Cryoport (NASDAQ: CYRX) grows Q2 revenue, posts positive EBITDA
Rhea-AI Filing Summary
Cryoport, Inc. reported Q2 2026 revenue of $48,971 thousand, up 8% year-over-year, and first-half revenue of $96,769 thousand, up 12%. Life Sciences Services grew 15% to $27,969 thousand, driven by 13% growth in BioLogistics Solutions and 25% growth in BioStorage/BioServices, while Life Sciences Products was flat at $21,002 thousand.
Cell and gene therapy activity remained strong, with $9.4 million in commercial CGT revenue, $13.4 million from supporting CGT clinical trials, and a record 779 supported trials worldwide, including 94 in Phase 3. GAAP loss from continuing operations narrowed to $8,255 thousand from $12,014 thousand a year earlier, and adjusted EBITDA from continuing operations turned positive at $375 thousand versus a prior loss of $914 thousand.
As of June 30, 2026, Cryoport held $269,267 thousand in cash and cash equivalents and $127,426 thousand in short-term investments, against total liabilities of $265,505 thousand and stockholders’ equity of $490,699 thousand, including a current portion of convertible senior notes of $185,687 thousand.
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adjusted EBITDA from continuing operations financial
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FAQ
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the
Securities Exchange Act of 1934
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| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||
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Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 2.02 | Results of Operations and Financial Condition. |
On August 6, 2026, Cryoport, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2026. A copy of the press release issued by the Company is attached hereto as Exhibit 99.1.
The information, including the exhibit attached hereto, in this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as otherwise expressly stated in such filing.
| Item 9.01. | Financial Statements and Exhibits |
| (d) | Exhibits. | The following material is filed as an exhibit to this Current Report on Form 8-K: |
Exhibit Number | ||
| 99.1 | Press Release dated August 6, 2026 issued by the Company. | |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: August 6, 2026 | Cryoport, Inc. |
| /s/ Robert Stefanovich | |
| Robert Stefanovich | |
| Chief Financial Officer |
Exhibit 99.1
Cryoport Reports Second Quarter 2026 Financial Results
| · | Second quarter revenue grew 8% year-over-year to $49.0 million |
| · | Life Sciences Services revenue increased 15% year-over-year |
| · | BioStorage/BioServices revenue grew 25% year-over-year |
| · | Supporting 779 global clinical trials and 22 commercially approved cell and gene therapies (CGT) as of June 30, 2026 |
NASHVILLE, Tennessee, August 6, 2026, - Cryoport, Inc. (NASDAQ: CYRX) (“Cryoport” or the “Company”), a leading global provider of integrated temperature-controlled supply chain solutions for the life sciences, today announced financial results for its second quarter (Q2) and first half (H1) of 2026.
Jerrell Shelton, CEO of Cryoport, commented, “Our revenue momentum over the past several periods continued into the second quarter, with total revenue reaching $49.0 million. Life Sciences Services revenue grew 15% year-over-year, led by 25% growth in BioStorage/BioServices revenue. Our Life Sciences Products business also generated solid results during the quarter, driven by continued demand for MVE Biological Solutions’ industry-leading cryogenic systems and the successful introduction of new and innovative products.
“Total revenue from the support of commercial CGT grew 9% year-over-year to $9.4 million. The Life Science Services portion of our revenue from supporting commercial CGT grew 26% year-over-year as the number of patients treated in the community setting and on an outpatient basis continued to ramp. Total revenue for the quarter from supporting CGT clinical trials increased 12% year-over-year to $13.4 million as our customers’ clinical pipelines advanced and further matured. We supported a record 779 clinical trials globally as of June 30, 2026, reflecting the strength of our industry-leading position as the CGT market continues to advance.
