Accessibility StatementSkip Navigation 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 www.twitter.com/cryoport for live updates. First Global Supply Chain Solutions Company to Achieve ISO 21973 Certification, Ensuring Highest Transport Safety, Traceability, and Integrity Standards for Cell and Gene Therapies NASHVILLE, Tenn., Oct. 30, 2025 /PRNewswire/ -- Cryoport, Inc. (NASDAQ: CYRX) ("C ...

Company Overview - CryoPort, Inc. (CYRX) shares increased by 7% to $10.71 in the last trading session, with a notable trading volume, and have gained 12.9% over the past four weeks [1] - The company has shown strong revenue performance this year, supported by its expansion efforts, including the opening of a global supply chain center in Paris [1] Financial Performance - The upcoming quarterly report is expected to show a loss of $0.23 per share, reflecting a year-over-year decline of 1050%, with revenues projected at $40.84 million, down 27.9% from the previous year [2] - The consensus EPS estimate for CryoPort has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without earnings estimate revisions [3] Industry Context - CryoPort is categorized under the Zacks Transportation - Services industry, which includes other companies like Expeditors International (EXPD) [4] - Expeditors International's consensus EPS estimate has changed by +0.5% over the past month to $1.4, representing a 14.1% decrease from the previous year [5]

Core Insights - Cryoport, Inc. has launched MVE Biological Solutions' integrated Condition Monitoring Solutions for its MVE SC 4/2 V and 4/3 V series dewars, emphasizing the importance of safeguarding vital life science materials through intelligent, connected assets [1][4] Group 1: Product Features - The new monitoring systems combine MVE's cryogenic systems with advanced condition monitoring technology, featuring either a SmartTag or CryoBeacon integrated into dewar lids for centralized monitoring [2] - The CryoBeacon is a Bluetooth Low Energy (BLE) 5.0 device capable of logging internal temperatures as low as –200°C, while the MVE SmartTag offers real-time monitoring with LTE connectivity and a battery life of up to 120 days [3] Group 2: Strategic Implications - The integration of monitoring technology into dewars allows customers to manage critical biological materials with enhanced confidence, providing visibility and control [4] - This development positions MVE to extend its market leadership by utilizing advanced technology and integrated monitoring solutions, paving the way for subscription-based revenue and comprehensive monitoring solutions in the future [4]

Core Insights - Cryoport, Inc. has launched a new state-of-the-art facility in Louvres, France, enhancing its Global Supply Chain Center network to support complex life sciences supply chain needs [1][2][4] - The facility is strategically located near Paris Charles de Gaulle Airport and will provide end-to-end temperature-controlled supply chain solutions for biopharma and other temperature-sensitive commodities [2][3] - The facility will be operational immediately, offering logistics support for various therapies and will expand its services over time to include BioServices and biostorage [3][4] Company Expansion - The new facility is the third global supply chain center in Cryoport's network, aimed at streamlining operations in the advanced therapies market [2] - It will enhance Cryoport's ability to serve clients in European and global markets, ensuring secure handling of temperature-sensitive commodities [4] - The facility's operations will include 24-hour worldwide dispatch capabilities and will align with Cryoport's quality oversight standards [4] Future Developments - An official grand opening for the Paris GSCC is scheduled for November 20, 2025, which will involve local dignitaries and market leaders in the advanced therapies sector [5] - The facility was partially funded by a grant from the Île-de-France region to promote economic growth in the area [4]

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents Cryoport's unaudited condensed consolidated financial statements, highlighting increased net income and total assets due to the CRYOPDP divestiture and improved gross margins [ITEM 1. Financial Statements](index=3&type=section&id=ITEM%201.%20Financial%20Statements) This section details Cryoport's unaudited condensed consolidated financial statements, including balance sheets, statements of operations, comprehensive income, equity, and cash flows, with notes on key financial changes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheets show a significant increase in total assets and stockholders' equity, driven by a substantial rise in cash and cash equivalents Condensed Consolidated Balance Sheet Highlights (in thousands) | Item | June 30, 2025 | December 31, 2024 | Change | % Change | | :-------------------------------- | :-------------- | :---------------- | :----- | :------- | | Total Assets | $773,927 | $703,493 | $70,434 | 10.0% | | Total Liabilities | $258,536 | $301,595 | $(43,059) | (14.3%) | | Total Stockholders' Equity | $515,391 | $401,898 | $113,493 | 28.2% | | Cash and cash equivalents | $243,416 | $34,137 | $209,279 | 613.0% | | Current assets held for sale | $0 | $36,251 | $(36,251) | (100.0%) | | Current liabilities held for sale | $0 | $15,435 | $(15,435) | (100.0%) | [Unaudited Condensed Consolidated Statements of Operations](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) The statements of operations reflect a substantial turnaround from net loss to net income, primarily due to income from discontinued operations Condensed Consolidated Statements of Operations Highlights (in thousands, except per share data) | Item | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Total revenue | $45,454 | $39,709 | $86,494 | $77,000 | | Loss from continuing operations | $(12,014) | $(76,420) | $(18,752) | $(91,455) | | Income (loss) from discontinued operations, net | $117,194 | $(1,569) | $111,951 | $(5,429) | | Net income (loss) | $105,180 | $(77,989) | $93,199 | $(96,884) | | Net income (loss) per share — basic and diluted | $2.05 | $(1.62) | $1.78 | $(2.05) | [Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss)](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) The statements of comprehensive income show a significant shift from total comprehensive loss to income, aided by other comprehensive income Condensed Consolidated Statements of Comprehensive Income (Loss) Highlights (in thousands) | Item | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Net income (loss) | $105,180 | $(77,989) | $93,199 | $(96,884) | | Other comprehensive income (loss) | $10,339 | $888 | $15,530 | $(3,124) | | Total comprehensive income (loss) | $115,519 | $(77,101) | $108,729 | $(100,008) | | Foreign currency translation adjustments (H1) | N/A | N/A | $12,154 | $(2,760) | [Unaudited Condensed Consolidated Statements of Stockholders' Equity](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Stockholders%27%20Equity) Stockholders' equity increased significantly, influenced by net income and stock-based compensation, partially offset by common stock repurchases Condensed Consolidated Statements of Stockholders' Equity Highlights (in thousands) | Item | June 30, 2025 | June 30, 2024 | | :----------------------------------- | :-------------- | :-------------- | | Total Stockholders' Equity | $515,391 | $400,095 | | Net income (loss) (H1) | $93,199 | $(96,884) | | Stock-based compensation expense (H1) | $6,075 | $10,453 | | Repurchase of common stock (H1) | $(4,260) | $0 | [Unaudited Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash flows show a substantial net increase in cash and cash equivalents, primarily from investing activities, including proceeds from a divested business Condensed Consolidated Statements of Cash Flows Highlights (Six Months Ended June 30, in thousands) | Cash Flow Activity | 2025 | 2024 | | :----------------------------------- | :------- | :------- | | Net cash used in operating activities | $(11,687) | $(11,290) | | Net cash provided by investing activities | $235,961 | $19,766 | | Net cash used in financing activities | $(16,053) | $(8,252) | | Net change in cash and cash equivalents | $198,127 | $112 | | Cash and cash equivalents — end of period | $243,416 | $46,458 | | Proceeds from divested business | $210,239 | $0 | | Repayment of 2025 Convertible Senior Notes | $(14,344) | $0 | | Repurchase of common stock | $(4,259) | $0 | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations and disclosures supporting the condensed consolidated financial statements, covering accounting policies, business nature, and specific financial items [Note 1. Management's Representation and Basis of Presentation](index=11&type=section&id=Note%201.