Investment Thesis
Cryoport exhibits deteriorating operational fundamentals with flat revenue growth (0% YoY) and persistent operating losses (-20.1% margin), resulting in negative free cash flow (-$6.2M) despite a strong balance sheet. The company cannot cover interest expenses and is burning capital, suggesting urgent need for margin expansion and revenue acceleration to justify continued operation.
Strengths
- Strong cash position of $272.9M provides operational runway
- Solid gross margin of 45.8% indicates core product economics are viable
- Conservative balance sheet with 0.23x debt-to-equity and 2.09x current ratio
Risks
- Zero revenue growth indicates market stagnation or competitive displacement
- Negative free cash flow of -$6.2M unsustainable without balance sheet deterioration
- Operating losses of -$9.6M with negative interest coverage ratio suggests inability to meet debt obligations
- High capex ($10.0M) relative to operating cash flow ($3.7M) creates structural cash burn
Key Metrics to Watch
- Revenue growth acceleration and quarterly trends
- Operating margin improvement and path to profitability
- Free cash flow sustainability and cash burn rate
- Capex intensity reduction or return on capital deployed
Financial Metrics
Revenue
47.8M
Net Income
-10.5M
EPS (Diluted)
$-0.25
Free Cash Flow
-6.2M
Total Assets
763.6M
Cash
272.9M
Profitability Ratios
Gross Margin
45.8%
Operating Margin
-20.1%
Net Margin
-22.1%
ROE
-2.1%
ROA
-1.4%
FCF Margin
-13.1%
Balance Sheet & Liquidity
Current Ratio
2.09x
Quick Ratio
2.00x
Debt/Equity
0.23x
Debt/Assets
35.2%
Interest Coverage
-7.19x
Long-term Debt
115.0M
Disclaimer: This analysis is generated by AI based on publicly available SEC EDGAR filings.
It does not include stock price data and should not be considered financial advice.
All fundamental data is sourced from SEC public domain filings.
Always conduct your own research before making investment decisions.
Data Source: SEC EDGAR |
Analysis Date: 2026-05-06T20:15:54.621202 |
Data as of: 2026-03-31 |
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