Cryoport, Inc. (CYRX)·Q4 2024 Earnings Summary

Executive Summary

• Q4 2024 revenue was $59.5M (+4.0% YoY) with total gross margin at 45.8% (+520 bps YoY), and adjusted EBITDA improved to -$1.3M (vs -$6.6M YoY). Net loss per share was -$0.42 (vs -$1.31 YoY) .
• Commercial Cell & Gene Therapy revenue rose to $7.9M (+37% YoY) and supported clinical trials reached a record 701 at year-end; management guided FY2025 revenue to $240–$250M and reiterated the goal to return to positive adjusted EBITDA during 2025 .
• Life Sciences Services grew to $39.6M (+6.8% YoY), while Products stabilized at $20.0M (-1.3% YoY), with cost actions driving margin expansion across both segments; management expects Services to outpace Products in 2025 .
• Cash and short-term investments were $261.7M at 12/31/24; the company repurchased $185.0M principal of converts in FY2024, leaving ~$73.9M total authorization available at year-end. MVE demand shows early stabilization, and China exposure is small (<3% of total) .
• Stock reaction catalysts: visible margin inflection and 2025 positive EBITDA path, accelerating commercial CGT revenue, and strategic launches (HV3 shipper, IntegriCell); watch for Services growth to drive mix shift and operating leverage .

What Went Well and What Went Wrong

What Went Well

• Gross margin expansion: total gross margin rose to 45.8% in Q4 (+520 bps YoY); Services GM 46.2% and Products GM 45.1%, driven by cost measures and operational realignment .
• Commercial CGT momentum: Q4 commercial revenue reached $7.9M (+37% YoY), with broad-based growth across programs and label/geography expansions contributing .
• Strategic platform build-out: IntegriCell facilities opened (Houston and Liège) and HV3 shipper launched, expanding standardized cryopreservation and logistics capabilities; management expects new revenue streams and improved accessibility for therapies .

“Notably, our gross margin improved to 45.8% in Q4 2024… We remain confident that our actions will lead us to a return to positive adjusted EBITDA during 2025.” — CEO Jerrell Shelton .

What Went Wrong

• Products softness persisted: Life Sciences Products were $20.0M (-1.3% YoY) with freezer demand subdued; while order patterns show signs of stability, visibility remains limited .
• Profitability still negative: adjusted EBITDA was -$1.3M in Q4 and -$15.1M for FY2024; progress is evident but timing of positive adjusted EBITDA in 2025 depends on Services/CGT ramp .
• Macro/tariff uncertainties: management flagged potential tariff impacts on steel/aluminum, though surcharges are expected to offset margin pressure; China remains challenged with minimal 2025 recovery assumptions .

Financial Results

Revenue, EPS, Margins vs Prior Periods

Segment Breakdown

KPIs and Operating Metrics

Guidance Changes

Earnings Call Themes & Trends

Management Commentary

• “We… implemented cost reduction and capital realignment strategies… gross margin improved to 45.8%… We remain confident… positive adjusted EBITDA during 2025.” — CEO Jerrell Shelton .
• “Services will be a bigger portion… and will grow faster than Life Sciences products… we take a conservative view on product revenue.” — CEO & CFO .
• “We opened our IntegriCell cryopreservation solution… we believe IntegriCell will generate significant revenue… offers advantages to manufacturers.” — CEO Jerrell Shelton .
• “We will pass on tariff impacts through surcharges… we don’t expect impact on margin.” — CEO Jerrell Shelton .

Q&A Highlights

• Commercial CGT drivers broad-based across clients; contributions from new approvals and earlier line expansions; high-20s growth expected for commercial revenue in 2025 (not mid-30s) .
• Products (MVE): order patterns stabilizing; expect modest revenue increases; GM maintained in 40% range; no China recovery embedded in guidance .
• Profitability timing: goal remains positive adjusted EBITDA in 2025; sequential improvements expected in gross margin and adj. EBITDA; timing depends on Services/CGT ramp .
• IntegriCell: initial contracts signed; modest 2025 revenue contribution; onboarding and validation cycles push notable contribution into 2026 .
• Tariffs & supply chain: surcharges to offset tariffs; U.S. manufacturing footprint for freezers/dewars reduces exposure; China localized strategy underway .

Estimates Context

S&P Global consensus data for Q4 2024 was unavailable at query time; therefore, beat/miss vs consensus cannot be assessed here. Values were not retrieved due to an SPGI request limit error. If you need consensus comparison, we can re-run the estimates fetch.

Key Takeaways for Investors

• Margin inflection is real: total gross margin at 45.8% and improved adj. EBITDA (-$1.3M) suggest execution on cost actions, with Services and Products margins expanding .
• Services-led growth: Services revenue and BioStorage/BioServices continue to grow; management expects Services to outpace Products in 2025, supporting operating leverage .
• Commercial CGT is the core growth engine: Q4 commercial revenue +37% YoY; high-20s growth expected in 2025 with more filings/approvals; watch label expansions and new therapy ramps .
• New platforms as medium-term catalysts: HV3 shipper improves access/logistics; IntegriCell should see modest 2025 revenue with more material contribution in 2026 after validations .
• Products (MVE) trough and stabilization: early signs of stabilization; modest increases assumed; continued 40%+ GM cushions profitability until demand normalizes .
• Balance sheet optionality: ~$262M cash/ST investments at year-end and significant converts repurchase enhance flexibility into 2025 .
• Near-term trading lens: narrative centers on Services/CGT momentum and margin trajectory; catalysts include FY2025 guide execution, commercial ramps, and early traction from HV3/IntegriCell; watch tariff headlines and China (impact limited) .