Cryoport, Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 6 August 2026: press release. Guidance figures: 1 raised, 1 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Revenue rose 8% in quarter: Total revenue was $49.0 million, up $3.5 million or 8% from $45.5 million. First-half revenue was $96.8 million, up 12% from $86.5 million. Source
• Adjusted EBITDA turned positive: Adjusted EBITDA from continuing operations was $0.4 million, against negative $0.9 million a year earlier. First-half adjusted EBITDA was negative $0.2 million, against negative $3.7 million. Source
• Services revenue grew 15%: Life Sciences Services revenue was $28.0 million, or 57% of total revenue, up from $24.4 million. First-half Services revenue rose 16% to $54.9 million. Source
• Record 779 clinical trials supported: Trials at June 30, 2026 were 316 in Phase 1, 369 in Phase 2 and 94 in Phase 3. Phase 3 trials were 82 a year earlier. Source
• TREGZI approved for transplant: Customer Orca Bio received FDA approval for TREGZI, described as the first and only precision-engineered cell therapy for allogeneic stem cell transplant in adults with hematological malignancies. Source
• Products margin fell 2.7 points: Life Sciences Products gross margin was 42.2% against 44.9% a year earlier. First-half Products margin was 42.1% against 43.7%. Source
• Supply chain centers due in Q4: Management said the Paris BioServices launch and the Santa Ana center are both expected in Q4 2026. The first-quarter release had given Q3 2026 for Paris. Source

“With our accomplishments to date, we believe that we are well positioned to further expand margins, enhance operating efficiency, and deliver sustainable, profitable long-term growth for our shareholders.”

Jerrell Shelton, CEO of Cryoport

Guidance

What changed from last quarter

• Guidance raised: Possible customer BLA/MAA applications for the balance of 2026 rose to 11 from 10. Source
• Guidance lowered: Possible new therapy approvals for the balance of 2026 fell to five from eight. Source
• New guidance: A label or geographic expansion approval for the balance of 2026 is now given as one possible event. Source
• Guidance lowered: Paris BioServices launch timing moved from Q3 2026 to Q4 2026. Source
• Guidance kept: Santa Ana center opening remains in Q4 2026. Source
• New: Verismo Therapeutics selected IntegriCell cryopreservation services in Q2. Source

Results and growth drivers

• Revenue rose 8% in quarter: Total revenue was $49.0 million, up $3.5 million or 8% from $45.5 million. First-half revenue was $96.8 million, up 12% from $86.5 million. Source
• Adjusted EBITDA turned positive: Adjusted EBITDA from continuing operations was $0.4 million, against negative $0.9 million a year earlier. First-half adjusted EBITDA was negative $0.2 million, against negative $3.7 million. Source
• Net loss against prior-year gain: Net loss was $8.3 million, against net income of $108.9 million in Q2 2025. That year's income was driven by the CRYOPDP sale in discontinued operations, which contributed $120.9 million. Source
• Loss per share of $0.20: Net loss attributable to common stockholders was $10.3 million, or $0.20 per share, after a $2.0 million paid-in-kind dividend on Series C preferred stock. First-half figure was $0.45 per share. Source

Segments, products and regions

• Services revenue grew 15%: Life Sciences Services revenue was $28.0 million, or 57% of total revenue, up from $24.4 million. First-half Services revenue rose 16% to $54.9 million. Source
• Products revenue was flat: Life Sciences Products revenue was $21.0 million, or 43% of total revenue, against $21.1 million a year earlier. First-half Products revenue rose 7% to $41.9 million. Source
• BioLogistics revenue up 13%: BioLogistics Solutions revenue was $22.4 million, up 13%. Management attributed the increase to customer activity, commercial product development and clinical advancement in the CGT market. Source
• BioStorage and BioServices up 25%: BioStorage/BioServices revenue was $5.6 million, up 25%. Management described the offering as providing seamless, secure handling of temperature-sensitive materials across its global network. Source
• Products demand cited by management: Management attributed Products results to continued demand for MVE Biological Solutions cryogenic systems and to new and innovative products introduced in the quarter. Source
• First HE freezers shipped from China: The company shipped its first HE freezers made in China for China from its Chengdu, China manufacturing facility. Source

“Achieving positive adjusted EBITDA in the second quarter represents an important milestone in our ongoing pathway to sustainable profitability”

