Cryoport runs temperature-controlled supply chains for the life sciences, specializing in shipping and storing cell and gene therapies in ultra-cold cryogenic conditions. Its MVE Biological Solutions makes the freezers, dewars, and transport systems, while services like Cryoport Express and BioStorage move and hold these delicate biological materials worldwide. The company was founded in 1999 by six doctors and went public in 2005 through a reverse merger. Its name blends "cryo," for freezing, with "port," a place of arrival and departure.
Cryoport's Q2 2026 revenue rose 7.7% to $49.0M as Commercial Cell & Gene Therapy support grew 26.5%, while the operating loss held steady near $10M.
The cell and gene therapy business kept accelerating. rose 7.7% to $49.0 million and held at 46.6% as a 26.5% increase in Commercial Cell & Gene Therapy support revenue to $9.4 million drove the quarter, while the Life Sciences Products stalled. The company remains unprofitable on an operating basis, but its $396.7 million in cash and short-term investments covers the due in December 2026.
Key takeaways
Commercial Cell & Gene Therapy support rose 26.5% to $9.4 million, the primary growth engine, as the company supported 779 clinical trials, up 51 from a year ago.
Life Sciences Services rose 14.8% to $28.0 million, while Life Sciences Products revenue was nearly flat at $21.0 million, breaking a two-quarter growth streak.
Overall dipped 0.4 percentage points to 46.6%, as a 1.0-point improvement in Services margin to 49.9% was offset by a 2.7-point decline in Products margin to 42.2%.
Section summaries
Management's Discussion and Analysis
Q2 FY2026 revenue rose 7.7% to $49.0M driven by 14.8% growth in Life Sciences Services, while net loss from continuing operations narrowed to $8.3M.
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Total grew 7.7% to $49.0M, with Life Sciences Services up 14.8% to $28.0M and Life Sciences Products nearly flat at $21.0M.
The net loss from continuing operations narrowed to $8.3 million from $108.9 million a year ago, though the prior-year period included a $133.0 million gain on the CRYOPDP divestiture that made the comparison not meaningful.
was $1.1 million, down from $7.3 million in the prior-year quarter, while remained negative at $8.0 million.
Cash and equivalents stood at $269.3 million with an additional $127.4 million in short-term investments, and management stated these resources are sufficient to fund operations and the December 2026 repayment.
What changed
Life Sciences Products growth stalled at $21.0 million after two consecutive quarters of growth, falling short of the $21.1 million reported in Q2 2025 and the $20.9 million in Q1 2026, raising the question of whether the 's stabilization is durable.
Products fell to 42.2% from 44.9% a year ago and 41.9% in Q1 2026, moving in the wrong direction after prior filings flagged the need for it to hold above 42%.
Commercial Cell & Gene Therapy support growth accelerated to 26.5% from 19.8% in Q1 2026, sustaining the above-20% pace that earlier filings identified as a key threshold.
SG&A expenses rose 26.1% in Q1 2026 due to a prior-year contingent consideration benefit that did not repeat; the Q2 2026 filing does not break out SG&A separately, but the widened slightly to $10.0 million from $9.6 million in Q1 2026.
The number of supported clinical trials rose to 779 from 728 a year ago, but the count of Phase 3 trials — the ones closest to commercial approval — was not disclosed this quarter, leaving the conversion pipeline less visible.
What to watch
Whether Life Sciences Products resumes growth above $21 million in Q3 2026 and whether its recovers above 44%, confirming the 's stabilization after this quarter's stall.
Whether Commercial Cell & Gene Therapy support sustains growth above 20% in Q3 2026, and whether any of the Phase 3 clinical trials convert to commercial approvals, expanding the base of 20 supported therapies.
How management deploys the $396.7 million in cash and short-term investments ahead of the December 2026 maturity, and whether , negative $8.0 million in Q2, turns positive.
Whether the U.S. federal government shutdown flagged in Q3 2025 as a risk to customer purchasing patterns has any material effect on , and whether newly emphasized tariffs affect MVE product costs or international sales.
Commercial Cell and Gene Therapy within Life Sciences Services surged 26.5% to $9.4M, and the company supported 779 clinical trials, up 51 .
Overall dipped slightly to 46.6% from 47.0%, as Services margin improved to 49.9% while Products margin fell to 42.2%.
Loss from continuing operations improved by $3.8M to $8.3M, helped by a $2.6M decrease in other expense and a $1.7M rise in investment income.
Cash and equivalents stood at $269.3M with $127.4M in short-term investments; management expects current resources to cover requirements for at least 12 months.
The company continues to invest in engineering and development, including AI deployment and new products like the Fusion 800 Series freezer.
Quantitative and Qualitative Disclosures About Market Risk
Market risk arises from interest rates, foreign exchange, and investment values, with sensitivity disclosed for FX impacts on cash and intercompany loans.
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Fixed-rate debt fair value fluctuates with interest rates, but carrying value is unaffected; the 2026 Convertible Senior Notes had a $181.4M estimated fair value at quarter-end.
Fixed-income investments may lose market value if rates rise, with potential losses on forced sales before maturity.
International (19% of consolidated) is exposed to EUR, GBP, and CNY fluctuations; FX changes added $1.1M to international revenue in the first half of FY2026 versus the prior year.
A 5%, 10%, or 20% adverse FX move on foreign cash ($27.6M) would reduce accumulated other comprehensive income by $1.4M, $2.8M, or $5.5M, respectively.
A 5%, 10%, or 20% adverse FX move on short-term intercompany loans would cause losses of $2.2M, $4.4M, or $8.8M in other income/expense.
In the ordinary course of business, we are at times subject to various legal proceedings and disputes, including product liability claims. We currently are not aware of any such legal proceedings or claim that we believe will have, individually or in the aggregate, a material ad…
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In the ordinary course of business, we are at times subject to various legal proceedings and disputes, including product liability claims. We currently are not aware of any such legal proceedings or claim that we believe will have, individually or in the aggregate, a material adverse effect on our business, operating results or cash flows. It is our practice to accrue for open claims based on our historical experience and available insurance coverage.
In addition to the other information set forth in this Quarterly Report, you should carefully consider the risk factors described in Part I, Item 1A, Risk Factors, in the 2025 Annual Report, which could materially and adversely affect our business, financial condition and result…
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In addition to the other information set forth in this Quarterly Report, you should carefully consider the risk factors described in Part I, Item 1A, Risk Factors, in the 2025 Annual Report, which could materially and adversely affect our business, financial condition and results of operations. These risk factors do not identify all of the risks that we face. Our business, financial condition and results of operations could also be affected by factors that are not presently known to us or that we currently consider to be immaterial.