%20Management%27s%20Representation%20and%20Basis%20of%20Presentation) This note outlines the basis of presentation for the unaudited interim financial statements, prepared under U.S. GAAP, and notes a reclassification correction - The unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information, with all necessary adjustments included. Operating results for the current period are not necessarily indicative of the full year[18](index=18&type=chunk)[19](index=19&type=chunk) - A **$2.3 million correction** was made for the reclassification of Selling, general and administrative expenses associated with the CRYOPDP business disposal to Income (loss) from discontinued operations, net for transaction costs for the six months ended June 30, 2025[20](index=20&type=chunk) [Note 2. Nature of the Business](index=11&type=section&id=Note%202.%20Nature%20of%20the%20Business) This note describes Cryoport's core business as a temperature-controlled supply chain provider for Life Sciences and details the strategic divestiture of its CRYOPDP business - Cryoport is a leading global provider of temperature-controlled supply chain solutions for the Life Sciences, with an emphasis on regenerative medicine, supporting biopharmaceutical companies, CDMOs, CROs, developers, and researchers[22](index=22&type=chunk) - On June 11, 2025, Cryoport completed the divestiture of its specialty courier CRYOPDP business to DHL for **$133.0 million**, which included the repayment of approximately **$77.2 million** of outstanding intercompany loans[22](index=22&type=chunk) - The divestiture and strategic partnership with DHL are expected to enhance Cryoport's ability to develop its business, particularly in the EMEA and APAC regions, and to provide differentiated and high-value services aligned with the Company's long-term growth strategy[22](index=22&type=chunk) - The CRYOPDP business results were classified as discontinued operations in the condensed consolidated statements of operations and balance sheets for all periods presented due to its strategic shift[23](index=23&type=chunk) [Note 3. Summary of Significant Accounting Policies](index=13&type=section&id=Note%203.%20Summary%20of%20Significant%20Accounting%20Policies) This note summarizes Cryoport's significant accounting policies, including foreign currency translation and the impact of recently adopted and unadopted accounting pronouncements - No material changes to the Company's significant accounting policies during the six months ended June 30, 2025, except for those related to discontinued operations[24](index=24&type=chunk) - Foreign currency translation adjustments resulted in a **$12.2 million gain** for the six months ended June 30, 2025, compared to a **($2.8) million loss** for the same period in 2024[25](index=25&type=chunk) - Recently adopted accounting pronouncements (ASU 2024-02, ASU 2024-01, ASU 2023-07, ASU 2022-03) did not have a significant impact on the consolidated financial statements or disclosures, except for disclosure-only impacts[28](index=28&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk)[32](index=32&type=chunk) - Several accounting guidance updates have been issued but not yet adopted, including ASU 2025-04, ASU 2025-03, ASU 2024-04, ASU 2024-03, and ASU 2023-09. The company is currently evaluating their potential impact[33](index=33&type=chunk)[34](index=34&type=chunk)[35](index=35&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk) [Note 4. Revenue, Concentrations and Geographic Information](index=17&type=section&id=Note%204.%20Revenue%2C%20Concentrations%20and%20Geographic%20Information) This note provides details on revenue by major type and geographic region, confirming no significant customer concentrations and reporting deferred revenue changes - No single customer accounted for **more than 10% of net accounts receivable** at June 30, 2025, or December 31, 2024, and no single customer generated **over 10% of revenue** during the three or six months ended June 30, 2025 and 2024[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) Revenue by Major Type (in thousands) | Revenue Type | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :---------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | BioLogistics Solutions | $19,874 | $16,628 | $38,404 | $32,585 | | BioStorage/BioServices | $4,495 | $3,524 | $8,830 | $7,052 | | Life Sciences Services | $24,369 | $20,152 | $47,234 | $39,637 | | Life Sciences Products | $21,085 | $19,557 | $39,260 | $37,363 | | **Total revenue** | **$45,454** | **$39,709** | **$86,494** | **$77,000** | Geographical Revenue by Origin (in thousands) | Region | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Americas | $33,237 | $29,420 | $65,432 | $56,110 | | Europe, the Middle East, and Africa (EMEA) | $5,833 | $6,533 | $11,413 | $13,933 | | Asia Pacific (APAC) | $6,384 | $3,756 | $9,649 | $6,957 | | **Total revenue** | **$45,454** | **$39,709** | **$86,494** | **$77,000** | - Deferred revenue increased to **$1.7 million** at June 30, 2025, from **$1.1 million** at December 31, 2024[46](index=46&type=chunk) [Note 5. Net Income (Loss) Per Share](index=20&type=section&id=Note%205.%20Net%20Income%20%28Loss%29%20Per%20Share) This note details the calculation of basic and diluted net income (loss) per share, including the impact of discontinued operations and excluded shares Net Income (Loss) Per Share (Basic and Diluted) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :------------------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Loss from continuing operations — basic and diluted | $(0.28) | $(1.59) | $(0.45) | $(1.94) | | Net income (loss) per share from discontinued operations — basic and diluted | $2.33 | $(0.03) | $2.23 | $(0.11) | | Net income (loss) per share — basic and diluted | $2.05 | $(1.62) | $1.78 | $(2.05) | | Weighted average common shares outstanding | 50,257,112 | 49,345,644 | 50,102,918 | 49,182,830 | Shares Excluded from Diluted EPS (in thousands) | Item | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Stock options | 521,769 | 1,910,321 | 555,018 | 1,575,421 | | Restricted stock units | 1,136,619 | 1,108,779 | 1,136,619 | 1,108,779 | | Series C preferred stock | 6,257,168 | 6,013,015 | 6,257,168 | 6,013,015 | | Conversion of 2026 Senior Notes | 1,583,280 | 3,071,445 | 1,583,280 | 3,071,445 | | Conversion of 2025 Senior Notes | — | 599,954 | — | 599,954 | | **Total excluded shares** | **9,498,836** | **12,703,514** | **9,532,085** | **12,368,614** | [Note 6. Discontinued Operations](index=21&type=section&id=Note%206.