: Cryoport shares slide 29% after revenue warning

Shares of Cryoport Inc. CYRX fell 29% in premarket trading on Thursday after the life-science logistics company issued a revenue warning, noting weaker than expected global demand for capital equipment and clinical trial start delays. Cryoport expects second quarter revenue to be in the range of $56.5 million to $57.5 million, down 11% at the midpoint from the same period a year earlier, the company said in a release late Wednesday. Several key customers are falling short of expected revenues from certain cell and gene therapies, the company said, and the challenging conditions are expected to persist in the third and fourth quarter. Full-year 2023 revenue is now expected to be in the range of $233 million to $243 million, down from previous guidance of $270 million to $290 million.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.