Cryoport Reports $41M Revenue in Q1 2025, 10.1% Increase Year-Over-Year

Cryoport, Inc. reported a total revenue of $41.0 million for the first quarter of 2025, marking a 10.1% increase from $37.3 million in the same period of 2024. The growth was driven by a 17.3% rise in Life Sciences Services revenue, which reached $22.9 million, and a modest 2.1% increase in Life Sciences Products revenue to $18.2 million. The company's gross margin improved to 45.4%, up from 40.4% year-over-year, reflecting effective cost management despite a slight increase in total cost of revenue.

In terms of profitability, Cryoport's net loss narrowed to $12.0 million, compared to a loss of $18.9 million in the prior year, representing a 36.6% improvement. The loss from continuing operations also decreased significantly by 39.8% to $9.0 million. The company attributed these improvements to reduced selling, general, and administrative expenses, which fell by 13.0% to $24.2 million, and a decrease in engineering and development costs by 17.2% to $3.9 million.

Strategically, Cryoport announced a definitive agreement to divest its CRYOPDP specialty courier business to DHL Supply Chain International for a total enterprise value of $195 million. This transaction, expected to close in the second or third quarter of 2025, is anticipated to enhance Cryoport's operational focus and service offerings, particularly in the EMEA and APAC regions. The results from the CRYOPDP business have been classified as discontinued operations in the financial statements.

Operationally, Cryoport supported 711 clinical trials as of March 31, 2025, an increase from 675 trials a year earlier, with 79 of these in Phase 3. The company continues to expand its market presence, particularly in the cell and gene therapy sectors, which are expected to drive future revenue growth. The company’s cash and cash equivalents stood at $36.1 million, with total current assets increasing to $411.3 million, reflecting a strong liquidity position.

Looking ahead, Cryoport anticipates continued investment in supply chain initiatives and geographic expansion, although it expects to incur operating losses in the near term. The company remains focused on leveraging its advanced temperature-controlled supply chain solutions to capitalize on growth opportunities in the life sciences sector.