Press Release: Cryoport Reports Second Quarter 2026 Financial Results

Dow Jones
Aug 07
   -- Second quarter revenue grew 8% year-over-year to $49.0 million 
 
   -- Life Sciences Services revenue increased 15% year-over-year 
 
   -- BioStorage/BioServices revenue grew 25% year-over-year 
 
   -- Supporting 779 global clinical trials and 22 commercially approved cell 
      and gene therapies (CGT) as of June 30, 2026 

NASHVILLE, Tenn., Aug. 6, 2026 /PRNewswire/ -- Cryoport, Inc. $(CYRX)$ ("Cryoport" or the "Company"), a leading global provider of integrated temperature-controlled supply chain solutions for the life sciences, today announced financial results for its second quarter (Q2) and first half (H1) of 2026.

Jerrell Shelton, CEO of Cryoport, commented, "Our revenue momentum over the past several periods continued into the second quarter, with total revenue reaching $49.0 million. Life Sciences Services revenue grew 15% year-over-year, led by 25% growth in BioStorage/BioServices revenue. Our Life Sciences Products business also generated solid results during the quarter, driven by continued demand for MVE Biological Solutions' industry-leading cryogenic systems and the successful introduction of new and innovative products.

"Total revenue from the support of commercial CGT grew 9% year-over-year to $9.4 million. The Life Science Services portion of our revenue from supporting commercial CGT grew 26% year-over-year as the number of patients treated in the community setting and on an outpatient basis continued to ramp. Total revenue for the quarter from supporting CGT clinical trials increased 12% year-over-year to $13.4 million as our customers' clinical pipelines advanced and further matured. We supported a record 779 clinical trials globally as of June 30, 2026, reflecting the strength of our industry-leading position as the CGT market continues to advance.

"Our second quarter results also reflect meaningful progress on our "pathway to profitability." Achieving positive adjusted EBITDA in the second quarter represents an important milestone in our ongoing pathway to sustainable profitability and demonstrates the value of our strategic investments and operational initiatives we have executed over the past several years. We are pleased with this accomplishment as we continue to optimize our global operations, leverage our expanding infrastructure, and benefit from the operating leverage that we anticipate will take effect as we increasingly scale and put our investments to work.

"Overall, we delivered a strong second quarter, generating growth across key revenue streams, improving profitability, and achieving an important milestone with positive adjusted EBITDA for the quarter. With our accomplishments to date, we believe that we are well positioned to further expand margins, enhance operating efficiency, and deliver sustainable, profitable long-term growth for our shareholders. We remain focused on executing our strategy, driving financial performance, and capitalizing on the significant opportunities before us. We expect upcoming growth catalysts in our business segments, represented by the expansion of our Global Supply Chain Center Network and recent launches of new products and services, will drive us to new heights in market position, growth, and productivity," concluded Mr. Shelton.

The following table presents Q2 2026 revenue compared with Q2 2025:

 
Cryoport, Inc. and 
Subsidiaries 
Revenue 
-----------------------  -------------  -----------  --------  -----------  -----------  -------- 
                                  Three Months Ended                    Six Months Ended 
                                       June 30,                             June 30, 
                                      (unaudited)                          (unaudited) 
(in thousands)               2026          2025      % Change     2026         2025      % Change 
-----------------------  -------------  -----------  --------  -----------  -----------  -------- 
Life Sciences Services   $      27,969  $    24,369    15 %    $    54,867  $    47,234    16 % 
BioLogistics Solutions          22,359       19,874    13 %         44,027       38,404    15 % 
-----------------------  -------------  -----------  --------  -----------  -----------  -------- 
BioStorage/BioServices           5,610        4,495    25 %         10,840        8,830    23 % 
Life Sciences Products   $      21,002  $    21,085    0 %     $    41,902  $    39,260    7 % 
-----------------------  -------------  -----------  --------  -----------  -----------  -------- 
Total Revenue            $      48,971  $    45,454    8 %     $    96,769  $    86,494    12 % 
-----------------------  -------------  -----------  --------  -----------  -----------  -------- 
 

BioLogistics Solutions revenue increased 13% year-over-year in Q2 2026, driven by increasing customer activity, continued commercial product development, and clinical advancement within the CGT market. BioStorage/BioServices revenue grew 25% year-over-year, reflecting strong demand for our expanded, integrated services offering, which provides seamless, secure handling of temperature-sensitive materials across our global network.

