赛普特（CYRX）：季度表现良好，重申收入指引；现金状况带来诸多灵活性

USA | Life Science Tools & DiagnosticsCryoport Clean Q, Revenue Guide Reiterated; A Lot ofOptionality Tied to Cash Position Revs were ahead (+2% vs cons), led by strong growth across services (+17%)while product trends are stabilizing. '25 revenue guide was reiterated (+5-10%y/y) despite noisy macro backdrop while commentary around engagementlevels was encouraging. CGT storm clouds (funding, new CEBR head, focuson AAV gene therapy) likely need to clear before conviction in mid-term buildsbut balance sheet optionality (~$250M pro-forma cash post PDP) increasinglycompelling. 1Q25 recap. Revs of ~$41M (+10% y/y) were slightly above (+2% vs cons). Commercial revs of$7.2M were up +33% y/y but declined -HSD q/q. Services revenue of ~$23M was up +17% y/y drivenby ongoing +DD growth across Biologics (+16%) and Bioservices (+23%) tied to deeper penetrationof existing customers via new capabilities as well as additional client wins. Product revs of ~$18Mwere up modestly y/y (+2%) and only slightly below TTM average revenue of ~$19M. Gross marginscontinue to improve (+500bps y/y) with solid progress across both products and services, whileadj. EBITDA of -$2.8M was slightly below expectations. 2025 guidance unchanged.CYRX reiterated its expectations for $165-172M of revenues (+5-10%y/y) in 2025. This assumes ongoing momentum for CGT space driven by approvals and healthyunderlying demand for commercially supported therapies (n = 20), with immaterial impact fromtariffs (surcharges, diversifying supply chain). By our math, assuming healthy commercial growth(+25-30% y/y) implies step up to $8-9M of revenues per Q for remainder of the year. Productsgrowth is expected to be up +L/MSD, implying Services revenues of ~+10% at the mid-point of theguide. China (3% of mix) is not expected to see any recovery (nor demand destruction from tariffs).No change to expectations for reaching adj. EBITDA positive in '25. Data points from the call...1) Clinical trials:added another 10 trials q/q, and saw overall supportedprograms up +5% y/y (+1% q/q) despite weaker funding backdrop;2) Approvals:6 BLA/MAA filingsin 1Q (3 for new therapies / 3 for geographic expansion), while Abeona's Zevaskyn was approvedpost 1Q (peak sales = ~$500M), bringing total supported therapies to 20...for remainder of 2025expect 17 filings, up to 4 new approvals and 4 new geographic expansions;3) SRPT:while notcovered directly in Q&A, we note the more muted demand for SRPT's Elevidys (~$500M reset toprior expectations) would seem to imply $2-3M headwind to CYRX in '25. Our view.Valuation is not demanding (1.4x EV/revs), and becomes even more compelling postclose of PDP (expected 2Q/3Q) with infusion of ~$190M cash effectively putting 100% of marketcap (~$275M) in cash (~$250M pro-forma net cash). We think storm clouds around CGT (e.g.funding, new CEBR head, focus on AAV gene therapies) may persist, however the balance sheetoptionality may be more important to the near-term story with execution against existing sharerepo a potential logical next step ($74M authorization). Matthew Stanton * | Equity Analyst(615) 963-8397 | mstanton@jefferies.com Tycho Peterson * | Equity Analyst+1 (212) 738-5583 | tpeterson2@jefferies.com Jack Melick, CPA * | Equity Associate+1 (617) 345-8671 | jmelick@jefferies.com Priya Patel * | Equity Associate+1 (332) 204-0140 | ppatel5@jefferies.com Noah Kava * | Equity Associate+1 (212) 323-3939 | nkava@jefferies.com The Long View: Cryoport Investment Thesis / Where We Differ As a leading global provider of critical cold chain logistics solutions fortemperature-sensitivematerials,CYRXisaderivativepure-playontheemerging cell & gene therapy market. That said, we question whether its core segments (e.g., MVE) can returnto growth on par with mgmt aspirations (~+HSD), while more promisingbusinesses (e.g. Cryport systems) remain relatively small (~20% of mix) andthus unlikely to drive outsized growth needed to drive multiple expansion fromhere. That said, recent PDP divest should help growth/margins ahead. Upside Scenario,$12.00, +103% Downside Scenario,$4.00, -32% Base Case,$6.50, +10% •'25 revenue: $169M (+7%) / ~$8M adj. EBITDA•Continued weakness in China through '25•MVEgoforwardgrowthrevertsbacktohistorical CAGR (+LSD vs +HSD aspirations)•Price Target: $6.50 implies an EV of ~1.7x our‘25E revs •Products business stabilizes; MVE normalizesback to +HSD growth over mid-term•Improved demand in China related to tariffs•2025revs:~$180M(+LDD)/~$14Madj.EBITDA•Free cash flow positive in '25•DHL synergies•Price Target: $12 = ~3.4x '25E revs •Commercial CGTs fail to ramp to meaningfulrevenue growth•MVEremainssoft,unabletoreturntosustainable growth•Much weaker biotech demand crimps demandesp. higher ASP freezers while clinical trialsremain choppy•China tariffs remain, demand freezes up entirely(goes to local players)•2025 revs: ~$155M•Price Target: $4 = ~1x '25E revs Sustainability Matters Catalysts New CGT FDA approvals & commercial