Cryoport Posts First Positive Adjusted EBITDA as Growth Cools
Cryoport swung to positive adjusted EBITDA for the first time even as revenue growth slowed to 8%, its weakest pace in five quarters.
Cryoport (CYRX) reported second-quarter revenue of $49.0 million, up 8% from a year earlier, the slowest year-over-year growth rate in the trailing five quarters. The life-sciences logistics and biostorage provider also reported positive adjusted EBITDA from continuing operations of $0.4 million, its first such quarter, compared with a loss of $0.9 million a year earlier.
The deceleration marks a shift from the pace Cryoport had been running. Revenue grew 16% in the first quarter of 2026, 15% in the third quarter of 2025, and 14% in the second quarter of 2025. The second quarter's 8% growth rate breaks that trend, driven largely by a stall in the company's product business.
Life Sciences Products revenue was flat year over year at $21.0 million, versus $21.1 million a year earlier, a sharp slowdown from 15% growth in both the first quarter of 2026 and the third quarter of 2025. Life Sciences Services fared better, growing 15% to $28.0 million, though that too decelerated from 18% growth in the first quarter. Within services, BioStorage and BioServices revenue grew 25% year over year, still the company's strongest growth line even as it eased from a 28% pace a year earlier. Revenue tied to commercial cell and gene therapy support, a driver Cryoport has emphasized as it scales its most technically demanding accounts, grew 9% to $9.4 million, down from 26% growth in the prior quarter and 36% growth in the third quarter of 2025.
Gross margin compressed to 46.6% from 47.0% a year earlier, entirely because of the products segment, where margin fell to 42.2% from 44.9%. Services margin moved in the opposite direction, expanding to 49.9% from 48.9%, partly offsetting the products decline. Operating costs and expenses rose 6% to $32.9 million, with SG&A the primary driver at $28.0 million versus $26.9 million a year earlier, widening the loss from operations slightly to $10.0 million from $9.6 million.
Cryoport reported a net loss of $8.3 million for the quarter, compared with net income of $108.9 million a year earlier. The prior-year figure was driven by a $120.9 million gain from discontinued operations tied to the sale of CRYOPDP to DHL, a transaction now fully out of the comparison base.
Beneath the revenue slowdown, the operating metrics Cryoport uses to track long-term demand kept climbing. The company supported a record 779 active clinical trials as of June 30, up 51 from a year earlier and continuing a steady sequential climb from 766 in the first quarter, 760 at year-end 2025, and 745 in the third quarter of 2025. The number of commercially approved cell and gene therapies it supports rose to 22, up one from the prior quarter and continuing a pattern of one net addition per quarter since the second quarter of 2025, when the count stood at 18.
Cryoport's most recent formal guidance, issued with first-quarter results on May 4, called for full-year 2026 revenue of $192 million to $196 million, up from the $190 million to $194 million range set with fourth-quarter 2025 results. The second-quarter release did not include an explicit reiteration or revision of that guidance.
Cash, cash equivalents, and short-term investments stood at $396.7 million as of June 30, down from $411.2 million at the end of 2025, made up of $250.5 million in cash and $160.7 million in short-term investments.