BioLife Solutions Reports Third Quarter 2025 Financial Results

Cell Processing revenue of $25.4 million, up 33% over Q3 2024

GAAP gross margin of 62% and non-GAAP adjusted gross margin of 64%

GAAP net income of $0.6 million and non-GAAP adjusted EBITDA of $7.8 million or 28% of revenue

Raises 2025 full-year Cell Processing revenue guidance to $93.0 million - $94.0 million; Full-year total revenue guidance to $95.0 - $96.0 million, adjusted for the recent sale of its evo cold chain logistics subsidiary

Conference call begins at 4:30 p.m. Eastern time today

BOTHELL, Wash., Nov. 6, 2025 /PRNewswire/ -- BioLife Solutions, Inc. (Nasdaq: BLFS) ("BioLife" or the "Company"), a leading developer and supplier of cell processing tools and services for the cell and gene therapy ("CGT") market, announces financial results for the three and nine months ended September 30, 2025.

Roderick de Greef, BioLife's Chairman and CEO, commented, "We delivered another strong quarter, with cell processing revenue up 33% year over year and our eighth consecutive quarter of sequential growth. Performance reflected healthy growth across our biopreservation media (BPM) franchise and our broader cell processing tools portfolio, led by continued momentum from commercial BPM customers. By aligning the organization around our core cell processing business, we are driving sustainable, high-quality growth and expanding profitability, achieving another quarter of adjusted EBITDA margin improvement both year over year and sequentially."

"The divestiture of our evo cold chain logistics business in early October has reshaped BioLife into a leading pure-play cell processing company centered on our highest-value, recurring revenue franchises. This streamlined profile, solid financial position and market leading product portfolio provide a strong foundation for continued profitable growth and long-term value creation."

Third Quarter 2025 Business Highlights

Third Quarter 2025 Financial Results

BioLife Solutions is presenting various financial metrics under U.S. generally accepted accounting principles (GAAP) and as adjusted (non-GAAP). In addition, BioLife Solutions completed the divestitures of Global Cooling, Inc., SciSafe, and CBS in 2024, and is presenting its financial condition and operating results as discontinued operations for all periods presented within the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations. The Condensed Consolidated Statements of Comprehensive Loss, Condensed Consolidated Statements of Shareholders' Equity, and Condensed Consolidated Statements of Cash Flows are presented on a consolidated basis for both continuing operations and discontinued operations. All amounts, percentages, and disclosures for all periods presented reflect only the continuing operations of the Company unless otherwise noted.

REVENUE

GROSS MARGIN

OPERATING LOSS

NET INCOME / (LOSS)

NET INCOME / (LOSS) PER SHARE

ADJUSTED EBITDA

CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES

(As a result of presenting amounts in millions, rounding differences may exist in the percentages above.)

2025 Financial Guidance

Following the sale of its evo cold chain logistics business in early October, BioLife Solutions is updating its 2025 revenue guidance.

Total 2025 revenue guidance, adjusted for the sale of evo, is $95.0 million to $96.0 million, representing an increase of 27% - 29% when compared to 2024 continuing operations revenues on a like for like basis. This guidance is based on the following expectations:

Going forward, BioLife will report revenue as a single line item encompassing its entire product portfolio.

Management continues to expect 2025 gross margin (GAAP) in the low-60% range and adjusted gross margin (non-GAAP) in the mid-60% range, as well as a reduction in net loss (GAAP) and continued expansion of adjusted EBITDA margin (non-GAAP), both compared with 2024.

Conference Call & Webcast

Management will discuss the Company's financial results, provide a general business update and answer questions during a conference call and live webcast today at 4:30 p.m. ET (1:30 p.m. PT).

To access the webcast, log onto the Investor Relations page of the BioLife Solutions website at https://www.biolifesolutions.com/earnings. In addition, the conference call will be accessible by dialing toll-free 1-833-630-0431 or 1-412-317-1808 for international callers. A webcast replay will be available approximately two hours after the call ends and will be archived on https://www.biolifesolutions.com for 90 days.

About BioLife Solutions

BioLife is a leading developer and supplier of cell processing tools and services for the CGT market. Our expertise facilitates the commercialization of new therapies by supplying solutions that maintain the health and function of biologic materials during the collection, development, manufacturing and distribution. For more information, please visit www.biolifesolutions.com, and follow BioLife on LinkedIn and X.

Cautions Regarding Forward Looking Statements

Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "plans," "intend," "expects," "continue," "believes," "anticipates," "designed," and similar words are intended to identify forward-looking statements. Forward-looking statements are based on our current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings we make with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by us. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events.

