olivLaw · US equity research
Cryoport, Inc. CYRX
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Cryoport is a global provider of integrated temperature-controlled supply chain solutions for life sciences, with a strong focus on cell and gene therapies. In the second quarter of 2026 it reported total revenue of $49.0 million, up 8% year-over-year, as the expanding cell and gene therapy market could support its long-term growth.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Cryoport, Inc. (CYRX) stock was 16.05 USD (−3.89% on the day), with market capitalisation 813.7 m USD, beta 1.60, 52-week range 7.72–18.64 USD. Latest reported quarter (Q3 2026): revenue of 50.2 m USD (+13.5% YoY), net income of -10.9 m USD, diluted EPS -0.25 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 40.0
- weak (30–45)
- Bollinger (20, 2)
- 15.80 – 18.83
- in the lower half of the band · %B 0.08 · band width 17.5%
- SMA 50 / 200
- 16.93 / 13.41
- mixed trend
- MACD (12, 26, 9)
- -0.09 / 0.13
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −9.8% | −5.9% | −3.9 pp | — |
| 3 months | +9.1% | −4.6% | +13.7 pp | — |
| 6 months | +25.8% | +0.2% | +25.6 pp | — |
| Year to date | +67.2% | +7.4% | +59.8 pp | — |
| 1 year | +88.2% | +8.2% | +80.0 pp | +15.7% |
| 3 years | +62.4% | +68.4% | −6.0 pp | +18.7% |
| 5 years | −80.3% | +56.5% | −136.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 41.5 m | 41.0 m | 45.5 m | 44.2 m | 45.5 m | 47.8 m | 49.0 m | 50.2 m |
| Cost of revenue | 22.0 m | 22.4 m | 24.1 m | 22.9 m | 23.7 m | 25.9 m | 26.1 m | 26.4 m |
| Gross profit | 19.5 m | 18.6 m | 21.4 m | 21.3 m | 21.7 m | 21.9 m | 22.8 m | 23.8 m |
| Research & development | 4.2 m | 3.9 m | 4.1 m | 4.5 m | 4.5 m | 3.9 m | 4.9 m | 4.7 m |
| SG&A | 28.1 m | 21.9 m | 26.9 m | 26.7 m | 27.3 m | 27.6 m | 28.0 m | 27.9 m |
| Operating income | -12.7 m | -7.2 m | -9.6 m | -9.9 m | -10.0 m | -9.6 m | -10.0 m | -8.8 m |
| Depreciation & amortisation | 7.9 m | 7.6 m | 7.3 m ≈ | 6.4 m ≈ | 6.4 m | 6.4 m | 6.6 m ≈ | 6.5 m ≈ |
| Interest expense | 579.0 k | 583.0 k | 618.0 k | 526.0 k | 634.0 k | 432.0 k | 518.0 k | 517.0 k |
| Pre-tax income | -17.3 m | -6.5 m | -11.7 m | -6.5 m | -7.4 m | -9.3 m | -7.8 m | -10.7 m |
| Income tax | -134.0 k | 234.0 k | 274.0 k | 165.0 k | 1.1 m | 108.0 k | 505.0 k | 194.0 k |
| Net income | -18.7 m | -12.0 m | 108.9 m | -6.9 m | -11.6 m | -10.5 m | -8.3 m | -10.9 m |
| Diluted EPS | -0.38 ≈ | -0.28 | 2.13 | -0.18 | -0.23 ≈ | -0.25 | -0.20 | -0.25 |
| Operating cash flow | -5.5 m | -4.3 m | -7.3 m ≈ | 2.2 m ≈ | 919.0 k | 3.7 m | 1.1 m ≈ | 5.2 m ≈ |
| Capex | 5.2 m | 3.2 m | 4.4 m ≈ | 3.5 m ≈ | 5.5 m | 10.0 m | 9.1 m ≈ | 5.3 m ≈ |
| Share repurchases | — | — | — | 3.7 m ≈ | 2.0 m | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | ⚠ 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 19.6 m | 33.9 m | 78.7 m | 222.6 m | 237.3 m | 168.7 m | 156.8 m | 176.2 m |
| Revenue YoY | +64.2% | — | +131.9% | +182.9% | +6.6% | −28.9% | −7.1% | +12.4% |
| Net income | -9.6 m | -18.3 m | -32.7 m | -275.5 m | -37.3 m | -99.6 m | -114.8 m | 78.3 m |
| Net income YoY | unavailable | — | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -0.55 | -1.94 | -6.18 | -0.93 | -2.21 | -2.49 | 1.40 |
