increases in cost of raw materials such as electronics, aluminum, stainless steel, we have already taken steps to diversify our supply chain. In situations where we cannot mitigate tariff charges, we will implement surcharges. We have successfully taken a similar approach in the past.

在我們開始回答你們的問題之前，我想先簡單談談全球關稅。在關稅可能影響我們業務的情況下，例如電子產品、鋁、不銹鋼等原材料成本可能增加，我們已經採取措施實現供應鏈多元化。在無法降低關稅的情況下，我們將徵收附加費。我們過去曾成功地採取過類似的方法。

For example, during the supply chain challenges experienced during COVID, we were able to maintain solid financial margins. To be clear, we are beginning to see impact from tariffs on aluminum, and we will pass those costs through a surcharge as appropriate. We feel confident in our ability to manage potential future cost increases due to tariffs.

例如，在 COVID 期間經歷供應鏈挑戰期間，我們能夠維持穩固的財務利潤率。需要明確的是，我們開始看到鋁關稅的影響，我們將透過適當的附加費來轉嫁這些成本。我們對管理未來因關稅而可能產生的成本增加的能力充滿信心。

More broadly, we do not expect tariffs to impact our core support of clinical trials or commercial therapies. Of course, we will continue to assess the situation and keep you updated as more information becomes available.

更廣泛地說，我們預計關稅不會影響我們對臨床試驗或商業療法的核心支持。當然，我們將繼續評估情況，並在獲得更多資訊後及時向您通報。

In closing, we made meaningful progress during the first quarter in revenue generation, operational improvements and with the DHL strategic partnership. With this progress to accelerate our growth, we remain focused on supporting the increasing number of commercial regenerative medicine products and the rollout around the world.

最後，我們在第一季在創造收入、營運改善和與 DHL 策略合作方面取得了有意義的進展。隨著這一進步加速我們的成長，我們將繼續專注於支持越來越多的商業再生醫學產品及其在世界各地的推廣。

We are also advancing our key initiatives such as IntegriCell Cryopreservation Solution, our global supply chain center network and introducing new services and products in order to better serve our clients and open up new revenue streams. We remain confident that the actions we have underway and our momentum will lead us to a return to positive adjusted EBITDA during 2025.

我們也正在推動我們的關鍵舉措，例如 IntegriCell 低溫保存解決方案、我們的全球供應鏈中心網絡，並推出新的服務和產品，以便更好地服務我們的客戶並開闢新的收入來源。我們堅信，我們正在採取的行動和發展勢頭將使我們在 2025 年恢復正調整後 EBITDA。

This concludes my prepared remarks. So now I will ask the operator to open the lines for your questions.

我的準備好的發言到此結束。現在我請接線生接通專線回答大家的提問。

(Operator Instructions) Kyle Crews, UBS.

（操作員指示）瑞銀 (UBS) 的 Kyle Crews。

Could you give us a brief update on the launch of IntegriCell and how client adoption is going there? And could you touch upon CGT trial growth? And specifically, I think I calculated around high single-digit growth there. Could you speak to the health of the market given some of the negative news flow that we're hearing? Thank you.

您能否簡要介紹一下 IntegriCell 的發布情況以及客戶採用的進展？您能談談 CGT 試點進展嗎？具體來說，我認為我計算了那裡大約高個位數的成長率。鑑於我們聽到的一些負面消息，您能談談市場健康狀況嗎？謝謝。

First of all, I'll speak to the market, and then I'm going to turn it to Dr. Sawicki, who can answer your questions about the market and especially IntegriCell and our advancements. But we see the market very positively. We see all those things that I mentioned to you in my opening remarks.

首先，我將談談市場，然後我將把主題轉到 Sawicki 博士，他可以回答您有關市場，特別是 IntegriCell 和我們的進步的問題。但我們非常樂觀地看待市場。我們看到了我在開場白中提到的所有事情。

We see commercial revenue continuing to ramp with the growth of a number of commercial therapies continuing to grow, the growth in the addressable market of our customers therapies and the growth in the number of clinical trials we support. So we're bullish, and we are well on our way to building our company to that profitable growth bridge that I've mentioned several times.

我們看到，隨著商業療法數量的不斷增長、客戶療法的潛在市場的增長以及我們支持的臨床試驗數量的增長，商業收入也在持續增長。因此，我們充滿信心，並且我們正在順利地將公司建造成我多次提到的獲利成長橋樑。

Mark, would you take the rest of the questions?

