Cryoport (CYRX) Q4 2025 Earnings Call Transcript

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DATE

Tuesday, March 3, 2026 at 5 p.m. ET

CALL PARTICIPANTS

• Chief Executive Officer — Jerrell Shelton
• Chief Financial Officer — Robert Stefanovich
• Chief Scientific Officer — Dr. Mark Sawicki
• Vice President, Corporate Development and Investor Relations — Thomas Heinzen

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TAKEAWAYS

• Revenue -- $176.2 million from continuing operations, surpassing previous top-end guidance due to core market momentum.
• Commercial Cell and Gene Therapy Revenue -- $33.4 million for the year, up 29%; in the fourth quarter, this segment represented 20% of total revenue.
• Clinical Trial Revenue -- $47.1 million, reflecting a 14% increase.
• Clinical Trial Portfolio -- Supported a record 760 trials and 20 commercial therapies, with Phase 3 trials at 86 and Phase 2 trials at 361.
• Market Share -- Supported approximately 70% of cell and gene therapy clinical trials.
• Life Sciences Services Revenue -- Grew 18%, including 22% growth in biostorage/bioservices.
• Adjusted EBITDA -- Improved by $12 million year over year, driven by prior cost reduction initiatives.
• Gross Margin -- Reported at 47%.
• Life Sciences Products (MVE) Revenue -- Grew 7% for the year, with Q4 up 2%; MVE segment highlighted for new product launches such as Fusion 800 and CryoVerse.
• 2026 Revenue Guidance -- Set at $190 million to $194 million, with anticipated positive adjusted EBITDA.
• Strategic Partnerships -- Established with DHL (including CryoPDP divestiture), Cardinal Health, and Parexel, targeting global and service expansion.
• Capital Infusion -- Completed CryoPDP sale to DHL, providing significant cash resources.
• Global Expansion Initiatives -- Opened a supply chain center in Paris and expanded Belgian operations; ongoing U.S. campus consolidation in California.
• AI Adoption -- Actively deploying generative AI across enterprise operations to streamline workflows, reduce manual processes, and improve accuracy.
• BLA/MAA Filings and Approvals Pipeline -- Anticipates 13 application filings and nine new therapy approvals in 2026, plus two additional label/geography expansions.
• Commercialization Outlook -- Three clients expecting new therapy approvals in March and April 2026.

SUMMARY

The earnings call presented new data on Cryoport (NASDAQ:CYRX)'s continued expansion in commercial cell and gene therapy services, highlighting 20% of revenue now sourced from this fast-growing segment. Management outlined plans to leverage global partnerships and new product launches to sustain momentum, supported by a broad clinical pipeline of 760 supported trials. Capital from the CryoPDP divestiture is being deployed into European and North American infrastructure to bolster operational reach. Technological innovation—in both supply chain management and AI-driven process improvements—was emphasized as a differentiator for future growth. Margin expansion initiatives and guidance for both revenue and positive adjusted EBITDA in 2026 indicate confidence in operational leverage.

• Direct commentary from management clarified, "We have had a solid start to Q1, Puneet. We are not expecting a light one like some other life science companies are."
• The MVE segment is being integrated with advanced technology—such as the Fusion 800 cryogenic freezer and CryoVerse platform—to capture new market demand in constrained environments.
• Mark Sawicki said, "Parexel and Cardinal Health are two very good examples" of partners complementing core supply chain offerings, underscoring the strategic importance of ecosystem collaborations for industry standardization.
• Clinical trial funding flowing through the sector is expected to impact orders after an average lag of six months, according to management.
• Client demand prompted completion of a GMP-compliant Belgian facility, now operational and contributing revenue from late 2025, as described by Mark Sawicki.

INDUSTRY GLOSSARY

• BLA: Biologics License Application; the regulatory submission required for U.S. approval of biological therapies.
• MAA: Marketing Authorization Application; European counterpart to BLA for approval of new biological therapies.
• REMS: Risk Evaluation and Mitigation Strategies; FDA-mandated plans to ensure that the benefits of certain drugs outweigh their risks, especially in cell and gene therapy.
• Dewar: A specialized insulated container for storing cryogenic fluids, used in the transport and storage of biological material.