As of June 30, 2026, the number of commercial cell and gene therapies we support increased to 22 and our total clinical trial count that we support rose to 779 clinical trials worldwide, a net increase of 51 clinical trials over June 30, 2025, with 94 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, 
                            ----------------------- 
                             2024     2025    2026 
Phase 1                       286     304     316 
--------------------------  -------  ------  ------ 
Phase 2                       322     342     369 
Phase 3                       76       82      94 
Total                         684     728     779 
--------------------------  -------  ------  ------ 
 
Cryoport Supported Clinical Trials by Region 
Clinical Trials                    June 30, 
                            ----------------------- 
                             2024     2025    2026 
Americas                      525     556     579 
--------------------------  -------  ------  ------ 
EMEA                          114     124     145 
APAC                          45       48      55 
Total                         684     728     779 
--------------------------  -------  ------  ------ 
 

In Q2 2026, four of our customers filed Biologics License Applications (BLA) / Marketing Authorization Applications $(MAA)$. During the Q2 2026, Cryoport's customer, Orca Bio, received U.S. Food and Drug Administration (FDA) approval for TREGZI$(TM)$ as the first and only precision-engineered cell therapy for allogeneic stem cell transplant in the treatment of adults with hematological malignancies. Additionally, during Q2 2026, Vertex Pharmaceuticals received supplemental approval from the FDA to expand the label of CASGEVY$(R)$ for the treatment of patients aged two years and older with either sickle cell disease $(SCD)$ with recurrent vaso-occlusive crises (VOCs) or transfusion-dependent beta thalassemia (TDT). CASGEVY is the first approved gene therapy indicated for children as young as two years for both SCD and TDT. For the balance of 2026, we anticipate another 11 possible BLA/MAA applications, five possible additional new therapy approvals, and one possible additional approval for label/geographic expansion from our customer base.

Operational milestones

   -- Cryoport Systems' IntegriCell(R) cryopreservation services were selected 
      by Verismo Therapeutics, a clinical-stage CAR T-cell therapy company 
      pioneering a novel multi-chain KIR-CAR platform technology for the 
      treatment of solid tumors (SynKIR(TM)-110) and B cell associated 
      disorders and malignancies (SynKIR(TM)-310). 
 
   -- Advanced toward the planned launch of BioServices operations at our 
      Global Supply Chain Center in Paris, France, expected in Q4 2026. 
 
   -- Continued progress toward the launch of our state-of-the-art Global 
      Supply Chain Center in Santa Ana, California, expected in Q4 2026. 
 
   -- Shipped first HE freezers "made in China for China" from our Chengdu, 
      China manufacturing facility. 

Financial Highlights

On June 11, 2025, the Company completed the divestiture of its CRYOPDP specialty courier business to DHL Group. The results of CRYOPDP, a former business within Cryoport's Life Sciences Services segment, are presented as discontinued operations for all periods and are excluded from the non-GAAP financial measures in this release.

Revenue

   -- Total revenue for Q2 2026 was $49.0 million, compared to $45.5 million 
      for Q2 2025, a year-over-year increase of 8%, or $3.5 million. 
 
          -- Life Sciences Services revenue for Q2 2026 (representing 57% of 
             our total revenue) was $28.0 million, compared to $24.4 million 
             for Q2 2025, up 15% year-over-year, including 
             BioStorage/BioServices revenue of $5.6 million, up 25% 
             year-over-year. 
 