馬克，你能回答剩下的問題嗎？

Sure. Happy to do so. Yeah. Just to further with Jerry, '24 was a decent year from a financing standpoint. Cell & Gene therapy space grew about 30% from a financing standpoint, which is obviously stabilizing the market and providing a significant fund for these -- for our companies to continue to progress their clinical and commercial portfolio.

當然。很高興這麼做。是的。進一步向傑瑞說明，從融資角度來看，24 年是不錯的一年。從融資角度來看，細胞和基因治療領域成長了約 30%，這顯然穩定了市場並為這些公司提供了大量資金，使其能夠繼續推進其臨床和商業組合。

And commercial therapies are continuing to progress nicely. We're up to 20 approved therapies that we support at this point in time, and there continues to be a robust pipeline overall, which is very exciting. We anticipate, as Jerry said in his opening remarks, up to 17 additional filings this year, potentially another 4 therapy approvals and 4 label expansion. So that's a very robust year and will be consistent with the record year that we saw last year from an approval standpoint. So it continues to be very nice and robust.

商業療法正在繼續取得良好進展。目前，我們支持的核准療法多達 20 種，總體而言，我們的研發線仍然十分強大，這非常令人興奮。正如傑瑞在開場白中所說，我們預計今年將有多達 17 份額外申請，可能還會有 4 種療法獲得批准和 4 種標籤擴展。因此，這是非常強勁的一年，從批准的角度來看，將與我們去年看到的創紀錄的一年保持一致。因此它仍然非常好並且強大。

Turning to IntegriCell. So IntegriCell is progressing very, very nicely. As we had mentioned previously, both facilities in Houston, Texas and Liege, Belgium are open, and we also have and already have multiple commercial contracts and are currently onboarding multiple programs into those facilities. So it's progressing nicely.

轉向 IntegriCell。因此，IntegriCell 的進展非常非常好。正如我們之前提到的，位於德克薩斯州休斯頓和比利時列日的兩個設施均已開放，而且我們已簽訂了多個商業合同，目前正在將多個項目納入這些設施。所以進展很順利。

Richard Baldry, ROTH Capital.

羅仕資本（ROTH Capital）的理查德·鮑德里（Richard Baldry）。

(technical difficulty) for contingent consideration that changes it -- is there a reason that isn't backed out as a onetime event? Because I think if my math is right, without that, it'd be moderately positive on adjusted EBITDA.

（技術難度）對於改變它的偶然考慮——有沒有理由不將其作為一次性事件撤回？因為我認為如果我的計算是正確的話，那麼即使沒有這個，調整後的 EBITDA 也會呈現適度正值。

Sorry, Rich, we were cut off from you. Can you please restate your question?

抱歉，Rich，我們與您的聯繫被切斷了。您能重述一下您的問題嗎？

When I look at the adjusted EBITDA loss, it's a minor amount, but it's including a drag, it looks like, from contingent consideration. I'm just curious why that as a onetime event wouldn't have been backed out of that number. Because if my math is right, it looks like you'd be positive EBITDA without that drag.

當我查看調整後的 EBITDA 損失時，發現這是一個很小的數額，但它似乎包括了或有對價的拖累。我只是好奇為什麼作為一次性事件，這個數字沒有被取消。因為如果我的計算正確的話，看起來你的 EBITDA 在沒有這種拖累的情況下會是正數。

No, we did back it out. It goes the other way. So we had a contingent consideration at year-end that we released in Q1 related to one of the acquisitions. So we did back that out. But having said that, obviously, the adjusted EBITDA did improve significantly over Q1 of last year based on the initiatives that we took in 2024.

不，我們確實撤回了。事實恰恰相反。因此，我們在年底有一個與第一季的其中一項收購相關的或有對價。所以我們確實放棄了這個主意。但話雖如此，顯然，根據我們在 2024 年採取的舉措，調整後的 EBITDA 確實比去年第一季有了顯著改善。

Got it. And post the divestiture, whenever it closes, you'd have a pretty disproportionate now amount of net cash versus your market cap. Can you talk about what you think the appropriate steps to bolster shareholder value would be given that very large cash reserve versus pretty modest adjusted EBITDA losses?

知道了。並且在資產剝離之後，無論何時結束，您現在的淨現金量與市值相比都會非常不成比例。您能否談談，鑑於現金儲備非常龐大，而調整後的 EBITDA 損失卻相當溫和，您認為應該採取哪些適當的措施來提高股東價值？

Yeah. Rich, we will be prudent in the way we allocate that cash, the use of that cash and so forth. Of course, we're living in some times that have a fair amount of uncertainty in them, but we'll be prudent. We'll be opportunistic, and we'll be careful about the way we allocate that cash.