Jerrell Shelton, CEO of Cryoport

Clinical and commercial CGT support

• Commercial CGT revenue up 9%: Revenue from supporting commercial CGTs was $9.4 million, up 9%. The Life Sciences Services part of that revenue grew 26%, as patients treated in community and outpatient settings continued to ramp. Source
• Clinical-trial support revenue up 12%: Revenue from supporting CGT clinical trials was $13.4 million, up 12%, as customer clinical pipelines advanced and further matured. Source
• Record 779 clinical trials supported: Trials at June 30, 2026 were 316 in Phase 1, 369 in Phase 2 and 94 in Phase 3. Phase 3 trials were 82 a year earlier. Source
• Americas holds most trials: Trials by region at June 30, 2026 were 579 in the Americas, 145 in EMEA and 55 in APAC, up from 556, 124 and 48 a year earlier. Source

Approvals, filings and customer wins

• Four customer BLA/MAA filings: Four customers filed Biologics License Applications or Marketing Authorization Applications in the quarter. Cryoport supported 22 commercial CGTs at June 30, up from 21 at March 31. Source
• TREGZI approved for transplant: Customer Orca Bio received FDA approval for TREGZI, described as the first and only precision-engineered cell therapy for allogeneic stem cell transplant in adults with hematological malignancies. Source
• CASGEVY label widened to age two: Vertex received supplemental FDA approval to expand CASGEVY to patients aged two and older with sickle cell disease or transfusion-dependent beta thalassemia. Source
• Verismo selected IntegriCell services: Verismo Therapeutics, a clinical-stage CAR T-cell company, selected IntegriCell cryopreservation services for its SynKIR™-110 and SynKIR™-310 programs. Source

“We expect upcoming growth catalysts in our business segments, represented by the expansion of our Global Supply Chain Center Network”

Jerrell Shelton, CEO of Cryoport

Costs, margins and pricing

• Total gross margin edged lower: Total gross margin was 46.6% against 47.0% a year earlier. First-half gross margin was 46.2%, against 46.3%. Source
• Products margin fell 2.7 points: Life Sciences Products gross margin was 42.2% against 44.9% a year earlier. First-half Products margin was 42.1% against 43.7%. Source
• Services margin rose 1 point: Life Sciences Services gross margin was 49.9% against 48.9%. First-half Services margin was 49.4% against 48.4%. Source
• Operating costs rose to $32.9M: Operating costs and expenses were $32.9 million against $31.0 million a year earlier. Selling, general and administrative expense was $28.0 million, up from $26.9 million. Source

Cash, investments and balance sheet

• Cash and investments declined: Cash, cash equivalents and short-term investments were $396.7 million at June 30, 2026, down from $403.6 million at March 31, 2026. Source
• Convertible notes now shown as current: Convertible senior notes, net, are shown as a current liability of $185.7 million at June 30, 2026, against $185.1 million at December 31, 2025. Source
• Weighted share count rose slightly: Weighted average basic and diluted shares were 50.4 million in Q2 2026, against 50.3 million a year earlier. Source

Strategy and infrastructure

• Pathway to profitability cited: Management said it expects operating leverage to take effect as the company scales and puts its investments to work, and cited an expanding infrastructure. Source
• Supply chain centers due in Q4: Management said the Paris BioServices launch and the Santa Ana center are both expected in Q4 2026. The first-quarter release had given Q3 2026 for Paris. Source
• Depreciation and amortization up: Depreciation and amortization expense was $6.6 million, up from $6.2 million. The reconciliation adds it back to arrive at adjusted EBITDA. Source

Coming up, as management said on 6 August 2026

• Business update document at 4:05 p.m.: A business update document, Cryoport Second Quarter 2026 in Review, is to be issued before the call and is designed to be read in advance of the questions and answers. Source
• Quarterly report filing date: The Form 10-Q for the quarter ended June 30, 2026 is expected to be filed with the SEC on August 6, 2026. Source

Figures management reported

Earlier plans management reported on

• Not stated: Management said Q2 results reflect meaningful progress on the pathway to profitability, which the first-quarter release described as advancing meaningfully along that path. Source
• Not stated: The first-quarter release planned the Paris BioServices launch for Q3 2026. The second-quarter release gives Q4 2026 for the same launch.

Other quarters

• Q3 FY2026 earnings call
• Q1 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.