Cryoport Q2 2026 earnings: Services growth brings adjusted EBITDA above zero

Cryoport (NASDAQ: CYRX) reported Q2 2026 revenue of $49.0 million, up 8% from $45.5 million a year earlier, while diluted EPS attributable to common stockholders was a loss of $0.20 versus earnings of $2.13. Life Sciences Services drove the revenue increase, and adjusted EBITDA from continuing operations turned positive even as the company remained loss-making under GAAP. The quarter ended June 30, 2026, and was reported on August 6; the prior-year EPS comparison was heavily distorted by the CRYOPDP divestiture gain.

Core financial results

Revenue growth was concentrated in Life Sciences Services, while Life Sciences Products remained essentially flat. Gross profit increased by approximately 7%, but total gross margin declined slightly because weaker products margins offset improvement in services.

The comparison in bottom-line earnings requires caution. Q2 2025 net income included $120.9 million, net of taxes, from discontinued operations related to the CRYOPDP sale, making loss from continuing operations a more useful measure of the underlying year-over-year change.

Business and segment performance

Life Sciences Services generated 57% of quarterly revenue and accounted for the company’s growth. BioStorage/BioServices was the fastest-growing reported business, while Life Sciences Products contributed little incremental revenue.

Cryoport attributed BioLogistics growth to higher customer activity, commercial product development and advancement of cell and gene therapy programs. BioStorage/BioServices benefited from demand for the company’s integrated handling and storage services. Within commercial CGT support, the Life Sciences Services portion of revenue increased 26%.

The number of supported clinical trials reached 779, up from 728 a year earlier. That total included 316 Phase 1 trials, 369 Phase 2 trials and 94 Phase 3 trials, with the Phase 3 count rising from 82. Cryoport also supported 22 commercially approved cell and gene therapies as of June 30, 2026.

Adjusted EBITDA turns positive, but GAAP operations remain loss-making

Segment margins moved in opposite directions. Life Sciences Services gross margin increased to 49.9% from 48.9%, while Life Sciences Products gross margin declined to 42.2% from 44.9%. The 270-basis-point products decline was enough to pull total gross margin down despite the more profitable services mix.

Operating costs and expenses increased approximately 6% to $32.9 million. The $1.8 million increase in operating expenses exceeded the $1.4 million increase in gross profit, causing the GAAP operating loss to widen slightly in dollar terms.

Positive adjusted EBITDA was nevertheless an operational milestone. Investors should distinguish it from GAAP profitability: the reconciliation included $6.6 million of depreciation and amortization and $2.4 million of stock-based compensation, among other adjustments. Cryoport still recorded an $8.3 million loss from continuing operations for the quarter.

The continuing-operations loss narrowed despite the wider operating loss, partly because investment income rose to $3.1 million from $1.5 million and other expense, net, declined to $0.3 million from $2.9 million.

Liquidity and balance sheet

Cryoport ended June with $396.7 million in cash, cash equivalents and short-term investments, consisting of $269.3 million in cash and equivalents and $127.4 million in short-term investments. Current assets totaled $460.2 million, compared with $221.0 million of current liabilities.

The current-liability balance included $185.7 million of convertible senior notes, net. Inventory declined to $21.5 million from $23.2 million at the end of 2025, while property and equipment increased to $94.5 million from $85.4 million.

Management outlook and operating milestones

Management described positive adjusted EBITDA as progress toward sustainable profitability and expects greater operating leverage as Cryoport uses its expanded infrastructure. The company plans to launch BioServices operations at its Paris Global Supply Chain Center and open its Santa Ana, California center in Q4 2026.

For the remainder of 2026, Cryoport identified 11 possible BLA or MAA filings, five possible additional therapy approvals and one possible label or geographic expansion among its customers. These are potential customer milestones rather than quantified financial guidance.

Recent insider transactions

The supplied six-month summary classified 425,009 shares across 13 transactions as insider purchases or acquisitions and 294,949 shares across 11 transactions as sales, resulting in net acquisitions of 130,060 shares. Because the detailed records include derivative exercises and stock awards, this total should not be interpreted as open-market buying alone.

The ten latest reported transactions were all classified as direct holdings. Reported values are shown as provided by the source.

These transactions provide an objective record of insider activity, but grants, exercises and individual sales do not by themselves establish management’s view of the company’s prospects.

Risks investors should monitor

• Products margin pressure: Life Sciences Products revenue was flat and its gross margin declined 270 basis points, offsetting improved services profitability.
• Persistent GAAP losses: Adjusted EBITDA turned positive, but operating expenses continued to exceed gross profit and the GAAP operating loss widened slightly.
• Dependence on customer development programs: Clinical-trial progression, regulatory filings and therapy approvals influence demand for Cryoport’s CGT support services. Delays could affect revenue growth.
• Expansion execution: The expected Q4 launches in Paris and Santa Ana must translate additional infrastructure into revenue and operating leverage.
• Current debt obligations: The $185.7 million current portion of convertible senior notes represents a significant claim on liquidity and could affect future financial flexibility.

Summary

Cryoport’s Q2 2026 growth came primarily from Life Sciences Services, particularly BioStorage/BioServices and BioLogistics. Adjusted EBITDA moved above zero and the continuing-operations loss narrowed, but products margin pressure and rising operating expenses kept GAAP results in the red. The main items to monitor are whether services growth continues, products margins stabilize and the company converts its infrastructure expansion into sustained operating leverage.