| Diluted EPS YoY | unavailable | — | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -48.7% | -54.0% | -41.5% | -123.8% | -15.7% | -59.0% | -73.2% | 44.4% |
| Free cash flow | -6.3 m | -6.7 m | -23.8 m | -15.8 m | -24.0 m | -39.5 m | -33.6 m | -25.0 m |
The series breaks before 2019: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 250.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 502.6 m USD
- Total assets
- 765.0 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.17x
- ROE
- 17.3%
- ROA
- 10.7%
- FCF margin
- -14.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 78.7 m | 222.6 m | 237.3 m | 168.7 m | 156.8 m | 176.2 m | SEC (XBRL)· 05 Mar 2026verified |
| Cost of revenue | 42.4 m | 126.0 m | 133.4 m | 93.3 m | 87.1 m | 93.1 m | SEC (XBRL)· 05 Mar 2026verified |
| Gross profit | 36.3 m | 96.6 m | 103.9 m | 75.3 m | 69.7 m | 83.1 m | SEC (XBRL)· 05 Mar 2026verified |
| Research & development | 9.5 m | 16.8 m | 15.7 m | 18.0 m | 17.7 m | 17.0 m | SEC (XBRL)· 05 Mar 2026verified |
| SG&A | 56.9 m | 97.6 m | 120.1 m | 108.3 m | 109.8 m | 102.8 m | SEC (XBRL)· 05 Mar 2026verified |
| Operating income | -30.0 m | -17.8 m | -31.9 m | -100.5 m | -121.7 m | -36.8 m | SEC (XBRL)· 05 Mar 2026verified |
| Depreciation & amortisation | 9.9 m | 20.2 m | 22.8 m | 27.5 m | 30.8 m | 27.7 m | SEC (XBRL)· 05 Mar 2026verified |
| EBITDA | -20.1 m ≈ | 2.4 m ≈ | -9.1 m ≈ | -73.1 m ≈ | -90.9 m ≈ | -9.1 m ≈ | SEC (XBRL)· 05 Mar 2026derived |
| Interest expense | 2.6 m | 4.7 m | 6.1 m | 5.5 m | 4.0 m | 2.4 m | SEC (XBRL)· 05 Mar 2026verified |
| Pre-tax income | -32.7 m | -273.8 m | -35.1 m | -84.2 m | -104.3 m | -32.2 m | SEC (XBRL)· 05 Mar 2026verified |
| Income tax | -45.0 k | 1.7 m | 2.2 m | 345.0 k | 359.0 k | 1.8 m | SEC (XBRL)· 05 Mar 2026verified |
| Net income | -32.7 m | -275.5 m | -37.3 m | -99.6 m | -114.8 m | 78.3 m | SEC (XBRL)· 05 Mar 2026verified |
| Diluted EPS | -1.94 | -6.18 | -0.93 | -2.21 | -2.49 | 1.40 | SEC (XBRL)· 05 Mar 2026verified |
| Weighted average diluted shares | 38.6 m | 45.9 m | 49.0 m | 48.7 m | 49.3 m | 50.1 m | SEC (XBRL)· 05 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 36.9 m | 139.1 m | 29.2 m | 35.2 m | 34.1 m | 250.5 m | SEC (XBRL)· 05 Mar 2026verified |
| Receivables | 31.4 m | 39.4 m | 43.9 m | 42.1 m | 25.3 m | 33.4 m | SEC (XBRL)· 05 Mar 2026verified |
| Inventories | 10.5 m | 16.5 m | 27.7 m | 26.2 m | 21.5 m | 23.2 m | SEC (XBRL)· 05 Mar 2026verified |
| Current assets | 147.2 m | 693.5 m | 604.2 m | 535.1 m | 341.6 m | 476.2 m | SEC (XBRL)· 05 Mar 2026verified |
| Property, plant & equipment, net | 30.0 m | 49.0 m | 63.6 m | 84.9 m | 80.0 m | 85.4 m | SEC (XBRL)· 05 Mar 2026verified |
| Goodwill | 145.3 m | 147.0 m | 151.1 m | 76.4 m | 20.6 m | 22.4 m | SEC (XBRL)· 05 Mar 2026verified |
| Intangibles (excl. goodwill) | 213.9 m | 201.4 m | 191.0 m | 194.4 m | 147.9 m | 138.1 m | SEC (XBRL)· 05 Mar 2026verified |
| Total assets | 552.4 m | 1.1 bn | 1.0 bn | 957.7 m | 703.5 m | 765.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Accounts payable | 24.8 m | 28.6 m | 28.0 m | 27.0 m | 15.9 m | 15.3 m | SEC (XBRL)· 05 Mar 2026verified |
| Current liabilities | 35.0 m | 42.6 m | 40.9 m | 45.6 m | 64.6 m | 219.0 m | SEC (XBRL)· 05 Mar 2026verified |
