Cryoport, Inc. saw its loss narrow to $1.79 million, or $0.10 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $2.71 million, or $0.26 a share. Revenue during the quarter surged 74.36 percent to $2.71 million from $1.56 million in the previous year period. Gross margin for the quarter expanded 881 basis points over the previous year period to 46.22 percent.
Operating loss for the quarter was $1.77 million, compared with an operating loss of $2.62 million in the previous year period.
Adjusted EBITDA for the quarter stood at negative $0.87 million compared to negative $1.77 million in the prior year second quarter.
"2017 began with strong momentum as we are reporting robust year-over-year revenue growth of 74%," commented Jerrell Shelton, Cryoport, Inc.'s chief executive officer. "The quarter's results were driven by extraordinary growth in our core business of providing cold chain logistics solutions to biopharma clients, which saw revenue grow 100% year-over-year and 31% sequentially. Our sales and marketing team continues to make excellent progress expanding our footprint as we secured 27 new clients and 14 new clinical trial programs, further strengthening our pipeline."
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