          -- Life Sciences Products revenue for Q2 2026 (representing 43% of 
             our total revenue) was $21.0 million, compared to $21.1 million 
             for Q2 2025. 
 
   -- Total revenue for H1 2026 was $96.8 million, compared to $86.5 million 
      for H1 2025. 
 
          -- Life Sciences Services revenue for H1 2026 was $54.9 million, 
             compared to $47.2 million for H1 2025, including 
             BioStorage/BioServices revenue of $10.8 million, compared to $8.8 
             million for H1 2025. 
 
          -- Life Sciences Products revenue for H1 2026 was $41.9 million, 
             compared to $39.3 million for H1 2025. 

Gross Margin

   -- Total gross margin was 46.6% for Q2 2026, compared to 47.0% for Q2 2025. 
 
          -- Gross margin for Life Sciences Services was 49.9% for Q2 2026, 
             compared to 48.9% for Q2 2025. 
 
          -- Gross margin for Life Sciences Products was 42.2% for Q2 2026, 
             compared to 44.9% for Q2 2025. 
 
   -- Total gross margin was 46.2% for H1 2026, compared to 46.3% for H1 2025. 
 
          -- Gross margin for Life Sciences Services was 49.4% for H1 2026, 
             compared to 48.4% for H1 2025. 
 
          -- Gross margin for Life Sciences Products was 42.1% for H1 2026, 
             compared to 43.7% for H1 2025. 

Operating Costs and Expenses

   -- Operating costs and expenses were $32.9 million for Q2 2026, compared to 
      $31.0 million for Q2 2025. Operating costs and expenses were $64.4 
      million for H1 2026, compared to $56.9 million for H1 2025. 

Loss from Continuing Operations

   -- Loss from continuing operations was $8.3 million for Q2 2026, compared to 
      a loss of $12.0 million for Q2 2025. Loss from continuing operations was 
      $17.7 million for H1 2026, compared to a loss of $18.8 million for H1 
      2025. 

Net Income (Loss) -- including Discontinued Operations

   -- Net loss was $8.3 million for Q2 2026, compared to net income of $108.9 
      million for Q2 2025. Net loss for H1 2026 was $18.8 million, compared to 
      net income of $96.9 million for H1 2025. 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 $120.9 million and $115.6 
      million, net of taxes, respectively, to income from discontinued 
      operations. 
 
   -- Net loss attributable to common stockholders for Q2 2026 was $10.3 
      million, or $0.20 per share. Net loss attributable to common stockholders 
      for H1 2026 was $22.8 million, or $0.45 per share. This compares to net 
      income attributable to common stockholders of $106.9 million, or $2.13 
      per share, and $92.9 million, or $1.85 per share, for Q2 2025 and H1 
      2025, respectively. 

Adjusted EBITDA from Continuing Operations

   -- Adjusted EBITDA from continuing operations was $0.4 million for Q2 2026, 
      compared to a negative $0.9 million for Q2 2025. Adjusted EBITDA from 
      continuing operations for H1 2026 was a negative $0.2 million, compared 
      to a negative $3.7 million for H1 2025. 

Cash, Cash equivalents, and Short-Term Investments

   -- Cryoport held $396.7 million in cash, cash equivalents, and short-term 
      investments as of June 30, 2026. 

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 quarter ended June 30, 2026, which is expected to be filed with the Securities and Exchange Commission ("SEC") on August 6, 2026. Additionally, the full report will be available in the SEC Filings section of the Investor Relations section of Cryoport's website at www.cryoportinc.com.

Earnings Conference Call Information

IMPORTANT INFORMATION: In addition to the earnings release, a document titled "Cryoport Second Quarter 2026 in Review," providing a review of Cryoport's business update, will be issued at 4:05 p.m. ET on Thursday, August 6, 2026. The document is designed to be read in advance of the questions and answers conference call and will be accessible at https://ir.cryoportinc.com/news-events/ir-calendar.