“Our second quarter results also reflect meaningful progress on our “pathway to profitability.” Achieving positive adjusted EBITDA in the second quarter represents an important milestone in our ongoing pathway to sustainable profitability and demonstrates the value of our strategic investments and operational initiatives we have executed over the past several years. We are pleased with this accomplishment as we continue to optimize our global operations, leverage our expanding infrastructure, and benefit from the operating leverage that we anticipate will take effect as we increasingly scale and put our investments to work.
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“Overall, we delivered a strong second quarter, generating growth across key revenue streams, improving profitability, and achieving an important milestone with positive adjusted EBITDA for the quarter. With our accomplishments to date, we believe that we are well positioned to further expand margins, enhance operating efficiency, and deliver sustainable, profitable long-term growth for our shareholders. We remain focused on executing our strategy, driving financial performance, and capitalizing on the significant opportunities before us. We expect upcoming growth catalysts in our business segments, represented by the expansion of our Global Supply Chain Center Network and recent launches of new products and services, will drive us to new heights in market position, growth, and productivity,” concluded Mr. Shelton.
The following table presents Q2 2026 revenue compared with Q2 2025:
Cryoport, Inc. and Subsidiaries
Revenue
| Three Months Ended June 30, (unaudited) | Six Months Ended June 30, (unaudited) | |||||||||||||||||||||||
| (in thousands) | 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||
| Life Sciences Services | $ | 27,969 | $ | 24,369 | 15 | % | $ | 54,867 | $ | 47,234 | 16 | % | ||||||||||||
| BioLogistics Solutions | 22,359 | 19,874 | 13 | % | 44,027 | 38,404 | 15 | % | ||||||||||||||||
| BioStorage/BioServices | 5,610 | 4,495 | 25 | % | 10,840 | 8,830 | 23 | % | ||||||||||||||||
| Life Sciences Products | $ | 21,002 | $ | 21,085 | 0 | % | $ | 41,902 | $ | 39,260 | 7 | % | ||||||||||||
| Total Revenue | $ | 48,971 | $ | 45,454 | 8 | % | $ | 96,769 | $ | 86,494 | 12 | % | ||||||||||||
BioLogistics Solutions revenue increased 13% year-over-year in Q2 2026, driven by increasing customer activity, continued commercial product development, and clinical advancement within the CGT market. BioStorage/BioServices revenue grew 25% year-over-year, reflecting strong demand for our expanded, integrated services offering, which provides seamless, secure handling of temperature-sensitive materials across our global network.
As of June 30, 2026, the number of commercial cell and gene therapies we support increased to 22 and our total clinical trial count that we support rose to 779 clinical trials worldwide, a net increase of 51 clinical trials over June 30, 2025, with 94 of these clinical trials in Phase 3. The number of trials by phase and region are as follows:
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Cryoport Supported Clinical Trials by Phase
| June 30, | ||||||||||||
| Clinical Trials | 2024 | 2025 | 2026 | |||||||||
| Phase 1 | 286 | 304 | 316 | |||||||||
| Phase 2 | 322 | 342 | 369 | |||||||||
| Phase 3 | 76 | 82 | 94 | |||||||||
| Total | 684 | 728 | 779 | |||||||||
Cryoport Supported Clinical Trials by Region
| June 30, | ||||||||||||
| Clinical Trials | 2024 | 2025 | 2026 | |||||||||
| Americas | 525 | 556 | 579 | |||||||||
| EMEA | 114 | 124 | 145 | |||||||||
| APAC | 45 | 48 | 55 | |||||||||
| Total | 684 | 728 | 779 | |||||||||
In Q2 2026, four of our customers filed Biologics License Applications (BLA) / Marketing Authorization Applications (MAA). During the Q2 2026, Cryoport’s customer, Orca Bio, received U.S. Food and Drug Administration (FDA) approval for TREGZI™ as the first and only precision-engineered cell therapy for allogeneic stem cell transplant in the treatment of adults with hematological malignancies. Additionally, during Q2 2026, Vertex Pharmaceuticals received supplemental approval from the FDA to expand the label of CASGEVY® for the treatment of patients aged two years and older with either sickle cell disease (SCD) with recurrent vaso-occlusive crises (VOCs) or transfusion-dependent beta thalassemia (TDT). CASGEVY is the first approved gene therapy indicated for children as young as two years for both SCD and TDT. For the balance of 2026, we anticipate another 11 possible BLA/MAA applications, five possible additional new therapy approvals, and one possible additional approval for label/geographic expansion from our customer base.