| Total liabilities | 169.7 m | 471.1 m | 482.9 m | 468.7 m | 301.6 m | 262.4 m | SEC (XBRL)· 05 Mar 2026verified |
| Equity | 382.7 m | 641.8 m | 555.8 m | 489.0 m † | 401.9 m † | 502.6 m † | SEC (XBRL)· 05 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -14.9 m | 8.1 m | -1.9 m | -757.0 k | -16.3 m | -8.6 m | SEC (XBRL)· 05 Mar 2026verified |
| Capex | 8.9 m | 23.9 m | 22.1 m | 38.8 m | 17.3 m | 16.4 m | SEC (XBRL)· 05 Mar 2026verified |
| Free cash flow | -23.8 m ≈ | -15.8 m ≈ | -24.0 m ≈ | -39.5 m ≈ | -33.6 m ≈ | -25.0 m ≈ | SEC (XBRL)· 05 Mar 2026derived |
| Investing cash flow | -382.3 m | -469.3 m | -59.7 m | 36.0 m | 176.8 m | 250.3 m | SEC (XBRL)· 05 Mar 2026verified |
| Financing cash flow | 385.6 m | 564.3 m | -39.2 m | -23.8 m | -161.5 m | -21.1 m | SEC (XBRL)· 05 Mar 2026verified |
| Share repurchases | 0 | 0 | 38.0 m | — | — | 10.0 m | SEC (XBRL)· 05 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 39.6% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 813.7 m USD
Key indicators
Coverage and freshness
Score by group
40% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -21.5% | 38 (vs peers) | 16% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -9.4% | 0 (on a fixed band) | 21% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -18.3x | 0 (on a fixed band) | 16% |
| Current ratio · Balance sheet | 2.0x | 100 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -2.3% | 0 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 1.2% | 18 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial38/100 · 1/3 factors with a value
- Returns· partial18/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CRYOPORT, INC. (CYRX). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 176.2 m USD in 2025; YoY growth 12.4%; net margin -21.5%; ROE -8.3%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.0x
What contradicts it
- Revenue CAGR 3Y: -9.4%
- Interest coverage: -18.3x
- FCF yield: -2.3%
- Shareholder yield (distributions): 1.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,283.9 bn | 44.3 | 86.1% | 31.9% | +44.7% | +27% / +131% |
| JNJJohnson & Johnson | 655.6 bn | 41.3 | 20.0% | 16.2% | +6.0% | +32% / +76% |
| ONCBeone Medicines Ltd. | 575.0 bn | 640.9 | 18.4% | 13.9% | +40.2% | +14% / +107% |
| ABBVAbbVie Inc. | 509.5 bn | 49.6 | — | 15.7% | +8.6% | +27% / +102% |
| MRKMerck & Co., Inc. | 362.2 bn | 151.2 | 5.1% | 3.6% | +1.3% | +40% / +43% |
| ABTAbbott Laboratories | 196.7 bn | 42.3 | 9.2% | 9.7% | +5.7% | −12% / +9% |
| PFEPfizer Inc | 170.3 bn | 42.6 | 4.4% | 6.3% | −1.6% | +16% / −2% |
| VRTXVertex Pharmaceuticals Inc | 137.5 bn | 34.9 | 20.8% | 30.7% | +8.9% | +25% / +53% |
| BMYBristol-Myers Squibb Company | 129.0 bn | 14.0 | 44.1% | 18.5% | −0.2% | +28% / +28% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.3 | 6.6% | 3.6% | +4.3% | +55% / +325% |
| ZTSZoetis Inc. | 33.4 bn | 13.8 | 57.6% | 26.4% | +2.3% | −36% / −54% |
| ROIVRoivant Sciences Ltd. | 26.5 bn | — | -6.2% | -3,535.0% | −71.6% | +76% / +283% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 24.1 bn | 21.3 | 19.1% | 38.6% | +10.6% | +16% / +136% |
| INSMInsmed Inc | 23.9 bn | — | -72.5% | -39.9% | +66.7% | −48% / +335% |
| VTRSViatris Inc. | 21.7 bn | — | -24.3% | -23.9% | −3.0% | +77% / +107% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.0 bn | 7.9 | 126.6% | 52.8% | +65.2% | −65% / −7% |
