Cryoport, Inc. (CYRX) · Nov 5, 2026 · Earnings
Beat — Revenue $50.2M vs ~$48.69M consensus; EPS -$0.25 vs ~-$0.19 consensus
Cryoport’s Q3 earnings beat revenue expectations and lifted 2026 guidance, but wider losses and weaker product margins temper the profitability story.
Cryoport is building an integrated, temperature-controlled supply-chain platform around the expanding cell-and-gene-therapy market, moving customers from clinical trials into commercial therapies while trying to convert scale into consistent profitability. Its prior 2026 revenue guide was $190 million to $194 million, with 22 commercial therapies and 779 supported clinical trials at June 30, 2026.
Revenue execution was ahead of the market bar. Third-quarter revenue reached $50.2 million, about 3% above the published consensus of roughly $48.69 million, with Life Sciences Services up 18% and BioStorage/BioServices up 25%. Commercial CGT revenue grew 20% year over year, confirming that the higher-value services engine—not just the equipment business—is carrying the momentum. 〔0〕
| Q3 2026 | Q3 2025 | Consensus / Prior guide | |
|---|---|---|---|
| Total revenue (Financial Highlights) | $50.2M (+13.5%) | $44.2M | ~$48.69M |
| GAAP EPS (Income Statement) | -$0.25 | -$0.18 | ~-$0.19 |
| Adjusted EBITDA (Adjusted EBITDA reconciliation) | $1.1M | -$0.6M | |
| Total gross margin (Income Statement) | 47.5% | 48.2% | |
| FY 2026 revenue guidance (Management outlook) | $197M-$199M | $190M-$194M |
The raised outlook is the filing’s most important change. Management lifted full-year 2026 revenue guidance to $197 million-$199 million from $190 million-$194 million, implying the business is tracking above the original growth plan rather than merely delivering one strong quarter.
The profitability milestone is real, but not yet clean. Adjusted EBITDA turned positive at $1.1 million versus a $0.6 million loss a year ago, supporting the company’s operating-leverage narrative. But GAAP loss attributable to common stockholders widened to $12.9 million, or $0.25 per share, versus $8.9 million, or $0.18 per share, and missed the roughly $0.19 loss expected. Total gross margin also slipped to 47.5% from 48.2%, driven by Life Sciences Products margin falling to 43.6% from 46.4%; the products business grew only 8%, versus 18% for services. 〔1〕
The underlying CGT platform continues to broaden. Cryoport ended the quarter supporting 23 commercial therapies and 788 clinical trials, including 99 in Phase 3, while two customers filed BLAs during the quarter. That expands the potential conversion funnel, but the filing still describes future approvals and filings as possible catalysts rather than booked revenue. 〔2〕
Bottom line: This is a modest upgrade to the growth story: revenue beat expectations and the full-year guide moved higher. The business is approaching operating profitability, but the GAAP loss and weaker product margins show that the transition is not yet complete.
Q4 results and 2026 year-end profitability update
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