Operational milestones
| · | Cryoport Systems' IntegriCell® cryopreservation services were selected by Verismo Therapeutics, a clinical-stage CAR T-cell therapy company pioneering a novel multi-chain KIR-CAR platform technology for the treatment of solid tumors (SynKIR™-110) and B cell associated disorders and malignancies (SynKIR™-310). |
| · | Advanced toward the planned launch of BioServices operations at our Global Supply Chain Center in Paris, France, expected in Q4 2026. |
| · | Continued progress toward the launch of our state-of-the-art Global Supply Chain Center in Santa Ana, California, expected in Q4 2026. |
| · | Shipped first HE freezers “made in China for China” from our Chengdu, China manufacturing facility. |
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Financial Highlights
On June 11, 2025, the Company completed the divestiture of its CRYOPDP specialty courier business to DHL Group. The results of CRYOPDP, a former business within Cryoport’s Life Sciences Services segment, are presented as discontinued operations for all periods and are excluded from the non-GAAP financial measures in this release.
Revenue
| · | Total revenue for Q2 2026 was $49.0 million, compared to $45.5 million for Q2 2025, a year-over-year increase of 8%, or $3.5 million. |
| o | Life Sciences Services revenue for Q2 2026 (representing 57% of our total revenue) was $28.0 million, compared to $24.4 million for Q2 2025, up 15% year-over-year, including BioStorage/BioServices revenue of $5.6 million, up 25% year-over-year. |
| o | Life Sciences Products revenue for Q2 2026 (representing 43% of our total revenue) was $21.0 million, compared to $21.1 million for Q2 2025. |
| · | Total revenue for H1 2026 was $96.8 million, compared to $86.5 million for H1 2025. |
| o | Life Sciences Services revenue for H1 2026 was $54.9 million, compared to $47.2 million for H1 2025, including BioStorage/BioServices revenue of $10.8 million, compared to $8.8 million for H1 2025. |
| o | Life Sciences Products revenue for H1 2026 was $41.9 million, compared to $39.3 million for H1 2025. |
Gross Margin
| · | Total gross margin was 46.6% for Q2 2026, compared to 47.0% for Q2 2025. |
| o | Gross margin for Life Sciences Services was 49.9% for Q2 2026, compared to 48.9% for Q2 2025. |
| o | Gross margin for Life Sciences Products was 42.2% for Q2 2026, compared to 44.9% for Q2 2025. |
| · | Total gross margin was 46.2% for H1 2026, compared to 46.3% for H1 2025. |
| o | Gross margin for Life Sciences Services was 49.4% for H1 2026, compared to 48.4% for H1 2025. |
| o | Gross margin for Life Sciences Products was 42.1% for H1 2026, compared to 43.7% for H1 2025. |
Operating Costs and Expenses
| · | Operating costs and expenses were $32.9 million for Q2 2026, compared to $31.0 million for Q2 2025. Operating costs and expenses were $64.4 million for H1 2026, compared to $56.9 million for H1 2025. |
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Loss from Continuing Operations
| · | Loss from continuing operations was $8.3 million for Q2 2026, compared to a loss of $12.0 million for Q2 2025. Loss from continuing operations was $17.7 million for H1 2026, compared to a loss of $18.8 million for H1 2025. |
Net Income (Loss) – including Discontinued Operations
| · | Net loss was $8.3 million for Q2 2026, compared to net income of $108.9 million for Q2 2025. Net loss for H1 2026 was $18.8 million, compared to net income of $96.9 million for H1 2025. Net income for Q2 2025 and H1 2025 was primarily driven by the sale of our CRYOPDP specialty courier business during Q2 2025, which contributed $120.9 million and $115.6 million, net of taxes, respectively, to income from discontinued operations. |
| · | Net loss attributable to common stockholders for Q2 2026 was $10.3 million, or $0.20 per share. Net loss attributable to common stockholders for H1 2026 was $22.8 million, or $0.45 per share. This compares to net income attributable to common stockholders of $106.9 million, or $2.13 per share, and $92.9 million, or $1.85 per share, for Q2 2025 and H1 2025, respectively. |
