Cryoport Reports Second Quarter 2025 Financial Results
Second quarter revenue increased 14% year-over-year to $45.5 million
Commercial Cell & Gene Therapy revenue increased 33% year-over-year to $8.7 million
Life Sciences Services revenue rose 21% year-over-year, including a 28% increase in BioStorage/BioServices revenue
Launched strategic partnership agreement with the DHL Group; closed CRYOPDP divestiture
Company reaffirms full year 2025 revenue guidance of $165 to $172 million
NASHVILLE, Tenn., Aug. 5, 2025 /PRNewswire/ -- Cryoport, Inc. (NASDAQ:CYRX) ("Cryoport" or the "Company"), a leading global provider of temperature-controlled supply chain solutions for the life sciences, today announced financial results for its second quarter (Q2) and first half (H1) of 2025.
Jerrell Shelton, CEO of Cryoport, commented, "Cryoport delivered strong, double-digit growth across all revenue streams within Life Sciences Services in the second quarter, increasing 21% year-over-year and accounting for 54% of total revenue from continuing operations. Notably, revenue from BioLogistics Solutions increased 20% and BioStorage/BioServices revenue rose 28%, underscoring the growing demand for our integrated platform.
"Revenue from the support of commercial cell and gene therapies increased 33% year-over-year to $8.7 million. This growth continues to be fueled by the increasing development and adoption of cell & gene therapies, a positive trend we believe will continue for years to come.
"Life Sciences Products revenue grew 8% year-over-year. This solid performance was primarily driven by stronger demand, particularly from animal health customers.
"The 14% year-over-year increase in total revenue from continuing operations, combined with our planned pathway to profitability, contributed to an increase in gross margin and a meaningful improvement in our adjusted EBITDA. With strong execution across all business units, we are reaffirming our full-year 2025 revenue guidance as we move towards our goal of sustainable, long-term profitability.
"A key milestone this quarter was the launch of our strategic partnership with the DHL Group and DHL's acquisition of CRYOPDP. This transaction with DHL delivered both a strong infusion of capital, a substantial return on investment, and strengthened our global biologistics capabilities and effectiveness. By leveraging DHL's competencies, scale, and reach in APAC and EMEA, we believe we will be increasingly well positioned to expand our Life Sciences Services business and deepen our leadership in the developing global regenerative medicine market.
"In summary, the second quarter was marked by strong revenue growth, improved profitability, and the execution of a transformative partnership strategy. We are entering the second half of the year with strong momentum and a clear focus on driving long-term shareholder value," concluded Mr. Shelton.
In tabular form, Q2 2025 and H1 2025 revenue compared to Q2 2024 and H1 2024, respectively, were as follows:
Cryoport, Inc. and Subsidiaries
Revenue
(unaudited)
Three Months EndedJune 30,
Six Months EndedJune 30,
(in thousands)
2025
2024
% Change
2025
2024
% Change
Life Sciences Services
$ 24,369
$ 20,152
21 %
$ 47,234
$ 39,637
19 %
BioLogistics Solutions
19,874
16,628
20 %
38,404
32,585
18 %
BioStorage/BioServices
4,495
3,524
28 %
8,830
7,052
25 %
Life Sciences Products
$ 21,085
$ 19,557
8 %
$ 39,260
$ 37,363
5 %
Total Revenue From Continuing Operations
$ 45,454
$ 39,709
14 %
$ 86,494
$ 77,000
12 %
BioStorage/BioServices revenue continued its strong growth trajectory year-over-year, increasing 28% in Q2 2025 as we continue to introduce our capabilities to existing clients, add new clients into our global network, and as more commercial therapies progress in the number of patients treated.
Revenue from the support of commercial cell & gene therapies increased 33% year-over-year to $8.7 million and included revenue from BioLogistics Solutions and accessories. As of June 30, 2025, we supported eighteen (18) commercial therapies.
