Cryoport Reports First Quarter 2026 Financial Results
Rhea-AI Summary
Cryoport (NASDAQ: CYRX) reported Q1 2026 revenue of $47.8M, up 16% year‑over‑year, and raised full‑year revenue guidance to $192M–$196M. Commercial CGT revenue grew 26% to $9.1M; the company supported 766 clinical trials and 21 commercial therapies as of March 31, 2026. Adjusted EBITDA from continuing operations improved by $2.2M year‑over‑year to negative $0.6M. Cash and short‑term investments totaled $403.6M. Operational expansions planned in Paris (Q3) and Santa Ana (Q4) 2026.
AI-generated analysis. Not financial advice.
Positive
- Total revenue +16% to $47.8M
- Commercial CGT revenue +26% to $9.1M
- Life Sciences Services revenue +18%
- Adjusted EBITDA improvement of $2.2M
- Cash and short‑term investments $403.6M
- Raised full‑year revenue guide to $192M–$196M
Negative
- Operating costs and expenses +22% to $31.5M
- Loss from continuing operations widened to $9.4M
News Market Reaction – CYRX
On the day this news was published, CYRX gained 19.39%, reflecting a significant positive market reaction. Argus tracked a peak move of +19.1% during that session. Our momentum scanner triggered 20 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $103M to the company's valuation, bringing the market cap to $635.00M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
CYRX is up 0.88% while key peers show mixed moves (e.g., RLGT -0.36%, FWRD -0.28%, PAL +2.01%, FLX -6.69%), pointing to a stock-specific reaction rather than a broad industry move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 03 | Earnings release | Positive | +2.9% | FY2025 revenue growth above prior guidance and 2026 guidance initiation. |
| Nov 04 | Earnings release | Positive | -7.5% | Q3 2025 double‑digit revenue growth and guidance raise for continuing ops. |
| Nov 04 | Earnings release | Positive | -7.5% | Q3 2025 double‑digit revenue growth and guidance raise for continuing ops. |
| Aug 05 | Earnings release | Positive | +29.8% | Q2 2025 revenue up 14% with strong CGT and services expansion. |
| May 07 | Earnings release | Positive | +23.3% | Q1 2025 revenue growth and expanding CGT and services activity. |
Earnings events have produced large but mixed reactions, with both strong rallies and sharp selloffs; the average move around prior earnings is 8.22%.
Over the past year, Cryoport’s earnings reports have highlighted steady revenue growth, expanding Life Sciences Services and Products, and a growing commercial and clinical CGT footprint. Q1 2025 revenue reached $41.0M, followed by Q2 2025 revenue of $45.5M and Q3 2025 revenue of $44.2M. FY2025 revenue totaled $176.2M with 760 supported clinical trials. Today’s Q1 2026 release, with higher revenue and raised 2026 guidance, extends this growth trajectory from prior quarters.
Historical Comparison
Past earnings headlines produced average moves of about 8.22%, with both sharp rallies and selloffs, indicating that results often act as a meaningful trading catalyst for CYRX.
Earnings since Q1 2025 show consistent revenue growth, expanding CGT support, rising trial counts, and escalating 2026 guidance, culminating in Q1 2026’s higher revenue and guidance raise.
Market Pulse Summary
The stock surged +19.4% in the session following this news. A strong positive reaction aligns with CYRX’s history of sizeable moves around earnings, where prior results averaged about 8.22% swings. The Q1 2026 report combined 16% revenue growth, segment expansion and a guidance raise to $192–$196M, while gross margin remained stable at 45.8%. However, past earnings have also triggered sharp pullbacks, so investors have historically reassessed momentum after initial enthusiasm.
Key Terms
adjusted EBITDA financial
Biologics License Applications regulatory
Marketing Authorization Applications regulatory
accelerated approval regulatory
liquid nitrogen technical
short-term investments financial
AI-generated analysis. Not financial advice.
