Cryoport Reports Fourth Quarter and Full-Year 2025 Financial Results
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FY 2025 revenue increased to
$176.2 million , exceeding the high end of previous guidance - Life Sciences Services revenue grew 18% year-over-year in FY 2025, including a 22% rise in BioStorage/BioServices revenue
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Commercial cell and gene therapy revenue increased 29% year-over-year to
$33.4 million in FY 2025 -
Supported a record 760 global clinical trials and 20 commercially approved therapies as of
December 31, 2025 -
Full-year 2026 revenue guidance of
$190 million to$194 million (8%-10% growth y-o-y)
"We continued to execute on our strategy of expanding our revenue streams and capturing more revenue per client as our Life Sciences Services revenue increased 18% year-over-year for FY 2025, including 22% growth in BioStorage/BioServices revenue. This performance reflects the expanding scale of the clinical and commercial programs we support and the increasing value customers place on our differentiated high-end supply chain solutions. While our primary focus remains on accelerating revenue growth and strengthening our market position, we continue to enhance operational discipline across the organization as we advance on our pathway to profitability. In 2025, our cost reduction initiatives contributed to our consolidated gross margin of 47% and a
"Despite macro challenges, our Life Sciences Products segment grew 7% year-over-year and continues to support our Services businesses. MVE Biological Solutions' (MVE) focus on innovation and execution continues to further enhance its position as the global leader in the production of high- quality cryogenic systems. Recently MVE introduced integrated Condition Monitoring Solutions for its dry vapor shippers and also launched the Fusion® 800 Series, a revolutionary self-sustaining cryogenic freezer that can fit through a single door, which opens up substantial market opportunities.
"We also increased our investments into
"Importantly, in 2025 we formed a strategic partnership with DHL Group, which included
"As we enter 2026 and balance the global macro puts and takes, we believe that our full-year revenue guidance of
In tabular form, Q4 2025 and FY 2025 revenue compared to Q4 2024 and FY 2024, respectively, were as follows:
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Revenue |
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Three Months Ended
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Years Ended
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(in thousands) |
2025 |
2024 |
% Change |
2025 |
2024 |
% Change |
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Life Sciences Services |
$ 25,005 |
$ 21,476 |
16 % |
$ 96,497 |
$ 82,044 |
18 % |
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BioLogistics Solutions |
20,305 |
17,479 |
16 % |
78,137 |
67,019 |
17 % |
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BioStorage/BioServices |
4,700 |
3,997 |
18 % |
18,360 |
15,025 |
22 % |
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Life Sciences Products |
$ 20,445 |
$ 19,976 |
2 % |
$ 79,680 |
$ 74,725 |
7 % |
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Total Revenue |
$ 45,450 |
$ 41,452 |
10 % |
$ 176,177 |
$ 156,769 |
12 % |
BioLogistics Solutions revenue increased 17% year-over-year for FY 2025, supported by increasing customer activity and program advancement within the CGT market. BioStorage/BioServices revenue continued to experience strong year-over-year growth, increasing 22% for FY 2025, reflecting our clients' interest in our expanded and integrated services offering that provides a seamless and secure handling of temperature-sensitive materials through our global network.
Revenue from the support of commercial CGTs increased 29% year-over-year to
As of year-end,
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Cryoport Supported Clinical Trials by Phase |
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Clinical Trials |
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2023 |
2024 |
2025 |
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Phase 1 |
282 |
299 |
313 |
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Phase 2 |
311 |
321 |
361 |
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Phase 3 |
82 |
81 |
86 |
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Total |
675 |
701 |
760 |
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Cryoport Supported Clinical Trials by Region |
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Clinical Trials |
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2023 |
2024 |
2025 |
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519 |
537 |
571 |
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EMEA |
112 |
116 |
138 |
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APAC |
44 |
48 |
51 |
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Total |
675 |
701 |
760 |
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In Q4 2025, five Biologics License Applications (BLA) / Marketing Authorization Applications (MAA) filings occurred. Post quarter-end, two additional BLA filings have occurred. During the fourth quarter,
Operational milestones
Life Sciences Services
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Launched state-of-the-art Global Supply Chain Center at the
Charles de Gaulle airport inParis, France , with our fourth Global Supply Chain Center inSanta Ana, California targeted for opening in late 2026. -
IntegriCell®, with cryopreservation service centers located near Liège,
Belgium and inHouston, Texas , onboarded its first clients from whom we will have revenues throughout 2026. -
Launched cGMP sterile fulfillment/kitting services out of our Liège,
Belgium facility supporting manufacturing needs for a key commercial client and the broader market. -
Cryoport Systems successfully achieved certification under ISO 21973:2020, the international standard for transportation of cells for therapeutic use published by theInternational Organization for Standardization (ISO), underscoring its commitment to safety and traceability within supply chain management of the rapidly expanding CGT industry.