As of June 30, 2025, Cryoport supported a total of 728 global clinical trials, a net increase of 44 clinical trials over June 30, 2024, with 82 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
June 30,
2023
2024
2025
Phase 1
273
286
304
Phase 2
313
322
342
Phase 3
82
76
82
Total
668
684
728
Cryoport Supported Clinical Trials by Region
Clinical Trials
June 30,
2023
2024
2025
Americas
515
525
556
EMEA
109
114
124
APAC
44
45
48
Total
668
684
728
In Q2 2025, one Marketing Authorization Applications (MAA) filing occurred and two Biologics License Applications (BLA) filings have occurred for label/geographic expansions post the quarter end. During the quarter, Cryoport's customer Abeona Therapeutics received U.S. Food and Drug Administration (FDA) approval for their cell therapy ZEVASKYNTM, for the treatment of Recessive Dystrophic Epidermolysis Bullosa (RDEB). During the remainder of 2025, we anticipate up to an additional twenty (20) application filings, one (1) new therapy approval and an additional three (3) approvals for label/geographic expansions.
Additionally, in late June 2025, the FDA announced it was removing the Risk Evaluation and Mitigation Strategies (REMS) requirements for approved BCMA- and CD19-directed autologous CAR-T cell immunotherapies. This reduces the regulatory burden and can lead to increased patient access and faster commercial scaling for these therapies. Cryoport-supported therapies such as Carvykti®, Yescarta®, Tecartus®, and Breyanzi® are included in this FDA action.
Operational milestones
Life Sciences Services
Continued plans to complete our Global Supply Chain Centers in Paris, France and Santa Ana, California, with Paris expected to begin its launch in late 2025 and Santa Ana in the second half of 2026.
CryoGene opened the first southeast regional automated sample storage center in partnership with Texas Children's Hospital.
Launched our Cryoshuttle service in Tokyo, Japan, supporting multiple commercial therapies.
Life Sciences Products
MVE Biological Solutions launched its next generation SC 4/2V and SC 4/3V vapor shippers, offering improved safety and reliability for transporting and preserving sensitive biological materials at cryogenic temperatures.
Recorded multiple sales of MVE's cryogenic storage system, the MVE High-Efficiency 800C, which was released earlier this year, meeting the needs of facilities that have limited space for cryostorage yet require high capacity and security.
Deployed the highest number of MVE cryogenic dewars to the animal health industry since 2013.
Financial Highlights
On June 11, 2025, the Company completed its previously announced divestiture of its specialty courier CRYOPDP business to DHL Supply Chain International Holding B.V. ("DHL") and entered into a strategic partnership with DHL. The divestiture and strategic partnership are expected to enhance the Company's ability to develop its business, particularly in the EMEA and APAC regions, and to provide differentiated and high-value services aligned with Cryoport's long-term growth strategy. The results of CRYOPDP, a former business within Cryoport's Life Sciences Services business, are presented as discontinued operations for all periods presented within the Condensed Statements of Operations and Condensed Consolidated Balance Sheets included in this press release and are also not included in the non-GAAP financial measures presented herein.
Revenue
Total revenue from continuing operations for Q2 2025 was $45.5 million compared to $39.7 million for Q2 2024, a year-over-year increase of 14% or $5.7 million and up $4.4 million or 11% sequentially.
Life Sciences Services revenue for Q2 2025 (representing 54% of our total revenue) was $24.4 million compared to $20.2 million for Q2 2024, up 21% year-over-year and 7% sequentially, including BioStorage/BioServices revenue of $4.5 million, up 28% year-over-year and 4% sequentially.
Life Sciences Products revenue for Q2 2025 (representing 46% of our total revenue) was $21.1 million compared to $19.6 million for Q2 2024, up 8% year-over-year and 16% sequentially.
Total revenue from continuing operations for H1 2025 was $86.5 million compared to $77.0 million for H1 2024.
Life Sciences Services revenue for H1 2025 was $47.2 million compared to $39.6 million for H1 2024, including BioStorage/BioServices revenue of $8.8 million for H1 2025 compared to $7.1 million for H1 2024.
Life Sciences Products revenue for H1 2025 was $39.3 million compared to $37.4 million for H1 2024.
Gross Margin
Total gross margin from continuing operations was 47.0% for Q2 2025 compared to 44.5% for Q2 2024.
Gross margin for Life Sciences Services was 48.9% for Q2 2025 compared to 46.7% for Q2 2024.