Adjusted EBITDA from Continuing Operations
| · | Adjusted EBITDA from continuing operations was $0.4 million for Q2 2026, compared to a negative $0.9 million for Q2 2025. Adjusted EBITDA from continuing operations for H1 2026 was a negative $0.2 million, compared to a negative $3.7 million for H1 2025. |
Cash, Cash equivalents, and Short-Term Investments
| · | Cryoport held $396.7 million in cash, cash equivalents, and short-term investments as of June 30, 2026. |
Note: All reconciliations of GAAP to adjusted (non-GAAP) figures above are detailed in the reconciliation tables included later in the press release.
Additional Information
Further information on Cryoport’s financial results is included in the attached condensed consolidated balance sheets and statements of operations, and additional explanations of Cryoport’s financial performance are provided in the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, which is expected to be filed with the Securities and Exchange Commission ("SEC") on August 6, 2026. Additionally, the full report will be available in the SEC Filings section of the Investor Relations section of Cryoport’s website at www.cryoportinc.com.
Earnings Conference Call Information
IMPORTANT INFORMATION: In addition to the earnings release, a document titled “Cryoport Second Quarter 2026 in Review,” providing a review of Cryoport’s business update, will be issued at 4:05 p.m. ET on Thursday, August 6, 2026. The document is designed to be read in advance of the questions and answers conference call and will be accessible at https://ir.cryoportinc.com/news-events/ir-calendar.
Cryoport management will host a conference call at 5:00 p.m. ET on August 6, 2026. The conference call will be in the format of a questions and answers session and will address any queries investors have regarding the Company’s reported results. A slide deck will accompany the call.
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Conference Call Information
| Date: | Thursday, August 6, 2026 |
| Time: | 5:00 p.m. ET |
| Dial-in numbers: | 1-800-717-1738 (U.S.), 1-646-307-1865 (International) |
| Confirmation code: | Request the “Cryoport Call” or Conference ID: 1142151 |
| Live webcast: |
‘Investor Relations’ section at www.cryoportinc.com or click here.
Please allow 10 minutes prior to the call to visit this site to download and install any necessary audio software. |
The questions and answers call will be recorded and available approximately three hours after completion of the live event in the Investor Relations section of the Company's website at www.cryoportinc.com for a limited time. To access the replay of the questions and answers click here. A dial-in replay of the call will also be available to those interested, until August 13, 2026. To access the replay, dial 1-844-512-2921 (United States) or 1-412-317-6671 (International) and enter replay entry code: 1142151#.
About Cryoport, Inc.
Cryoport, Inc. (Nasdaq: CYRX) is a leading global provider of integrated temperature-controlled supply chain solutions for the life sciences, with an emphasis on regenerative medicine. We support biopharmaceutical companies, contract manufacturers (CDMOs), contract research organizations (CROs), developers, and researchers with a comprehensive suite of services and products designed to minimize risk and maximize reliability across the temperature-controlled supply chain for the life sciences. Our integrated supply chain platform includes the Cryoportal® Logistics Management Platform, advanced temperature-controlled packaging, informatics, specialized BioLogistics, BioStorage, BioServices, cryopreservation services, and cryogenic systems, which in varying combinations deliver end-to-end solutions that meet the rigorous demands of the life sciences. With innovation, regulatory compliance, and agility at our core, we are "Enabling the Future of Medicine™."