Life Sciences Products
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MVE Biological Solutions (MVE) introduced its integrated Condition Monitoring Solutions for its SC 4/2V and 4/3V dry vapor shippers, combining MVE's trusted cryogenic systems with advanced, real-time condition monitoring technology supplied by Tec4med, a
Cryoport company. - MVE launched its new Fusion® 800 Series, the next evolution of MVE's patented, award-winning Fusion technology, a self-sustaining cryogenic freezer that eliminates the need for a continuous liquid nitrogen (LN ₂ ) supply, delivering exceptional reliability, safety, and sustainability in a compact footprint designed for space-constrained environments.
Financial Highlights
On
Revenue
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Total revenue for Q4 2025 was
$45.5 million , compared to$41.5 million for Q4 2024, a year-over-year increase of 10%, or$4.0 million .-
Life Sciences Services revenue for Q4 2025 (representing 55% of our total revenue) was
$25.0 million , compared to$21.5 million for Q4 2024, up 16% year-over-year, including BioStorage/BioServices revenue of$4.7 million , up 18% year-over-year. -
Life Sciences Products revenue for Q4 2025 (representing 45% of our total revenue) was
$20.4 million , compared to$20.0 million for Q4 2024, up 2% year-over-year.
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Life Sciences Services revenue for Q4 2025 (representing 55% of our total revenue) was
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Total revenue for FY 2025 was
$176.2 million , compared to$156.8 million for FY 2024, a year-over-year increase of 12%, or$19.4 million .-
Life Sciences Services revenue for FY 2025 was
$96.5 million , compared to$82.0 million for FY 2024, up 18% year-over-year, including BioStorage/BioServices revenue of$18.4 million for FY 2025, compared to$15.0 million for FY 2024, up 22% year-over-year. -
Life Sciences Products revenue for FY 2025 was
$79.7 million , compared to$74.7 million for FY 2024, up 7% year-over-year.
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Life Sciences Services revenue for FY 2025 was
Gross Margin
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Total gross margin
was 47.8% for Q4 2025, compared to 47.0% for Q4 2024.
- Gross margin for Life Sciences Services was 48.6% for Q4 2025, compared to 48.8% for Q4 2024.
- Gross margin for Life Sciences Products was 46.8% for Q4 2025, compared to 45.1% for Q4 2024.
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Total gross margin was 47.1% for FY 2025 compared to 44.4% for FY 2024.
- Gross margin for Life Sciences Services was 48.8% for FY 2025, compared to 46.9% for FY 2024.
- Gross margin for Life Sciences Products was 45.2% for FY 2025, compared to 41.7% for FY 2024.
Operating Costs and Expenses
-
Operating costs and expenses were
$31.7 million for Q4 2025, compared to$32.2 million for Q4 2024. Operating costs and expenses for FY 2025 decreased to$119.9 million , compared to$191.3 million for FY 2024. The decrease for FY 2025 reflects an impairment charge of$63.8 million in Q2 2024, which was primarily related to the write off of remaining goodwill for MVE. Excluding the impairment charge, non-GAAP adjusted operating costs and expenses for FY 2025 were$119.9 million , compared to$127.5 million for FY 2024.
Loss from Continuing Operations
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Loss from continuing operations was
$8.5 million for Q4 2025, compared to a loss of$17.2 million for Q4 2024. Loss from continuing operations for FY 2025 was$34.0 million compared to a loss of$104.7 million for FY 2024.
Net Income (Loss) – including Discontinued Operations
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Net loss for Q4 2025 was
$11.6 million and net income for FY 2025 was$78.3 million , compared to net losses of$18.7 million and$114.8 million for the same periods in 2024, respectively. Net income for FY 2025 was primarily driven by the divestiture of our CRYOPDP specialty courier business during Q2 2025, which contributed$112.3 million , net of taxes, to income from discontinued operations. -
Net loss attributable to common stockholders for Q4 2025 was
$13.6 million , or$0.27 per share. Net income attributable to common stockholders for FY 2025 was$70.3 million , or$1.40 per share. This compares to net losses attributable to common stockholders of$20.7 million , or$0.42 per share, and$122.8 million , or$2.49 per share, for Q4 2024 and FY 2024, respectively. -
Non-GAAP adjusted net loss was
$34.0 million for FY 2025, compared to$69.5 million for FY 2024.