- First quarter revenue grew
16% year-over-year to$47.8 million - Commercial cell and gene therapy (CGT) revenue grew
26% year-over-year to$9.1 million - Life Sciences Services revenue increased
18% year-over-year, led by21% growth in BioStorage/BioServices - Life Sciences Products revenue increased
15% year-over-year, driven by strong demand for cryogenic systems - Supporting a record 766 global clinical trials and 21 commercially approved CGTs as of March 31, 2026
- Company raises full-year revenue guidance to
$192 million $196 million
Jerrell Shelton, CEO of Cryoport, commented, "Cryoport delivered a strong start to 2026 with first-quarter revenue of
"Our Life Sciences Services segment delivered another strong quarter, with revenue increasing
"Our Life Sciences Products segment also performed very well, generating
"This growth across both our reporting segments, combined with solid gross margins and continued operational discipline, drove a
"Looking ahead, we see multiple growth catalysts extending beyond 2026, including the planned launch of BioServices operations at our Global Supply Chain Center in
The following table presents Q1 2026 revenue compared with Q1 2025:
Cryoport, Inc. and Subsidiaries | |||
Revenue | |||
Three Months Ended | |||
(in thousands) | 2026 | 2025 | % Change |
Life Sciences Services | $ 26,898 | $ 22,865 | 18 % |
BioLogistics Solutions | 21,668 | 18,531 | 17 % |
BioStorage/BioServices | 5,230 | 4,334 | 21 % |
Life Sciences Products | $ 20,900 | $ 18,175 | 15 % |
Total Revenue | $ 47,798 | $ 41,040 | 16 % |
BioLogistics Solutions revenue increased
Revenue from the support of commercial CGTs increased
As of March 31, 2026, Cryoport supported a total of 766 global clinical trials, a net increase of 55 clinical trials over March 31, 2025, with 91 of these clinical trials in Phase 3. The number of trials by phase and region are as follows:
Cryoport Supported Clinical Trials by Phase | |||
Clinical Trials | March 31, | ||
2024 | 2025 | 2026 | |
Phase 1 | 286 | 304 | 318 |
Phase 2 | 312 | 328 | 357 |
Phase 3 | 77 | 79 | 91 |
Total | 675 | 711 | 766 |
Cryoport Supported Clinical Trials by Region | |||
Clinical Trials | March 31, | ||
2024 | 2025 | 2026 | |
518 | 544 | 569 | |
EMEA | 112 | 118 | 143 |
APAC | 45 | 49 | 54 |
Total | 675 | 711 | 766 |
In Q1 2026, four Biologics License Applications (BLA) / Marketing Authorization Applications (MAA) filings occurred. During the first quarter, Cryoport's customer, Rocket Pharmaceuticals, received
Operational milestones
Life Sciences Services
- BioServices launch at our Global Supply Chain Center in
Paris, France , expected in Q3, 2026. - Continued progress toward the launch of our state-of-the-art Global Supply Chain Center in
Santa Ana, California , expected in Q4, 2026. - First cryopreserved clinical trial patient materials shipped in Q1 for two of our clients at our IntegriCell® facilities in
Belgium and theU.S. - Cryoport Systems named Best Logistics & Supply Chain Management Supplier - Digital Technology & Software at the 2026 Asia Pacific Biopharma Excellence Awards in
Singapore .
Life Sciences Products
- MVE Biological Solutions (MVE) introduced its new Fusion® 800 Series, the next evolution of MVE's patented, award-winning Fusion technology, a self-sustaining cryogenic freezer that eliminates the need for a continuous liquid nitrogen (LN₂) supply feed, delivering exceptional reliability, safety, and sustainability in a compact footprint designed for space-constrained environments.
- Release of MVE HE (High Efficiency) cryogenic storage systems series integrated with the new MVE CryoVerse™ Connect Controller platform.
Financial Highlights
On June 11, 2025, the Company completed the divestiture of its CRYOPDP specialty courier business to DHL Group as part of a strategic partnership. The results of CRYOPDP, a former business within Cryoport's Life Sciences Services segment, are presented as discontinued operations for all periods and are excluded from the non-GAAP financial measures in this release.