是的。里奇，我們將謹慎地分配、使用這筆現金等等。當然，我們所處的時代充滿了不確定性，但我們會謹慎行事。我們會抓住機會，並謹慎分配現金。

One of the things we will consider is the fact that our stock is highly, highly undervalued, and we certainly will -- we have an authorization for stock buyback. And so that will be a consideration at the time we look at the uses of the cash.

我們會考慮的事情之一是，我們的股票被嚴重低估，我們肯定會——我們有股票回購的授權。因此，當我們考慮現金的用途時，這一點將會被考慮。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink 合夥人。

You have Michael on for Puneet. Thank you for taking my question. My first one has to do with the service gross margins. I'm getting about like a 500-basis point year-over-year expansion. So I'm curious if -- like what's driving that growth. And also, if we should expect a similar year-over-year expansion in the balance of the year.

你讓麥可 (Michael) 代替普尼特 (Puneet)。感謝您回答我的問題。我的第一個問題與服務毛利率有關。我得到的是年增約 500 個基點。所以我很好奇——是什麼推動了這種成長。此外，我們是否應該預期今年餘下時間會出現類似的年增長？

Yeah. If you look at the gross margin for the company and services and products, you're absolutely right. We saw a significant increase in the services gross margin for Q1 year over year. And we do expect to see more leverage from our core services in the Cell & Gene therapy space for our services. So over time, you will see an expansion of the gross margin for the services side.

是的。如果您看一下公司、服務和產品的毛利率，您就完全正確了。我們看到第一季服務毛利率較去年同期大幅成長。我們確實希望看到我們的核心服務在細胞和基因治療領域為我們的服務帶來更多槓桿作用。因此隨著時間的推移，你會看到服務方面的毛利率擴大。

We do, however, also have a couple of newer initiatives that will still depress somewhat that growth in gross margins, such as IntegriCell that is just starting to ramp. So we do expect strong gross margins to continue throughout '25. And certainly, as we look into '26, '27, we expect margin improvements beyond what you're seeing today.

然而，我們也有一些較新的舉措，這些舉措仍會在一定程度上抑制毛利率的成長，例如剛開始上升的 IntegriCell。因此，我們確實預計強勁的毛利率將在整個25年持續下去。當然，當我們展望 26 年和 27 年時，我們預計利潤率的提高將超出您今天所看到的水平。

Got it. And then on the clinical trial starts, I was wondering if you could offer any color about how small versus large pharma is performing. We've heard comments from the broader tool space that SMID caps have been pulling back and large pharma has been a bit healthier. I was wondering what your view on the market is?

知道了。然後，在臨床試驗開始時，我想知道您是否可以提供一些關於小型和大型製藥公司的表現的資訊。我們聽到來自更廣泛工具領域的評論，即 SMID 上限一直在回落，大型製藥公司的狀況有所改善。我想知道您對市場有何看法？

Mark, why don't you take that?

馬克，你為什麼不接受這個？

Sure. Yeah. We've seen it be very balanced. We're seeing contribution on the ads from both the biotech as well as the large pharma environment. What we're seeing overall is those biotechs that have promising pipelines are seeing additional interest from the large pharma where they're continuing to resource and put money into and purchase licensing agreements for a lot of these product lines. So it's maintaining a robust flow from both.

當然。是的。我們已經看到它非常平衡。我們看到了來自生物技術和大型製藥環境的廣告貢獻。總體而言，我們看到那些擁有前景看好的生物技術公司正受到大型製藥公司的額外關注，這些製藥公司正在繼續為許多產品線提供資源和資金，併購買許可協議。因此，它保持了兩者的強勁流動。

Maybe to add into that, in Q1, we did have 32 ads and 22 removes from our -- so we reported a net up 10, but it was a strong amount of adds in Q1 for our clinical trial.

也許還要補充一點，在第一季度，我們確實有 32 條廣告和 22 條刪除 - 所以我們報告淨增 10 條，但對於我們的臨床試驗來說，第一季度的添加量很大。

Yeah, very strong. Correct. Yeah, correct.

是的，非常強。正確的。是的，正確。

David Larsen, BTIG.

BTIG 的 David Larsen。

Hi. Congratulations on the good quarter. 10% year-over-year revenue growth looks pretty good to me. Jerry, you already mentioned some of this on your prepared comments, but can you talk about just the broader macro environment? How are your clients responding to the potential 25% tariffs? There was this executive order for drug pricing signed on April 15.