Adjusted EBITDA from Continuing Operations
-
Adjusted EBITDA from continuing operations was a negative
$1.4 million for Q4 2025, compared to a negative$2.9 million for Q4 2024. Adjusted EBITDA from continuing operations for FY 2025 was a negative$5.8 million, compared to a negative$17.8 million for FY 2024.
Cash, Cash equivalents, and Short-Term Investments
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Cryoport held$411.2 million in cash, cash equivalents, and short-term investments as ofDecember 31, 2025 .
Share Repurchase Programs
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During 2025, the Company purchased 1,340,608 shares of its common stock under its repurchase programs, at an average price of
$7.45 per share, for an aggregate amount of$10.0 million . These shares were returned to the status of authorized but unissued shares of common stock. Following these repurchases, the Company had approximately$63.9 million in total repurchase authorization available under its remaining repurchase program.
Guidance for Full-Year Fiscal 2026
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The Company provides full-year 2026 revenue guidance in the range of
$190.0 million to$194.0 million . The Company's 2026 guidance is dependent on its current business and expectations, which may be impacted by, among other things, factors that are outside of our control, such as national economic factors, the global macroeconomic and geopolitical environment, supply chain constraints, inflationary pressures, anyU.S. federal government shutdown, tariffs and other trade restrictions and/or the effects of foreign currency fluctuations, as well as the other factors described in the Company's filings with the Securities and Exchange Commission ("SEC "), including in the "Risk Factors" section of its most recently filed periodic reports on Form 10-K and Form 10-Q, as well as in its subsequent filings with theSEC .
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Note: All reconciliations of GAAP to adjusted (non-GAAP) figures above are detailed in the reconciliation tables included later in the press release. |
Additional Information
Further information on
Earnings Conference Call Information
IMPORTANT INFORMATION: In addition to the earnings release, a document titled "Cryoport Fourth Quarter and Full Year 2025 in Review", providing a review of
Conference Call Information
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Date: |
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Time: |
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Dial-in numbers: |
1-800-717-1738 ( |
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Confirmation code: |
Request the "Cryoport Call" or Conference ID: 1189463 |
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Live webcast: |
'Investor Relations' section at www.cryoportinc.com or click here.
Please allow 10 minutes prior to the call to visit this site to download and install any necessary audio software. |
The questions and answers call will be recorded and available approximately three hours after completion of the live event in the Investor Relations section of the Company's website at www.cryoportinc.com for a limited time. To access the replay of the questions and answers click here. A dial-in replay of the call will also be available to those interested, until
About
Headquartered in
For more information, visit www.cryoportinc.com or follow via LinkedIn at https://www.linkedin.com/company/cryoportinc or @cryoport on X, formerly known as Twitter at https://x.com/cryoport for live updates.