Cryoport management will host a conference call at 5:00 p.m. ET on August 6, 2026. The conference call will be in the format of a questions and answers session and will address any queries investors have regarding the Company's reported results. A slide deck will accompany the call.

Conference Call Information

 
 Date:                Thursday, August 6, 2026 
 Time:                5:00 p.m. ET 
 Dial-in numbers:     1-800-717-1738 (U.S.), 1-646-307-1865 (International) 
 Confirmation code:   Request the "Cryoport Call" or Conference ID: 1142151 
 Live webcast:        'Investor Relations' section at www.cryoportinc.com or 
                      click here. Please allow 10 minutes prior to the call to 
                      visit this site to download and install any necessary 
                      audio software. 
 

The questions and answers call will be recorded and available approximately three hours after completion of the live event in the Investor Relations section of the Company's website at www.cryoportinc.com for a limited time. To access the replay of the questions and answers click here. A dial-in replay of the call will also be available to those interested, until August 13, 2026. To access the replay, dial 1-844-512-2921 (United States) or 1-412-317-6671 (International) and enter replay entry code: 1142151#.

About Cryoport, Inc.

Cryoport, Inc. (Nasdaq: CYRX) is a leading global provider of integrated temperature-controlled supply chain solutions for the life sciences, with an emphasis on regenerative medicine. We support biopharmaceutical companies, contract manufacturers (CDMOs), contract research organizations (CROs), developers, and researchers with a comprehensive suite of services and products designed to minimize risk and maximize reliability across the temperature-controlled supply chain for the life sciences. Our integrated supply chain platform includes the Cryoportal(R) Logistics Management Platform, advanced temperature-controlled packaging, informatics, specialized BioLogistics, BioStorage, BioServices, cryopreservation services, and cryogenic systems, which in varying combinations deliver end-to-end solutions that meet the rigorous demands of the life sciences. With innovation, regulatory compliance, and agility at our core, we are "Enabling the Future of Medicine(TM)."

Headquartered in Nashville, Tennessee, our company maintains a strong global presence with operations across the Americas, EMEA, and APAC.

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 https://x.com/cryoport for live updates.

Forward-Looking Statements

Statements in this press release which are not purely historical, including statements regarding the Company's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, those related to the Company's industry, business, long-term growth prospects, plans, strategies, acquisitions, future financial results and financial condition, such as the Company's outlook and guidance for full-year 2026 revenue and the related assumptions and factors expected to drive revenue, projected growth trends in the markets in which the Company operates, the Company's plans and expectations regarding the launch of new products and services, such as the expected timing and benefits of such products and services launches, the Company's expectations about future benefits of its acquisitions, and anticipated regulatory filings, approvals, label/geographic expansions or moves to earlier lines of treatment approved with respect to the products of the Company's clients. Forward-looking statements also include those related to the Company's plans regarding its Global Supply Chain Centers, including expected timing of future openings, the Company's anticipation that it will benefit from its operating leverage, the Company's belief that it is well positioned to further expand margins, enhance operating efficiency and deliver sustainable, profitable long-term growth for its shareholders, and the Company's expectation that upcoming growth catalysts in its business segments will drive the Company to new heights in market position, growth, and productivity. It is important to note that the Company's actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, risks and uncertainties associated with the effects of changing economic and geopolitical conditions, such as those resulting from the war with Iran, supply chain constraints, inflationary pressures, the effects of foreign currency fluctuations, trends in the products markets, variations in the Company's cash flow, market acceptance risks, the effects of tariffs and other trade restrictions, and technical development risks. The Company's business could be affected by other factors discussed in the Company's SEC reports, 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. The forward-looking statements contained in this press release speak only as of the date hereof and the Company cautions investors not to place undue reliance on these forward-looking statements. Except as required by law, the Company disclaims any obligation and does not undertake to update or revise any forward-looking statements in this press release.