你好。恭喜本季取得良好業績。對我來說，10% 的年成長率相當不錯。傑瑞，你已經在準備好的評論中提到了其中的一些內容，但是你能談談更廣泛的宏觀環境嗎？您的客戶對潛在的 25% 關稅有何反應？4月15日簽署了有關藥品定價的行政命令。

There's the ongoing impact from the Inflation Reduction Act. IQVIA had a year-over-year decline in their services bookings. The CROs are under pressure. Are you seeing -- like what is the response from your clients and demand, the demand side of your business, if any? Thank you.

《通貨膨脹削減法案》正在產生持續影響。IQVIA 的服務預訂量較去年同期下降。CRO 面臨壓力。您是否看到了—例如，您的客戶的反應和需求是什麼，以及您的業務的需求方（如果有的話）是什麼？謝謝。

Well, David, we really don't have any significant tariff impact on Cell & Gene therapy. So we're moving along pretty well. And Mark, you may wish to add to that.

嗯，大衛，我們的關稅確實對細胞和基因治療沒有任何重大影響。所以我們的進展非常順利。馬克，你可能想補充一點。

Yeah. So the positive thing is the vast majority of those actions that you talked about from a government standpoint are really, really focused around small molecule and biologic drug product, which has high volume, large revenue streams.

是的。因此，積極的一面是，從政府的角度來說，您談到的絕大多數行動實際上都集中在小分子和生物製藥產品上，這些產品產量大，收入來源大。

The vast majority of the Cell & Gene therapies out there are for very specific indications, and they are the only product available to address that, the particular etiology based on the fact that they've already gone through all the alternatives or many of the alternatives. So the pressure there is, I think, a lot different. We're not seeing a lot of concern. I'm actually down at ISCT right now, which is the International Society of Cell & Gene Therapy conference, and the mindset here has been pretty positive. So we're not seeing a lot of concern.

絕大多數細胞和基因療法都是針對非常特定的適應症，而且它們是唯一可以解決該問題的產品，特定病因是基於他們已經嘗試過所有替代方案或許多替代方案的事實。所以我認為那裡的壓力有很大不同。我們並沒有看到太多的擔憂。實際上我現在正在參加 ISCT，即國際細胞與基因治療學會會議，這裡的氣氛非常正面。所以我們並沒有看到太多的擔憂。

So David, we're continuing to see the commercial revenues ramp, and we're continuing to -- as we forecasted, continuing to see commercial therapies maturing and coming to market. So we're very optimistic.

因此，大衛，我們繼續看到商業收入的成長，我們繼續 - 正如我們預測的那樣，繼續看到商業療法日益成熟並進入市場。所以我們非常樂觀。

So a lot of the source materials come from the United States, so they wouldn't be impacted by tariffs. Is that correct?

因此，許多原料都來自美國，所以不會受到關稅的影響。對嗎？

Correct.

正確的。

Yeah, David, most of the product, if you will, the therapies are -- the cells are taken right from the sick patients. So the patients are in the same countries where it's, I'll call it, manufactured and then sent back to the patient on the autologous side.

是的，大衛，如果你願意的話，大部分產品，治療方法是──細胞直接從病人身上提取。因此，這些患者都在同一個國家，我會稱之為製造，然後再送回自體患者體內。

Okay. And you also answered this already, but I'm going to ask again, in terms of like your own cost of goods, it seems like there's a lot of technology you're working with. You got the doers, you got the technology on the doer, all those electronic components, there's transport costs. And I heard you say that those tariffs, if they happen, you're going to pass them through to your clients through surcharges. So you're not expecting any increase in cost or margin pressure. Is that correct?

好的。您也已經回答了這個問題，但我要再問一次，就您自己的商品成本而言，似乎您正在使用很多技術。你有行動者，你有行動者的技術，還有所有的電子元件，還有運輸成本。我聽到您說過，如果這些關稅真的實施，您將透過附加費將其轉嫁給您的客戶。因此，您不會預期成本或利潤壓力會增加。對嗎？

That's correct. Yeah.

沒錯。是的。

Partially correct, David. We have an incredibly able sourcing team, and we've already worked on mitigating tariffs by changing supply chain routing or supply chain sources and so forth. And as I mentioned in the opening comments, those that are passed on to us through components or those that we cannot mitigate we will put into surcharges because we don't think this will be permanent.

