CYRXCryoport, Inc.
Pharmaceutical Preparations
- Revenue
- $176M
- 12% YoY
- Operating margin
- -20.9%
- 73% YoY
- EBITDA
- −$9M
- 90% YoY
- Market cap
- $876M
- Employees
- 738
- $239K revenue each
- Net debt / EBITDA
- —
- −$268M net debt
- AI in 10-K
- 1.1
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 2 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$2M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes-11% of net incomeCash flow under 80% of net income
- Dilutive SBCNo6% of revenueOver 10% of revenue
- Payouts exceed cash flowNo-117% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo3% of assetsOver 40% of assets
- Shareholder dissentNo91% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$239K · 39th pctBottom quartile of its SIC industry
- Quiet on AINo1.1 per 10K words · 36th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$876M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$5M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $223M | $237M | $169M | $157M | $176M | 12% |
| Operating income | −$18M | −$32M | −$101M | −$122M | −$37M | 70% |
| Net income | −$276M | −$37M | −$100M | −$115M | $78M | 168% |
| Operating cash flow | $8M | −$2M | −$757K | −$16M | −$9M | 47% |
| Capex | $24M | $22M | $39M | $17M | $16M | 4.7% |
| Stock-based comp | $15M | $20M | $20M | $17M | $10M | 39% |
| Buybacks | $0 | $38M | — | — | $10M |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Nov 18, 2021 | Blackstone Holdings III L.P. | SC 13D/A | 23.7% | Passive |
| Aug 26, 2021 | Blackstone Holdings III L.P. | SC 13D/A | 12.3% | Passive |
| Oct 13, 2020 | Blackstone Holdings III L.P. | SC 13D | 15.6% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $5M · 14
- Net
- −$5M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $2M | $3M | 22 | 105 |
| FY2024 | $2M | $963K | 18 | 101 |
| FY2023 | $2M | $1M | 35 | 104 |
| FY2022 | $2M | −$7M | 40 | 107 |
| FY2021 | $5M | $10M | 135 | 140 |