 
Cryoport, Inc. 
and 
Subsidiaries 
Condensed 
Consolidated 
Statements of 
Operations 
---------------  -------------------------  ------------------------  ------------------------  ------------------------ 
                                 Three Months Ended                                    Six Months Ended 
                                       June 30,                                            June 30, 
                                     (unaudited)                                          (unaudited) 
(in thousands, 
except share 
and per share 
data)                      2026                       2025                      2026                      2025 
---------------  -------------------------  ------------------------  ------------------------  ------------------------ 
Revenue 
Life Sciences 
 Services 
 revenue          $                 27,969          $         24,369  $                 54,867          $         47,234 
---------------  -------------------------  ------------------------  ------------------------  ------------------------ 
Life Sciences 
 Products 
 revenue                            21,002                    21,085                    41,902                    39,260 
---------------  -------------------------  ------------------------  ------------------------  ------------------------ 
Total revenue                       48,971                    45,454                    96,769                    86,494 
---------------  -------------------------  ------------------------  ------------------------  ------------------------ 
Cost of 
revenue: 
Cost of 
 services 
 revenue                            14,008                    12,449                    27,755                    24,369 
---------------  -------------------------  ------------------------  ------------------------  ------------------------ 
Cost of 
 products 
 revenue                            12,139                    11,628                    24,277                    22,107 
---------------  -------------------------  ------------------------  ------------------------  ------------------------ 
Total cost of 
 revenue                            26,147                    24,077                    52,032                    46,476 
---------------  -------------------------  ------------------------  ------------------------  ------------------------ 
Gross margin                        22,824                    21,377                    44,737                    40,018 
---------------  -------------------------  ------------------------  ------------------------  ------------------------ 
Operating costs 
and expenses: 
Selling, 
 general and 
 administrative                     28,011                    26,908                    55,631                    48,809 
---------------  -------------------------  ------------------------  ------------------------  ------------------------ 
Engineering and 
 development                         4,852                     4,118                     8,759                     8,052 
Total operating 
 costs and 
 expenses:                          32,863                    31,026                    64,390                    56,861 
---------------  -------------------------  ------------------------  ------------------------  ------------------------ 
Loss from 
 operations                       (10,039)                   (9,649)                  (19,653)                  (16,843) 
Other income 
(expense): 
---------------  -------------------------  ------------------------  ------------------------  ------------------------ 
Investment 
 income                              3,132                     1,466                     6,222                     3,039 
Interest 
 expense                             (518)                     (618)                     (950)                   (1,201) 
---------------  -------------------------  ------------------------  ------------------------  ------------------------ 
Other expense, 
 net                                 (325)                   (2,939)                   (2,693)                   (3,239) 
Loss before 
 provision for 
 income taxes                      (7,750)                  (11,740)                  (17,074)                  (18,244) 
---------------  -------------------------  ------------------------  ------------------------  ------------------------ 
Provision for 
 income taxes                        (505)                     (274)                     (613)                     (508) 
Loss from 
 continuing 
 operations      $                 (8,255)  $               (12,014)  $               (17,687)  $               (18,752) 
---------------  -------------------------  ------------------------  ------------------------  ------------------------ 
Income (loss) 
 from 
 discontinued 
 operations, 
 net                                     -                   120,883                   (1,112)                   115,640 
Net income 
 (loss)          $                 (8,255)          $        108,869  $               (18,799)          $         96,888 
---------------  -------------------------  ------------------------  ------------------------  ------------------------ 
Paid-in-kind 
 dividend on 
 Series C 
 convertible 
 preferred 
 stock                             (2,000)                   (2,000)                   (4,000)                   (4,000) 
---------------  -------------------------  ------------------------  ------------------------  ------------------------ 
Net income 
 (loss) 
 attributable 
 to common 
 stockholders     $               (10,255)          $        106,869  $               (22,799)          $         92,888 
---------------  -------------------------  ------------------------  ------------------------  ------------------------ 
Net income 
 (loss) per 
 share 
 attributable 
 to common 
 stockholders - 
 basic and 
 diluted                 $          (0.20)          $           2.13         $          (0.45)          $           1.85 
Weighted 
 average common 
 shares issued 
 and 
 outstanding - 
 basic and 
 diluted                        50,442,796                50,257,112                50,173,730                50,102,918 
---------------  -------------------------  ------------------------  ------------------------  ------------------------ 
 