Full Conference Call Transcript

As a reminder, Cryoport, Inc. has uploaded their fourth quarter and full year 2025 in review document to the main page of the Cryoport, Inc. website. This document provides a review of Cryoport, Inc.'s financial and operational performance and the general business outlook. Before I turn the call over to Jerry, please note that because of the strategic partnership that has been established with DHL and the related sale of CryoPDP to DHL, CryoPDP's financials, which were previously a part of Cryoport, Inc.'s Life Sciences and Services reportable segment, are now presented as discontinued operations.

We filed previously provided quarterly historical information on this basis for fiscal year 2024 and our first quarter 2025 in review documents, which remains available on the Cryoport, Inc. website. This information is intended to support the financial modeling efforts of those needing this type of information. Please note that unless otherwise indicated, all revenue figures discussed today will refer to continuing operations. This includes Cryoport, Inc.'s fiscal year 2025 regular revenue guidance. It is now my pleasure to turn the call over to Mr. Jerrell Shelton, Chief Executive Officer of Cryoport, Inc. Jerry, the floor is yours.

Jerrell Shelton: Thank you, Todd. We have a great report for you today, ladies and gentlemen. With us this afternoon is our Chief Financial Officer, Robert Stefanovich, our Chief Scientific Officer, Dr. Mark Sawicki, and our Vice President, Corporate Development and Investor Relations, Thomas Heinzen. Today, we reported our full year results for 2025, which was a year of strong progress for Cryoport, Inc. We delivered full year revenue from continuing operations of $176,200,000, exceeding the high end of our prior guidance and reflecting continued momentum across our core markets.

In the fourth quarter, we again achieved double-digit revenue growth driven by expanding commercial cell and gene therapy activity and revenue from the support of commercial cell and gene therapy increasing 29% year-over-year to a record $33,400,000 for the year. Commercial cell and gene therapy revenue in the fourth quarter represented 20% of our overall revenue, while clinical trial revenue remained solid, growing 14% year-over-year to $47,100,000. We concluded 2025 supporting a record 760 clinical trials and 20 commercial therapies worldwide. Our clinical trial support showed a net increase of 59 over the previous year and represented approximately 70% of total trials for the cell and gene therapy industry.

Looking ahead to 2026, based on the information that we have, we anticipate another 13 BLA or MAA application filings, including two of which have already been filed, nine new therapy approvals, and an additional two approvals for label or geographic expansion. In the near term, Cryoport, Inc. has three customers anticipating new therapy approval decisions in March and April. We believe our clinical trial pipeline is spring-loaded, with 86 clinical trials in Phase 3 and 361 clinical trials in Phase 2. Remember, most of the cell therapies that were approved today were from Phase 2. In our opinion, this market-leading base will drive the growth of our commercial revenue in the near and the long term.

We continue to execute on our mission of expanding services to the life sciences by broadening our revenue streams and capturing more revenue per client. For 2025, revenue from our Life Sciences Services grew 18% year-over-year, including 22% growth in biostorage/bioservices revenue. Our performance reflects the expanding scale and scope of the clinical and commercial programs we support and the trust our customers place in our comprehensive end-to-end supply chain solutions. While our primary focus remains on accelerating revenue growth and strengthening our market position, we continue to enhance our operational discipline across the organization as we advance on our pathway to profitability.

In 2025, our cost reduction initiatives contributed to our gross margin of 47%, accompanied by a $12,000,000 year-over-year improvement in adjusted EBITDA. With our progress to date, we anticipate achieving positive adjusted EBITDA in 2026. Turning to our Life Sciences Products segment, revenue grew 7% year-over-year in 2025. MVE Biological Solutions focused on execution and innovation and continues to further enhance its position as the global leader in the production of high-quality cryogenic systems. Recently, MVE launched its integrated condition monitoring solutions for its dry vapor shippers. These novel condition monitoring solutions are integrated with each dewar, combining MVE's trusted cryogenic systems with advanced real-time condition monitoring technology supplied by Tech4Med, another Cryoport, Inc. company.

This system communicates with MVE's new CryoVerse, a cloud-based data capture and shipment management system. More recently, MVE launched its Fusion 800 series, a revolutionary self-sustaining cryogenic freezer that can fit through a single door, which opens up substantial market opportunities. These revolutionary cryogenic freezers eliminate the need for continuous liquid nitrogen supply, delivering exceptional reliability, safety, and sustainability in a compact footprint that is designed for settings where there is limited space and no readily available sources of liquid nitrogen. At Cryoport Systems, we increased our internal investments to support the traction that we are seeing across our broad portfolio of cell and gene therapy clients.