Revenue
- Total revenue for Q1 2026 was
$47.8 million $41.0 million 16% , or$6.8 million - Life Sciences Services revenue for Q1 2026 (representing
56% of our total revenue) was$26.9 million $22.9 million 18% year-over-year, including BioStorage/BioServices revenue of$5.2 million 21% year-over-year. - Life Sciences Products revenue for Q1 2026 (representing
44% of our total revenue) was$20.9 million $18.2 million 15% year-over-year.
- Life Sciences Services revenue for Q1 2026 (representing
Gross Margin
- Total gross margin was
45.8% for Q1 2026, compared to45.4% for Q1 2025.- Gross margin for Life Sciences Services was
48.9% for Q1 2026, compared to47.9% for Q1 2025. - Gross margin for Life Sciences Products was
41.9% for Q1 2026, compared to42.3% for Q1 2025.
- Gross margin for Life Sciences Services was
Operating Costs and Expenses
- Operating costs and expenses were
$31.5 million $25.8 million
Loss from Continuing Operations
- Loss from continuing operations was
$9.4 million $6.7 million
Net Loss – including Discontinued Operations
- Net loss was
$10.5 million $12.0 million - Net loss attributable to common stockholders for Q1 2026 was
$12.5 million $0.25 $14.0 million $0.28
Adjusted EBITDA from Continuing Operations
- Adjusted EBITDA from continuing operations was a negative
$0.6 million $2.8 million
Cash, Cash equivalents, and Short-Term Investments
- Cryoport held
$403.6 million
Note: All reconciliations of GAAP to adjusted (non-GAAP) figures above are detailed in the reconciliation tables included later in the press release.
Additional Information
Further information on Cryoport's financial results is included in the attached condensed consolidated balance sheets and statements of operations, and additional explanations of Cryoport's financial performance are provided in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, which is expected to be filed with the SEC on May 4, 2026. Additionally, the full report will be available in the SEC Filings section of the Investor Relations section of Cryoport's website at www.cryoportinc.com.
Earnings Conference Call Information
IMPORTANT INFORMATION: In addition to the earnings release, a document titled "Cryoport First Quarter 2026 in Review", providing a review of Cryoport's business update, will be issued at 4:05 p.m. ET on Monday, May 4, 2026. The document is designed to be read in advance of the questions and answers conference call and will be accessible at https://ir.cryoportinc.com/news-events/ir-calendar.
Cryoport management will host a conference call at 5:00 p.m. ET on May 4, 2026. The conference call will be in the format of a questions and answers session and will address any queries investors have regarding the Company's reported results. A slide deck will accompany the call.
Conference Call Information
Date: | Monday, May 4, 2026 |
Time: | 5:00 p.m. ET |
Dial-in numbers: | 1-800-717-1738 ( |
Confirmation code: | Request the "Cryoport Call" or Conference ID: 1191652 |
Live webcast: | 'Investor Relations' section at www.cryoportinc.com or click here.
|
The questions and answers call will be recorded and available approximately three hours after completion of the live event in the Investor Relations section of the Company's website at www.cryoportinc.com for a limited time. To access the replay of the questions and answers click here. A dial-in replay of the call will also be available to those interested, until May 11, 2026. To access the replay, dial 1-844-512-2921 (
About Cryoport, Inc.
Cryoport, Inc. (Nasdaq: CYRX) is a leading global provider of integrated temperature-controlled supply chain solutions for the life sciences, with an emphasis on regenerative medicine. We support biopharmaceutical companies, contract manufacturers (CDMOs), contract research organizations (CROs), developers, and researchers with a comprehensive suite of services and products designed to minimize risk and maximize reliability across the temperature-controlled supply chain for the life sciences. Our integrated supply chain platform includes the Cryoportal® Logistics Management Platform, advanced temperature-controlled packaging, informatics, specialized biologistics, biostorage, bioservices, cryopreservation services, and cryogenic systems, which in varying combinations deliver end-to-end solutions that meet the rigorous demands of the life sciences. With innovation, regulatory compliance, and agility at our core, we are "Enabling the Future of Medicine™."
