Cryoport(US:CYRX)2025-11-06 19:33Revenue Growth - Total revenue for the three months ended September 30, 2025, increased by $5.9 million, or 15.4%, to $44.2 million compared to $38.3 million in the same period of 2024[129] - Life Sciences Services revenue rose by $3.3 million, or 15.9%, from $20.9 million to $24.3 million for the three months ended September 30, 2025[131] - Commercial Cell & Gene Therapy revenue included in BioLogistics Solutions revenue was $7.4 million for the three months ended September 30, 2025, representing a 21.7% year-over-year increase from $6.1 million[131] - Life Sciences Products revenue increased by $2.6 million, or 14.9%, from $17.4 million to $20.0 million for the three months ended September 30, 2025, compared to the same period in 2024[132] - Life Sciences Services revenue increased by $10.9 million, or 18.0%, from $60.6 million to $71.5 million for the nine months ended September 30, 2025, compared to the same period in 2024[147] - Total revenue increased by $15.4 million, or 13.4%, from $115.3 million to $130.7 million for the nine months ended September 30, 2025, compared to the same period in 2024[146] - Life Sciences Products revenue increased by $4.5 million, or 8.2%, from $54.7 million to $59.2 million for the nine months ended September 30, 2025, compared to the same period in 2024[149] Financial Performance - Gross margin for the three months ended September 30, 2025, was $21.3 million, a 22.3% increase from $17.4 million in the same period of 2024[129] - Gross margin for the three months ended September 30, 2025, was 48.2% of total revenue, up from 45.5% for the same period in 2024[133] - Gross margin for Life Sciences Products revenue was 46.4% for the three months ended September 30, 2025, compared to 42.1% for the same period in 2024[135] - Net loss attributable to common stockholders was $8.9 million for the three months ended September 30, 2025, compared to a loss of $1.2 million in the same period of 2024, representing a 648.4% increase in loss[129] - Loss from continuing operations improved by $62.1 million, or 70.9%, for the nine months ended September 30, 2025, compared to the same period in 2024[146] - Adjusted EBITDA from continuing operations was a loss of $4.4 million for the nine months ended September 30, 2025, compared to a loss of $14.9 million for the same period in 2024[169] Costs and Expenses - Total cost of revenue increased by $2.0 million, or 9.7%, from $20.9 million to $22.9 million for the three months ended September 30, 2025[129] - Engineering and development expenses increased by $0.4 million, or 8.8%, for the three months ended September 30, 2025, compared to the same period in 2024[137] - SG&A expenses decreased by $6.2 million, or 7.6%, as compared to the same period in 2024[154] - Investment income decreased by $2.0 million, or 23.9%, for the nine months ended September 30, 2025, compared to the same period in 2024[146] - Investment income decreased by $2.0 million for the nine months ended September 30, 2025, compared to the prior year[156] Strategic Developments - The divestiture of the CRYOPDP business to DHL for $133.0 million was completed on June 11, 2025, enhancing the company's growth strategy in the EMEA and APAC regions[127] - The company anticipates that inflationary pressures could affect future financial performance if cost increases cannot be offset by price increases and productivity gains[128] - The company expects to continue incurring operating losses in the near term while investing in new supply chain initiatives and geographic expansion[170] Cash and Investments - As of September 30, 2025, the company had cash and cash equivalents of $255.8 million and working capital of $454.1 million[170] - Net cash provided by investing activities was $250.3 million during the nine months ended September 30, 2025, primarily due to the sale of CRYOPDP[175] - Net cash used in financing activities totaled $18.9 million during the nine months ended September 30, 2025, due to repayments and stock repurchases[176] - The company repurchased 1,111,614 shares of common stock for an aggregate purchase price of $8.0 million during the nine months ended September 30, 2025[182] - The estimated fair value of the 2026 Senior Notes was $174.5 million as of September 30, 2025[185] Foreign Exchange and International Business - International business revenue accounted for 18% of consolidated revenue, increasing by $0.4 million compared to the same period last year due to foreign exchange fluctuations[186] - As of September 30, 2025, foreign-denominated cash and cash equivalents totaled $25.2 million, with potential declines of $1.3 million, $2.5 million, and $5.0 million under 5%, 10%, and 20% adverse foreign exchange changes, respectively[187] - Short-term intercompany loan balances are exposed to foreign exchange risk, with potential losses of $0.9 million, $1.8 million, and $3.6 million under 5%, 10%, and 20% adverse foreign exchange changes, respectively[188] Clinical Trials - The company supported 745 clinical trials globally as of September 30, 2025, with 83 in Phase 3, an increase of 54 trials from 691 at the same date in 2024[131] Impairment Loss - The company recorded an impairment loss of $63.8 million related to goodwill for the MVE Biological Solutions reporting unit as of June 30, 2024[156] Discontinued Operations - Revenue from discontinued operations decreased by $21.4 million, or 39.9%, from $53.5 million to $32.2 million for the nine months ended September 30, 2025[163]