%20Discontinued%20Operations) This note details the divestiture of the CRYOPDP business, its classification as discontinued operations, and its financial impact, including a significant gain on disposal - On June 11, 2025, Cryoport completed the divestiture of its specialty courier CRYOPDP business to DHL for **$133.0 million**, including the repayment of approximately **$77.2 million** of outstanding intercompany loans[51](index=51&type=chunk) - The transaction represents a strategic shift, leading to the classification of CRYOPDP business results as discontinued operations in the condensed consolidated statements of operations and balance sheets for all periods presented[52](index=52&type=chunk) Assets and Liabilities of Discontinued Operations (December 31, 2024, in thousands) | Category | Amount | | :----------------------------------- | :------- | | Total assets of discontinued operations | $106,950 | | Total liabilities of discontinued operations | $23,232 | Income (Loss) from Discontinued Operations (in thousands) | Item | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :----------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Life Sciences Services revenue | $15,068 | $17,889 | $32,161 | $35,190 | | Gain on disposal | $116,662 | — | $116,662 | — | | Income (loss) from discontinued operations, net | $117,194 | $(1,569) | $111,951 | $(5,429) | [Note 7. Cash, Cash Equivalents and Short-Term Investments](index=22&type=section&id=Note%207.%20Cash%2C%20Cash%20Equivalents%20and%20Short-Term%20Investments) This note provides a breakdown of cash, cash equivalents, and short-term investments, including fair value measurements and unrealized gains and losses on available-for-sale securities Cash, Cash Equivalents and Short-Term Investments (in thousands) | Item | June 30, 2025 | December 31, 2024 | | :----------------------------------- | :-------------- | :---------------- | | Cash and cash equivalents | $243,416 | $34,137 | | Short-term investments | $182,559 | $216,460 | | **Total** | **$425,975** | **$250,597** | - Available-for-sale investments had a fair value of **$84.3 million** at June 30, 2025, with **$1.2 million** in gross unrealized gains. At December 31, 2024, fair value was **$118.8 million** with **$2.9 million** in gross unrealized gains[56](index=56&type=chunk) - The company had **$4.6 million** in gross unrealized losses on available-for-sale debt securities at June 30, 2025, primarily due to interest rate increases. Management does not consider these to be other-than-temporarily impaired[59](index=59&type=chunk) - Equity investments with readily determinable fair values totaled **$98.3 million** at June 30, 2025. Net gains of **$0.6 million** were recognized on equity securities for the six months ended June 30, 2025, compared to net losses of **$(1.0) million** in the prior year period[61](index=61&type=chunk) [Note 8. Fair Value Measurements](index=24&type=section&id=Note%208.%20Fair%20Value%20Measurements) This note explains the three-tier hierarchy for fair value measurements and provides a breakdown of financial instruments by level, including convertible senior notes and contingent consideration - Fair value measurements are based on a three-tier hierarchy: Level 1 (quoted prices in active markets), Level 2 (observable prices corroborated by market data), and Level 3 (unobservable inputs)[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) Fair Value Measurements (June 30, 2025, in thousands) | Item | Level 1 | Level 2 | Level 3 | Total | | :-------------------------- | :------ | :------ | :------ | :------ | | Money market mutual fund | $204,477 | $0 | $0 | $204,477 | | Mutual funds | $98,288 | $0 | $0 | $98,288 | | U.S. Treasury notes | $31,505 | $0 | $0 | $31,505 | | Corporate debt securities | $52,766 | $0 | $0 | $52,766 | | Convertible Senior Notes | $0 | $184,504 | $0 | $184,504 | | Contingent consideration | $0 | $0 | $628 | $628 | - The fair value of Convertible Senior Notes is estimated using Level 2 inputs. Contingent consideration is measured using Level 3 inputs, with an aggregate fair value of **$0.6 million** at June 30, 2025, down from **$6.6 million** at December 31, 2024[68](index=68&type=chunk)[69](index=69&type=chunk) - Gains of **$5.2 million** related to contingent consideration were recognized in earnings and reported in operating costs and expenses for the six months ended June 30, 2025[70](index=70&type=chunk) [Note 9. Inventory](index=27&type=section&id=Note%209.%20Inventory) This note details the composition of inventory, including raw materials, work-in-process, and finished goods, and their carrying values Inventory Composition (in thousands) | Item | June 30, 2025 | December 31, 2024 | | :-------------- | :-------------- | :---------------- | | Raw materials | $13,842 | $14,616 | | Work-in-process | $797 | $1,116 | | Finished goods | $8,396 | $5,744 | | **Total** | **$23,035** | **$21,476** | [Note 10. Goodwill and Intangible Assets](index=28&type=section&id=Note%2010.%20Goodwill%20and%20Intangible%20Assets) This note provides carrying values for goodwill and intangible assets, detailing impairment charges and amortization expenses Goodwill Carrying Value (in thousands) | Item | June 30, 2025 | December 31, 2024 | | :-------------------------- | :-------------- | :---------------- | | Goodwill | $122,845 | $124,701 | | Accumulated impairment losses | $(104,132) | $(104,132) | | **Total** | **$18,713** | **$20,569** | - An interim impairment assessment as of June 30, 2024, resulted in a **$54.6 million impairment charge** related to the MVE reporting unit's goodwill due to a sustained decrease in share price and reduced projected operating performance[73](index=73&type=chunk) Intangible Assets (June 30, 2025, in thousands) | Item | Gross Amount | Accumulated Amortization | Impairment | Net Carrying Amount | | :---------------------- | :----------- | :----------------------- | :--------- | :------------------ | | Technology | $44,763 | $15,157 | $0 | $29,606 | | Customer relationships | $125,803 | $41,624 | $0 | $84,179 | | Patents and trademarks | $36,823 | $221 | $(8,980) | $27,622 | | **Total** | **$213,341** | **$60,506** | **$(9,245)** | **$143,590** | - Amortization expense for intangible assets was **$3.1 million** for the three months and **$6.3 million** for the six months ended June 30, 2025, consistent with the prior year[76](index=76&type=chunk) - Expected future amortization of intangible assets as of June 30, 2025, is **$113.4 million**[77](index=77&type=chunk) - A **$9.0 million impairment charge** related to MVE trademarks and a **$0.3 million charge** for Cell&Co's trade name were recorded as of June 30, 2024[78](index=78&type=chunk) [Note 11. Convertible Senior Notes](index=31&type=section&id=Note%2011.%20Convertible%20Senior%20Notes) This note details the carrying value and maturity of convertible senior notes, including the repayment of 2025 notes and interest expense Convertible Senior Notes Carrying Value (in thousands) | Item | June 30, 2025 | December 31, 2024 | | :----------------------------------- | :-------------- | :---------------- | | Principal amount of 2025 Senior Notes | $0 | $14,344 | | Principal amount of 2026 Senior Notes | $186,185 | $186,185 | | **Total carrying value, net** | **$184,504** | **$198,217** | - The 2025 Senior Notes matured on June 1, 2025, and the principal amount of **$14.3 million** was repaid. The 2026 Senior Notes, with a principal amount of **$186.2 million**, are due in December 2026[79](index=79&type=chunk) - Interest expense on Convertible Senior Notes was **$0.7 million** for Q2 2025 and **$1.5 million** for H1 2025, down from **$1.4 million** and **$2.8 million**, respectively, in the prior year periods[79](index=79&type=chunk) - In May 2024, the company repurchased **$10.0 million** of 2026 Senior Notes for **$8.7 million cash**, resulting in a **$1.2 million gain** on extinguishment of debt[80](index=80&type=chunk) [Note 12. Leases](index=31&type=section&id=Note%2012.