These strategic investments include the completion of our Global Supply Chain Center in Paris, France, the expansion of our Belgian operations to accommodate a key commercial client, and continuing the build-out of a Global Supply Chain Center in Santa Ana, California, which consolidates three existing facilities into a single expanded campus and enhances our service capabilities. Of course, one topic of the day is AI, and it is certainly a tool we are embracing. As a part of our overall digital strategy, we are actively leveraging generative AI to enhance internal workflows and day-to-day operations.

Our focus is on enabling employees to use secure enterprise-approved generative AI tools to reduce manual tasks, accelerate execution, and improve accuracy and consistency of outcomes. This focused effort emphasizes practical adoption through education, hands-on support, and real production use cases tied directly to current business needs. There is no doubt that AI is reshaping our business and will play a significant role in our future. In 2025, we reported a strategic partnership with the DHL Group, which included DHL's acquisition of CryoPDP. This action was completed in 2025 and provided Cryoport, Inc. with a substantial capital infusion.

Over time, we expect this relationship to enhance our position in APAC and EMEA regions and strengthen our competitive industry profile by leveraging the global scale and capabilities of this key strategic partner. As a part of our continuing strategic initiatives to embed our market-leading solutions in the cell and gene ecosystem and improve our growth trajectory, we expanded our global partnerships by entering into strategic collaborations with Cardinal Health and Parexel. Both companies are leveraging Cryoport Systems' supply chain solutions in support of their complementary offerings in the cell and gene therapy space. These partnerships reinforce our position as a market leader in this space and the industry's drive to standardize.

As we enter 2026 and consider global macro puts and takes, we believe that our full year revenue guidance of $190,000,000 to $194,000,000 is an appropriate starting point for the year. On the second point, we anticipate achieving positive adjusted EBITDA in 2026. There is a lot coming into focus for us, and we are very excited about our prospects for 2026 and intend to capitalize on our current momentum and leadership position as the only pure-play temperature-controlled supply chain integrated platform supporting the life sciences industry's largest portfolio of clinical and commercial cell and gene therapies. This concludes my remarks.

I will now turn the call over to the operator to open the lines for your questions and our discussion.

Operator: Ladies and gentlemen, we will now begin the question-and-answer session. You will hear a prompt that your hand has been raised. If you would like to withdraw from the polling process, please press star then the number two. If you are using a speakerphone, please make sure to lift your handset before pressing any keys. Your first question comes from the line of Puneet Souda from Leerink Partners. Please go ahead.

Puneet Souda: Hi, guys. Thanks for taking my questions here. So first one, Jerry, or maybe for Robert. The guide that you have, high single digit, nearly 9% at the midpoint for the year. Could you elaborate a bit more on that, and in terms of the segments, how should we think about the growth in biologics and the services and the MVE? And, given the commercial therapy momentum that you are seeing, how should we think about that growth for the full year? And I have a follow-up.

Jerrell Shelton: Okay. So there are several questions in that request, Puneet, so I would like to start to parse those questions. Your first question is how we feel about the growth of cell and gene therapy for 2026. Is that correct?

Puneet Souda: Yeah. Well, on the commercial side, what is growth expectation for commercial therapies? And then also, if you can provide more color on each of the segments, the biologistics, biostorage, and then the—

Jerrell Shelton: Okay. So I am going to start with the last question first, and I am going to turn it over to Mark because he has a view on this. We do expect continued progress to our existing customers, and we do expect to be bringing on other commercial therapies during the year. It does take time for them to ramp up, but they will have some impact, and some of those that we have already brought on will have a continuing impact. Mark can name some of those names, perhaps, but we try to avoid commenting directly on customers' business. So in general, let me turn it over to Mark and let him answer the rest of that.

Mark Sawicki: Yeah. So, Puneet, you know, obviously, we typically do not furnish guidance on composition by type. We did increase our commercial revenue by 29% in 2025. It is now eclipsing 20% of our overall revenue. Looking at 2026, we do expect to have another good year in 2026, although we have not disclosed the percentages associated with the commercial revenue at this point.

