CryoPort (NASDAQ:CYRX) reported fiscal 2025 results that management characterized as a year of “strong progress,” highlighted by revenue above prior guidance, continued commercial cell and gene therapy momentum, and further steps toward profitability.
Fiscal 2025 results and mix
For the full year, CryoPort posted revenue from continuing operations of $176.2 million, which CEO Jerrell Shelton said exceeded the high end of the company’s prior guidance. Shelton also pointed to “double-digit” revenue growth in the fourth quarter, driven by expanding commercial cell and gene therapy activity.
During the call, the company reiterated that, due to the strategic partnership with DHL and the sale of CRYOPDP, the CRYOPDP business is now presented as discontinued operations. Unless otherwise indicated, management said revenue figures discussed on the call refer to continuing operations, including fiscal 2026 guidance.
Clinical trial footprint and commercial outlook
CryoPort ended fiscal 2025 supporting a record 760 clinical trials and 20 commercial therapies worldwide. Management said its clinical trial support increased by a net 59 trials versus the prior year and represented about 70% of total trials for the cell and gene therapy industry.
Looking ahead, Shelton said the company expects, based on available information, another 13 BLA or MAA filings (including two already filed), nine new therapy approvals, and an additional two approvals for label or geographic expansion in 2026. In the near term, Shelton added that CryoPort has three customers anticipating new therapy approval decisions in March and April.
Management repeatedly described the clinical pipeline as “spring-loaded,” citing 86 phase 3 trials and 361 phase 2 trials supported at year-end. Shelton noted that many cell therapies approved to date have come from phase 2 studies, and executives emphasized that commercial therapy growth is expected to be a primary driver of CryoPort’s longer-term trajectory.
Segment commentary: services expansion and product innovation
In CryoPort’s Life Sciences Services segment, revenue increased 18% year-over-year in 2025. Shelton said this included 22% growth in biostorage and bioservices revenue, reflecting expanding scale of supported programs and customer adoption of end-to-end supply chain solutions. Management told analysts it expects biostorage and bioservices to continue growing and said it could “pick up growth,” describing the outlook as tied to cell therapy approvals.
In the Life Sciences Products segment, revenue grew 7% year-over-year in 2025. Shelton highlighted multiple product initiatives at MVE Biological Solutions, including:
- An integrated condition monitoring solution for dry vapor shippers that combines MVE systems with real-time monitoring technology from Tec4med and connects to a cloud-based data capture and shipment management platform called CryoVerse.
- The launch of the Fusion 800 Series, which Shelton described as a “revolutionary self-sustaining cryogenic freezer” designed to fit through a single door and eliminate the need for continuous liquid nitrogen supply.
During Q&A, management cautioned against reading too much into quarterly variability for MVE given the longer-cycle nature of capital equipment purchases. CFO Robert Stefanovich said the company has seen demand improvement across both freezers and transportation/dewar products, and management described its 2026 product outlook as assuming moderate mid-single-digit growth, with Shelton referencing a range around 7% to 8% in response to an analyst question.
Profitability path, investments, and operational initiatives
While emphasizing continued revenue growth, management also pointed to improving profitability metrics. Shelton said cost reduction initiatives contributed to a 47% gross margin in 2025 and that adjusted EBITDA improved by $12 million year-over-year. The company stated it expects to achieve positive adjusted EBITDA in the second half of 2026.
In response to questions about how CryoPort plans to reach that milestone, management described a combination of growth and efficiencies rather than incremental cost-cutting alone. Stefanovich cited ongoing investments, including completion of a global supply chain center in Paris, expansion of Belgian operations for a key commercial client, and continued build-out of a global supply chain center in Santa Ana, California, which will consolidate three facilities into a single expanded campus and add capabilities including bioservices and IntegriCell.
Stefanovich also described a rapid build-out in Belgium to support a large-volume commercial account, including commissioning a GMP-compliant sterile kitting operation in December that is now contributing revenue and is expected to ramp over the next few years.
Partnerships: DHL, Cardinal Health, and Parexel
Management discussed multiple partnerships aimed at expanding CryoPort’s reach and embedding its offerings within the cell and gene therapy ecosystem. Shelton reiterated that DHL’s acquisition of CRYOPDP, completed in the second quarter of fiscal 2025, provided a “substantial capital infusion,” and he said the relationship is expected over time to strengthen CryoPort’s position in APAC and EMEIA by leveraging DHL’s global scale. He cautioned, however, that because DHL is a large organization, it will take time for the “full effect” of the relationship to roll out, though cooperative efforts are already underway.
Executives also highlighted collaborations with Cardinal Health and Parexel. Chief Scientific Officer Mark Sawicki said the partnerships are intended to build a complementary ecosystem for cell and gene therapy clients without conflicting service offerings. Sawicki described Parexel as a CRO focused on clinical trial design and related services, while he characterized Cardinal Health’s capabilities as including order-to-cash management, reimbursement, regulatory support, and patient/provider support.
For fiscal 2026, CryoPort provided revenue guidance of $190 million to $194 million, which management called an “appropriate starting point” given macro volatility, while noting it sees potential upside if acceleration materializes sooner than expected. Shelton said the company has had a “solid start” to the first quarter and reported minimal impact so far from geopolitical flight disruptions, with no cancellations expected at the time of the call.
About CryoPort (NASDAQ:CYRX)
CryoPort, Inc (NASDAQ: CYRX) is a global provider of temperature-controlled logistics solutions for the life sciences industry. The company specializes in cryogenic shipping for critical biological materials, supporting the development, clinical testing and commercialization of cell and gene therapies, biologics, vaccines and reproductive medicine. By offering end-to-end supply chain management, CryoPort helps ensure the integrity and viability of temperature-sensitive products from point of origin to destination.
CryoPort’s product portfolio includes proprietary cryogenic dry shippers, advanced active and passive thermal packaging, and real-time data monitoring platforms.