%20Leases) This note provides information on lease costs, weighted-average remaining lease terms, discount rates, and future minimum lease payments for operating and finance leases - Total lease cost for the six months ended June 30, 2025, was **$4.4 million**, up from **$2.8 million** in the prior year[83](index=83&type=chunk) - Weighted-average remaining lease terms as of June 30, 2025, were **9.3 years** for operating leases and **3.3 years** for finance leases[84](index=84&type=chunk) - Weighted-average discount rates as of June 30, 2025, were **7.1%** for operating leases and **8.0%** for finance leases[84](index=84&type=chunk) Future Minimum Lease Payments (June 30, 2025, in thousands) | Years Ending December 31 | Operating Leases | Finance Leases | | :------------------------- | :--------------- | :------------- | | 2025 (excluding H1) | $3,509 | $256 | | 2026 | $6,299 | $496 | | 2027 | $5,831 | $412 | | 2028 | $5,399 | $281 | | 2029 | $4,910 | $79 | | Thereafter | $32,108 | $13 | | **Total future minimum lease payments** | **$58,056** | **$1,537** | [Note 13. Commitments and Contingencies](index=33&type=section&id=Note%2013.%20Commitments%20and%20Contingencies) This note addresses potential product litigation and indemnification obligations, noting no material adverse effects or liabilities recorded to date - The company may become a party to product litigation in the normal course of business and accrues for open claims based on historical experience and available insurance coverage[86](index=86&type=chunk) - The company indemnifies its directors, officers, employees, agents, and lessors for certain claims. Historically, no payments have been obligated or incurred for these indemnities and guarantees, so no liabilities have been recorded[88](index=88&type=chunk)[89](index=89&type=chunk) [Note 14. Stockholders' Equity](index=35&type=section&id=Note%2014.%20Stockholders%27%20Equity) This note details authorized shares, common stock repurchase programs, recent repurchases, and shares reserved for future issuance - The company has **100,000,000 authorized shares** of common stock and **2,500,000 undesignated preferred stock**, with specific designations for Class A, Class B, and Series C Convertible Preferred Stock[90](index=90&type=chunk) - The company has two active repurchase programs: the 2022 Repurchase Program (up to **$100.0 million** through Dec 31, 2025) and the 2024 Repurchase Program (up to **$200.0 million** through Dec 31, 2027)[91](index=91&type=chunk) - In June 2025, the company purchased **628,217 shares** of its common stock for **$4.2 million** at an average price of **$6.76 per share** under the Repurchase Programs[95](index=95&type=chunk) - As of June 30, 2025, approximately **$69.7 million** of repurchase authorization remains available under the Repurchase Programs[97](index=97&type=chunk) - As of June 30, 2025, approximately **15.2 million shares** of common stock were reserved for future issuance upon vesting, conversion, or exercise of stock options, restricted stock units, Senior Notes, and Series C Preferred Stock[98](index=98&type=chunk) [Note 15. Stock-Based Compensation](index=37&type=section&id=Note%2015.%20Stock-Based%20Compensation) This note provides assumptions for stock option valuation, details stock-based compensation expense by category, and reports unrecognized compensation expense Stock Option Weighted Average Assumptions (June 30) | Assumption | 2025 | 2024 | | :---------------------- | :--------- | :--------- | | Expected life (years) | 3.7 - 4.8 | 3.8 - 4.9 | | Risk-free interest rate | 4.0% - 4.0% | 4.2% - 4.5% | | Volatility | 74.4% - 82.9% | 68.9% - 70.5% | | Dividend yield | 0% | 0% | Total Stock-Based Compensation Expense (in thousands) | Category | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Cost of revenue | $446 | $680 | $983 | $1,289 | | Selling, general and administrative | $1,407 | $3,201 | $3,724 | $6,849 | | Engineering and development | $192 | $320 | $402 | $729 | | **Total** | **$2,045** | **$4,201** | **$5,109** | **$8,867** | - As of June 30, 2025, unrecognized compensation expense for unvested stock options was **$5.7 million** (expected to be recognized over **2.0 years**) and for unvested restricted stock units was **$11.7 million** (expected over **2.4 years**)[102](index=102&type=chunk)[103](index=103&type=chunk) [Note 16. Segment Reporting](index=39&type=section&id=Note%2016.%20Segment%20Reporting) This note outlines Cryoport's operating segments, aggregated into Life Sciences Services and Life Sciences Products, and reports Adjusted EBITDA for segment performance - Cryoport has two operating segments aggregated under its Life Sciences Services reportable segment (logistics, biostorage, bioservices) and a Life Sciences Products reportable segment (cryogenic systems)[106](index=106&type=chunk) - The Chief Executive Officer, as the chief operating decision maker (CODM), uses "Adjusted EBITDA" to measure segment performance, which excludes corporate costs[105](index=105&type=chunk)[107](index=107&type=chunk) Adjusted EBITDA for Reportable Segments (Six Months Ended June 30, in thousands) | Segment | 2025 | 2024 | | :--------------------- | :------- | :------- | | Life Sciences Services | $(2,538) | $(8,961) | | Life Sciences Products | $7,521 | $5,637 | | **Total** | **$4,983** | **$(3,324)** | [Note 17. Subsequent Events](index=40&type=section&id=Note%2017.%20Subsequent%20Events) This note discloses common stock repurchases made in July 2025, detailing the number of shares and total cost - In July 2025, the company purchased an additional **371,783 shares** of common stock for **$2.7 million** at an average price of **$7.36 per share** under its Repurchase Program[110](index=110&type=chunk) - Year-to-date through July 31, 2025, total common stock repurchases amounted to **1,000,000 shares** for **$7.0 million** at an average price of **$6.98 per share**[110](index=110&type=chunk) [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.](index=40&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS.) Management discusses Cryoport's financial condition and results, focusing on its life sciences supply chain solutions, the CRYOPDP divestiture's impact, and improved revenue, gross margin, and net income [Overview](index=42&type=section&id=Overview) This overview highlights Cryoport's leadership in temperature-controlled life sciences supply chain solutions, its clinical trial support, and the strategic CRYOPDP divestiture - Cryoport is a global leader in temperature-controlled supply chain solutions for the Life Sciences, with an emphasis on regenerative medicine, supporting biopharmaceutical companies, CDMOs, CROs, developers, and researchers[117](index=117&type=chunk) - As of June 30, 2025, the company supported **728 clinical trials** (**82 in Phase 3**) and **18 commercial therapies**, expecting regenerative medicine advanced therapies to be significant future revenue drivers[119](index=119&type=chunk) - On June 11, 2025, Cryoport completed the divestiture of its CRYOPDP business to DHL for **$133.0 million**, including the repayment of **$77.2 million** in intercompany loans. This strategic move is expected to enhance business development in EMEA and APAC[123](index=123&type=chunk) - Inflationary pressures have impacted gross margins in 2024 and 2023, and could affect future financial performance if not offset by net realized annual price increases and productivity gains[124](index=124&type=chunk) [Results of Operations (Three months ended June 30, 2025 compared to three months ended June 30, 2024)](index=45&type=section&id=Results%20of%20Operations%20%28Three%20months%20ended%20June%2030%2C%202025%20compared%20to%20three%20months%20ended%20June%2030%2C%202024%29) This section analyzes Cryoport's financial performance