Cryoport, Inc. Q4 FY2025 earnings call

• Delivered full-year revenue from continuing operations of 176 exceeding prior guidance, with double-digit revenue growth in the fourth quarter driven by expanding commercial cell and gene therapy activity. - Concluded 2025 supporting a record 760 clinical trials and 20 commercial therapies worldwide, with clinical trial support showing a net increase of 59 over the previous year and representing approximately 70% of total trials for the cell and gene therapy industry. - Anticipated 13 BLA or MMA application filings, 9 new therapy approvals, and 2 additional approvals for label or geographic expansion in 2026, with a clinical trial pipeline spring-loaded with 86 phase three and 361 phase II trials. - Executed on mission of expanding services to life sciences by broadening revenue streams and capturing more revenue per client, with cost reduction initiatives contributing to a 47% gross margin and $12 million year-over-year improvement in adjusted EBITDA. - Actively leveraging generative AI to enhance internal workflows and operations. - Reported strategic partnership with DHL Group, which included DHL's acquisition of Cryo PDP, and entered into strategic collaborations with Cardinal Health and Parexcel.

Life sciences services segment revenue increased 18% year-over-year in 2025, including 22% growth in biostorage bioservices revenue. Commercial cell and gene therapy revenue in the fourth quarter represented 20% of overall revenue, with revenue from support of commercial cell and gene therapy increasing 29% year-over-year to a record $33.4 million for the year. Clinical trial revenue grew 14% year-over-year to $47.1 million. Life sciences product segment revenue grew 7% year-over-year in 2025. MBE Biological Solutions focused on execution and innovation, with MVE launching integrated condition monitoring solutions for its dry vapor shippers and the Fusion 800 series self-sustaining cryogenic freezer. Cryoport Systems increased internal investments in global supply chain centers.

• Anticipated full year revenue guidance of $190 million to $194 million for 2026. - Anticipated achieving positive adjusted EBITDA in the second half of 2026.

Q: Punit Soda asked about elaborating on the guide, growth in biologics and services, commercial therapy momentum, Q1 color, and geopolitical flight cancellations.

A: Discussed continued progress to existing customers, commercial therapy being the driver, biostorage bioservices growth, MBE segment growth, solid start to Q1, and no expected flight cancellations.

Q: Anna Snopagosi asked about lag between funding environment and customer conversations/orders, and margin side.

A: Average lag of about a half a year, and expected growth and efficiencies to drive margin improvement.

Q: Sabu Nambi asked about macro environment impact on 2026 guidance and animal health/reproductive health growth contributions.

A: Opportunity to beat guidance if acceleration happens sooner, and don't typically disclose segmentation by product segment.

Q: David Saxon asked about product growth outlook, DHL partnership update, and partnerships with Cardinal and Parexel.

A: Guidance is a good starting point with macro risks, DHL relationship will take time, and partnerships with Cardinal and Parexel help build ecosystem.

Q: Mackintock asked about impact of FDA approval change on approvals and investments.

A: Streamlining process is good, beneficial for more patients and commercial revenue.

Q: David Larson asked about MVE product revenue growth in Q4 and reacceleration in 2026, and future percentage of revenue from commercial.

A: MBE growth can't be judged by quarterly basis, guidance assumes mid-single digit growth, and directionally commercial cell and gene therapy will be dominant but no specific five-year percentage forecast