Cryoport — Third Quarter 2026 Earnings Summary

Financial Performance

• Total revenue for Q3 2026 was $50.2 million, a 14% year-over-year increase from $44.2 million in Q3 2025.
• Life Sciences Services revenue was $28.6 million (up 18% YoY), representing 57% of total revenue.
• BioLogistics Solutions revenue was $22.5 million (up 16% YoY).
• BioStorage/BioServices revenue was $6.0 million (up 25% YoY).
• Life Sciences Products revenue was $21.7 million (up 8% YoY), representing 43% of total revenue.
• Total revenue for the nine months ended September 30, 2026, was $147.0 million, up 12% from $130.7 million in the prior year period.
• Gross margin was 47.5% for Q3 2026, down from 48.2% in Q3 2025; Life Sciences Services margin was 50.4% and Life Sciences Products margin was 43.6%.
• Operating costs and expenses were $32.6 million for Q3 2026, compared to $31.3 million in Q3 2025.
• Loss from continuing operations was $10.9 million for Q3 2026, compared to a loss of $6.7 million in Q3 2025.
• Net loss attributable to common stockholders was $12.9 million ($0.25 per share) for Q3 2026, compared to a net loss of $8.9 million ($0.18 per share) in Q3 2025.
• Adjusted EBITDA from continuing operations was positive $1.1 million for Q3 2026, compared to negative $0.6 million in Q3 2025.
• Cash, cash equivalents, and short-term investments totaled $393.1 million as of September 30, 2026.
• Deferred revenue was $1.5 million as of September 30, 2026, up from $0.9 million as of December 31, 2025.
• Current portion of convertible senior notes, net, was $186.0 million as of September 30, 2026.

Guidance and Future Outlook

• The Company raised full-year 2026 revenue guidance to a range of $197 million to $199 million.
• Management anticipates two possible additional new therapy approvals in 2026, both with PDUFA dates in Q4 2026.
• One possible additional supplemental approval for geographic expansion is anticipated for the current year.
• Two customers filed Biologics License Applications (BLA) with the FDA in Q3 2026, and five additional BLA or Marketing Authorization Applications (MAA) are anticipated in 2026.
• Revenue guidance is dependent on factors including national economic conditions, geopolitical environment, supply chain constraints, inflation, tariffs, and foreign currency fluctuations.

Business Segments and Product Lines

• Commercial Cell and Gene Therapy (CGT) revenue increased 20% year-over-year in Q3 2026.
• BioStorage/BioServices revenue expanded 25% year-over-year, driven by demand for integrated services offering.
• Total Life Sciences Services revenue grew 18% year-over-year.
• Life Sciences Products revenue grew 8% year-over-year, supported by MVE Biological Solutions' position as the global market leader in cryogenic systems.
• Cryoport Systems initiated BioLogistics services at a new Global Supply Chain Center in Santa Ana, California.
• The Global Supply Chain Center in Paris, France, received ISO 9001 and ISO 21973 certifications.
• CRYOGENE secured new BioStorage and service contracts with Houston Methodist Medical Center, Sonic Clinical Trials, and XenoSTART.

Market and Competitive Landscape

• As of September 30, 2026, Cryoport supported a record 788 global clinical trials, a net increase of 43 trials from September 30, 2025.
• The number of supported commercial cell and gene therapies increased to 23.
• Of the 788 supported clinical trials, 99 were in Phase 3.
• MVE Biological Solutions is identified as the global market leader in cryogenic systems.
• Customers Replimune and Crispr Therapeutics/Vertex Pharmaceuticals received FDA approvals for new therapies during the quarter.

Risks and Challenges

• Forward-looking statements note risks including changing economic and geopolitical conditions, supply chain constraints, inflationary pressures, foreign currency fluctuations, market acceptance risks, tariffs, trade restrictions, and technical development risks.
• Specific geopolitical risks mentioned include the war with Iran.
• Revenue guidance is subject to factors outside of control such as national economic factors and global macroeconomic environment.

Management Commentary and Tone

• CEO Jerrell Shelton stated the results reflect continued momentum across the core CGT business and the strength of the integrated platform.
• Management highlighted positive adjusted EBITDA of $1.1 million as an important milestone in the pathway to profitability.
• Shelton expressed confidence in the outlook due to strong year-to-date performance, expanding support of commercial therapies, deepening customer relationships, and a robust clinical trial pipeline.
• Management noted that the integrated platform and Global Supply Chain Center Network are enhancing scalability and operating leverage.

Other Key Points

• The Company divested its CRYOPDP specialty courier business to DHL Group on June 11, 2025; results are presented as discontinued operations.
• Net income for the nine months ended September 30, 2025, was $89.9 million, primarily driven by a $115.4 million net-of-tax gain from the CRYOPDP sale.
• The Company filed a Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, with the SEC on November 5, 2026.
• A conference call and Q&A session were scheduled for November 5, 2026, at 5:00 p.m. ET.