CYRX - Cryoport's New Prague facility returns to full production after fire

Cryoport (NASDAQ:CYRX) on Wednesday said its New Prague facility returned to full production. A fire occurred in a portion of the CYRX unit MVE Biological Solutions manufacturing facility in New Prague, Minnesota on Jan. 25, causing production to be temporarily curtailed. Production resumed as planned, but unexpected challenges resulting from the fire caused recommissioning and validation of production to progress slower than anticipated. CYRX now expects a revenue impact from the fire of $9M-9.5M, higher than prior estimate of $4M-5M, which will remain limited to Q1. The company expects insurance to cover the majority of the costs to restore and re-open the facility, as well as related business interruption losses. Management will concentrate on reducing shipment timelines to customers throughout the remainder of the year.

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Cryoport's New Prague facility returns to full production after fire