Executive Summary

Cryoport delivered solid top-line growth: revenue from continuing operations rose to $45.5M, up 14% year over year and up 11% sequentially, with gross margin improving to 47.0% from 44.5% a year ago .
Results vs. S&P Global consensus: revenue beat ($45.5M vs $41.7M*) and EBITDA beat ($0.45M* vs -$0.61M*), while Primary EPS (continuing ops) was a modest miss (-$0.243* vs -$0.220*) for Q2 2025. Values retrieved from S&P Global.
Mix and execution were favorable: Life Sciences Services grew 21% y/y to $24.4M (54% of total) with BioStorage/BioServices up 28%, and Life Sciences Products grew 8% y/y to $21.1M .
Strategic update: DHL partnership closed alongside CRYOPDP divestiture (≈$200M proceeds) strengthening balance sheet ($426M cash & investments) and expanding reach in EMEA/APAC; management repurchased ~1.0M shares since Q2 start and reaffirmed FY25 revenue guidance of $165–$172M .
Near-term narrative catalysts: continued commercial cell & gene scaling (commercial support revenue +33% y/y to $8.7M), FDA’s REMS removal for CAR‑T expected to aid access/speed, and DHL partnership integration; management prudently held the FY guide citing macro/geo uncertainties and an isolated client headwind (~$2M H2 impact) .

What Went Well and What Went Wrong

What Went Well

Services-led growth and mix improvement: Life Sciences Services revenue +21% y/y to $24.4M (54% mix) with BioStorage/BioServices +28% and BioLogistics +20% .
Commercial CGT momentum: revenue from support of commercial therapies +33% y/y to $8.7M; supported 18 commercial therapies and 728 trials (82 in Phase 3) at quarter-end .
Strategic partnership and balance sheet strength: DHL partnership closed; cash, cash equivalents and short-term investments reached $426.0M, enabling buybacks and debt repayment .
- CEO: “a strong infusion of capital…strengthened our global biologistics capabilities and effectiveness” via DHL, positioning for EMEA/APAC expansion .

What Went Wrong

EPS (continuing ops) miss vs. Street despite revenue/EBITDA beats; Primary EPS (continuing) actual -$0.243* vs -$0.220* consensus for Q2 2025. Values retrieved from S&P Global.
Isolated commercial client headwind: a gene therapy client briefly paused distribution in July; management expects ~-$2M revenue impact in H2’25 but maintains guide .
China softness and macro caution: management does not expect China recovery in 2025 and kept guidance unchanged given macro/geo uncertainties despite a strong quarter .

Financial Results

Consolidated summary vs prior year/quarter and vs S&P Global consensus (Q2 2025)

Metric	Q2 2024	Q1 2025	Q2 2025	Q2 2025 S&P Cons.
Revenue ($M)	$39.709	$41.040	$45.454	$41.732*
Gross Margin (%)	44.5%	45.4%	47.0%	—
Adjusted EBITDA ($M)	$(5.561)	$(2.819)	$(0.914)	$(0.609)* (EBITDA)
Net Income (GAAP, $M)	$(77.990)	$(11.981)	$105.180	—
Basic EPS (GAAP)	$(1.62)	$(0.28)	$2.05	—

Q2 revenue beat: $45.454M vs $41.732M*; EBITDA beat: $0.45M* (S&P EBITDA definition) vs $(0.609)M*. Primary EPS (continuing) miss: -$0.243* vs -$0.220*. Values retrieved from S&P Global.

Segment revenue

Segment ($M)	Q2 2024	Q1 2025	Q2 2025
Life Sciences Services	$20.152	$22.865	$24.369
• BioLogistics Solutions	$16.628	$18.531	$19.874
• BioStorage/BioServices	$3.524	$4.334	$4.495
Life Sciences Products	$19.557	$18.175	$21.085
Total Revenue	$39.709	$41.040	$45.454

Margins (mix detail where disclosed)

Margin (%)	Q2 2024	Q1 2025	Q2 2025
Total Gross Margin	44.5%	45.4%	47.0%
Services Gross Margin	46.7%	47.9%	48.9%
Products Gross Margin	42.2%	42.3%	44.9%

KPIs and balance sheet

KPI	Q2 2024	Q1 2025	Q2 2025
Commercial CGT Revenue ($M)	—	$7.2	$8.7
Commercial Therapies Supported	—	19	18
Clinical Trials Supported (Total)	684	711	728
Phase 3 Trials	76	79	82
Cash, Cash Equivalents & ST Inv. ($M)	—	$244.0	$426.0
Shares Repurchased (period)	—	—	628,217 in Q2; +371,783 post‑Q2 (1.0M since Q2 start)

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue (Continuing Ops)	FY 2025	$165–$172M (5–10% y/y)	$165–$172M (5–10% y/y)	Maintained

No formal quantitative guidance provided for margins, OpEx, OI&E, or tax rate in Q2 materials; management reiterated long-term targets of >55% gross margin and ~30% adjusted EBITDA margin as goals (not near‑term guidance) .