Headquartered in Nashville, Tennessee, our company maintains a strong global presence with operations across the Americas, EMEA, and APAC.
For more information, visit www.cryoportinc.com or follow via LinkedIn at https://www.linkedin.com/company/cryoportinc or @cryoport on X, formerly known as Twitter at https://x.com/cryoport for live updates.
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Forward-Looking Statements
Statements in this press release which are not purely historical, including statements regarding the Company's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, those related to the Company's industry, business, long-term growth prospects, plans, strategies, acquisitions, future financial results and financial condition, such as the Company's outlook and guidance for full-year 2026 revenue and the related assumptions and factors expected to drive revenue, projected growth trends in the markets in which the Company operates, the Company's plans and expectations regarding the launch of new products and services, such as the expected timing and benefits of such products and services launches, the Company’s expectations about future benefits of its acquisitions, and anticipated regulatory filings, approvals, label/geographic expansions or moves to earlier lines of treatment approved with respect to the products of the Company's clients. Forward-looking statements also include those related to the Company’s plans regarding its Global Supply Chain Centers, including expected timing of future openings, the Company’s anticipation that it will benefit from its operating leverage, the Company’s belief that it is well positioned to further expand margins, enhance operating efficiency and deliver sustainable, profitable long-term growth for its shareholders, and the Company’s expectation that upcoming growth catalysts in its business segments will drive the Company to new heights in market position, growth, and productivity. It is important to note that the Company's actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, risks and uncertainties associated with the effects of changing economic and geopolitical conditions, such as those resulting from the war with Iran, supply chain constraints, inflationary pressures, the effects of foreign currency fluctuations, trends in the products markets, variations in the Company’s cash flow, market acceptance risks, the effects of tariffs and other trade restrictions, and technical development risks. The Company's business could be affected by other factors discussed in the Company's SEC reports, including in the "Risk Factors" section of its most recently filed periodic reports on Form 10-K and Form 10-Q, as well as in its subsequent filings with the SEC. The forward-looking statements contained in this press release speak only as of the date hereof and the Company cautions investors not to place undue reliance on these forward-looking statements. Except as required by law, the Company disclaims any obligation and does not undertake to update or revise any forward-looking statements in this press release.
Cryoport Investor Contacts:
Todd Fromer / Scott Eckstein
KCSA Strategic Communications
cryoport@kcsa.com
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Cryoport, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
| Three Months Ended June 30, (unaudited) | Six Months Ended June 30, (unaudited) | |||||||||||||||
| (in thousands, except share and per share data) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Revenue | ||||||||||||||||
| Life Sciences Services revenue | $ | 27,969 | $ | 24,369 | $ | 54,867 | $ | 47,234 | ||||||||
| Life Sciences Products revenue | 21,002 | 21,085 | 41,902 | 39,260 | ||||||||||||
| Total revenue | 48,971 | 45,454 | 96,769 | 86,494 | ||||||||||||
| Cost of revenue: | ||||||||||||||||
| Cost of services revenue | 14,008 | 12,449 | 27,755 | 24,369 | ||||||||||||
| Cost of products revenue | 12,139 | 11,628 | 24,277 | 22,107 | ||||||||||||
