Cryoport (CYRX 32.34%), a specialist in temperature-controlled supply chain solutions supporting cell and gene therapy and life sciences, reported its second quarter fiscal 2025 results on August 5, 2025. The most significant news was a double-digit revenue increase (GAAP, up 14% year-over-year) and greater-than-expected margin improvement (GAAP, gross margin from continuing operations increased to 47.0%), with total revenue (GAAP) at $45.5 million.—well ahead of consensus GAAP estimates of $41.7 million. Gross margin (GAAP) advanced to 47.0%, while the adjusted EBITDA loss improved to just $0.9 million. These results signal tangible progress on profitability, even though the company continues to report an adjusted EBITDA loss.
| Metric | Q2 2025 | Q2 2025 Estimate | Q2 2024 | Y/Y Change |
|---|---|---|---|---|
| EPS (Non-GAAP) | N/A | ($0.26) | N/A | N/A |
| Revenue (GAAP) | $45.5 million | N/A | $39.7 million | 14.5% |
| Gross Margin | 47.0 % | 44.5 % | 2.5 pp | |
| Adjusted EBITDA | ($0.9 million) | ($5.6 million) | 83.9% | |
| Life Sciences Services Revenue | $24.4 million | $20.2 million | 20.9% |
Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q1 2025 earnings report.
Business Overview and Strategic Priorities
Cryoport is a global provider of solutions for the safe transport and storage of biological materials, with a strong presence in the fast-growing cell and gene therapy sector. The company offers Life Sciences Services such as logistics management, cryogenic storage, and biostorage services, as well as Life Sciences Products, including cryogenic freezers and monitoring equipment. Its services are designed to ensure the safe delivery and preservation of sensitive biological materials, which are critical for advanced therapies.
Recently, the business has focused on deepening its leadership in the cell and gene therapy (CGT) supply chain, expanding its global network, and pushing for technological innovation. The company's key success factors include its ability to deliver reliable, compliant logistics and storage, support product launches, and anticipate regulatory shifts. Acquisitions, like MVE Biological Solutions, and partnerships, such as the new alliance with DHL, have helped support these efforts.
Quarterly Highlights and Financial Performance
During Q2 2025, total revenue from continuing operations (GAAP) rose to $45.5 million, marking a 14% increase in GAAP revenue over Q2 2024, and outpacing the analyst estimate by $3.791 million (GAAP). This increase was largely driven by robust growth in Life Sciences Services, which contributed $24.4 million—21% higher than the comparable period in Q2 2024. Within this segment, BioStorage and BioServices posted a 28% rise, while BioLogistics Solutions revenue increased 20% year-over-year. Life Sciences Products revenue made up 46% of the total at $21.1 million, up 8% year-over-year. Growth here came mainly from increased demand among animal health customers.
One notable achievement was in support for commercial cell and gene therapy programs, a market requiring ultra-cold chain logistics. Revenue from these services climbed 33% to $8.7 million. However, the count of commercial therapies supported dropped slightly to 18 as of June 30, 2025, down from 19 as of December 31, 2024, and 19 as of March 31, 2025—raising questions about future service demand. Clinical trial activity remained strong, with 728 global clinical trials supported, a net increase of 44 clinical trials year over year as of June 30, 2025.
Profitability metrics saw meaningful improvement in adjusted EBITDA. Gross margin (GAAP, continuing operations) reached 47.0%, up 2.5 percentage points, while Service and Product gross margins both improved to 48.9% and 44.9%, respectively. The adjusted EBITDA loss narrowed significantly from $5.6 million in Q2 2024 to $0.9 million. However, the company remained unprofitable at the operating and net income line on a GAAP basis, excluding a one-time after-tax gain from the sale of its CRYOPDP courier business to DHL. The sale contributed $117.4 million to income from discontinued operations, swinging total net income (GAAP) positive, despite a $12.2 million net loss from continuing operations.
The company's cash, cash equivalents, and short-term investments position strengthened considerably to $426.0 million as of June 30, 2025, following the CRYOPDP divestiture. The board authorized a share repurchase program, Since the beginning of Q2 2025, 1 million shares were bought at an average price of $6.76 for 628,217 shares during the quarter and $7.36 for 371,783 shares after the quarter. As of Q2 2025, $66.9 million remained authorized for this purpose.
In terms of products, Cryoport continued to enhance its portfolio, including new MVE vapor shipper models—specialized containers for transporting temperature-sensitive samples—and advanced versions of its high-efficiency 800C freezer system, which is important for customers with limited storage space but high security needs. CryoGene opened the first Southeast regional automated sample storage center in partnership with Texas Children’s Hospital. Recent product rollouts and continued technology updates are designed to help maintain growth as demand stabilizes, especially in North America, the company’s largest market.
The company's global operations are expanding. Its strategic partnership with DHL, following the CRYOPDP sale, is expected to strengthen Cryoport's reach in Asia-Pacific and Europe, the Middle East, and Africa. Plans are in place to launch new Global Supply Chain Centers in Paris and Santa Ana over the next two years. Together with continuing investments in real-time monitoring platforms like Cryoportal and Smartpak II, aimed at ensuring compliance and supply chain transparency, these initiatives are expected to help the company meet evolving client needs and regulatory requirements in the life sciences sector.
Looking Ahead: Guidance and Investor Considerations
Management reaffirmed its revenue outlook, targeting total revenue from continuing operations in the range of $165.0 million to $172.0 million. This suggests full-year organic revenue growth of 5–10%. No material updates were offered on profit forecasts, though commentary from prior quarters pointed to a "planned pathway to profitability" and the expectation of positive adjusted EBITDA (non-GAAP) within the year. No additional specific financial outlook was provided beyond revenue guidance.
Going forward, investors may wish to monitor several factors. These include continued growth in high-margin commercial therapy logistics and services, the pace of new product launches and client adoption, especially in cryogenic storage systems, and the ability to expand margins further. The company’s use of its significant cash reserves—whether for share repurchases, technology investments, or new acquisitions—will also be important, as will any shifts in the number of supported commercial therapies, a closely-watched demand indicator. CYRX does not currently pay a dividend.
Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.
