Cryoport (CYRX) Q4 2025 earnings summary

Executive summary

• Achieved FY2025 revenue of $176.2 million, up 12% year-over-year and surpassing guidance, reflecting strong momentum in core markets and commercial cell and gene therapy.

• Supported a record 760 clinical trials and 20 commercial cell and gene therapies worldwide by year-end 2025, maintaining approximately 70% market share in CGT clinical trials.

• Delivered strong gross margin expansion and improved adjusted EBITDA by $12 million year-over-year.

• Strategic partnership with DHL completed, resulting in the sale of CRYOPDP and a significant capital infusion.

• Expanded global partnerships and supply chain centers, including collaborations with Cardinal Health and Parexel.

Financial highlights

• FY2025 total revenue grew 12% year-over-year to $176.2 million; Q4 revenue increased 10% year-over-year.

• Life Sciences Services revenue increased 18% year-over-year, with BioStorage/BioServices up 22%.

• Commercial cell and gene therapy revenue rose 29% year-over-year to $33.4 million; clinical trial revenue up 14% to $47.1 million.

• Gross margin for FY2025 improved to 47.1% from 44.4% in FY2024.

• Adjusted EBITDA for FY2025 was negative $5.8 million, a $12 million improvement from the prior year.

Outlook and guidance

• FY2026 revenue guidance is $190 million to $194 million, representing 8–10% year-over-year growth.

• Positive adjusted EBITDA anticipated in the second half of 2026.

• Anticipates 13 BLA/MAA filings, nine new therapy approvals, and two label/geographic expansions in 2026.

• Commercial therapy revenue expected to be the primary growth driver.

• Guidance is subject to macroeconomic, geopolitical, and industry-specific risks.