Headquartered in
For more information, visit www.cryoportinc.com or follow via LinkedIn at https://www.linkedin.com/company/cryoportinc or @cryoport on X, formerly known as Twitter at https://x.com/cryoport for live updates.
Forward-Looking Statements
Statements in this press release which are not purely historical, including statements regarding the Company's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, those related to the Company's industry, business, long-term growth prospects, plans, strategies, acquisitions, future financial results and financial condition, such as the Company's outlook and guidance for full-year 2026 revenue and the related assumptions and factors expected to drive revenue, projected growth trends in the markets in which the Company operates, the Company's plans and expectations regarding the launch of new products and services, such as the expected timing and benefits of such products and services launches, the Company's expectations about future benefits of its acquisitions, and anticipated regulatory filings, approvals, label/geographic expansions or moves to earlier lines of treatment approved with respect to the products of the Company's clients. Forward-looking statements also include those related to the Company's expectations about future benefits relating to the CRYOPDP divestiture and strategic partnership with DHL (collectively, the "DHL Transaction"), the Company's plans regarding its Global Supply Chain Centers, including expected timing of future openings, the Company's plans and expectations relating to its strategic pivot to expand its global partnerships, and the Company's expectation of revenue contribution from IntegriCell's cryopreservation service centers throughout 2026. It is important to note that the Company's actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, risks and uncertainties associated with the effects of changing economic and geopolitical conditions, supply chain constraints, inflationary pressures, tariffs and other trade restrictions, foreign currency fluctuations, trends in the products markets, any
Cryoport, Inc. and Subsidiaries | ||
Condensed Consolidated Statements of Operations | ||
Three Months Ended | ||
(in thousands, except share and per share data) | 2026 | 2025 |
Revenue | ||
Life Sciences Services revenue | $ 26,898 | $ 22,865 |
Life Sciences Products revenue | 20,900 | 18,175 |
Total revenue | 47,798 | 41,040 |
Cost of revenue: | ||
Cost of services revenue | 13,747 | 11,920 |
Cost of products revenue | 12,138 | 10,479 |
Total cost of revenue | 25,885 | 22,399 |
Gross margin | 21,913 | 18,641 |
Operating costs and expenses: | ||
Selling, general and administrative | 27,620 | 21,901 |
Engineering and development | 3,907 | 3,934 |
Total operating costs and expenses: | 31,527 | 25,835 |
Loss from operations | (9,614) | (7,194) |
Other income (expense): | ||
Investment income | 3,090 | 1,573 |
Interest expense | (432) | (583) |
Other expense, net | (2,368) | (300) |
Loss before provision for income taxes | (9,324) | (6,504) |
Provision for income taxes | (108) | (234) |
Loss from continuing operations | $ (9,432) | $ (6,738) |
Loss from discontinued operations, net | (1,112) | (5,243) |
Net loss | $ (10,544) | $ (11,981) |
Paid-in-kind dividend on Series C convertible preferred stock | (2,000) | (2,000) |
Net loss attributable to common stockholders | $ (12,544) | $ (13,981) |
Net loss per share attributable to common stockholders - basic and diluted | $ (0.25) | $ (0.28) |
Weighted average common shares issued and outstanding - basic and diluted | 49,897,817 | 49,947,012 |
Cryoport, Inc. and Subsidiaries | ||
Condensed Consolidated Balance Sheets | ||
March 31, | December 31, | |
2026 | 2025 | |
(in thousands) | (unaudited) | |
Current assets | ||
Cash and cash equivalents | $ 272,912 | $ 250,494 |
Short-term investments | 130,722 | 160,714 |
Accounts receivable, net | 39,004 | 33,359 |
Inventories | 21,750 | 23,188 |
