Cryoport (CYRX) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue from continuing operations reached $41.0 million, up 10% year-over-year, driven by strong growth in Life Sciences Services and commercial Cell & Gene therapy revenue, which rose 33% year-over-year.

• Supported 711 global clinical trials as of March 31, 2025, a net increase of 36 trials year-over-year, and 20 commercial therapies, with 79 trials in Phase 3.

• Announced a strategic partnership with DHL, including the divestiture of CRYOPDP for $195 million, expected to close in Q2 or Q3 2025, to enhance global reach and provide a capital infusion.

• Launched new products such as the MVE High-Efficiency 800C cryogenic storage system, expanding the product portfolio.

Financial highlights

• Life Sciences Services revenue rose 17% year-over-year to $22.9 million; BioStorage/BioServices revenue increased 23% to $4.3 million; Life Sciences Products revenue grew 2% to $18.2 million.

• Gross margin improved to 45.4% from 40.4% year-over-year, with Life Sciences Services gross margin at 47.9% and Products at 42.3%.

• Net loss for Q1 2025 was $12.0 million, improved from $18.9 million in Q1 2024; net loss per share was $0.28 versus $0.43.

• Adjusted EBITDA loss improved to $2.8 million from $6.7 million year-over-year.

• Cash, cash equivalents, and short-term investments totaled $244.0 million as of March 31, 2025.

Outlook and guidance

• Full-year 2025 revenue guidance is $165.0–$172.0 million, representing 5%–10% organic growth year-over-year.

• Anticipates a return to positive adjusted EBITDA during 2025, with further margin improvements expected in 2026 and 2027.

• Expects minimal impact from tariffs, with related charges anticipated to be passed through if incurred.

• Ongoing softness in product sales anticipated, but continued growth in services business.

• Up to 17 additional therapy approval filings and several label/geographic expansions anticipated in 2025.