for Q2 2025 versus Q2 2024, showing increased revenue, improved gross margin, and a significant shift to net income Revenue Performance (Three Months Ended June 30, in thousands) | Revenue Type | 2025 | 2024 | $ Change | % Change | | :-------------------------- | :------- | :------- | :------- | :------- | | Life Sciences Services revenue | $24,369 | $20,152 | $4,217 | 20.9% | | Life Sciences Products revenue | $21,085 | $19,557 | $1,528 | 7.8% | | **Total revenue** | **$45,454** | **$39,709** | **$5,745** | **14.5%** | | Commercial Cell & Gene therapy revenue (BioLogistics) | $7,500 | $5,600 | $1,900 | 33.9% | | Revenue from discontinued operations | $15,885 | $17,889 | $(2,004) | (11.2%) | - Gross margin improved to **47.0%** in Q2 2025 from **44.5%** in Q2 2024. Life Sciences Services gross margin was **48.9%** (vs **46.7%** in Q2 2024) and Life Sciences Products gross margin was **44.9%** (vs **42.2%** in Q2 2024)[129](index=129&type=chunk)[130](index=130&type=chunk)[131](index=131&type=chunk) - Net income for Q2 2025 was **$105.2 million**, a significant improvement from a net loss of **$(78.0) million** in Q2 2024, primarily driven by a **$116.7 million gain** on the sale of the CRYOPDP business[126](index=126&type=chunk)[141](index=141&type=chunk) - Selling, general and administrative (SG&A) expenses decreased by **1.2%**, and Engineering and development expenses decreased by **11.4%** in Q2 2025 compared to Q2 2024[132](index=132&type=chunk)[133](index=133&type=chunk) [Results of Operations (Six months ended June 30, 2025 compared to six months ended June 30, 2024)](index=49&type=section&id=Results%20of%20Operations%20%28Six%20months%20ended%20June%2030%2C%202025%20compared%20to%20six%20months%20ended%20June%2030%2C%202024%29) This section analyzes Cryoport's financial performance for H1 2025 versus H1 2024, showing increased revenue, improved gross margin, and a significant shift to net income Revenue Performance (Six Months Ended June 30, in thousands) | Revenue Type | 2025 | 2024 | $ Change | % Change | | :-------------------------- | :------- | :------- | :------- | :------- | | Life Sciences Services revenue | $47,234 | $39,637 | $7,597 | 19.2% | | Life Sciences Products revenue | $39,260 | $37,363 | $1,897 | 5.1% | | **Total revenue** | **$86,494** | **$77,000** | **$9,494** | **12.3%** | | Commercial Cell & Gene therapy revenue (BioLogistics) | $14,600 | $11,100 | $3,500 | 31.5% | | Revenue from discontinued operations | $32,978 | $35,189 | $(2,211) | (6.3%) | - Gross margin improved to **46.3%** in H1 2025 from **42.5%** in H1 2024. Life Sciences Services gross margin was **48.4%** (vs **45.1%** in H1 2024) and Life Sciences Products gross margin was **43.7%** (vs **39.7%** in H1 2024)[147](index=147&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk) - Net income for H1 2025 was **$93.2 million**, a significant improvement from a net loss of **$(96.9) million** in H1 2024, primarily due to a **$116.7 million gain** on the sale of the CRYOPDP business and the absence of a **$63.8 million impairment loss** recorded in H1 2024[143](index=143&type=chunk)[153](index=153&type=chunk)[160](index=160&type=chunk) - SG&A expenses decreased by **11.3%** (driven by decreases in contingent consideration and stock compensation), and Engineering and development expenses decreased by **14.3%** in H1 2025 compared to H1 2024[151](index=151&type=chunk)[152](index=152&type=chunk) [Non-GAAP Financial Measures](index=53&type=section&id=Non-GAAP%20Financial%20Measures) This section presents non-GAAP financial measures like Adjusted EBITDA and constant currency revenue, providing supplemental insights into operating performance - Cryoport provides Adjusted EBITDA and revenue at constant currency as supplemental non-GAAP financial measures to offer insights into operating performance and underlying revenue trends, noting they are not substitutes for U.S. GAAP measures[161](index=161&type=chunk)[163](index=163&type=chunk) - Adjusted EBITDA from continuing operations for the six months ended June 30, 2025, was **$(3.7) million**, an improvement from **$(12.2) million** in the prior year period[166](index=166&type=chunk) - Foreign currency exchange rate fluctuations favorably impacted Q2 2025 revenue by **$0.3 million**, but had a **flat impact** on revenue for H1 2025 at constant currency[168](index=168&type=chunk) [Liquidity and Capital Resources](index=56&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses Cryoport's liquidity position, including cash, investments, working capital, and cash flow activities, affirming sufficient resources for future operations - As of June 30, 2025, the company had **$243.4 million** in cash and cash equivalents, **$182.6 million** in short-term investments, and working capital of **$459.3 million**[172](index=172&type=chunk) - Management believes current cash, short-term investments, and projected cash flows will satisfy operational and capital requirements for at least the next twelve months[173](index=173&type=chunk) Cash Flows Summary (Six Months Ended June 30, in thousands) | Cash Flow Activity | 2025 | 2024 | $ Change | | :----------------------------------- | :------- | :------- | :------- | | Operating activities | $(11,687) | $(11,290) | $(397) | | Investing activities | $235,961 | $19,766 | $216,195 | | Financing activities | $(16,053) | $(8,252) | $(7,801) | | Net increase (decrease) in cash and cash equivalents | $198,127 | $112 | $198,015 | - Net cash provided by investing activities was **$236.0 million** for H1 2025, primarily due to **$210.2 million** from the CRYOPDP sale and **$36.0 million** from short-term investment maturities[176](index=176&type=chunk) - Net cash used in financing activities was **$16.1 million** for H1 2025, mainly due to the repayment of **$14.3 million** for 2025 Senior Notes and **$4.3 million** for common stock repurchases[177](index=177&type=chunk) - As of June 30, 2025, approximately **$69.7 million** of repurchase authorization remains available under the company's repurchase programs[183](index=183&type=chunk) [ITEM 3. Quantitative and Qualitative Disclosures About Market Risk](index=59&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Cryoport is exposed to market risks from interest rate changes, foreign currency fluctuations, and investment market values, potentially leading to material gains or losses - The company is exposed to market risk from interest rate changes, foreign currency fluctuations, and changes in the market values of its investments[185](index=185&type=chunk) - Interest rate risk primarily relates to the investment portfolio and debt. The fair value of Convertible Senior Notes was **$170.7 million** as of June 30, 2025[186](index=186&type=chunk) - Foreign exchange risk impacts international business, with revenue from international operations (**18% of consolidated revenue**) increasing by **$0.2 million** in H1 2025 due to foreign exchange rate fluctuations[187](index=187&type=chunk) - A **5%**, **10%**, or **20%** adverse change to foreign exchange rates would result in declines of **$1.2 million**, **$2.3 million**, and **$4.7 million**, respectively, recorded to 'Accumulated other comprehensive income (loss)' for foreign-denominated cash and cash equivalents (**$23.4 million** at June 30, 2025)[188](index=188&type=chunk) - A **5%**, **10%**, or **20%** adverse change to foreign exchange rates would result in losses of **$0.7 million**, **$1.4 million**, and **$2.7 million**, respectively, reported as 'Other income (expense), net' for short-term foreign-denominated intercompany loan balances[189](index=189&type=chunk) [ITEM 4. Controls and Procedures](index=59&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Cryoport's management concluded that disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were **effective** as of June 30, 2025[191](index=191&type=chunk) - No changes in internal control over financial reporting occurred during the fiscal quarter ended June 30, 2025, that materially affected, or are reasonably likely to materially affect, the internal control over financial reporting[194](index=194&type=chunk) [PART II. OTHER INFORMATION](index=41&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers other important information including legal proceedings, risk factors, equity sales, defaults, mine safety, other disclosures, and exhibits [ITEM 1. Legal Proceedings](index=41&type=section&id=ITEM%201.