Gross margin for Life Sciences Products was 44.9% for Q2 2025 compared to 42.2% for Q2 2024.
Total gross margin from continuing operations was 46.3% for H1 2025 compared to 42.5% for H1 2024.
Gross margin for Life Sciences Services was 48.4% for H1 2025 compared to 45.1% for H1 2024.
Gross margin for Life Sciences Products was 43.7% for H1 2025 compared to 39.7% for H1 2024.
Operating Costs and Expenses
Operating costs and expenses from continuing operations were $31.2 million for Q2 2025 compared to operating cost and expenses of $95.7 million for Q2 2024. The decrease for Q2 2025 reflects an impairment charge of $63.8 million in Q2 2024, which was primarily related to the write off of remaining goodwill for MVE Biological Solutions. Operating costs and expenses for H1 2025 decreased to $59.3 million compared to $128.3 million for H1 2024, reflecting the impairment charge relating to MVE Biological Solutions. Excluding the impairment charge, adjusted operating costs and expenses for H1 2025 were $59.3 million, compared to $64.5 million for H1 2024.
Net Income (Loss), including Discontinued Operations
Net income for Q2 2025 and H1 2025 was $105.2 million and $93.2 million, respectively, compared to a net loss of $78.0 million and $96.9 million for the same periods in 2024, respectively. Net income for Q2 2025 and H1 2025 was primarily driven by the sale of our CRYOPDP specialty courier business during Q2 2025, which contributed $117.4 million and $114.4 million, net of taxes, respectively, to income from discontinued operations.
Net income attributable to common stockholders was $103.2 million, or $2.05 per share, and $89.2 million, or $1.78 per share, for Q2 2025 and H1 2025, respectively. This compares to a net loss attributable to common stockholders of $80.0 million, or $1.62 per share, and $100.9 million, or $2.05 per share, for Q2 2024 and H1 2024, respectively.
Excluding the gain on sale of CRYOPDP, net loss $12.2 million and $21.2 million for Q2 2025 and H1 2025, respectively, compared to $14.2 million and $28.1 million for Q2 2024 and H1 2024, respectively.
Adjusted EBITDA
Adjusted EBITDA was a negative $0.9 million for Q2 2025, compared to negative $5.6 million for Q2 2024. Adjusted EBITDA for H1 2025 was a negative $3.7 million compared to negative $12.2 million for H1 2024.
Cash, Cash equivalents, and Short-Term Investments
Cryoport held $426.0 million in cash, cash equivalents, and short-term investments as of June 30, 2025.
Share Repurchase Programs
During Q2 2025, the Company purchased 628,217 shares of its common stock under its repurchase programs, at an average price of $6.76 per share, for an aggregate amount of $4.2 million. Subsequent to the end of Q2 2025, the Company purchased an additional 371,783 shares of its common stock under its repurchase programs, at an average price of $7.36 per share, for an aggregate amount of $2.7 million, resulting in a total of 1 million shares repurchased since the beginning of Q2 2025.These shares were returned to the status of authorized but unissued shares of common stock. Following these repurchases, the Company had approximately $66.9 million in total of repurchase authorization available under its two repurchase programs.
Guidance for Continuing Operations for Full Year Fiscal 2025
The Company is reiterating its revenue guidance for fiscal year 2025: total revenue from continuing operations is expected to be in the range of $165.0 million to $172.0 million, representing 5% to 10% growth year-over-year. The Company's 2025 guidance is dependent on its current business and expectations, which may be further impacted by, among other things, factors that are outside of our control, such as national economic factors, the global macroeconomic and geopolitical environment, supply chain constraints, inflationary pressures, tariffs and other trade restrictions and/or the effects of foreign currency fluctuations, as well as the other factors described in the Company's filings with the Securities and Exchange Commission ("SEC"), including in the "Risk Factors" section of its most recently filed periodic reports on Form 10-K and Form 10-Q, as well as in its subsequent filings with the SEC.
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 three months ended June 30, 2025, which is expected to be filed with the SEC on August 7, 2025. Additionally, the full report will be available in the SEC Filings section of the Investor Relations section of Cryoport's website at