Jerrell Shelton: And, Puneet, there is no doubt about it that commercial therapy will be the driver of our future. It is the fast-growing market, and as I mentioned earlier, we are forecasting nine new therapies in 2026, and furthermore, we are forecasting 11 BLA/MAA filings to take place. As I mentioned in my comments, we think we are spring-loaded. We have 86 trials in Phase 3 and then we have, I think it was 391 in Phase 2. So we are spring-loaded for a brilliant future, and even if half of those in Phase 3 are approved, it is fantastic for us. And maybe just to add to it, we have grown in all of our service—

Robert Stefanovich: lines, and we have grown on our product side as well. We expect to continue to see growth in all of our product lines and service lines. We always talk about services growing double-digit, obviously therapy being the strong grower within that, and then on the product side, single-digit growth, mid-single digit growth, potentially high single digit growth depending on how the demand is coming back.

Jerrell Shelton: So on the second part of your question, Puneet, and if I missed anything or we have missed anything, you can come back. But second part of your question on biostorage/bioservices: biostorage/bioservices grew by 22% for this past year. We are very pleased with that, and it will continue to grow. In fact, we think it will pick up growth. I am certain about that, and it is driven by cell therapy approvals. So it is a bright future for biostorage/bioservices. Third part of your question—

Puneet Souda: Yeah. On the just on the MVE segment too. I mean, you had 2% growth, I believe, in the quarter. And correct me if I am wrong, and how should we think about—

Jerrell Shelton: Yeah. We were up 7% for the year, and MVE is doing well. We try to create these fountains of innovation throughout the company to make sure that we are moving ahead. MVE has introduced the integrated monitoring systems that I mentioned during my comments, but equally important are the things that will be introduced in this next quarter, in this quarter, as a matter of fact. And we have introduced the CryoVerse. So you are going to see MVE also adding some services to the product that it is producing. But remember that Fusion 800 opens up a vast new market for us.

Vast, because there are many facilities on second floors in countries around the world that cannot get a large freezer on that second floor that need a large cryogenic freezer. Hospital pharmacies will like this product as we move forward and as allogeneic therapies are developed.

Puneet Souda: Got it. And then just a quick clarification on Q1. Any color you can provide there would be helpful. And I wanted to know if there are any flight cancellations or disruptions from any of the geopolitical flight cancellations that you are expecting in Q1? Thank you.

Jerrell Shelton: There is nothing that we are expecting in terms of cancellations, and to date, there has been minimal impact on us. So nothing to report there at this time.

Puneet Souda: And then color on Q1?

Robert Stefanovich: Yeah. We have had a solid start to Q1, Puneet. We are not expecting a light one like some other life science companies are.

Puneet Souda: Got it. Thank you.

Operator: Your next question comes from the line of Anna Snopkowski from KeyBanc Capital Markets. Please go ahead.

Anna Snopkowski: Hi. Thanks for taking my question, and congrats on a great quarter and a nice guide for 2026. So maybe to start, you mentioned in your prepared remarks that total biopharma funding and CGT funding in particular saw the strongest funding month in December in the past four years, I believe. I was wondering what the usual lag is between the funding environment and maybe your customer conversations or orders. And then a quick follow-up. Thank you.

Mark Sawicki: Yeah. So, obviously, funding is dependent on the client, but on average, you will typically see that kick in after about a half-year timeframe. Some may be a little bit quicker, some may be a little bit slower, but it is a good average to consider.

Anna Snopkowski: Okay. Perfect. And then maybe just touching on the margin side of things. You mentioned that you expect positive adjusted EBITDA, I think, in 2026. So could you just outline how you expect to get there and what operational or cost reduction milestones need to happen in order to achieve this? Thank you.

Robert Stefanovich: Yeah. It is really less about cost reduction milestones. You may recall in 2024, early 2025, we did take some initiatives and operational initiatives to drive improvements, and that was quite successful, where we improved adjusted EBITDA $12,000,000 year-over-year. We are starting to invest in specific growth initiatives and completing some of the initiatives that we commenced in 2025 in setting up our Global Supply Chain Center in Paris and setting up our Global Supply Chain Center in California, which is going to consolidate three locations and expand our footprint there to include bioservices and IntegraCell. We also have a lot of insight with our client base.

If you kind of step back and look at how we are positioned, it is really an unmatched positioning. We serve about 70% of clinical trials of a record 670 clinical trials, and we support 20 commercially approved therapies, for which the majority have cell therapy. So we have a lot of insight as to what is to come. We have been very successful in expanding our service offerings into bioservices where we have seen strong growth. And so that expected growth, together with some of the efficiencies that we have identified, will really drive further margin improvement.

