Cryoport, Inc. reports that on January 25, 2022, a fire occurred at the MVE Biological Solutions manufacturing facility located in New Prague, Minnesota. The New Prague facility manufactures aluminum dewars and is one of MVE Biological Solutions' three global manufacturing facilities. There were no injuries reported and damage was limited to a portion of the facility.

As a consequence of the fire damage, the New Prague manufacturing operations will be curtailed on an interim basis until the necessary repairs are completed. The completion date for the repairs has not yet been determined, but the process is underway, to limit delivery delays of aluminum dewars manufactured in the New Prague facility to customers. While Cryoport anticipates that the reduced operations at the New Prague facility will adversely affect Cryoport's financial results for the first, and possibly second quarter of 2022, Cryoport does expect that a significant share of the loss resulting from the fire damage will be covered by its property and business interruption insurances.