部分正確，大衛。我們擁有一支非常有能力的採購團隊，我們已經透過改變供應鏈路線或供應鏈來源等方式努力降低關稅。正如我在開場白中提到的那樣，那些透過組件傳遞給我們的成本或那些我們無法減輕的成本，我們將加收附加費，因為我們認為這不會是永久性的。

We think that -- and surcharges we can extract at the time that they're not. So we will protect our margins. And I don't think this is unusual for anyone. So we feel like we have this under control for sure.

我們認為——並且我們可以在不存在的情況下提取附加費。所以我們會保護我們的利潤。我認為這對任何人來說都不足為奇。所以我們覺得我們肯定已經控制住了局面。

Okay. One last quick one, please. Product revenue grew year over year. Just any color there in terms of ongoing demand. It looks like it's not only bottomed, but it's coming back up. Is that --

好的。請再快速問最後一個問題。產品收入逐年成長。就持續需求而言，任何顏色都是如此。看起來它不僅觸底，而且還在回升。那是嗎--

Yeah. I mean the demand did grow 2% in products year over year. And the revenue, and particularly from North America improved over the past three quarters, and we expect that trend to continue as our products are made in America, and they won't be subject to tariffs. So while global markets have been disrupted somewhat, the Americas are showing resilience and incremental revenue growth as they have for the last three quarters, and we predict that will continue.

是的。我的意思是產品需求確實比去年同期成長了 2%。過去三個季度，我們的收入，尤其是來自北美的收入，都有所提高，我們預計這一趨勢將持續下去，因為我們的產品在美國製造，而且不會受到關稅的影響。因此，儘管全球市場受到了一定程度的干擾，但美洲市場仍表現出韌性，收入持續成長，就像過去三個季度一樣，我們預測這種情況將持續下去。

Okay. I'll hop back in the queue. Looks like a good quarter. Thank you.

好的。我會重新回到隊列中。看起來是一個不錯的季度。謝謝。

Subbu Nambi, Guggenheim Securities.

Subbu Nambi，古根漢證券。

How much does supply chain initiatives actually improve margins? Any chance you could quantify that as well? And will that be a long-term improvement to margins? Or is that a more short-term fix?

供應鏈措施實際上能提高多少利潤率？您是否也可以量化這一點？這是否會對利潤率產生長期改善作用？或者這只是一個短期解決辦法？

Yeah. I don't think we can quantify it necessarily in terms of impact on margin. I think the most important part of the surcharges is to ensure that our margins are not negatively impacted by these tariffs. So I think the margin improvement is really going to be driven largely by the expansion of our services, leveraging the client base that we have and leveraging the growing number of commercial therapies.

是的。我認為我們無法根據對利潤的影響來量化它。我認為附加費最重要的部分是確保我們的利潤不會受到這些關稅的負面影響。因此，我認為利潤率的提高實際上很大程度上將取決於我們服務的擴展、利用我們現有的客戶群以及利用日益增多的商業療法。

And one follow-up. Probably the elephant in the room is the new FDA Director who seemingly has a more, for lack of a better way of saying, stricter stance to newer modality therapy. Anything that you're messaging to your current shareholders?

還有一個後續行動。最顯而易見的問題可能是新任 FDA 局長對新式療法採取了更嚴格的立場，說得更直白些。您想向現有股東傳達什麼訊息嗎？

That's about the new Head of CBER, Subbu, you're asking about.

您問的是有關 CBER 新任負責人 Subbu 的問題。

Yeah. Correct.

是的。正確的。

The new Head of CBER is an accomplished scientist. He may have some conservative views that have been reported and so forth, but he's a conservative scientist. He's quite accomplished. And as a scientist, we feel that the data will rule. So there may be more stricture in structure and so forth as we move forward, but we're very optimistic about his service and about his qualifications.

新任 CBER 負責人是一位頗有成就的科學家。他可能有一些保守的觀點，但據報道他是一位保守的科學家。他很有成就。身為科學家，我們認為數據才是主導。因此，隨著我們前進，結構等方面可能會更加嚴格，但我們對他的服務和資歷非常樂觀。

Yeah. And the Trump administration has also come out implicitly in favor of Cell & Gene therapy as a modality. So I do think there's an interest there from the administration to see continued progress there.

是的。川普政府也明確表示支持細胞和基因治療作為一種治療方式。因此我確實認為政府有興趣看到那裡繼續取得進展。

Just keep your heads down this this too shall pass, and then only you still believe in the modality is the messaging here?

只要保持頭腦清醒，這一切都會過去的，只有這樣，你才會仍然相信這裡的訊息形式？

Yeah. At the end of the day, the safety and efficacy of these therapies is being proved out every day. And that's the main theme, I think, to keep on your mind, Subbu.