| RDYDr. Reddy’s Laboratories Limited | 12.1 bn | 18.4 | 17.0% | 17.4% | +13.8% | +3% / +4% |
| PRAXPraxis Precision Medicines, Inc. | 7.3 bn | — | -38.9% | — | −100.0% | +34% / +1,343% |
| ORKAOruka Therapeutics, Inc. | 6.4 bn | — | -18.2% | — | unavailable | +219% / +340% |
| INDVIndivior Pharmaceuticals, Inc. | 4.3 bn | 10.2 | — | 32.8% | +4.3% | +8% / +114% |
| ACADAcadia Pharmaceuticals Inc. | 3.7 bn | 10.1 | 31.4% | 30.1% | +11.9% | −15% / −5% |
| ARQTArcutis Biotherapeutics, Inc. | 3.4 bn | 125.2 | 14.9% | 5.9% | +91.3% | −12% / +1,367% |
| CYRXCryoport, Inc. | 813.7 m | — | -8.3% | -21.5% | +12.4% | +88% / +62% |
| AVTXAvalo Therapeutics, Inc. | 383.4 m | — | -33.6% | -150,259.3% | −86.6% | −65% / −61% |
1- and 3-year price returns: for CYRX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (05 Nov 2026 · results), 10-Q (05 Nov 2026).
In brief
Cryoport is a global provider of integrated temperature-controlled supply chain solutions for life sciences, with a strong focus on cell and gene therapies. In the second quarter of 2026 it reported total revenue of $49.0 million, up 8% year-over-year 3, as the expanding cell and gene therapy market could support its long-term growth.
SWOT
Strengths
- Leading position in logistics for cell and gene therapies, with an integrated service portfolio and proprietary cryogenic equipment.
- The Cryoportal digital platform and Chain of Compliance standards support full traceability of biological materials.
- Solid liquidity and growing BioStorage/BioServices revenue in 2026.
Weaknesses
- The products segment's gross margin declined in the second quarter of 2026 compared with the prior year.
- The company still reports net losses and adjusted EBITDA close to break-even, showing the difficulty of reaching profitability.
- Reliance on third-party components, some sole-sourced, can delay production.
Opportunities
- Expanding the global center network, including Paris, Santa Ana and Tampa, could increase service capacity.
- Rising numbers of clinical trials and approved therapies open routes to long-term commercial services.
- The partnership with DHL could open new opportunities in the EMEA and APAC regions.
Threats
- Tariffs and trade restrictions can raise transport and component costs.
- Geopolitical risks and currency fluctuations can affect operating results.
- Competition in specialty transport and cryogenic equipment could put pressure on pricing.
Risks
- Single-source component dependencemedium
Some components come from single sources; supply interruptions could delay deliveries and harm reputation.
- Product liability and specimen losshigh
Defects or damage to biological materials could lead to claims, costs and lost revenue, and insurance may not cover every case.
- International operating risksmedium
Operating in many countries exposes the company to political, currency and tax changes that could reduce sales or profitability.
- Execution of network expansionmedium
Opening new centers and launching new services carries costs and delays that could postpone profitability.
- Dependence on the CGT markethigh
The company's growth is tied to the development of cell and gene therapies; a slowdown in approvals could affect revenue.