Forward-Looking Statements
Statements in this press release which are not purely historical, including statements regarding the Company's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, those related to the Company's industry, business, long-term growth prospects, plans, strategies, acquisitions, future financial results and financial condition, such as the Company's outlook and guidance for full-year 2026 revenue and the related assumptions and factors expected to drive revenue, projected growth trends in the markets in which the Company operates, the Company's plans and expectations regarding the launch of new products and services, such as the expected timing and benefits of such products and services launches, the Company's expectations about future benefits of its acquisitions, and anticipated regulatory filings, approvals, label/geographic expansions or moves to earlier lines of treatment approved with respect to the products of the Company's clients. Forward-looking statements also include those related to the Company's expectations about future benefits relating to the CRYOPDP divestiture and strategic partnership with
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Condensed Consolidated Statements of Operations |
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Three Months Ended
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Years Ended
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(in thousands, except share and per share data) |
2025 |
2024 |
2025 |
2024 |
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Revenue |
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Life Sciences Services revenue |
$ 25,005 |
$ 21,476 |
$ 96,497 |
$ 82,044 |
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Life Sciences Products revenue |
20,445 |
19,976 |
79,680 |
74,725 |
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Total revenue |
45,450 |
41,452 |
176,177 |
156,769 |
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Cost of revenue: |
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Cost of services revenue |
12,859 |
10,987 |
49,429 |
43,564 |
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Cost of products revenue |
10,880 |
10,972 |
43,694 |
43,548 |
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Total cost of revenue |
23,739 |
21,959 |
93,123 |
87,112 |
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Gross margin |
21,711 |
19,493 |
83,054 |
69,657 |
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Operating costs and expenses: |
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Selling, general and administrative |
27,276 |
28,091 |
102,819 |
109,809 |
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Engineering and development |
4,466 |
4,155 |
17,041 |
17,710 |
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Impairment loss |
- |
- |
- |
63,809 |
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Total operating costs and expenses: |
31,742 |
32,246 |
119,860 |
191,328 |
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Loss from operations |
(10,031) |
(12,753) |
(36,806) |
(121,671) |
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Other income (expense): |
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Investment income |
3,357 |
1,427 |
9,798 |
9,895 |
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Interest expense |
(634) |
(578) |
(2,361) |
(3,977) |
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Gain on extinguishment of debt, net |
- |
- |
- |
18,505 |
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Other income (expense), net |
(87) |
(5,402) |
(2,801) |
(7,101) |
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Income (loss) before provision for income taxes |
(7,395) |
(17,306) |
(32,170) |
(104,349) |
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Provision for income taxes |
(1,126) |
134 |
(1,799) |
(359) |
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Income (loss) from continuing operations |
$ (8,521) |
$ (17,172) |
$ (33,969) |
$ (104,708) |
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Income (loss) from discontinued operations, net |
(3,123) |
(1,497) |
112,270 |
(10,048) |
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Net income (loss) |
$ (11,644) |
$ (18,669) |
$ 78,301 |
$ (114,756) |
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Paid-in-kind dividend on Series C convertible preferred stock |
(2,000) |
(2,000) |
(8,000) |
(8,000) |
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Net income (loss) attributable to common stockholders |
$ (13,644) |
$ (20,669) |
$ 70,301 |
$ (122,756) |
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Net income (loss) per share attributable to common stockholders: |
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Basic |
$ (0.27) |
$ (0.42) |
$ 1.40 |
$ (2.49) |
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Weighted average common shares issued and outstanding: |
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Basic |
49,759,264 |
49,616,806 |
50,071,665 |
49,349,624 |
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Condensed Consolidated Balance Sheets |
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2025 |
2024 |
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(in thousands) |
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Current assets |
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Cash and cash equivalents |
$ 250,494 |
$ 34,137 |
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Short-term investments |
160,714 |
216,460 |
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Accounts receivable, net |
33,359 |
25,304 |
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Inventories |
23,188 |
21,476 |
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Prepaid expenses and other current assets |
8,419 |
7,943 |
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Current assets held for sale |
- |
36,251 |
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Total current assets |
476,174 |
341,571 |
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Property and equipment, net |
85,448 |
80,013 |
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Operating lease right-of-use assets |
39,720 |
39,920 |
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Intangible assets, net |
138,082 |
147,927 |
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|
22,400 |
20,569 |
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Deposits |
2,092 |
1,951 |
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Deferred tax assets |
1,073 |
842 |
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Long-term assets held for sale |
- |
70,699 |
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Total assets |
$ 764,989 |
$ 703,492 |
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Current liabilities |
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Accounts payable and other accrued expenses |
$ 15,283 |
$ 15,895 |
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Accrued compensation and related expenses |
12,980 |
11,209 |
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Deferred revenue |
943 |
1,061 |
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Current portion of operating lease liabilities |
4,133 |
3,399 |
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Current portion of finance lease liabilities |
422 |
315 |
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Current portion of convertible senior notes, net |
185,094 |
14,298 |
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Current portion of notes payable |
163 |
143 |
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Current portion of contingent consideration |
- |
2,808 |
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Current liabilities held for sale |
- |
15,435 |
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Total current liabilities |
219,018 |
64,563 |
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Convertible senior notes, net |
- |
183,919 |
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Notes payable, net |
1,087 |
1,114 |
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Operating lease liabilities, net |
39,078 |
38,551 |
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Finance lease liabilities, net |
741 |
800 |
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Deferred tax liabilities |
1,354 |
804 |
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Other long-term liabilities |
444 |
295 |
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Contingent consideration, net |
629 |
3,751 |
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Long-term liabilities held for sale |
- |
7,797 |
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Total liabilities |
262,351 |
301,594 |
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Total stockholders' equity |
502,638 |
401,898 |
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Total liabilities and stockholders' equity |
$ 764,989 |
$ 703,492 |
Note Regarding Use of Non-GAAP Financial Measures
To supplement our financial statements, which are presented on the basis of
Adjusted operating costs and expenses is defined as operating costs and expenses, excluding impairment losses, if any. Adjusted net loss is defined as net income (loss), excluding impairment losses, net gain on extinguishment of debt, and income (loss) from discontinued operations, including gain on sale, if any. Management believes these measures, when read in conjunction with, and as supplemental to, the corresponding GAAP financial measures, provide useful measures to investors of
Adjusted EBITDA from continuing operations is defined as loss from continuing operations adjusted for net interest expense, income taxes, depreciation and amortization expense, stock-based compensation expense, acquisition and integration costs, cost reduction initiatives, investment income, unrealized loss on investments, foreign currency loss, net gain on extinguishment of debt, impairment loss, changes in fair value of contingent consideration and charges or gains resulting from non-recurring events, as applicable.