Earnings Call Themes & Trends

Topic	Q4 2024 (Q-2)	Q1 2025 (Q-1)	Q2 2025 (Current)	Trend
DHL partnership / CRYOPDP	Previewed strategic collaboration and focus on margin expansion	Announced agreement; expected to close Q2/Q3; sharpen focus on Services	Closed; ~$200M proceeds; integration to enhance APAC/EMEA reach	Strengthening; early integration benefits expected
Services growth & CGT	Commercial growth +37% in Q4; strong pipeline	Services +17% y/y; CGT +33% y/y	Services +21% y/y; CGT +33% to $8.7M	Sustained momentum
Products (MVE) demand	Stabilization signs	Demand stabilizing; +2% y/y; HE 800C launched	+8% y/y; strong animal health; margin +2.6 pts y/y	Improving
Tariffs / Macro	Pass‑through surcharges to protect margins	Minimal impact; pass‑through; mitigations in place	“No real impact” to date; pass‑through if needed	De‑risked
Regulatory (REMS)	—	General support for CGT path	FDA REMS removal positive for CAR‑T scaling; updates expected in H2	Positive regulatory tailwind
IntegriCell™	Launched Houston & Liège facilities	Onboarding; modest 2025, more in 2026	Tech transfer ongoing; revenue later 2025/2026; LT ~60% GM	Building
China	—	China not in guidance; muted outlook	No 2025 recovery expected	Cautious
Capital allocation	Margin focus; EBITDA path in 2025	Prudent; considering buybacks post‑DHL	Repurchased ~1.0M shares; strong cash; paid converts	Shareholder-friendly discipline

Management Commentary

CEO on strategy and quarter: “the second quarter was marked by strong revenue growth, improved profitability, and the execution of a transformative partnership strategy…leveraging DHL’s competencies, scale, and reach in APAC and EMEA” .
CFO on profitability cadence: “significant improvements in gross margins… adjusted EBITDA from continuing operations…Q2 at a negative $0.9M from a negative $5.6M [prior year]… everything is moving in the right direction” .
CSO on competitive landscape: larger players “want to work with us, not against us… the DHL deal… is an example… more of those… as other larger players… work with us collaboratively” .
CEO on guidance prudence: “given the uncertainties in the global economy and geopolitical uncertainties… we felt it was more prudent to keep our guidance where it is” .

Q&A Highlights

Guidance and H2 phasing: Management reaffirmed FY revenue guide citing prudence amid macro/geo uncertainty; expects typical stronger Q4 vs Q3 seasonality; ~$2M H2 headwind from a single client is embedded in outlook .
Margin trajectory: Gross margins targeted to remain roughly flat in H2 near Q2’s level given ramp costs (IntegriCell, facilities buildouts), with long-term targets >55% GM and ~30% adj. EBITDA margin .
DHL partnership early read: Customer feedback “extremely positive” with more flexibility and carrier-agnostic positioning; integration will take time given scale .
Tariffs: No material tariff impact to date; any costs would be passed through to customers; precedent from COVID period .
MVE (Products) outlook: +8% y/y in Q2 with strong animal health demand and improving margins; stabilization continuing across regions outside China .

Estimates Context

Q2 2025 vs S&P Global consensus (continuing operations EPS definition for “Primary EPS” and S&P EBITDA definition):

Metric	Q2 2025 Actual	Q2 2025 Consensus	Delta
Revenue ($M)	$45.454	$41.732*	Beat
Primary EPS (Continuing)	-$0.243*	-$0.220*	Miss
EBITDA ($M)	$0.450*	-$0.609*	Beat

Values retrieved from S&P Global.

Forward Street outlook (near-term): Q3 2025 revenue $41.217M* and Primary EPS -$0.195*; Q4 2025 revenue $42.935M* and Primary EPS -$0.217*. Values retrieved from S&P Global.

Key Takeaways for Investors

Services-led growth and mix shift continue to expand gross margin (47.0% vs 44.5% y/y), supporting the path toward adjusted EBITDA improvement despite ongoing investments .
The DHL partnership and CRYOPDP divestiture materially strengthen cash and strategic reach; expect multi-quarter integration with early customer positivity and carrier-agnostic flexibility .
Commercial CGT support remains a secular growth driver (+33% y/y to $8.7M); FDA REMS removal for CAR‑T is an incremental volume catalyst into 2H/2026 .
Products (MVE) is stabilizing with signs of recovery (+8% y/y; stronger animal health demand) and margin improvement, providing leverage if demand continues to normalize .
Watch H2 execution vs. prudent guide: modeled headwind (~$2M) from a single client is offset by broad-based portfolio strength; typical Q4 > Q3 seasonal cadence reiterated .
Capital deployment is supportive: ~$426M liquidity and 1.0M shares repurchased since Q2 start with room on authorizations; 2025 converts repaid .
Trading implications: Revenue/EBITDA beats vs. Street may support near-term sentiment; modest EPS (continuing) miss and maintained guide temper exuberance; focus on H2 margins and DHL execution as the next stock-moving checkpoints.

Bolded beats/misses reflect S&P Global consensus comparisons. Asterisked values are from S&P Global consensus/actuals for “Primary EPS,” revenue, target price, and EBITDA where used. Values retrieved from S&P Global.

Cryoport, Inc. (CYRX)·Q2 2025 Earnings Summary