Non-GAAP Measures of Financial Performance

To supplement our financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measures of financial performance are included on a consolidated basis in this release: adjusted gross margin, adjusted operating expenses, adjusted operating income/(loss), adjusted net income/(loss), earnings before interest, taxes, depreciation and amortization (EBITDA), and adjusted EBITDA. A reconciliation of GAAP to adjusted non-GAAP financial measures is included as an attachment to this press release.

We believe these non-GAAP financial measures are useful to investors in assessing our operating performance. We use these financial measures internally to evaluate our operating performance and for planning and forecasting of future periods. We also believe it is in the best interests of investors to provide this non-GAAP information.

While we believe these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures may not be reported by competitors, and they may not be directly comparable to similarly titled measures of other companies due to differences in calculation methodologies. The non-GAAP financial measures are not an alternative to GAAP information and are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. They should be used only as a supplement to GAAP information and should be considered only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

Media & Investor Relations

At the Company

Troy Wichterman

Chief Financial Officer

(425) 402-1400

twichterman@biolifesolutions.com

Investors

Alliance Advisors IR

Jody Cain

(310) 691-7100

jcain@allianceadvisors.com

BIOLIFE SOLUTIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, amounts in thousands, except share and per share amounts)

Three Months Ended

September 30,

Nine Months Ended

September 30,

(In thousands, except per share and share data)

2025

2024

2025

2024

Product revenue

$ 26,250

$ 19,928

$ 72,258

$ 54,783

Service revenue

122

119

Rental revenue

1,791

1,443

5,049

4,637

Total product, rental, and service revenue

28,067

21,391

77,429

59,539

Costs and operating expenses:

Cost of product, rental, and service revenue (exclusive of Intangible asset

amortization)

10,146

7,400

27,288

20,100

General and administrative

12,074

9,326

34,970

29,041

Sales and marketing

2,528

2,507

7,857

7,366

Research and development

2,709

1,893

7,633

5,997

IPR&D expense

—

15,521

—

Intangible asset amortization

699

683

2,109

2,054

Total operating expenses

28,156

21,809

95,378

64,558

Operating loss

(89)

(418)

(17,949)

(5,019)

Other income (expense):

Change in fair value of equity investments

—

(4,074)

Interest income (expense), net

508

(230)

1,873

(695)

Other income

284

633

496

Total other income (expense), net

792

(133)

2,506

(4,273)

Income (loss) before income tax (expense) benefit

703

(551)

(15,443)

(9,292)

Income tax (expense) benefit

(82)

(222)

Net income (loss) from continuing operations

$ 621

$ (471)

$ (15,665)

$ (9,230)

Discontinued operations:

Loss from discontinued operations before income tax expense

—

(1,180)

—

(23,247)

Income tax expense

—

(52)

—

(166)

Loss from discontinued operations

$ —

$ (1,232)

$ —

$ (23,413)

Net income (loss)

$ 621

$ (1,703)

$ (15,665)

$ (32,643)

Net income (loss) per share - Basic:

Continuing operations

$ 0.01

$ (0.01)

$ (0.33)

$ (0.20)

Discontinued operations

$ —

$ (0.03)

$ —

$ (0.51)

Net income (loss) per share

$ 0.01

$ (0.04)

$ (0.33)

$ (0.71)

Net income (loss) per share - Diluted:

Continuing operations

$ 0.01

$ (0.01)

$ (0.33)

$ (0.20)

Discontinued operations

$ —

$ (0.03)

$ —

$ (0.51)

Net income (loss) per share per share

$ 0.01

$ (0.04)

$ (0.33)

$ (0.71)

Weighted average shares used to compute income (loss) per share:

Basic

47,925,038

46,175,345

47,622,196

45,871,715

Diluted

48,723,535

46,175,345

47,622,196

45,871,715

BIOLIFE SOLUTIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, amounts in thousands)

Three Months Ended

September 30,

Nine Months Ended

September 30,

(In thousands)

2025

2024

2025

2024

Net income (loss)

$ 621

$ (1,703)

$ (15,665)

$ (32,643)

Other comprehensive income

347

106

137

Comprehensive income (loss)

$ 680

$ (1,356)

$ (15,559)

$ (32,506)

BIOLIFE SOLUTIONS, INC.

CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION

(Unaudited, amounts in thousands)

September

30,

December 31,

(In thousands)

2025

2024

Cash, cash equivalents, and marketable securities

$ 98,398

$ 109,212

Working capital

99,420

116,027

Current assets

126,566

148,761

Total assets

392,081

399,487

Current liabilities

27,146

32,734

Long-term obligations

11,196

17,844

Accumulated deficit

(350,766)

(335,101)

Total shareholders' equity

$ 353,739

$ 348,909

BIOLIFE SOLUTIONS, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION

(Unaudited, amounts in thousands)

Nine Months Ended

September 30,

(In thousands)

2025

2024

Net cash provided by operating activities

$ 15,199

$ 6,786

Net cash used in investing activities

(72,676)

(15,337)

Net cash used in financing activities

(8,428)

(2,697)

Effects of currency translation

—

(29)

Net decrease in cash and cash equivalents

$ (65,905)

$ (11,277)

Cash and cash equivalents – beginning of period

$ 95,386

$ 35,438

Cash and cash equivalents – end of period

29,481

24,161

Marketable securities

68,917

15,095

Total cash, cash equivalents, and marketable securities

$ 98,398

$ 39,256

BIOLIFE SOLUTIONS, INC.

RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP ADJUSTED GROSS MARGIN

(Unaudited, amounts in thousands)

Three Months Ended

September 30,

Nine Months Ended

September 30,

(In thousands)

2025

2024

2025

2024

Total revenues

$ 28,067

$ 21,391

$ 77,429

$ 59,539

Cost of revenues

(10,146)

(7,400)

(27,288)

(20,100)

COGS intangible asset amortization

(596)

(577)

(1,794)

(1,736)

GROSS PROFIT

$ 17,325

$ 13,414

$ 48,347

$ 37,703

GROSS MARGIN

62 %

63 %

62 %

63 %

ADJUSTMENTS TO GROSS PROFIT:

Inventory reserve costs

—

247

—

247

Gain on disposal of assets

—

(12)

—

Intangible asset amortization

596

577

1,794

1,736

ADJUSTED GROSS PROFIT

$ 17,921

$ 14,238

$ 50,129

$ 39,686

ADJUSTED GROSS MARGIN

64 %

67 %

65 %

67 %

BIOLIFE SOLUTIONS, INC.

RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP ADJUSTED OPERATING EXPENSES

(Unaudited, amounts in thousands)

Three Months Ended

September 30,

Nine Months Ended

September 30,

(In thousands)

2025

2024

2025

2024

OPERATING EXPENSES

$ 28,156

$ 21,809

$ 95,378

$ 64,558

ADJUSTMENTS TO OPERATING

EXPENSES

Cost of product, rental, and service

revenues

(10,146)

(7,400)

(27,288)

(20,100)

Acquisition and divestiture costs (1)

(367)

(334)

(1,308)

(706)

Severance costs

(316)

—

(732)

—

IPR&D expense

—

(15,521)

—

Intangible asset amortization

(699)

(683)

(2,109)

(2,054)

Loss on disposal of assets

—

Other income

—

679

—

979

ADJUSTED OPERATING EXPENSES

$ 16,628

$ 14,071

$ 48,430

$ 42,677

(1)

During the six months ended June 2025, we incurred $0.5 million in transaction expenses resulting from the PanTHERA acquisition, which is recorded in IPR&D expense on our Condensed Consolidated Statement of Operations. We reclassified $0.1 million incurred and recorded in Q1-2025 to conform with this current presentation.

BIOLIFE SOLUTIONS, INC.

RECONCILIATION OF GAAP OPERATING LOSS TO NON-GAAP ADJUSTED OPERATING INCOME

(Unaudited, amounts in thousands)

Three Months Ended

September 30,

Nine Months Ended

September 30,

(In thousands)

2025

2024

2025

2024

OPERATING LOSS

$ (89)

$ (418)

$ (17,949)

$ (5,019)

ADJUSTMENTS TO OPERATING LOSS

Acquisition and divestiture costs (1)

367

334

1,308

706

Severance costs

316

—

732

—

IPR&D expense

—

15,521

—

Intangible asset amortization

699

683

2,109

2,054

Gain on disposal of assets

—

(10)

—

Other income

—

(679)

—

(979)

Inventory reserve costs

—

247

—

247

ADJUSTED OPERATING INCOME

$ 1,293

$ 167

$ 1,711

$ (2,991)

(1)

BIOLIFE SOLUTIONS, INC.