Mark Sawicki: Yeah. I just want to comment on the push out of the adjusted EBITDA positive numbers out of 2025. One of the key elements here is that we have seen specific client requests to accelerate certain business opportunities, and our site in Belgium is a very good example of that, where we had to build out in a very rapid timeframe GMP-compliant sterile kitting services for one of the very large-volume commercial accounts. That is actually up and running, so we were able to do this in record time, commission the site in December, and it is now contributing revenue, which will ramp significantly over the next few years.

So we do still have to remain a little bit opportunistic on these types of opportunities, because they will benefit the organization in the long term.

Anna Snopkowski: Got it. Thank you, and congrats again.

Todd Fromer: Thank you. Thanks, Anna.

Operator: Your next question comes from the line of Subhalaxmi Nambi from Guggenheim Securities. Please go ahead.

Subhalaxmi Nambi: Thank you for taking my question. Within the 2026 guidance, can you speak to what you expect from the macro environment at the low end and the high end of your revenue guidance range?

Robert Stefanovich: In terms of macro, obviously, if you look at the macro environment, it is quite volatile. If you look at the specific markets that we are addressing, those have been progressing nicely in spite of some of the challenges within the regulatory agencies and the macro environment. If you look at clinical trials, we had a record increase year-over-year in clinical trials, and we see a lot of interest for these services that we are providing. So I think there is certainly an opportunity to beat the guidance that we are giving if we see some of the acceleration happening sooner. I think the downside risk is really the same thing as for all other companies.

There is more of the unknown of what may happen. But we do not really have specific risks identified at this point in time, and we feel quite comfortable with the guidance that we are providing.

Subhalaxmi Nambi: Thank you for that. And as a follow-up, you discussed the outlook for FDA approvals, but what is assumed in the guidance for animal health and reproductive health growth contributions?

Mark Sawicki: We do not typically disclose our guidance by product segment, so that is not something we typically outline.

Robert Stefanovich: It is moderate growth. I think the real growth drivers for us as a business are clearly the cell and gene therapy space on the services side. And then within that, in terms of growth drivers, it is really further advancing the commercial cell therapies. There are a number of activities; some happened in 2025. The removal of the REMS requirement really started to show our clients accelerating their therapies into the outpatient setting, and that is a significant move which portends to a higher number of patients being treated, and that again translates into additional revenue to us.

Subhalaxmi Nambi: Thank you for the additional comment. Thank you, guys.

Operator: Your next question comes from the line of David Saxon from Needham. Please go ahead.

David Saxon: Great. Good afternoon, guys. Thanks for taking my questions. Just two for me. I wanted to follow up on some of the comments earlier about product growth. I think last quarter, you were kind of feeling good about high single digits for 2026. Sounds like you might be thinking more around mid-single digit growth for the year. So can you just give an update on MVE, the pipeline, the outlook there? Was there any incremental softening since last quarter, or is that just kind of conservatism baked in?

Jerrell Shelton: David, I think that we pretty much addressed that. We think our guidance is a good starting point for the year. There are a lot of macro risks out there, and we did assess those. Our starting point for our guidance is that $190,000,000 to $194,000,000, and we think it is a good starting point. MVE continues to work on a stabilized basis. It has a great forecast, a budget for 2026, and it has innovation coming out of it on a constant basis now. So we think MVE is in good condition, but we are not forecasting growth more than the mid to higher single digits, 7% to 8%.

David Saxon: Okay. That is super helpful. Thanks, Jerry. And then I wanted to follow up on some of the partnerships. Obviously, DHL, I guess, can you give an update there? Is everything fully integrated at a point where you can start to really see the benefits come through? And then you also mentioned Cardinal and Parexel. Can you just double click there? Frame those and each of—

Jerrell Shelton: Look, DHL is a big lumbering organization, and I want to go back to one of your points or your question a little bit earlier, a comment, but after I talk about this. DHL is a very large organization, 600,000 employees spread all over the world. It takes time for them to mobilize, and they cannot operate as agilely as we do. So it is going to take time for that relationship. That is why I said the promise in terms of EMEA and APAC and that impact. We are doing some things with them already, and we do have some cooperative endeavors underway.

