Cryoport, Inc.

What they do

Cryoport operates through three units: Cryoport Systems (BioLogistics, BioServices, cryopreservation), CryoGene (bioStorage), and MVE Biological Solutions (cryogenic systems manufacturing). It supports cell and gene therapy programs from preclinical through commercialization, with an end-to-end Chain of Compliance. The company reports in two segments: Life Sciences Services and Life Sciences Products.

Revenue drivers

• Life Sciences Services — Includes BioLogistics, BioStorage, BioServices, and cryopreservation solutions; in Q2 2026, generated $27.97M revenue (57% of total), up 15% YoY.
• BioLogistics Solutions — Sub-segment of Life Sciences Services; Q2 2026 revenue $22.36M, up 13% YoY, driven by CGT clinical and commercial activity.
• BioStorage/BioServices — Fastest-growing service line; Q2 2026 revenue $5.61M, up 25% YoY, reflecting demand for integrated storage and handling services.
• Life Sciences Products — Cryogenic systems manufacturing (MVE); Q2 2026 revenue $21.0M, flat YoY, representing 43% of total revenue.

Recent performance

Q2 2026 total revenue was $49.0M, up 8% YoY; H1 2026 revenue reached $96.8M, up 12% YoY. The company achieved positive adjusted EBITDA in Q2 2026, a milestone in its path to profitability. During fiscal 2025, revenue grew to $176.2M from $156.8M in 2024, and net income swung to $78.3M profit (from a $114.8M loss), largely due to the CRYOPDP divestiture. Q2 2026 BioStorage/BioServices revenue grew 25% YoY, and commercial CGT revenue rose 9% YoY to $9.4M.

Strategy

Cryoport is expanding its Global Supply Chain Center Network and launching new products/services. The CRYOPDP divestiture (sold to DHL for $133.0M) is expected to enhance growth in EMEA and APAC through a strategic partnership. Management emphasizes operating leverage, margin expansion, and sustainable profitability. The focus remains on the cell and gene therapy market as the fastest-growing segment.

Risks

• Geopolitical and trade risks — Tariffs, trade protection measures, and political instability in international markets could reduce sales and increase costs.
• Foreign currency fluctuations — Most foreign operations use local currency as functional currency; exchange rate changes affect results and asset values.
• Integration and partnership risks — Disruption from the CRYOPDP divestiture or difficulties in the DHL partnership could harm business relationships and operations.
• Market concentration in CGT — Dependence on the rapidly evolving cell and gene therapy market; clinical trial failures or slower commercialization could reduce demand.

Outlook

Management expects upcoming growth catalysts, including expansion of the Global Supply Chain Center Network and new product launches, to drive market position and productivity. They anticipate further margin expansion and operating efficiency gains, with a focus on delivering sustainable, profitable long-term growth. The company notes potential risks from economic conditions, tariffs, and geopolitical events, but remains optimistic about CGT market advancement.