是的。最終，這些療法的安全性和有效性每天都在證明。我認為這就是你要記住的主要主題，Subbu。

Tejas Savant, Morgan Stanley.

摩根士丹利的 Tejas Savant。

[Edmond] on for Tejas. Thank you for the time. Maybe to start off, can you guys share some color on how the traction has been with your new launches in the product side? How has the demand been for HV3 and the new HE 800? And how much of the demand stabilization can be accredited to these two products?

[埃德蒙] 替補上場。感謝您抽出時間。首先，你們可否分享一下你們新產品的推出情況如何？HV3 和新款 HE 800 的需求如何？那麼，需求的穩定在多大程度上可以歸功於這兩種產品呢？

Mark, would you like to take that question?

馬克，你願意回答這個問題嗎？

Sure. On the HV3, the HV3 has been very, very well-received in a market standpoint and adoption is ongoing as we speak. It will be rolling into a substantial number of our commercial therapy support mechanisms over the next 12 to 18 months. So that's been extremely positive.

當然。就 HV3 而言，從市場角度來看，HV3 一直非常受歡迎，而且採用情況仍在持續。未來 12 到 18 個月內，它將融入我們大量的商業治療支持機制。所以這是非常積極的。

What was the other product you were asking about?

您詢問的其他產品是什麼？

That's the HE 800 at MVE, Mark. But go ahead, Robert.

那是 MVE 的 HE 800，馬克。但繼續吧，羅伯特。

Yeah. I just wanted to clarify, the HV3 is related to Cryoport Systems and Cryoport Systems Solution. So that's not related to -- product revenue wouldn't be reflected. If you look at the product revenue, that's specifically related to the MVE suite of freezers and --

是的。我只是想澄清一下，HV3 與 Cryoport Systems 和 Cryoport Systems Solution 相關。所以這與產品收入無關，不會反映出來。如果你看一下產品收入，你會發現這主要與 MVE 系列冰櫃和--

Accessories.

配件。

And accessories. And the second product that you mentioned, that's just being rolled out. So that's too early to talk about at this stage.

和配件。您提到的第二款產品剛剛推出。所以現階段談論這個還為時過早。

And then circling back to one of the earlier questions on IntegriCell. Can you guys provide some color on how the onboarding process has been? And when can we expect to see some more meaningful revenue contributions from your earlier customers?

然後回到之前關於 IntegriCell 的一個問題。能否介紹一下入職流程是怎麼樣的？我們什麼時候才能看到您早期的客戶帶來更有意義的收入貢獻？

Yeah. So the onboarding process has been very smooth. As I had mentioned, we're already under multiple contracts, including top 10 pharma supporting -- that have asked us to step in and support aspects of their Cell & Gene therapy portfolio from a standardized cryopreservation standpoint. The process takes a little bit of time because there's a tech transfer process. So it has to go through verification, which takes a few quarters. But those are running very, very smoothly, and the feedback has been extremely positive.

是的。因此入職流程非常順利。正如我所提到的，我們已經簽訂了多份合同，包括十大製藥公司支持——他們要求我們從標準化冷凍保存的角度介入並支持他們的細胞和基因治療組合。這個過程需要一點時間，因為有一個技術轉移過程。因此它必須經過驗證，這需要幾個季度的時間。但這些都運作得非常順利，而且回饋也非常正面。

(Operator Instructions) Matt Stanton, Jefferies.

（操作員指示）馬特·斯坦頓，傑富瑞。

I want to touch quick on the leading indicators. You talked about both orders stabilizing for Life Science Products, but also engagement levels increasing meaningfully for the Life Science Solutions side. So any way you can put a finer point or qualify the order improvement you're seeing or the nature of conversations with customers and potential customers?

我想快速談談領先指標。您談到了生命科學產品的訂單穩定，以及生命科學解決方案的參與度顯著提高。那麼，您能否更詳細地闡述或限定您所看到的訂單改善或與客戶和潛在客戶對話的性質？

I think you talked about on the solutions side, strength, both deeper penetration at existing clients, but also new clients. So just any more flavor you can provide around some of those leading indicators you talked about a little bit earlier. Thank you.

我認為您談到了解決方案方面的優勢，既包括對現有客戶的更深入滲透，也包括對新客戶的更深入滲透。因此，您可以針對您之前談到的一些領先指標提供更多見解。謝謝。

I can comment --

我可以評論--

Mark, do you want to talk about the --

馬克，你想談談--

Yeah. On the service side, I think there's a few things that you can look at -- to look at, obviously, the traction in the service side of our business. The first is our clinical trial portfolio. And the fact that we're now up to 711, we saw a net increase of 10 programs, and a total number of onboarded programs over 30 is a very robust number. And I think that demonstrates the health in our service business.