 
Gross margin - 
 Total [%]                          46.6 %                    47.0 %                    46.2 %                    46.3 % 
Gross margin - 
 Services [%]                       49.9 %                    48.9 %                    49.4 %                    48.4 % 
Gross margin - 
 Products [%]                       42.2 %                    44.9 %                    42.1 %                    43.7 % 
 
 
Cryoport, Inc. and 
Subsidiaries 
Condensed 
Consolidated 
Balance Sheets 
------------------  ----------------------------  ---------------------------- 
                              June 30,                    December 31, 
                    ----------------------------  ---------------------------- 
                                2026                          2025 
(in thousands)              (unaudited) 
------------------  ----------------------------  ---------------------------- 
Current assets 
Cash and cash 
 equivalents         $                   269,267   $                   250,494 
------------------  ----------------------------  ---------------------------- 
Short-term 
 investments                             127,426                       160,714 
Accounts 
 receivable, net                          36,454                        33,359 
------------------  ----------------------------  ---------------------------- 
Inventories                               21,506                        23,188 
Prepaid expenses 
 and other current 
 assets                                    5,550                         8,419 
------------------  ----------------------------  ---------------------------- 
 Total current 
  assets                                 460,203                       476,174 
Property and 
 equipment, net                           94,516                        85,448 
------------------  ----------------------------  ---------------------------- 
Operating lease 
 right-of-use 
 assets                                   40,323                        39,720 
Intangible assets, 
 net                                     135,992                       138,082 
------------------  ----------------------------  ---------------------------- 
Goodwill                                  22,068                        22,400 
Deposits                                   2,038                         2,092 
------------------  ----------------------------  ---------------------------- 
Deferred tax 
 assets                                    1,064                         1,073 
 Total assets        $                   756,204   $                   764,989 
------------------  ----------------------------  ---------------------------- 
 
Current 
liabilities 
------------------  ----------------------------  ---------------------------- 
Accounts payable 
 and other accrued 
 expenses           $                     16,247  $                     15,283 
Accrued 
 compensation and 
 related expenses                         12,186                        12,980 
------------------  ----------------------------  ---------------------------- 
Deferred revenue                           1,720                           943 
Current portion of 
 operating lease 
 liabilities                               3,937                         4,133 
------------------  ----------------------------  ---------------------------- 
Current portion of 
 finance lease 
 liabilities                                 448                           422 
Current portion of 
 convertible 
 senior notes, 
 net                                     185,687                       185,094 
------------------  ----------------------------  ---------------------------- 
Current portion of 
 notes payable                               159                           163 
Current portion of 
 contingent 
 consideration                               652                             - 
------------------  ----------------------------  ---------------------------- 
 Total current 
  liabilities                            221,036                       219,018 
Notes payable, net                           985                         1,087 
------------------  ----------------------------  ---------------------------- 
Operating lease 
 liabilities, net                         40,076                        39,078 
Finance lease 
 liabilities, net                            726                           741 
------------------  ----------------------------  ---------------------------- 
Deferred tax 
 liabilities                               1,850                         1,354 
Other long-term 
 liabilities                                 832                           444 
------------------  ----------------------------  ---------------------------- 
Contingent 
 consideration                                 -                           629 
Total liabilities                        265,505                       262,351 
------------------  ----------------------------  ---------------------------- 
Total 
 stockholders' 
 equity                                  490,699                       502,638 
Total liabilities 
 and stockholders' 
 equity              $                   756,204   $                   764,989 
------------------  ----------------------------  ---------------------------- 
 

Note Regarding Use of Non-GAAP Financial Measures

To supplement our financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measure of financial performance as defined in Regulation G of the Securities Exchange Act of 1934 is included in this release: adjusted EBITDA from continuing operations. Non-GAAP financial measures are not calculated in accordance with GAAP, are not based on any comprehensive set of accounting rules or principles and may be different from non-GAAP financial measures presented by other companies. Non-GAAP financial measures, including adjusted EBITDA from continuing operations, should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.