But for the full effect, it is going to take a while for that to roll out. I am going to let Mark comment on Cardinal and Parexel. But before we do that, you were talking about MVE and the 7% growth and all that kind of stuff. I just want you to remember, the driver for this company is commercialized cell and gene therapies. As that happens, that will dwarf MVE. MVE is a crucial part of our business, a foundational business. It is an important company, and it is healthy, and it has great cash flow. It has innovation. It is 70% of the market. It is the world leader.

But it will not be as significant in terms of revenue proportionality in the future as it is today because cell and gene therapy will outgrow it. Those partnerships we have with, and now Mark can comment on those with, the other two.

Mark Sawicki: Yeah. So, you know, obviously, what we are doing is focused on building out an ecosystem that supports the cell and gene therapy global environment, and one of the key elements of that strategy is to really define very strong partnerships with leading entities in the space that are complementary to what we do but do not conflict with what we do. And Parexel and Cardinal Health are two very good examples of that. Parexel is a large CRO that really focuses on clinical trial design, FDA advisory services, and clinical engagement. And then Cardinal Health is obviously order-to-cash management, reimbursement, regulatory support, and patient and provider support.

And so us working closely with them really allows our mutual client base to have a best-in-class product offering. Folks like Cardinal and Parexel have come to us because we are best-in-class from a supply chain services standpoint. These help drive the industry, and we are focused on long-term partnerships that help drive standardization and efficiency of the industry over time.

David Saxon: Great. Thanks so much.

Operator: Your next question comes from the line of Macintosh from Stephens. Please go ahead.

Macintosh: Hey, good afternoon, and thank you for taking my questions. Maybe just one for me. I think you highlighted in your prepared remarks that a large portion of these therapies are getting approved out of Phase 2 already. And with the FDA officially moving towards a default one pivotal trial, how do you anticipate this change impacting approvals and investments over the near term? Thanks.

Jerrell Shelton: Tom, why do you not take that question?

Thomas Heinzen: I was going to let Mark do it. Anything that is going to streamline the process, Mac, is a good thing in our view. It is about more patients getting treated. On the commercial side, commercial revenue is higher than clinical revenue because there are typically more addressable patients for a commercial therapy than a clinical trial, but I will let Mark go fine.

Mark Sawicki: Yeah. So, obviously, if they follow through with a single pivotal and do not require follow-up, that is beneficial to us. If they come back and require additional follow-up, then, obviously, that may slow things down. If you combine it with some of the other elements, in particular the REMS requirement changes, that is going to be a huge driver for us because that really allows us to push into the community care setting and our client base.

And if you recall, the vast majority of the addressable patient population is still in the community care setting, and so it provides a significant opportunity for upside on the already existing commercial products as well as the new ones that are coming to market.

Macintosh: I appreciate it. I will leave it there.

Operator: Your last question comes from the line of David Larsen from BTIG. Please go ahead.

David Larsen: Hi. Congratulations on a good quarter. Can you talk about the MVE or product revenue growth in the fourth quarter? It looks like it was up 2% year-over-year. For the year, it was up 7% year-over-year. So it looks like it maybe slowed a little bit in the fourth quarter. Why was that? And what will sort of drive the reacceleration in growth in 2026?

Jerrell Shelton: David, you cannot look at MVE Systems on a quarterly basis and make too many judgments. The decisions for purchase of capital equipment that is cryogenic systems is planned over a period of time, and many times, it is highly engineered in terms of the setting that it is going into, the installation, and its purpose. So it is difficult to look at it quarterly. You are better off to look at an annual growth rate or a moving twelve months if you want to look at it as moving twelve months. But MVE is solid. It is a solid company, and the markets seem to be, and we certainly are trying to help, stabilize those markets.

There is nothing more to add there, other than if you have some comments, Robert. But I think that is the summary.

Robert Stefanovich: Yeah. And just to give you maybe a little bit more granular picture of 2025, when we looked at the market growth and MVE starting to come back and demand starting to come back, we have seen that on both sides of the product portfolio: the cryogenic freezers as well as the cryogenic transportation and cryogenic dewar portfolio. And then from a regional perspective as well, in the various quarters, we have seen all three regions at certain times starting to see a pickup in demand. So, certainly, it is a departure from what we experienced in 2022–2023. And then with that, our guidance does assume some moderate, mid-single digit type of growth rates for 2026.