RECONCILIATION OF GAAP NET INCOME / (LOSS) FROM CONTINUING OPERATIONS TO NON-

GAAP ADJUSTED NET INCOME

(Unaudited, amounts in thousands)

Three Months Ended

September 30,

Nine Months Ended

September 30,

(In thousands)

2025

2024

2025

2024

NET INCOME / (LOSS) FROM

CONTINUING OPERATIONS

$ 621

$ (471)

$ (15,665)

$ (9,230)

ADJUSTMENTS TO NET INCOME /

(LOSS) FROM CONTINUING

OPERATIONS

Acquisition and divestiture costs (1)

367

334

1,308

706

Severance costs

316

—

732

—

IPR&D expense

—

15,521

—

Intangible asset amortization

699

683

2,109

2,054

Gain on disposal of assets

—

(10)

—

Change in fair value of investments,

inclusive of interest

(41)

—

(41)

4,074

Income tax expense / (benefit)

(80)

222

(62)

Other income

—

(679)

—

(979)

Inventory reserve costs

—

247

—

247

ADJUSTED NET INCOME

$ 2,044

$ 34

$ 4,176

$ (3,190)

(1)

BIOLIFE SOLUTIONS, INC.

RECONCILIATION OF GAAP NET INCOME / (LOSS) FROM CONTINUING OPERATIONS TO NON-

GAAP ADJUSTED EBITDA

(Unaudited, amounts in thousands)

Three Months Ended

September 30,

Nine Months Ended

September 30,

(In thousands)

2025

2024

2025

2024

NET INCOME / (LOSS) FROM

CONTINUING OPERATIONS

$ 621

$ (471)

$ (15,665)

$ (9,230)

ADJUSTMENTS:

Interest (income) expense, net

(508)

230

(1,873)

695

Accretion of available-for-sale investments

(235)

(88)

(540)

(408)

Income tax expense / (benefit)

(80)

222

(62)

Depreciation

636

711

1,992

2,224

Intangible asset amortization

699

683

2,109

2,054

EBITDA

$ 1,295

$ 985

$ (13,755)

$ (4,727)

OTHER ADJUSTMENTS:

Share-based compensation (non-cash)

5,895

4,134

15,897

12,233

Acquisition and divestiture costs (1)

367

334

1,308

706

Severance costs

316

—

732

—

IPR&D expense

—

15,521

—

Gain on disposal of assets

—

(10)

—

Change in fair value of investments,

inclusive of interest

(41)

—

(41)

4,074

Other income

—

(679)

—

(979)

Inventory reserve costs

—

247

—

247

ADJUSTED EBITDA

$ 7,832

$ 5,021

$ 19,652

$ 11,554

% of Revenue

28 %

23 %

25 %

19 %

(1)

As stated above, we anticipate the divestiture of evo to qualify and be presented as Discontinued Operations in our Annual Report on Form 10-K for the year ended December 31, 2025. Below we are presenting key financial results by quarter for the year ended December 31, 2024 and quarter ended September 30, 2025 exclusive of evo to provide an estimate of our financial profile on a continuing operations basis. This includes the non-GAAP measures Adjusted Gross Margin and Adjusted EBITDA.

We have not yet finalized the accounting for the divestiture of evo and therefore note that all results below are subject to a number of assumptions, and actual results may differ. We do not anticipate actual results to be materially different from those presented below.

BIOLIFE SOLUTIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS, EXCLUSIVE OF EVO

(Unaudited, amounts in thousands)

(In thousands)

Q1 2024

Q2 2024

Q3 2024

Q4 2024

FY2024

Total revenues

$ 16,485

$ 18,042

$ 19,405

$ 20,714

$ 74,646

Cost of revenues

4,961

5,905

5,888

6,829

23,583

Gross profit

11,524

12,137

13,517

13,885

51,063

General and administrative

10,623

9,174

9,355

11,476

40,628

Sales and marketing

2,180

2,325

2,340

2,087

8,932

Research and development

1,159

1,243

1,166

1,183

4,751

Intangible asset amortization

312

307

1,233

Operating (loss) income

(2,750)

(912)

349

(1,168)

(4,481)

Other income (expense), net

(4,245)

(129)

(24)

(4,346)

(Loss) income before income taxes

(2,698)

(5,157)

220

(1,192)

(8,827)

Income tax (expense) benefit

(17)

(1)

(24)

(Loss) income from continuing

operations, net of tax

$ (2,715)

$ (5,158)

$ 300

$ (1,216)

$ (8,789)

(In thousands)