Adjusted EBITDA from continuing operations is defined as loss from continuing operations adjusted for net interest expense, income taxes, depreciation and amortization expense, stock-based compensation expense, acquisition and integration costs, cost reduction initiatives, investment income, unrealized (gain)/loss on investments, foreign currency loss, changes in fair value of contingent consideration and charges or gains resulting from non-recurring events, as applicable.

Management believes that adjusted EBITDA from continuing operations provides a useful measure of Cryoport's operating results, a meaningful comparison with historical results and with the results of other companies, and insight into Cryoport's ongoing operating performance. Further, management and the Company's board of directors utilize adjusted EBITDA from continuing operations to gain a better understanding of Cryoport's comparative operating performance from period to period and as a basis for planning and forecasting future periods. Adjusted EBITDA from continuing operations is also a significant performance measure used by Cryoport in connection with its incentive compensation programs. Management believes adjusted EBITDA from continuing operations, when read in conjunction with Cryoport's GAAP financials, is useful to investors because it provides a basis for meaningful period-to-period comparisons of Cryoport's ongoing operating results, including results of operations, against investor and analyst financial models, helps identify trends in Cryoport's underlying business and in performing related trend analyses, and it provides a better understanding of how management plans and measures Cryoport's underlying business.

 
Cryoport, Inc. 
and 
Subsidiaries 
Reconciliation of GAAP loss from continuing operations to 
adjusted EBITDA 
(unaudited) 
---------------  ------------------  --------------------  --------------------  ------------------ 
                            Three Months Ended                         Six Months Ended 
                                 June 30,                                  June 30, 
                 ----------------------------------------  ---------------------------------------- 
                        2026                 2025                  2026                 2025 
(in thousands) 
---------------  ------------------  --------------------  --------------------  ------------------ 
GAAP loss from 
 continuing 
 operations       $         (8,255)    $         (12,014)     $        (17,687)   $        (18,752) 
Non-GAAP 
adjustments to 
loss: 
---------------  ------------------  --------------------  --------------------  ------------------ 
Depreciation 
 and 
 amortization 
 expense                      6,589                 6,249                12,991              12,383 
Acquisition and 
 integration 
 costs                           --                    30                    --                  31 
---------------  ------------------  --------------------  --------------------  ------------------ 
Cost reduction 
 initiatives                    140                   266                   140                 482 
Investment 
 income                     (3,132)               (1,466)               (6,222)             (3,039) 
---------------  ------------------  --------------------  --------------------  ------------------ 
Unrealized 
 (gain) loss on 
 investments                  (212)                 1,082                 1,893               1,275 
Foreign 
 currency loss                  651                 2,002                 1,105               2,247 
---------------  ------------------  --------------------  --------------------  ------------------ 
Interest 
 expense, net                   518                   618                   950               1,201 
Stock-based 
 compensation 
 expense                      2,402                 2,045                 4,797               5,109 
---------------  ------------------  --------------------  --------------------  ------------------ 
Change in fair 
 value of 
 contingent 
 consideration                   27                    --                    42             (5,178) 
Income taxes                    505                   274                   613                 508 
---------------  ------------------  --------------------  --------------------  ------------------ 
Other 
 adjustments                  1,142                    --                 1,142                  -- 
Adjusted EBITDA 
 from 
 continuing 
 operations      $              375  $              (914)  $              (236)  $          (3,733) 
---------------  ------------------  --------------------  --------------------  ------------------ 
 

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