Jerrell Shelton: And, David, I want to remind you of one other thing, and this is just a matter of explanation so that you are aware of it. MVE furnishes both Cryoport Systems and Cryogene with products, cryogenic freezers as well as dewars. The number you are seeing, the 7% for the year, for example, is a net number. It does not include its sales internally. I just wanted to point that out.

David Larsen: Okay. And then five years from now, what percentage of total revenue do you think could be coming from commercial?

Jerrell Shelton: You will have to—we will come back and talk with you about that. I cannot tell you right offhand right now, and we do not have a forecast for that. There are too many uncertainties right now for a five years out. Five years is a long time in this business.

Mark Sawicki: We do model everything out, but as the timeframe goes out, there is more uncertainty that creeps into the modeling, in particular around the timing of new product launches and their adoption to the market. There have been products where the consensus from a market standpoint was this would be a very high-growth, high-traction product and it disappointed, or vice versa; there have been a couple of sleeper surprises where folks did not anticipate much out of the product, and then it came in a lot stronger than anticipated. The key here to think about is, again, the portfolio effect.

Our focus is around capturing the plurality of the clinical market and then holding it through commercial activity and commercial launch. We are currently supporting 20 commercial products. You have seen the positive benefit over the last twelve months of that commercial portfolio, where our commercial revenue has been extremely strong from a growth standpoint, and we have a very strong prognosis on portfolio clients. We have already talked about the potential of another nine approvals this year, as well as additional geographic and market expansions. As you look out further, that continues to expand.

If you are looking at the support mechanism of our Phase 2 and Phase 3 programs, a significant percentage of those will have a decision from a regulatory standpoint over the next three to four years, which will impact those numbers fairly dramatically, assuming that we get a reasonable return on commercial approvals. And then you have to also look at the impact of the REMS and the community care engagement, which is going to be a huge factor as it relates to what that growth rate looks like.

If our partners are successful in driving into the community care setting—and the leader on that is really Johnson & Johnson’s Carvykti product where they have published data that shows that they are in the mid-30s now on a community care engagement standpoint—if they push that up to 50%, 60%, 70%, and you have others that are doing the same, it is going to have a significant material impact not only on the existing commercial products but the new ones coming to market.

Jerrell Shelton: And, David, just a couple of other comments to add to what Mark is saying. You can undoubtedly say that in the future, commercial cell and gene therapy revenues will be the dominant factor in our revenue. It will be by far, because it drives not only the biologics, it drives the biostorage/bioservices. You saw in this last quarter, I think it was a quarter, we grew about 20%–23%. And what you are going to see over time is, as commercial therapy approvals happen, you are going to see our growth rate come more in line with the growth of the industry because the lower growth segments, which are foundational to what we do, will be of less proportion.

It is an interesting question. We do not have a specific answer, but directionally, we know where we are going. Had something else to add, Mark?

Mark Sawicki: Yeah. I just want to point out, if you go to slide six in our presentation deck, that will give you some market data that should give you a reasonable understanding of the opportunity associated with our commercial portfolio at this point.

David Larsen: Thanks very much. Thank you.

Operator: There are no further questions at this time, so I am going to turn the call back to the management team for closing comments. Please go ahead.

Jerrell Shelton: Thank you for your questions. Very good questions and good discussion, and we appreciate those questions. In summary, we made some significant strides in 2025 with solid results showing full year revenue performance above guidance. Our Life Sciences Services business segment grew 18% year-over-year, including a 22% increase in biostorage/bioservices revenue, and a 29% increase in revenue from commercial cell and gene therapy we support. We concluded 2025 supporting a record 760 clinical trials and 20 commercially approved cell and gene therapies worldwide. Of the 760 clinical trials we support, 86 are in Phase 3 and 361 in Phase 2, creating what we believe is a spring-loaded position to future commercial cell and gene therapy revenue streams.

In addition to our financial performance, we continue to advance targeted strategic initiatives designed to strengthen our growth trajectory in 2026 and beyond. Based on our market position and industry insights, we are encouraged by the opportunities ahead, and we will continue to keep you updated on our progress. Thank you for joining us on today's call. We appreciate your continued interest and support and look forward to speaking with you again when we report our first quarter financial results for 2026. We wish you all a good evening, operator.

Operator: Ladies and gentlemen, this concludes today's conference call. Thank you very much for your participation. You may now disconnect.

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