是的。在服務方面，我認為有幾件事你可以關注——顯然，要專注於我們業務在服務方面的吸引力。首先是我們的臨床試驗組合。事實上，現在我們的項目數量已達到 711 個，淨增了 10 個項目，入職項目總數超過 30 個，這是一個非常強勁的數字。我認為這證明了我們服務業務的健康狀況。

We also continue to see very nice diversification as evidenced by the increase in our BioStorage/BioServices revenue, which was up 22.5% year over year. So both of those are an indication of -- number one is the onboarding of new clients, which seems to be reaccelerating based on the clinical trial acquisition as well as you see robust growth in our other services, ancillary services like BioServices, which demonstrates a nice diversification of that revenue stream in our existing client portfolio as well as new.

我們也繼續看到非常好的多樣化，這從我們的生物儲存/生物服務收入的成長中可以看出，其同比增長了 22.5%。因此，這兩者都表明——首先是新客戶的加入，這似乎基於臨床試驗的收購而重新加速，同時您還可以看到我們的其他服務、輔助服務（如生物服務）的強勁增長，這表明我們現有客戶組合和新客戶的收入來源多樣化。

I think one other thing, Matt, to keep in mind is the ecosystem that you're seeing keep building around this industry of the Cell & Gene therapies and regenerative medicine. You're seeing that with like DHL acquiring our CRYOPDP, UPS expanding their health care and the other players like Cardinal, McKesson, and Cencora continuing to learn and to turn to the Cell & Gene space. And we're really focused with our strategic pivot on enabling all of those big companies with where they're going.

馬特，我認為還有一件事要記住，那就是你所看到的圍繞著細胞和基因療法以及再生醫學這個行業不斷建立的生態系統。您會看到，DHL 收購了我們的 CRYOPDP，UPS 擴大了他們的醫療保健業務，而 Cardinal、McKesson 和 Cencora 等其他參與者則繼續學習並轉向細胞和基因領域。我們的策略重點是幫助所有大公司實現其發展目標。

That's helpful color. And then maybe one for Robert. Nice to see the reiteration of the guide given the choppy macro backdrop. I think previously, you guys had talked about modest growth on the product side and maybe something like high singles or double-digit growth on the service side. So just given a number of moving pieces and some of the news on the commercial side, any change in your outlook between the subsegments between products and service for the full year here?

這是很有幫助的顏色。然後也許還有一個給羅伯特。很高興看到在宏觀背景波動的情況下重申該指南。我認為之前你們曾討論過產品方面的適度增長，以及服務方面的高個位數或兩位數增長。那麼，考慮到一些變動因素和商業方面的一些新聞，您對全年產品和服務子部門的展望有什麼變化嗎？

And then just to confirm on China, I think you talked about muted trends in China for the year. But just to be clear, you're not assuming any meaningful demand destruction tied to some of the tariff and trade war items out there. Thank you.

然後，再確認一下中國的情況，我想您談到了今年中國經濟的低迷趨勢。但要明確說明的是，你並沒有假設某些關稅和貿易戰項目會造成任何有意義的需求破壞。謝謝。

Yeah. Just to cover the last point first. China is not included -- or any change in China is not included in our guidance. So that would be on top of that. But if you look at the guidance and the overall services revenue growth and product revenue growth, it still is the same in terms of the guidance.

是的。首先討論最後一點。中國並未被納入其中——或者說，中國的任何變化均未納入我們的指導範圍。所以那將是最重要的。但如果你看一下指導意見以及整體服務收入成長和產品收入成長，就指導意見而言，它仍然是一樣的。

We certainly see an improved demand coming back on the product side. But still from a guidance perspective, we would say low to mid-single growth for the product side. On the services side, you can see strong growth in Q1 really on all aspects.

我們確實看到產品方面的需求回升。但從指導角度來看，我們認為產品方面的成長將處於低到中等水準。在服務方面，您可以看到第一季各方面都實現了強勁成長。

So whether you look at overall revenue growth on services, the commercial revenue growth of 33% and like Mark mentioned, the BioStorage/BioServices growth of 22%. So even if you look at commercial revenue, if you look at a trailing 12-month basis, it's about 26% year-over-year growth. So we certainly expect commercial revenue to grow significantly and expect '25 to be a record revenue for the support of our commercial clients.