%20Legal%20Proceedings) Cryoport is subject to ordinary course legal proceedings but is unaware of any that would materially adversely affect its business, operating results, or cash flows - The company is not aware of any legal proceedings or claims that are believed to have, individually or in the aggregate, a **material adverse effect** on its business, operating results, or cash flows[195](index=195&type=chunk) [ITEM 1A. Risk Factors](index=41&type=section&id=ITEM%201A.%20Risk%20Factors) Readers should consider the comprehensive risk factors detailed in the 2024 Annual Report on Form 10-K, as other unknown factors could also significantly impact the business - Readers should carefully consider the risk factors described in Part I, Item 1A, Risk Factors, in the 2024 Annual Report, as these could **materially and adversely affect** the business, financial condition, and results of operations[196](index=196&type=chunk) [ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities by Cryoport during the quarter ended June 30, 2025 - There were **no unregistered sales** of equity securities during the quarter ended June 30, 2025[197](index=197&type=chunk) [ITEM 3. Defaults Upon Senior Securities](index=41&type=section&id=ITEM%203.%20Defaults%20Upon%20Senior%20Securities) Cryoport reported no defaults upon senior securities during the quarter ended June 30, 2025 - There were **no defaults** upon senior securities during the quarter ended June 30, 2025[198](index=198&type=chunk) [ITEM 4. Mine Safety Disclosures](index=41&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures) Mine Safety Disclosures are not applicable to Cryoport - Mine Safety Disclosures are **not applicable**[198](index=198&type=chunk) [ITEM 5. Other Information](index=41&type=section&id=ITEM%205.%20Other%20Information) Cryoport's CEO and a Board member entered trading plans in June 2025 for potential common stock sales from expiring options, not intended to satisfy Rule 10b5-1(c) conditions - Jerrell Shelton, CEO, and Dr. Ramkumar Mandalam, a Board member, entered into trading plans in June 2025 for potential sales of common stock to be acquired upon the exercise of stock options expiring in August 2025[198](index=198&type=chunk)[199](index=199&type=chunk) - These trading plans are **not intended to satisfy** the affirmative defense conditions of Rule 10b5-1(c)[198](index=198&type=chunk)[199](index=199&type=chunk) - No other director or officer adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the three months ended June 30, 2025[201](index=201&type=chunk) [ITEM 6. Exhibits](index=43&type=section&id=ITEM%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including Sarbanes-Oxley Act certifications and Inline XBRL taxonomy documents - The exhibits include certifications of the Chief Executive Officer and Chief Financial Officer pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[203](index=203&type=chunk) - Inline XBRL documents (Instance, Schema, Calculation, Definition, Label, Presentation Linkbase Documents) and the Cover Page Interactive Data File are also included as exhibits[203](index=203&type=chunk) [SIGNATURES](index=44&type=section&id=SIGNATURES) The report was duly signed on behalf of Cryoport, Inc. by its President and CEO, and Chief Financial Officer, on August 12, 2025 - The report was signed by Jerrell W. Shelton, President and Chief Executive Officer, and Robert S. Stefanovich, Chief Financial Officer, on **August 12, 2025**[208](index=208&type=chunk)

Financial Performance - CryoPort, Inc. reported a quarterly loss of $0.29 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.20, but an improvement from a loss of $0.33 per share a year ago, indicating a -45.00% earnings surprise [1] - The company posted revenues of $45.45 million for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 9.20%, although this represents a decline from year-ago revenues of $57.6 million [2] - Over the last four quarters, CryoPort has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] Stock Performance and Outlook - CryoPort shares have declined approximately 8% since the beginning of the year, contrasting with the S&P 500's gain of 7.6% [3] - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the upcoming quarter is -$0.19 on revenues of $42.14 million, and for the current fiscal year, it is -$0.83 on revenues of $169.65 million [7] Industry Context - The Transportation - Services industry, to which CryoPort belongs, is currently ranked in the bottom 15% of over 250 Zacks industries, which may negatively impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that industry outlook can significantly affect stock performance [5][8]

Financial Data and Key Metrics Changes - Cryoport reported a 14% increase in total revenue from operations for the second quarter, with service revenue increasing by 21% year over year, accounting for 54% of total revenue from continuing operations [6][7] - Revenue from commercial cell and gene therapies grew by 33%, while BioStorage Bioservices increased by 28%, indicating strong demand for integrated temperature control supply chain solutions [7][12] - The company reaffirmed its full year 2025 revenue guidance, reflecting a commitment to sustainable long-term profitability [9][12] Business Line Data and Key Metrics Changes - Life sciences services revenue grew by 21% year over year, driven by significant increases in commercial cell and gene therapy support and BioStorage Bioservices [7][12] - Life sciences products experienced an 8% year-over-year revenue growth, primarily due to improved demand from animal health customers [8][12] - The launch of new products, such as the next-generation MVE SC42V and SC43V vapor shippers, contributed to the overall performance [8] Market Data and Key Metrics Changes - As of June 30, Cryoport supported a record 728 clinical trials, representing approximately 70% of the industry cell and gene therapy trials [11] - The company anticipates up to 20 additional application filings and one new therapy approval for the remainder of 2025 [11] - Despite some clients receiving negative opinions from regulatory bodies, analysts remain optimistic about future approvals due to recent changes within the FDA [11][12] Company Strategy and Development Direction - The strategic partnership with DHL Group, including the sale of Cryo PDP, is expected to enhance Cryoport's global biologics capabilities and expand its life sciences business [9][12] - The company aims to develop a strong global partner network to complement its core capabilities [9] - Cryoport is focused on driving long-term shareholder value while supporting the growth of the global regenerative medicine market [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges faced by some clients but emphasized the overall strength and resilience of Cryoport's performance [12] - The company is optimistic about the future growth of commercial revenue, driven by additional therapies reaching commercialization [12] - Management remains cautious about the global economic and geopolitical uncertainties, which influenced the decision to maintain revenue guidance [22] Other Important Information - The company recorded an estimated revenue impact of approximately $2 million from a gene therapy client that temporarily paused distribution [10] - Cryoport's gross margin increased, with adjusted EBITDA showing significant improvement as part of its pathway to profitability initiative [9][27] Q&A Session Summary Question: Update on non-cell and gene therapy demand and EntegraCell adoption - Management noted that MVE revenue improved by 8% and that EntegraCell is on track for revenue production initiation this quarter, with meaningful revenue expected in 2026 [16][20] Question: Phasing on 2H guidance and reasons for not increasing guidance - Management stated that they maintained guidance due to uncertainties in the global economy and geopolitical factors, despite a strong quarter [21][22] Question: Update on capital allocation philosophy and M&A appetite - Management indicated a prudent approach to capital allocation, including share repurchases, while remaining open to compelling acquisition opportunities [29][34] Question: Impact of late quarter FDA update on REMS - Management expressed positive feedback from clients regarding the FDA ruling, anticipating beneficial impacts on patient volumes [38][39] Question: Competitive dynamics in the commercial market - Management observed increased interest from clients in securing supply and scalability, with larger players seeking collaboration rather than competition [50][51] Question: Updates on tariffs and cost impacts - Management reported no significant impact from tariffs and indicated that any costs would be passed through to clients if necessary [58] Question: Growth in China and market expectations - Management does not expect market expansion in China for 2025, reflecting ongoing monitoring of customer conditions and government stimulus programs [64] Question: Customer response to Cryoport's carrier agnosticism post-DHL transaction - Overall customer feedback has been positive, with excitement about the logistics solutions and flexibility offered through the DHL partnership [66][67]

[Financial Performance Overview](index=1&type=section&id=Financial%20Performance%20Overview) Cryoport reported strong Q2 2025 results with 14% revenue growth and reaffirmed full-year guidance [Second Quarter 2025 Highlights](index=1&type=section&id=Second%20Quarter%202025%20Highlights) Cryoport reported strong Q2 2025 results, with total revenue up 14% to $45.5 million and commercial cell & gene therapy revenue up 33% Key Financial Metrics | Metric | Q2 2025 Value | Year-over-Year Change | | :--- | :--- | :--- | | Total Revenue (Continuing Ops) | $45.5 million | +14% | | Commercial Cell & Gene Therapy Revenue | $8.7 million | +33% | | Life Sciences Services Revenue | - | +21% | | BioStorage/BioServices Revenue | - | +28% | - Launched a strategic partnership with DHL Group and completed the divestiture of the CRYOPDP business[6](index=6&type=chunk)[7](index=7&type=chunk) - The company reaffirmed its full-year 2025 revenue guidance of **$165 million to $172 million**[7](index=7&type=chunk)[27](index=27&type=chunk) [CEO's Remarks](index=1&type=section&id=CEO%27s%20Remarks) CEO highlighted 21% YoY growth in Life Sciences Services, 33% in cell and gene therapy, and the strategic DHL partnership - Life Sciences Services revenue grew **21% year-over-year**, accounting for **54% of total revenue** from continuing operations[3](index=3&type=chunk) - Revenue from commercial cell and gene therapies increased by **33% YoY to $8.7 million**, driven by increasing adoption[4](index=4&type=chunk) - The strategic partnership with DHL and the divestiture of CRYOPDP provided a strong infusion of capital and strengthened global biologistics capabilities, particularly in APAC and EMEA[6](index=6&type=chunk) - The company is reaffirming its full-year 2025 revenue guidance based on strong execution and a planned pathway to profitability[5](index=5&type=chunk) [Detailed Financial Results](index=2&type=section&id=Detailed%20Financial%20Results) Q2 2025 saw 14% revenue growth, improved gross margins, and a net income boost from the CRYOPDP divestiture [Revenue Analysis](index=2&type=section&id=Revenue%20Analysis) Q2 2025 total revenue from continuing operations increased 14% YoY to $45.5 million, driven by Life Sciences Services Revenue from Continuing Operations (in thousands) | Revenue (in thousands) | Q2 2025 | Q2 2024 | % Change | H1 2025 | H1 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** | **$45,454** | **$39,709** | **14%** | **$86,494** | **$77,000** | **12%** | [Profitability Analysis](index=5&type=section&id=Profitability%20Analysis) Gross margin improved to 47.0% in Q2 2025, with net income boosted by the CRYOPDP sale and narrowed Adjusted EBITDA loss Gross Margin | Gross Margin | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Gross Margin | 47.0% | 44.5% | | Life Sciences Services | 48.9% | 46.7% | | Life Sciences Products | 44.9% | 42.2% | - Operating costs from continuing operations decreased to **$31.2 million** in Q2 2025 from $95.7 million in Q2 2024, mainly due to the prior year including a **$63.8 million impairment charge** for MVE Biological Solutions[21](index=21&type=chunk) - Q2 2025 net income was **$105.2 million**, or **$2.05 per share**, primarily due to a **$117.4 million gain** from the sale of the CRYOPDP business, compared to a net loss of $78.0 million in Q2 2024[22](index=22&type=chunk)[28](index=28&type=chunk) - Adjusted EBITDA loss narrowed to **$0.9 million** in Q2 2025 from a loss of $5.6 million in Q2 2024[24](index=24&type=chunk) [Balance Sheet and Capital Allocation](index=6&type=section&id=Balance%20Sheet%20and%20Capital%20Allocation) Cryoport held $426.0 million in cash and investments, boosted by the CRYOPDP divestiture, and continued share repurchases - The company held **$426.0 million** in cash, cash equivalents, and short-term investments as of June 30, 2025[25](index=25&type=chunk) - In Q2 2025, the company repurchased **628,217 shares** of common stock for **$4.2 million**, with approximately **$66.9 million** remaining available under the total repurchase authorization[26](index=26&type=chunk) [Business & Operational Update](index=3&type=section&id=Business%20%26%20Operational%20Update) Cryoport expanded commercial therapy support, advanced clinical trials, achieved key operational milestones, and completed the CRYOPDP divestiture [Commercial & Clinical Trial Progress](index=3&type=section&id=Commercial%20%26%20Clinical%20Trial%20Progress) Commercial therapy support grew to 18, clinical trials increased to 728, with positive regulatory momentum and FDA REMS removal - As of June 30, 2025, Cryoport supported **18 commercial therapies**[9](index=9&type=chunk) Clinical Trials by Phase | Clinical Trials by Phase | June 30, 2024 | June 30, 2025 | | :--- | :--- | :--- | | Phase 1 | 286 | 304 | | Phase 2 | 322 | 342 | | Phase 3 | 76 | 82 | | **Total** | **684** | **728** | - For the remainder of 2025, the company anticipates up to **20 additional application filings**, one new therapy approval, and three approvals for label/geographic expansions[11](index=11&type=chunk) - The FDA removed REMS requirements for certain approved CAR-T cell immunotherapies, including Cryoport-supported therapies like Carvykti and Yescarta, which is expected to increase patient access[12](index=12&type=chunk) [Key Operational Milestones](index=4&type=section&id=Key%20Operational%20Milestones) Cryoport advanced Global Supply Chain Centers, opened a new storage center, launched Cryoshuttle, and introduced new MVE Biological Solutions products - **Life Sciences Services:** - Continued development of Global Supply Chain Centers in Paris (launching late 2025) and Santa Ana (H2 