Management believes that adjusted EBITDA from continuing operations provides a useful measure of
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Reconciliation of GAAP operating cost and expenses to Non-GAAP adjusted operating cost and expenses |
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Three Months Ended
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Years Ended
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2025 |
2024 |
2025 |
2024 |
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(in thousands) |
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GAAP operating costs and expenses |
$ 31,742 |
$ 32,246 |
$ 119,860 |
$ 191,328 |
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Non-GAAP adjustments to operating costs and expenses |
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Impairment loss |
— |
— |
— |
(63,809) |
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Non-GAAP adjusted operating costs and expenses |
$ 31,742 |
$ 32,246 |
$ 119,860 |
$ 127,519 |
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Reconciliation of GAAP net income (loss) to Non-GAAP adjusted net income (loss) |
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Three Months Ended
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Years Ended
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|
2025 |
2024 |
2025 |
2024 |
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(in thousands) |
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GAAP net income (loss) |
$ (11,644) |
$ (18,670) |
$ 78,301 |
$ (114,756) |
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Non-GAAP adjustments to net income (loss) |
|
|
|
|
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Income (loss) from discontinued operations, including gain on sale |
(3,123) |
— |
112,270 |
— |
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Gain on extinguishment of debt, net |
— |
— |
— |
18,505 |
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Impairment loss |
— |
— |
— |
(63,809) |
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Non-GAAP adjusted net loss |
$ (8,521) |
$ (18,670) |
$ (33,969) |
$ (69,452) |
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Reconciliation of GAAP loss from continuing operations to adjusted EBITDA |
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(unaudited) |
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Three Months Ended
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Years Ended
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|
2025 |
2024 |
2025 |
2024 |
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(in thousands) |
|
|
|
|
|
GAAP loss from continuing operations |
$ (8,521) |
$ (17,172) |
$ (33,969) |
$ (104,708) |
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Non-GAAP adjustments to loss: |
|
|
|
|
|
Depreciation and amortization expense |
6,355 |
5,992 |
25,153 |
23,565 |
|
Acquisition and integration costs |
6 |
3 |
75 |
655 |
|
Cost reduction initiatives |
— |
310 |
642 |
842 |
|
Investment income |
(3,357) |
(1,427) |
(9,798) |
(9,895) |
|
Unrealized loss on investments |
82 |
2,445 |
702 |
5,038 |
|
Foreign currency loss |
248 |
3,130 |
2,769 |
2,352 |
|
Interest expense, net |
634 |
579 |
2,361 |
3,977 |
|
Stock-based compensation expense |
2,431 |
3,644 |
10,066 |
16,567 |
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Gain on extinguishment of debt, net |
— |
— |
— |
(18,505) |
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Impairment loss |
— |
— |
— |
63,809 |
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Change in fair value of contingent consideration |
— |
(225) |
(5,178) |
(1,827) |
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Income taxes |
1,126 |
(134) |
1,799 |
359 |
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Other adjustments |
(401) |
— |
(401) |
— |
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Adjusted EBITDA from continuing operations |
$ (1,397) |
$ (2,855) |
$ (5,779) |
$ (17,771) |
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