Cryoport (CYRX) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue grew 15.4% year-over-year to $44.2 million, driven by double-digit growth in both Life Sciences Services and Products, and strong commercial cell & gene therapy performance.

• Commercial cell & gene therapy revenue rose 36% year-over-year to $8.3 million, supporting 19 commercial therapies and 745 global clinical trials.

• Gross margin improved to 48.2% from 45.5% in Q3 2024, reflecting operational efficiencies and favorable product mix.

• Completed divestiture of CRYOPDP business to DHL, resulting in a significant gain and a strategic partnership to enhance EMEA and APAC growth.

• Expanded global presence with a new supply chain center in Paris and launched next-generation dry vapor shippers with integrated monitoring.

Financial highlights

• Life Sciences Services revenue grew 16% year-over-year to $24.3 million; Products revenue increased 15% to $20.0 million; BioStorage/BioServices up 21% to $4.8 million.

• Gross margin for Q3 2025 was 48.2%, with services at 49.7% and products at 46.4%.

• Adjusted EBITDA from continuing operations was negative $0.6 million for Q3 2025, a significant improvement over prior periods.

• Cash, cash equivalents, and short-term investments totaled $421.3 million as of September 30, 2025.

• Net income for the first nine months of 2025 was $89.9 million, primarily due to the CRYOPDP sale.

Outlook and guidance

• Full-year 2025 revenue guidance raised to $170–$174 million, representing 8–11% growth over the prior year.

• Anticipates positive adjusted EBITDA as early as year-end 2025, with significant operating leverage expected in 2026–2027.

• Long-term growth rate expected to align with the cell and gene therapy market.

• Guidance reflects caution due to macroeconomic factors, supply chain constraints, inflation, and the ongoing U.S. government shutdown.