Cryoport, Inc.

cryoport.com

What Do They Do?

Provides temperature-controlled supply-chain services, including cryopreservation, for biopharmaceutical companies, research institutions and clinics. Sells cryogenic freezers and transport systems to laboratories and life sciences companies.

How Do They Make Money?

Customers pay for cryogenic equipment when it is delivered, for temperature-controlled logistics when shipments are delivered, and for storage and logistics support as services are provided; invoices are generally due within 15 to 60 days.

revenue

Segment	Share	How money arrives
BioLogistics Solutions Usage-based	44% FY2022: 53%	Usage-based
BioStorage/BioServices Recurring	10% FY2022: 3.8%	Recurring
Product Sold outright	45% FY2022: 44%	Sold outright

Who Are Their Customers?

Biopharmaceutical and pharmaceutical companies, animal-health businesses and research organizations buy services directly; customers can buy cryogenic systems directly or through distributors.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: no customer at 10% or more of revenue

Do Revenues Turn Into Profits?

Yes. It kept 44 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$25M.

Operating income, FY2025

−21% of revenue

▼ −70% (Loss) vs FY2024 (−$121.7M, −78%)

Net income, FY2025

44% of revenue

▲ Now profitable vs FY2024 (−$114.8M, −73%)

Free cash flow, FY2025

−14% of revenue

▼ −25% (Loss) vs FY2024 (−$33.6M, −21%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +8%; vs $45.5M in Q2 FY2025
Net income: ▼ Now a loss; vs $108.9M in Q2 FY2025

Product share of revenue vs 46.4% in Q2 FY2025

Shrinking. Revenue fell 21% in 4 years, from $222.6M in FY2021 to $176.2M in FY2025, about 6% a year.

Courier business divested The older report included CRYOPDP's temperature-controlled courier services; the latest report says Cryoport sold that business and reports continuing operations separately from it.

Cryopreservation service launched The older report describes an initiative to integrate cryoprocessing into the supply chain; the latest describes IntegriCell as a service and says biopharma companies began onboarding.

Revenue over time

BioLogistics Solutions BioStorage/BioServices Product Service

$250M$125M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with World Courier, UPS Healthcare, Quick, Biocair, American Red Cross, Gift of Life Biologics, Azenta Life Sciences, Phase 2, and IC Biomedical

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