The quarter was broadly in line, not a clean beat. Revenue of $48.97 million was about 1.9% above the published consensus of roughly $48.1 million, but diluted EPS of negative $0.20 was slightly worse than the approximately negative $0.19 consensus.
| Metric | Q2 2026 | Q2 2025 | Change / comparison |
|---|---|---|---|
| Total revenue | $49.0M | $45.5M | +8% (Financial Highlights) |
| Life Sciences Services revenue | $28.0M | $24.4M | +15% (Financial Highlights) |
| Life Sciences Products revenue | $21.0M | $21.1M | Flat (Financial Highlights) |
| Adjusted EBITDA | $0.4M | $(0.9)M | Improved by $1.3M (Adjusted EBITDA reconciliation) |
| GAAP loss from continuing operations | $(8.3)M | $(12.0)M | Improved by $3.8M (Income Statement) |
| Total gross margin | 46.6% | 47.0% | Down 40 bps (Income Statement) |
| Services gross margin | 49.9% | 48.9% | Up 100 bps (Income Statement) |
| Products gross margin | 42.2% | 44.9% | Down 270 bps (Income Statement) |
The biggest positive was profitability timing. Adjusted EBITDA reached $0.4 million versus negative $0.9 million a year earlier, marking the first positive quarterly result even though management had previously framed positive adjusted EBITDA as a second-half 2026 objective. The result therefore adds credibility to the cost and operating-leverage story, but it is a modest $0.4 million profit rather than a major earnings inflection. The filing says, “Achieving positive adjusted EBITDA in the second quarter represents an important milestone.” 〔0〕
Growth was concentrated in services while products stalled. Life Sciences Services revenue rose 15%, led by 25% growth in BioStorage/BioServices, while Life Sciences Products revenue was essentially flat year over year. Services margin improved to 49.9%, but the products margin fell sharply to 42.2%, offsetting part of the operating improvement. The release states, “Life Sciences Services revenue grew 15% year-over-year, led by 25% growth in BioStorage/BioServices revenue.” 〔1〕
The underlying CGT pipeline remains supportive, but much of that thesis was already known. Commercial CGT revenue rose 9% to $9.4 million, clinical-trial support revenue increased 12% to $13.4 million, and supported trials reached 779, up 51 from a year earlier. Those figures reinforce the growth narrative rather than materially changing it. The filing says, “We supported a record 779 clinical trials globally as of June 30, 2026.” 〔2〕
The net read is mixed because the revenue beat and earlier EBITDA break-even offset the EPS miss and weaker product economics. Full-year revenue guidance remained at $192 million to $196 million, so the company did not raise the bar after the quarter; that range had already been established in Q1. The prior-year EPS comparison is also distorted by a $120.9 million discontinued-operations gain from the CRYOPDP divestiture, making the current quarter’s continuing-operations performance more useful than headline net income. The filing says, “On June 11, 2025, the Company completed the divestiture of its CRYOPDP specialty courier business to DHL Group.” 〔3〕
Read the original 8-K on SEC EDGAR ↗