| Total cost of revenue | 26,147 | 24,077 | 52,032 | 46,476 | ||||||||||||
| Gross margin | 22,824 | 21,377 | 44,737 | 40,018 | ||||||||||||
| Operating costs and expenses: | ||||||||||||||||
| Selling, general and administrative | 28,011 | 26,908 | 55,631 | 48,809 | ||||||||||||
| Engineering and development | 4,852 | 4,118 | 8,759 | 8,052 | ||||||||||||
| Total operating costs and expenses: | 32,863 | 31,026 | 64,390 | 56,861 | ||||||||||||
| Loss from operations | (10,039 | ) | (9,649 | ) | (19,653 | ) | (16,843 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Investment income | 3,132 | 1,466 | 6,222 | 3,039 | ||||||||||||
| Interest expense | (518 | ) | (618 | ) | (950 | ) | (1,201 | ) | ||||||||
| Other expense, net | (325 | ) | (2,939 | ) | (2,693 | ) | (3,239 | ) | ||||||||
| Loss before provision for income taxes | (7,750 | ) | (11,740 | ) | (17,074 | ) | (18,244 | ) | ||||||||
| Provision for income taxes | (505 | ) | (274 | ) | (613 | ) | (508 | ) | ||||||||
| Loss from continuing operations | $ | (8,255 | ) | $ | (12,014 | ) | $ | (17,687 | ) | $ | (18,752 | ) | ||||
| Income (loss) from discontinued operations, net | - | 120,883 | (1,112 | ) | 115,640 | |||||||||||
| Net income (loss) | $ | (8,255 | ) | $ | 108,869 | $ | (18,799 | ) | $ | 96,888 | ||||||
| Paid-in-kind dividend on Series C convertible preferred stock | (2,000 | ) | (2,000 | ) | (4,000 | ) | (4,000 | ) | ||||||||
| Net income (loss) attributable to common stockholders | $ | (10,255 | ) | $ | 106,869 | $ | (22,799 | ) | $ | 92,888 | ||||||
| Net income (loss) per share attributable to common stockholders - basic and diluted | $ | (0.20 | ) | $ | 2.13 | $ | (0.45 | ) | $ | 1.85 | ||||||
| Weighted average common shares issued and outstanding - basic and diluted | 50,442,796 | 50,257,112 | 50,173,730 | 50,102,918 | ||||||||||||
| Gross margin - Total [%] | 46.6 | % | 47.0 | % | 46.2 | % | 46.3 | % | ||||||||
| Gross margin - Services [%] | 49.9 | % | 48.9 | % | 49.4 | % | 48.4 | % | ||||||||
| Gross margin - Products [%] | 42.2 | % | 44.9 | % | 42.1 | % | 43.7 | % | ||||||||
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Cryoport, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
| June 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| (in thousands) | (unaudited) | |||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 269,267 | $ | 250,494 | ||||
| Short-term investments | 127,426 | 160,714 | ||||||
| Accounts receivable, net | 36,454 | 33,359 | ||||||
| Inventories | 21,506 | 23,188 | ||||||
| Prepaid expenses and other current assets | 5,550 | 8,419 | ||||||
| Total current assets | 460,203 | 476,174 | ||||||
| Property and equipment, net | 94,516 | 85,448 | ||||||
| Operating lease right-of-use assets | 40,323 | 39,720 | ||||||
| Intangible assets, net | 135,992 | 138,082 | ||||||
| Goodwill | 22,068 | 22,400 | ||||||
| Deposits | 2,038 | 2,092 | ||||||
| Deferred tax assets | 1,064 | 1,073 | ||||||
| Total assets | $ | 756,204 | $ | 764,989 | ||||
| Current liabilities | ||||||||
| Accounts payable and other accrued expenses | $ | 16,247 | $ | 15,283 | ||||
| Accrued compensation and related expenses | 12,186 | 12,980 | ||||||
| Deferred revenue | 1,720 | 943 | ||||||
| Current portion of operating lease liabilities | 3,937 | 4,133 | ||||||
| Current portion of finance lease liabilities | 448 | 422 | ||||||
| Current portion of convertible senior notes, net | 185,687 | 185,094 | ||||||
| Current portion of notes payable | 159 | 163 | ||||||
| Current portion of contingent consideration | 652 | - | ||||||
| Total current liabilities | 221,036 | 219,018 | ||||||
| Notes payable, net | 985 | 1,087 | ||||||
| Operating lease liabilities, net | 40,076 | 39,078 | ||||||
| Finance lease liabilities, net | 726 | 741 | ||||||
| Deferred tax liabilities | 1,850 | 1,354 | ||||||
| Other long-term liabilities | 832 | 444 | ||||||
| Contingent consideration | - | 629 | ||||||
| Total liabilities | 265,505 | 262,351 | ||||||
