CYRX

The optics screen cheap, the reality is not. A $1.40 diluted EPS against $15.80 yields a P/E of 11.3, but operating income is -$36.8M for FY2025 — so the $78.3M net income is not coming from the underlying business. The 10-K's own list of critical accounting policies explicitly names 'Discontinued Operations' and 'Convertible Senior Notes' alongside revenue recognition, and cash & equivalents leapt +633.8% YoY to $250M — together a strong tell that the bottom-line print reflects a divestiture/non-op gain rather than recurring profitability. On a recurring basis, 4.5x sales for an operationally unprofitable cell-and-gene-therapy (CGT) logistics business with 47.1% gross margins is fair, not cheap.

Operationally, the trend is improving for the first time in years. Revenue of $176M is +12.4% YoY — the first growth year after FY22→FY24 ($237M → $169M → $157M). The operating loss narrowed 69.7% to -$36.8M, and operating cash flow improved 47.4% but is still negative at -$8.58M. The MD&A frames the business as 'a leading global provider of integrated, temperature-controlled supply chain solutions for the life sciences, with a strong focus on supporting the rapidly growing cell and gene therapy (CGT) market,' with 20 sites across the Americas/EMEA/APAC and two reportable segments (Life Sciences Services and Life Sciences Products). The thesis on the upside is structural CGT volume growth flowing through both BioLogistics and BioStorage/BioServices.