CryoPort NASDAQ: CYRX reported first-quarter fiscal 2026 results that management said reflected continued momentum across its integrated services and products platform, highlighted by double-digit revenue growth in both reporting segments and improved profitability metrics.
On the call, CEO Jerrell Shelton was joined by CFO Robert Stefanovich, Chief Scientific Officer Dr. Mark Sawicki, and Vice President of Corporate Development and Investor Relations Thomas Heinzen. The company also reiterated that, following the sale of CRYOPDP to DHL Group in June 2025, CRYOPDP is presented as discontinued operations; management noted that revenue figures discussed on the call refer to continuing operations unless otherwise indicated.
Quarterly performance and segment growth
Shelton said Cryoport generated first-quarter revenue of $47.8 million, an increase of 16% year over year. He attributed the growth to momentum “over the past several quarters across our integrated services and products platform.”
Within that total, Shelton highlighted growth tied to cell and gene therapy activity:
- Commercial cell and gene therapy support revenue grew 26% to $9.1 million.
- Clinical trial-related revenue increased 18% to $12.9 million.
The Life Sciences Services segment posted revenue growth of 18% year over year, including 21% growth in BioStorage/BioServices. Shelton said the quarter reflected “increasing adaptation of our full service portfolio” as programs become more complex.
The Life Sciences Products segment grew revenue 15%, driven by demand for MVE Biological Solutions cryogenic systems. Shelton emphasized MVE’s long operating history and said product innovation is aimed at opening new markets.
Pipeline, clinical trials, and commercial therapy catalysts
Management said Cryoport supported a record 766 global clinical trials as of March 31, a net increase of 55 trials over the prior year, including 91 trials in Phase III.
Addressing questions about biotech funding and trial activity, Sawicki said the company is seeing “a definitive continued investment into phase II and phase III programs.” He noted that Phase III trials increased by five sequentially, which he called unusual, and said Phase II activity was up by almost 30 programs year over year. Shelton added that the company’s opportunity is tied not just to total trial counts, but to maturation of trials into later stages, pointing to 357 Phase II trials and 91 Phase III trials as potential precursors to commercial launches.
On the commercial side, Shelton said Cryoport is currently supporting 21 commercial therapies. He also said that, based on current information, the company expects another 10 BLA or MAA filings and up to eight additional new therapy approvals over the remainder of fiscal 2026, adding that five of the potential approvals already have PDUFA dates.
Shelton also disclosed that Rocket Pharmaceuticals received accelerated FDA approval for its gene therapy “Carvykti,” which he said brought the total number of commercial therapies supported to 21. (The company did not provide additional financial contribution details related to that approval during the call.)
When asked whether commercial growth was concentrated or broad-based, Shelton said revenue guidance is based on existing commercial therapies supported, and that while new approvals may contribute, “the guidance really is we’re looking at the existing platform that we have for 2026.” Heinzen added that Bristol Myers and Johnson & Johnson had already reported strong first-quarter results, but said Cryoport could not comment on other customers that have not yet reported.
In discussing market dynamics, Shelton said cell therapies represent the majority of Cryoport’s commercial customers, and that gene therapies have had “an even start,” while “the cell therapies are pulling the wagon.” He cited Bristol Myers, Gilead, and J&J and said close to 90% of the clinical trials the company supports are autologous immunogenetic cell therapies.
IntegriCell milestone and facility expansions
Shelton said Cryoport reached a milestone in the quarter when its IntegriCell team shipped its first cryopreserved clinical trial patient materials from both its Houston, Texas and Liège, Belgium facilities for two separate clients. He characterized IntegriCell as a long-term driver of revenue and margin expansion, while cautioning that onboarding can take time—“it could take 12 to 18 months in some cases.”
Asked about initial learnings, Shelton said early client reception has been positive and emphasized that initial clients are using multiple Cryoport service competencies across its “fully integrated platform,” including biologistics and BioServices.
Stefanovich also provided updates on network expansion and consolidation plans:
- Paris, France: Biologistics operations went live in November, and the site is ramping as clients conduct audits. BioServices is expected to be added in Q3.
- Santa Ana, California: A planned consolidation of three existing locations into a single roughly 94,000-square-foot site intended to provide biologistics, BioServices, consulting, testing, and “ultimately also have space for IntegriCell.”
Stefanovich said the revenue contribution from these facilities is expected to be smaller in fiscal 2026 because they come online in the second half, with more significant contributions expected in 2027.
Profitability progress, margins, and AI initiatives
Management said operating discipline and gross margin performance contributed to a $2.2 million year-over-year improvement in adjusted EBITDA from continuing operations. Shelton said the company is progressing along its “pathway to profitability.”
On the question of second-half EBITDA positivity, management said first-quarter adjusted EBITDA was negative $0.6 million, and Shelton said the company still expects to achieve positive adjusted EBITDA in the second half of fiscal 2026. He attributed the path to near-term organic revenue growth, while noting that investments in new facilities are expected to drive more operating leverage in 2027, with benefits also extending into 2026 and beyond.
Stefanovich addressed margin questions across the business. For MVE, he said product margin variation was driven by product mix and that energy prices did not factor into product results during the quarter. He also said there was “no pricing erosion or competitive element.” For services, he said the company had expected some first-half pressure and a rebound in the second half, but noted services gross margins came in higher than he initially expected in Q1. Separately, he said fuel surcharges are typically passed through to customers in transportation and logistics and “do not impact our gross margins as a company.”
Management also discussed internal initiatives related to digitization and generative AI. Shelton said Cryoport is focusing on enabling employees to use secure, enterprise-approved tools to automate repetitive tasks, analyze data in real time, manage risk, and accelerate decision-making. In response to a question about durability, Shelton said the AI initiatives are focused on practical internal efficiency and effectiveness improvements and described them as durable.
Outlook and raised revenue guidance
Based on first-quarter performance and what Shelton described as improved visibility into the remainder of the year, Cryoport raised its full-year fiscal 2026 revenue guidance to $192 million to $196 million. Responding to an analyst question about the magnitude of the increase, Shelton said the company believed it was “a responsible guide” given ongoing global macroeconomic uncertainty, and reiterated that guidance will be evaluated quarterly.
For the Life Sciences Products business, Shelton said the market has “solidified” and that he expects “high single-digit growth” going forward, while acknowledging that results may exceed that at times. Stefanovich said demand has been strong across geographies, with particular strength in animal health as well as life sciences overall.
In closing remarks, Shelton reiterated management’s view that Cryoport remains a market leader and said the company had a “great start to 2026,” citing double-digit growth in both reporting segments and improved adjusted EBITDA performance from continuing operations.
About CryoPort NASDAQ: CYRX
CryoPort, Inc NASDAQ: CYRX is a global provider of temperature-controlled logistics solutions for the life sciences industry. The company specializes in cryogenic shipping for critical biological materials, supporting the development, clinical testing and commercialization of cell and gene therapies, biologics, vaccines and reproductive medicine. By offering end-to-end supply chain management, CryoPort helps ensure the integrity and viability of temperature-sensitive products from point of origin to destination.
CryoPort's product portfolio includes proprietary cryogenic dry shippers, advanced active and passive thermal packaging, and real-time data monitoring platforms.
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