Prepaid expenses and other current assets | 6,147 | 8,419 |
Total current assets | 470,535 | 476,174 |
Property and equipment, net | 89,805 | 85,448 |
Operating lease right-of-use assets | 39,299 | 39,720 |
Intangible assets, net | 138,721 | 138,082 |
Goodwill | 22,137 | 22,400 |
Deposits | 2,046 | 2,092 |
Deferred tax assets | 1,066 | 1,073 |
Total assets | $ 763,609 | $ 764,989 |
Current liabilities | ||
Accounts payable and other accrued expenses | $ 15,937 | $ 15,283 |
Accrued compensation and related expenses | 17,007 | 12,980 |
Deferred revenue | 2,314 | 943 |
Current portion of operating lease liabilities | 3,641 | 4,133 |
Current portion of finance lease liabilities | 419 | 422 |
Current portion of convertible senior notes, net | 185,390 | 185,094 |
Current portion of notes payable | 159 | 163 |
Total current liabilities | 224,867 | 219,018 |
Notes payable, net | 1,027 | 1,087 |
Operating lease liabilities, net | 39,173 | 39,078 |
Finance lease liabilities, net | 680 | 741 |
Deferred tax liabilities | 1,580 | 1,354 |
Other long-term liabilities | 663 | 444 |
Contingent consideration | 630 | 629 |
Total liabilities | 268,620 | 262,351 |
Total stockholders' equity | 494,989 | 502,638 |
Total liabilities and stockholders' equity | $ 763,609 | $ 764,989 |
Note Regarding Use of Non-GAAP Financial Measures
To supplement our financial statements, which are presented on the basis of
Adjusted EBITDA from continuing operations is defined as loss from continuing operations adjusted for net interest expense, income taxes, depreciation and amortization expense, stock-based compensation expense, acquisition and integration costs, cost reduction initiatives, investment income, unrealized loss on investments, foreign currency loss, changes in fair value of contingent consideration and charges or gains resulting from non-recurring events, as applicable.
Management believes that adjusted EBITDA from continuing operations provides a useful measure of Cryoport's operating results, a meaningful comparison with historical results and with the results of other companies, and insight into Cryoport's ongoing operating performance. Further, management and the Company's board of directors utilize adjusted EBITDA from continuing operations to gain a better understanding of Cryoport's comparative operating performance from period to period and as a basis for planning and forecasting future periods. Adjusted EBITDA from continuing operations is also a significant performance measure used by Cryoport in connection with its incentive compensation programs. Management believes adjusted EBITDA from continuing operations, when read in conjunction with Cryoport's GAAP financials, is useful to investors because it provides a basis for meaningful period-to-period comparisons of Cryoport's ongoing operating results, including results of operations, against investor and analyst financial models, helps identify trends in Cryoport's underlying business and in performing related trend analyses, and it provides a better understanding of how management plans and measures Cryoport's underlying business.
Cryoport, Inc. and Subsidiaries | ||
Reconciliation of GAAP loss from continuing operations to adjusted EBITDA | ||
(unaudited) | ||
Three Months Ended | ||
2026 | 2025 | |
(in thousands) | ||
GAAP loss from continuing operations | $ (9,432) | $ (6,738) |
Non-GAAP adjustments to loss: | ||
Depreciation and amortization expense | 6,402 | 6,134 |
Acquisition and integration costs | — | 1 |
Cost reduction initiatives | — | 216 |
Investment income | (3,090) | (1,573) |
Unrealized loss on investments | 2,105 | 193 |
Foreign currency loss | 454 | 245 |
Interest expense, net | 432 | 583 |
Stock-based compensation expense | 2,395 | 3,064 |
Change in fair value of contingent consideration | 15 | (5,178) |
Income taxes | 108 | 234 |
Adjusted EBITDA from continuing operations | $ (611) | $ (2,819) |
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SOURCE Cryoport, Inc.