CI
Cryoport, Inc. (CYRX)·Q3 2025 Earnings Summary
Executive Summary
- CYRX delivered 15% YoY revenue growth to $44.2M from continuing operations with gross margin expanding to 48.2% as Commercial Cell & Gene Therapy (C>) revenue rose 36% to $8.3M .
- Q3 beat S&P consensus on both revenue and EPS: $44.2M vs $41.2M* and Primary EPS (cont. ops) of -$0.133* vs -$0.195*, driven by broad-based momentum in Services and stabilizing Products; management raised FY25 revenue guidance to $170–$174M .
- Adjusted EBITDA loss narrowed to -$0.6M and operating cash flow turned positive ($2.2M) as the company approached breakeven while investing in IntegriCell and the new Paris Global Supply Chain Center .
- Strategic catalysts include the DHL partnership rollout (EMEA/APAC leverage), Paris facility launch, ISO 21973 certification momentum, and product innovation (MVE shippers, Safepak award) .
Note: Asterisked estimate values are from S&P Global Market Intelligence.
What Went Well and What Went Wrong
What Went Well
- Commercial execution: C> revenue grew 36% YoY to $8.3M; CEO: “we continued our strong momentum… revenue from our support of commercial cell and gene therapy grew 36% year-over-year to $8.3 million” .
- Profitability progress: gross margin improved to 48.2% (Services 49.7%, Products 46.4%); CFO: “adjusted EBITDA loss in Q3 to $600,000… cash flow from operating activities was positive ~$2.2M” .
- Strategic scaling: opened logistics portion of Paris Global Supply Chain Center; continued DHL partnership implementation; CEO: “this strategic relationship… will enhance our positioning in the APAC and EMEA regions” .
What Went Wrong
- Sequential revenue dipped vs Q2 on Products timing and macro uncertainty (gov’t shutdown, tariffs), leading to cautious Q4 setup despite raised FY guide .
- Still loss-making on GAAP: Q3 net loss attributable to common stockholders was -$8.9M (-$0.18/share) despite narrowing adjusted EBITDA losses .
- Ongoing startup investments (IntegriCell, Paris) weigh near-term margins; CFO expects some margin depression until utilization ramps in 2026–2027 .
Financial Results
Core P&L and Margins
Q3 2025 Actual vs S&P Consensus
Note: Asterisked values are from S&P Global Market Intelligence.
Segment Revenue
KPIs
Guidance Changes
Earnings Call Themes & Trends
Management Commentary
- “With strong momentum… we are updating our full year 2025 outlook for total revenue from continuing operations to the range of $170 million–$174 million.” – CEO Jerrell Shelton .
- “Adjusted EBITDA loss in Q3 to $600,000… cash flow from operating activities was positive ~$2.2M… we think we can get to positive EBITDA or very close to it as early as year-end.” – CFO Robert Stefanovich .
- “We opened… the logistics portion of… our new… Global Supply Chain Center at the Charles de Gaulle Airport in Paris, France… designed to support… biologistics, bioservices, and future cryopreservation services.” – CEO Jerrell Shelton .
- “We have begun implementing our… partnership with DHL Group… [which] will enhance our positioning in the APAC and EMEA regions and reshape our competitive profile.” – CEO Jerrell Shelton .
- “Q3… revenue from our support of commercial cell and gene therapy grew 36% year-over-year to $8.3 million.” – CEO Jerrell Shelton .
Q&A Highlights
- Implied Q4 sequential moderation: Guidance balances momentum with macro (U.S. gov’t shutdown, tariffs) and Products timing; upside remains but prudently guided .
- Profitability timing: Company is “very close” to positive adjusted EBITDA, potentially by year-end; margin leverage to build as new facilities ramp through 2026–2027 .
- Products trajectory/backlog: Market normalized to ~6–8 week lead times; expect stable demand and high single-digit growth outlook for Products into 2026 .
- Regulatory tailwinds: Draft guidances and REMS changes should facilitate broader access and scaling, supporting commercial volumes (e.g., Carvykti, Breyanzi expansions) .
- Standards/awards: ISO 21973 certification first-of-its-kind cited as competitive differentiator; won industry awards reinforcing platform quality .
Estimates Context
- Q3 2025 beat on both revenue and EPS vs S&P consensus: $44.23M vs $41.22M* and Primary EPS (cont. ops) -$0.133* vs -$0.195* .
- Q4 2025 S&P consensus points to continued loss but stable top line: revenue $42.93M*, Primary EPS -$0.217* (macro timing and capex start-up may weigh near term).
Note: Asterisked values are from S&P Global Market Intelligence.
Key Takeaways for Investors
- Delivery vs expectations: Clear topline and EPS beats in Q3 with ongoing gross margin expansion to 48.2%; estimate revisions likely tilt upward on the raised FY25 guide .
- Near-term profitability: Adj. EBITDA nearly breakeven and positive OCF signal operating discipline while investing in growth infrastructure .
- Durable demand drivers: Commercial C> growth (+36% YoY; 19 commercial therapies) and record 745 trials (83 in Phase 3) underpin medium-term revenue visibility .
- Strategic leverage: DHL partnership and Paris center expansion are positioned to accelerate Services growth in EMEA/APAC as utilization ramps .
- Product stability: Products up 15% YoY, with new shippers/monitoring and animal health mix supporting stabilization (expect high single-digit growth into 2026 per mgmt.) .
- Balance sheet and capital return: $421M in cash and investments plus buybacks ($3.7M in Q3) provide optionality for investment and shareholder returns .
- Risk watchlist: U.S. government shutdown timing, large freezer order timing, and startup costs at new facilities could skew Q4; however, FY guidance was raised reflecting confidence .
Additional Relevant Press Releases in the Period
- Cryoport Systems’ Safepak Soft System 1800 won “BioServices Innovation of the Year” at the BioTech Breakthrough Awards, highlighting ongoing product innovation .
Notes:
- All financials reflect continuing operations unless stated.
- Asterisked estimate values are from S&P Global Market Intelligence. Values retrieved from S&P Global.