2026)[14](index=14&type=chunk)[18](index=18&type=chunk) - Opened the first southeast regional automated sample storage center with Texas Children's Hospital[14](index=14&type=chunk) - Launched Cryoshuttle service in Tokyo, Japan[14](index=14&type=chunk) - **Life Sciences Products:** - MVE Biological Solutions launched next-generation SC 4/2V and SC 4/3V vapor shippers[15](index=15&type=chunk) - Recorded multiple sales of the new MVE High-Efficiency 800C cryogenic storage system[15](index=15&type=chunk) - Deployed the highest number of MVE cryogenic dewars to the animal health industry since 2013[18](index=18&type=chunk) [Strategic Developments](index=4&type=section&id=Strategic%20Developments) Completed CRYOPDP divestiture to DHL, forming a strategic partnership to enhance global business development and long-term growth - On June 11, 2025, the company completed the divestiture of its CRYOPDP business to DHL and entered into a strategic partnership[16](index=16&type=chunk) - The partnership is expected to enhance business development in EMEA and APAC and support the company's long-term growth strategy[16](index=16&type=chunk) - The results of CRYOPDP are now presented as discontinued operations in the financial statements[16](index=16&type=chunk) [Outlook](index=6&type=section&id=Outlook) Cryoport reaffirms full-year 2025 revenue guidance of $165.0 million to $172.0 million, projecting 5% to 10% growth [Full Year 2025 Guidance](index=6&type=section&id=Full%20Year%202025%20Guidance) Cryoport reaffirmed full-year 2025 revenue guidance of $165.0 million to $172.0 million for continuing operations Full Year 2025 Revenue Guidance | Guidance for Full Year 2025 | Range | YoY Growth | | :--- | :--- | :--- | | Total Revenue (Continuing Ops) | $165.0M - $172.0M | 5% - 10% | - The guidance is dependent on current business expectations and may be impacted by factors outside the company's control, such as macroeconomic conditions and supply chain constraints[27](index=27&type=chunk) [Financial Statements](index=9&type=section&id=Financial%20Statements) Q2 2025 statements reflect $105.2 million net income, boosted by the CRYOPDP sale, and a strengthened balance sheet [Condensed Consolidated Statements of Operations](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 income statement shows $45.5 million revenue, $21.4 million gross margin, and $105.2 million net income from CRYOPDP sale Condensed Consolidated Statements of Operations (in thousands) | (in thousands) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total Revenue | $45,454 | $39,709 | | Gross Margin | $21,377 | $17,662 | | Loss from Continuing Operations | $(12,198) | $(76,909) | | Income (loss) from Discontinued Ops | $117,378 | $(1,081) | | **Net Income (Loss)** | **$105,180** | **$(77,990)** | | **Net Income (Loss) per Share (Basic)** | **$2.05** | **$(1.62)** | [Condensed Consolidated Balance Sheets](index=10&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets were $773.9 million, with cash and investments at $426.0 million, boosting equity Condensed Consolidated Balance Sheets (in thousands) | (in thousands) | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash and short-term investments | $425,975 | $250,597 | | Total Assets | $773,927 | $703,493 | | Total Liabilities | $258,536 | $301,595 | | Total Stockholders' Equity | $515,391 | $401,898 | [Non-GAAP Financial Measures & Reconciliations](index=11&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) The company provides reconciliations showing improved Adjusted EBITDA from continuing operations in Q2 2025 [Reconciliation of GAAP to Non-GAAP Measures](index=12&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Measures) Q2 2025 GAAP loss of $12.2 million adjusted to an Adjusted EBITDA loss of $0.9 million, showing operational improvement Reconciliation of GAAP to Non-GAAP Measures (in thousands) | Reconciliation (in thousands) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **GAAP loss from continuing operations** | **$(12,198)** | **$(76,909)** | | Depreciation and amortization | $6,249 | $5,785 | | Stock-based compensation | $2,045 | $4,201 | | Impairment loss | $0 | $63,809 | | Other adjustments | $2,990 | $(1,539) | | **Adjusted EBITDA from continuing ops** | **$(914)** | **$(5,561)** |

Core Insights - Cryoport, Inc. reported strong financial results for Q2 and H1 2025, with total revenue from continuing operations increasing by 14% year-over-year to $45.5 million in Q2 and 12% to $86.5 million in H1 [10][19][20] - The company achieved double-digit growth across all revenue streams within Life Sciences Services, with a notable 21% increase year-over-year [2][4] - A strategic partnership with DHL Group was launched, enhancing Cryoport's global biologistics capabilities and providing a strong capital infusion [5][10] Financial Performance - Life Sciences Services revenue for Q2 2025 was $24.4 million, up 21% from $20.2 million in Q2 2024, and accounted for 54% of total revenue [19][10] - BioLogistics Solutions revenue increased by 20% year-over-year to $19.9 million, while BioStorage/BioServices revenue rose 28% to $4.5 million [19][10] - Life Sciences Products revenue grew 8% year-over-year to $21.1 million [19][10] Profitability Metrics - Gross margin from continuing operations improved to 47.0% in Q2 2025, compared to 44.5% in Q2 2024 [19][10] - Adjusted EBITDA was a negative $0.9 million for Q2 2025, an improvement from negative $5.6 million in Q2 2024 [21][10] Strategic Developments - The company supported 728 global clinical trials as of June 30, 2025, a net increase of 44 trials from the previous year [7][9] - Cryoport's customer, Abeona Therapeutics, received FDA approval for their cell therapy ZEVASKYNTM during the quarter [9][10] Guidance and Future Outlook - Cryoport reaffirmed its full-year 2025 revenue guidance, expecting total revenue from continuing operations to be in the range of $165 million to $172 million, representing 5% to 10% growth year-over-year [24][10] - The company anticipates additional application filings and therapy approvals in the remainder of 2025 [11][10]

Core Viewpoint - CryoPort, Inc. (CYRX) is anticipated to report a year-over-year increase in earnings despite lower revenues, with the upcoming earnings report expected to significantly influence its stock price [1][2]. Earnings Expectations - The consensus estimate indicates a quarterly loss of $0.20 per share, reflecting a year-over-year change of +39.4% [3]. - Revenues are projected to be $41.63 million, which is a decrease of 27.7% compared to the same quarter last year [3]. Estimate Revisions - Over the last 30 days, the consensus EPS estimate has been revised 1.72% higher, indicating a positive reassessment by analysts [4]. - The Most Accurate Estimate for CryoPort is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +3.39% [12]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that a positive Earnings ESP reading is a strong predictor of an earnings beat, especially when combined with a favorable Zacks Rank [10]. - CryoPort currently holds a Zacks Rank of 3, indicating a likelihood of beating the consensus EPS estimate [12]. Historical Performance - In the last reported quarter, CryoPort was expected to post a loss of $0.23 per share but actually reported a loss of -$0.22, resulting in a surprise of +4.35% [13]. - Over the past four quarters, CryoPort has exceeded consensus EPS estimates three times [14]. Industry Context - Schneider National (SNDR), a peer in the Zacks Transportation - Services industry, is expected to report earnings per share of $0.21, unchanged from the previous year, with revenues projected at $1.42 billion, up 8.1% [18]. - Schneider National has an Earnings ESP of +3.08% but holds a Zacks Rank of 4 (Sell), complicating predictions for an earnings beat [19].