| Total stockholders' equity | 490,699 | 502,638 | ||||||
| Total liabilities and stockholders' equity | $ | 756,204 | $ | 764,989 | ||||
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Note Regarding Use of Non-GAAP Financial Measures
To supplement our financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measure of financial performance as defined in Regulation G of the Securities Exchange Act of 1934 is included in this release: adjusted EBITDA from continuing operations. Non-GAAP financial measures are not calculated in accordance with GAAP, are not based on any comprehensive set of accounting rules or principles and may be different from non-GAAP financial measures presented by other companies. Non-GAAP financial measures, including adjusted EBITDA from continuing operations, should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
Adjusted EBITDA from continuing operations is defined as loss from continuing operations adjusted for net interest expense, income taxes, depreciation and amortization expense, stock-based compensation expense, acquisition and integration costs, cost reduction initiatives, investment income, unrealized (gain)/loss on investments, foreign currency loss, changes in fair value of contingent consideration and charges or gains resulting from non-recurring events, as applicable.
Management believes that adjusted EBITDA from continuing operations provides a useful measure of Cryoport's operating results, a meaningful comparison with historical results and with the results of other companies, and insight into Cryoport's ongoing operating performance. Further, management and the Company’s board of directors utilize adjusted EBITDA from continuing operations to gain a better understanding of Cryoport's comparative operating performance from period to period and as a basis for planning and forecasting future periods. Adjusted EBITDA from continuing operations is also a significant performance measure used by Cryoport in connection with its incentive compensation programs. Management believes adjusted EBITDA from continuing operations, when read in conjunction with Cryoport's GAAP financials, is useful to investors because it provides a basis for meaningful period-to-period comparisons of Cryoport's ongoing operating results, including results of operations, against investor and analyst financial models, helps identify trends in Cryoport's underlying business and in performing related trend analyses, and it provides a better understanding of how management plans and measures Cryoport's underlying business.
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Cryoport, Inc. and Subsidiaries
Reconciliation of GAAP loss from continuing operations to adjusted EBITDA
(unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| (in thousands) | 2026 | 2025 | 2026 | 2025 | ||||||||||||
| GAAP loss from continuing operations | $ | (8,255 | ) | $ | (12,014 | ) | $ | (17,687 | ) | $ | (18,752 | ) | ||||
| Non-GAAP adjustments to loss: | ||||||||||||||||
| Depreciation and amortization expense | 6,589 | 6,249 | 12,991 | 12,383 | ||||||||||||
| Acquisition and integration costs | — | 30 | — | 31 | ||||||||||||
| Cost reduction initiatives | 140 | 266 | 140 | 482 | ||||||||||||
| Investment income | (3,132 | ) | (1,466 | ) | (6,222 | ) | (3,039 | ) | ||||||||
| Unrealized (gain) loss on investments | (212 | ) | 1,082 | 1,893 | 1,275 | |||||||||||
| Foreign currency loss | 651 | 2,002 | 1,105 | 2,247 | ||||||||||||
| Interest expense, net | 518 | 618 | 950 | 1,201 | ||||||||||||
| Stock-based compensation expense | 2,402 | 2,045 | 4,797 | 5,109 | ||||||||||||
| Change in fair value of contingent consideration | 27 | — | 42 | (5,178 | ) | |||||||||||
| Income taxes | 505 | 274 | 613 | 508 | ||||||||||||
| Other adjustments | 1,142 | — | 1,142 | — | ||||||||||||
| Adjusted EBITDA from continuing operations | $ | 375 | $ | (914 | ) | $ | (236 | ) | $ | (3,733 | ) | |||||
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