Shares of Cryoport (NASDAQ: CYRX) were down more than 24% by 11 a.m. on Thursday after the company announced preliminary second-quarter earnings. The stock is down more than 16% so far this year.

Cryoport supplies temperature-controlled supply chain solutions for life sciences companies. The healthcare company released preliminary second-quarter results after the markets closed on Wednesday, saying it expected a drop in quarterly revenue and annual revenue, thanks to a slowdown in orders from cell- and gene-therapy companies.

Cryoport said it expected quarterly revenue to be between $56.5 million and $57.5 million, meaning a drop of 11% year over year at the midpoint. The company also said it expected 2023 revenue to be between $233 million and $243 million, compared to $237.3 million in 2022, and well down from earlier guidance of between $270 million and $290 million.

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Source Fool.com