因此，無論您看服務的整體收入成長，商業收入成長 33%，以及如馬克所提到的，生物儲存/生物服務成長 22%。因此，即使你看商業收入，如果你看過去 12 個月的基礎，它也是同比增長約 26%。因此，我們當然預期商業收入將大幅成長，並預期 25 年我們的商業客戶支援收入將創歷史新高。

Paul Knight, KeyBanc.

保羅奈特（Paul Knight），KeyBanc。

Hi. This is Anna on for Paul Knight. Thanks for taking my question. I have just one, but maybe touching on the recent news with DHL. I was wondering if you could make any initial comments on the impact of this partnership? And if you've seen any benefit of being carrier agnostic maybe in terms of customer conversations or if this just increases your ability to meet the incoming pipeline of larger Cell & Gene therapies?

你好。我是安娜，為保羅奈特 (Paul Knight) 主持。感謝您回答我的問題。我只有一個問題，但可能涉及 DHL 的最新消息。我想知道您是否可以對此次合作的影響發表一些初步評論？您是否看到了與運營商無關的任何好處，也許是在客戶對話方面，或者這是否只是提高了您滿足更大細胞和基因療法即將到來的能力？

Yeah. The strategic relationship with DHL is an incredibly strong relationship for us. It will help increase our competitiveness in Asia Pac and EMEA. We will continue with our CRYOPDP as a partner and as a part of DHL, and that will be CRYOPDP on steroids because it will have all of the backing and the resources of DHL at its command. And then we have all of the other resources available to us at DHL. So this is a very strong relationship and will, over time, ramp up to be quite significant for us on a global basis.

是的。與 DHL 的策略關係對我們來說是一種非常牢固的關係。這將有助於提高我們在亞太地區和歐洲、中東和非洲地區的競爭力。我們將繼續作為合作夥伴和 DHL 的一部分開展 CRYOPDP 項目，這將是 CRYOPDP 的強大補充，因為它將擁有 DHL 的所有支持和資源。然後，我們可以使用 DHL 提供的所有其他資源。因此，這是一種非常牢固的關係，隨著時間的推移，它將在全球範圍內對我們產生重大影響。

And maybe just from a financial perspective, if you look at the strategic relationship and transaction itself, it certainly obviously significantly fortifies and strengthens our balance sheet and financial position. And then if you look at the margin metrics for us as a company going forward longer-term, it's significantly also an improvement in margins for the continuing operations.

也許僅從財務角度來看，如果你看一下策略關係和交易本身，它顯然會顯著鞏固和加強我們的資產負債表和財務狀況。如果你看一下我們公司長期的利潤率指標，你會發現持續經營的利潤率也有了顯著的提升。

Thank you. There are no further questions at this time. Let me turn the call over to the management for closing remarks.

謝謝。目前沒有其他問題。讓我將電話轉給管理階層，請他們做最後發言。

Thank you, everyone, for your questions and for our discussions. In closing, we reported solid first-quarter results led by our Life Science Services business, which grew 17% year over year. This included strong increases in commercial Cell & Gene therapy revenue and BioStorage, BioServices revenue, which increased year over year 33% and 23%, respectively.

謝謝大家的提問和我們的討論。最後，我們報告了第一季的穩健業績，其中生命科學服務業務年增了 17%。其中包括商業細胞和基因治療收入以及生物儲存、生物服務收入的強勁成長，分別較去年同期成長 33% 和 23%。

At the same time, we continue to see further stabilization of order trends in our Life Science Products segment. In line with our focus on growing our role in supporting regenerative medicine with temperature-controlled supply chain solutions, we are excited about our strategic partnership with DHL. This collaboration will advance our strategy and further enable us as the regenerative medicines industry's essential supply chain company. In addition, it will strengthen our financial profile, as Robert just mentioned, while sharpening our focus on our core business.

同時，我們繼續看到生命科學產品部門的訂單趨勢進一步穩定。我們致力於透過溫控供應鏈解決方案增強我們在支持再生醫學方面的作用，我們對與 DHL 建立策略夥伴關係感到非常興奮。此次合作將推進我們的策略，並進一步使我們成為再生藥物產業中重要的供應鏈公司。此外，正如羅伯特剛才所提到的，它將增強我們的財務狀況，同時讓我們更專注於核心業務。

We want to thank you for joining us today. We appreciate your continued support and interest in our company. We're looking forward to updating you on our progress when we report on our second-quarter financial results. A good evening to all.

我們感謝您今天的參與。我們感謝您對我們公司的持續支持和關注。我們期待在報告第二季財務業績時向您通報我們的進展。祝大家晚上好。

Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。