Cryoport, Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 4 May 2026: press release. Guidance figures: 1 raised. The quarter’s numbers.

Read the filing

Key takeaways

• Revenue up 16% year over year: Revenue was $47.8 million, up $6.8 million from $41.0 million in the first quarter of 2025. Source
• Commercial CGT revenue grew 26%: Commercial cell and gene therapy support revenue rose to $9.1 million. Clinical trial support revenue grew 18% to $12.9 million. Source
• Adjusted EBITDA improved by $2.2 million: Adjusted EBITDA from continuing operations improved from negative $2.8 million to negative $0.6 million, which management attributed to growth across both segments and operational discipline. Source
• Rocket gene therapy approved by FDA: A Cryoport customer, Rocket Pharmaceuticals, received FDA accelerated approval for KRESLADI for pediatric patients with severe LAD-I during the first quarter. Source
• Total gross margin edged higher: Total gross margin was 45.8% compared with 45.4% a year earlier. Services gross margin reached 48.9%, against 47.9%. Source
• Operating expenses rose to $31.5 million: Operating costs and expenses were $31.5 million, up from $25.8 million. Loss from operations was $9.6 million, against $7.2 million. Source
• Cash and investments of $403.6 million: Cash, cash equivalents and short-term investments totaled $403.6 million at March 31, 2026. Source
• More filings and approvals expected: Management anticipates 10 possible BLA/MAA filings and 8 additional new therapy approvals for the balance of 2026. Source

“Cryoport delivered a strong start to 2026 with first-quarter revenue of $47.8 million, up 16% year-over-year,”

Jerrell Shelton, CEO of Cryoport

Guidance

What changed from last quarter

• Guidance raised: Full-year 2026 revenue guidance raised to $192 million to $196 million from $190 million to $194 million. Source
• New: MVE released its HE series cryogenic storage systems integrated with the new CryoVerse Connect Controller platform. Source

Results and growth drivers

• Revenue up 16% year over year: Revenue was $47.8 million, up $6.8 million from $41.0 million in the first quarter of 2025. Source
• Commercial CGT revenue grew 26%: Commercial cell and gene therapy support revenue rose to $9.1 million. Clinical trial support revenue grew 18% to $12.9 million. Source
• Adjusted EBITDA improved by $2.2 million: Adjusted EBITDA from continuing operations improved from negative $2.8 million to negative $0.6 million, which management attributed to growth across both segments and operational discipline. Source
• Net loss narrowed from prior year: Net loss was $10.5 million, compared with $12.0 million a year earlier. Loss from continuing operations was $9.4 million, against $6.7 million. Source

Segments and regions

• Life Sciences Services up 18%: Services revenue was $26.9 million, 56% of total revenue. Services revenue rose 18% and included BioStorage/BioServices revenue of $5.2 million. Source
• BioStorage and BioServices up 21%: Management linked the growth to demand for the expanded, integrated services offering. BioLogistics Solutions revenue rose 17% to $21.7 million over the same period. Source
• Life Sciences Products up 15%: Products revenue was $20.9 million, up 15%. Management attributed the growth to global demand for MVE cryogenic systems. Source
• Trial support grew across regions: Clinical trials supported reached 766, with 569 in the Americas, 143 in EMEA and 54 in APAC. The count was 55 higher than a year earlier. Source

“This growth across both our reporting segments, combined with solid gross margins and continued operational discipline, drove a $2.2 million year-over-year improvement in adjusted EBITDA from continuing operations”

Jerrell Shelton, CEO of Cryoport

Products and customers

• Commercially approved therapies rose to 21: Management said the number of commercial therapies supported increased to 21 as of March 31, 2026, from 20 at December 31, 2025. Source
• Rocket gene therapy approved by FDA: A Cryoport customer, Rocket Pharmaceuticals, received FDA accelerated approval for KRESLADI for pediatric patients with severe LAD-I during the first quarter. Source
• MVE launched Fusion 800 freezer: MVE introduced its Fusion 800 Series, a self-sustaining cryogenic freezer designed for space-constrained environments, which removes the need for a continuous liquid nitrogen feed. Source

Costs, margins and pricing

• Total gross margin edged higher: Total gross margin was 45.8% compared with 45.4% a year earlier. Services gross margin reached 48.9%, against 47.9%. Source
• Products margin dipped slightly: Products gross margin was 41.9%, compared with 42.3% in the first quarter of 2025. Source
• Operating expenses rose to $31.5 million: Operating costs and expenses were $31.5 million, up from $25.8 million. Loss from operations was $9.6 million, against $7.2 million. Source

“Looking ahead, we see multiple growth catalysts extending beyond 2026, including the planned launch of BioServices operations at our Global Supply Chain Center in Paris, France in the third quarter,”

Jerrell Shelton, CEO of Cryoport

Cash, balance sheet and capital

• Cash and investments of $403.6 million: Cash, cash equivalents and short-term investments totaled $403.6 million at March 31, 2026. Source
• Cash below year-end balance: The year-end figure for cash, cash equivalents and short-term investments was $411.2 million, from the prior quarter’s release.
• Convertible notes classed as current: The current portion of convertible senior notes, net, was $185.4 million at March 31, 2026, against $185.1 million at December 31, 2025. Source

Strategy and investment

• Paris BioServices launch set for Q3: Management described the planned BioServices launch in Paris, France, as one of several growth catalysts extending beyond 2026. Source
• Santa Ana center planned for Q4: Management said progress continues toward the Santa Ana Global Supply Chain Center, expected to open in the fourth quarter of 2026. Source
• CRYOPDP sold to DHL: The company completed the divestiture of its CRYOPDP specialty courier business to DHL Group on June 11, 2025, as part of a strategic partnership. Results are shown as discontinued operations. Source

Demand, filings and pipeline

• Four BLA and MAA filings in Q1: Four Biologics License Applications and Marketing Authorization Applications were filed by customers during the first quarter of 2026. Source
• More filings and approvals expected: Management anticipates 10 possible BLA/MAA filings and 8 additional new therapy approvals for the balance of 2026. Source
• Cryopreserved trial materials shipped: First cryopreserved clinical trial patient materials shipped in the first quarter for two clients, at IntegriCell facilities in Belgium and the U.S. Source

Coming up, as management said on 4 May 2026

• Paris BioServices launch: BioServices launch at the Paris Global Supply Chain Center is expected in the third quarter of 2026. Source
• Santa Ana center opening: Launch of the Santa Ana Global Supply Chain Center is expected in the fourth quarter of 2026. Source
• Filings and approvals for 2026: Management anticipates 10 possible BLA/MAA filings and 8 additional new therapy approvals for the balance of 2026. Source

Figures management reported

Earlier plans management reported on

• Not stated: The prior release targeted the Santa Ana center for late 2026. The current release gives an expected timing of Q4 2026.
• Not stated: The prior release said three clients were anticipating approval decisions in March and April 2026. The current release reports one approval, for Rocket Pharmaceuticals, in the first quarter.
• Not stated: The prior release expected revenue from IntegriCell’s first clients throughout 2026. The current release reports first cryopreserved patient materials shipped in Q1.

Other quarters

• Q3 FY2026 earnings call
• Q2 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.