Investment thesis
What would need to be true (bull case)
- If the cell and gene therapy market keeps growing, the company could benefit from rising commercial service volumes and clinical study activity, with revenue growing accordingly.
- Reaching positive adjusted EBITDA in the second quarter of 2026 could mark a turning point toward profitability if scale effects materialize.
- Its leading position in compliance tracking and digital platforms could support market share over the long term.
What would break the thesis
- Net results remain negative, and if operating costs grow faster than revenue, profitability could be delayed.
- Margins in the products segment have fallen, and pressure from tariffs and costs could further compress earnings.
- If therapy approvals fall short of expectations or the market slows, demand for services could decline.
What to watch
- Opening of the Paris BioServices operations and the Santa Ana centerQ4 2026
- Trend in gross margins in the services and products segmentsQ3 2026
- Number of customer BLA/MAA filings and new therapy approvals2026
- Use of cash and short-term investments to fund the expansionNext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (05 Nov 2026 · results), 10-Q (05 Nov 2026).
The business
Cryoport provides integrated temperature-controlled supply chain solutions for biopharmaceutical companies, animal health, reproductive medicine and research, with particular emphasis on cell and gene therapies, which it describes as its fastest growing market 1. As of June 30, 2026 it supported 779 clinical trials and 22 commercially approved cell and gene therapies 2. Activity is reported through two segments, Life Sciences Services and Life Sciences Products, linked by the Cryoportal digital platform and a global network of supply chain centers 1.
In June 2025 the company completed the divestiture of its specialty courier business CRYOPDP to designated affiliates of DHL for $133.0 million 12. The divestiture is presented as discontinued operations, and results from continuing operations exclude it. The strategic partnership with DHL is intended to support development in the EMEA and APAC regions 1.
Headquarters are in Nashville, Tennessee, with operations across the Americas, EMEA and APAC, including the United States, United Kingdom, France, the Netherlands, Belgium, Germany, Japan and China 2. BioLogistics services began at the new Paris center in November 2025 1.
Segments
Life Sciences Services
Segment gross margin was 49.9% in the second quarter of 2026, compared with 48.9% in 2025, an improvement, though the data covers only one quarter.
Market context
The market is shaped by new therapy approvals, which rose to seven to eight a year in 2023 and 2024 1. Growth depends on approvals continuing at this pace and on wider patient access, which could influence the company's service volumes.
Trends
- Accelerating cell and gene therapy approvalstailwind
The number of approvals has risen sharply in recent years and several BLA/MAA filings were made in 2026 12. If the pace holds, commercial activity could grow.
- Removal of REMS requirements for CAR-Ttailwind
In June 2025 the FDA eliminated REMS requirements for certain CAR-T therapies, which could reduce logistical barriers and widen patient access 1.
- Tariffs and trade restrictionsheadwind
Tariffs and trade measures from the United States and its trading partners could raise transport and equipment costs, as the company's risk disclosures note 12.
- Currency fluctuations and inflationmixed
Exchange rate movements and inflationary pressures can affect costs and comparability between periods for a global business 12.
Competitive position
The life sciences supply chain services market is competitive, with pressure coming from specialty courier and logistics providers as well as cryogenic equipment manufacturers 1. The company says its leadership in CGT rests on digital integration and chain-of-compliance standards 1.
Market share risk rises if customers turn to alternative services after production or delivery delays 1. The source documents do not name competitors, so this analysis is limited to a general description.
- Specialty life sciences courier providers
Competitors in temperature-controlled specialty transport, referred to generically in the company's risk disclosures.
- Cryogenic systems manufacturers
Competitors in cryogenic freezers and dewars, a segment where the company operates its own business through MVE.
- Biostorage and biological services providers
Competitors in biostorage and kitting and labelling services, activities included in the services segment.
- Transport partners and local couriers
Partners that extend coverage but may also compete in some markets, given the structure of the company's network.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report05 Nov 2026
- Current report05 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report09 Jun 2026Shareholder vote · Financial statements and exhibits
- Quarterly report05 May 2026
- Current report04 May 2026Results of operations · Financial statements and exhibits
- Proxy statement22 Apr 2026
- Annual report05 Mar 2026
- Current report03 Mar 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Cryoport, Inc. · 05 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Cryoport, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Cryoport, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.