Q1 2025

Q2 2025

Q3 2025

YTD 2025

Total revenues

$ 22,053

$ 23,438

$ 25,958

$ 71,449

Cost of revenues

6,995

7,938

9,130

24,063

Gross profit

15,058

15,500

16,828

47,386

General and administrative

11,481

11,363

12,049

34,893

Sales and marketing

2,443

2,577

2,386

7,406

Research and development

1,439

1,965

2,097

5,501

Intangible asset amortization

325

332

325

982

IPR&D expense

—

15,521

—

15,521

Operating (loss) income

(630)

(16,258)

(29)

(16,917)

Other income, net

784

930

791

2,505

Income (loss) before income taxes

154

(15,328)

762

(14,412)

Income tax (expense) benefit

(14)

(126)

(82)

(222)

Income (loss) from continuing

operations, net of tax

$ 140

$ (15,454)

$ 680

$ (14,634)

BIOLIFE SOLUTIONS, INC.

RECONCILIATION OF GROSS PROFIT TO NON-GAAP ADJUSTED GROSS MARGIN, EXCLUSIVE OF

EVO

(Unaudited, amounts in thousands)

(In thousands)

Q1 2024

Q2 2024

Q3 2024

Q4 2024

FY2024

Total revenues

$ 16,485

$ 18,042

$ 19,405

$ 20,714

$ 74,646

Cost of revenues

(4,961)

(5,905)

(5,888)

(6,829)

(23,583)

COGS intangible asset

amortization

(246)

(241)

(969)

Gross profit

$ 11,278

$ 11,896

$ 13,276

$ 13,644

$ 50,094

Gross margin

68 %

66 %

68 %

66 %

67 %

ADJUSTMENTS TO GROSS

PROFIT:

Inventory reserve costs

—

247

—

247

Gain on disposal of assets

—

Intangible asset amortization

246

241

969

ADJUSTED GROSS PROFIT

$ 11,524

$ 12,137

$ 13,764

$ 13,972

$ 51,397

ADJUSTED GROSS MARGIN

70 %

67 %

71 %

67 %

69 %

(In thousands)

Q1 2025

Q2 2025

Q3 2025

YTD 2025

Total revenues

$ 22,053

$ 23,438

$ 25,958

$ 71,449

Cost of revenues

(6,995)

(7,938)

(9,130)

(24,063)

COGS intangible asset

amortization

(259)

(267)

(259)

(785)

Gross profit

$ 14,799

$ 15,233

$ 16,569

$ 46,601

Gross margin

67 %

65 %

64 %

65 %

ADJUSTMENTS TO GROSS

PROFIT:

Gain on disposal of assets

(12)

—

(12)

Intangible asset amortization

259

267

259

785

ADJUSTED GROSS PROFIT

$ 15,046

$ 15,500

$ 16,828

$ 47,374

ADJUSTED GROSS MARGIN

68 %

66 %

65 %

66 %

BIOLIFE SOLUTIONS, INC.

RECONCILIATION OF (LOSS) INCOME, EXCLUSIVE OF EVO, TO NON-GAAP ADJUSTED EBITDA

EXCLUSIVE OF EVO

(Unaudited, amounts in thousands)

(In thousands)

Q1 2024

Q2 2024

Q3 2024

Q4 2024

FY2024

Income (loss) from continuing

operations

$ (2,715)

$ (5,158)

$ 300

$ (1,216)

$ (8,789)

ADJUSTMENTS:

Interest expense, net

200

316

226

766

Accretion of available-for-sale investments

(183)

(137)

(88)

(68)

(476)

Income tax expense (benefit)

(80)

(38)

Depreciation

172

159

151

161

643

Intangible asset amortization

312

307

1,233

EBITDA

$ (2,197)

$ (4,512)

$ 816

$ (768)

$ (6,661)

OTHER ADJUSTMENTS:

Share-based compensation (non-

cash)

3,886

3,730

3,918

3,748

15,282

Acquisition and divestiture costs

237

134

334

540

1,245

(Gain) loss on disposal of assets

—

129

Change in fair value of

investments

—

4,074

—

4,074

Other income

—

(300)

(679)

—

(979)

Inventory reserve costs

—

247

—

247

ADJUSTED EBITDA FROM

CONTINUING OPERATIONS

$ 1,926

$ 3,126

$ 4,636

$ 3,649

$ 13,337

% of Revenue

12 %

17 %

24 %

18 %

(In thousands)

Q1 2025

Q2 2025

Q3 2025

YTD 2025

Income (loss) from continuing

operations

$ 140

$ (15,454)

$ 680

$ (14,634)

ADJUSTMENTS:

Interest income, net

(683)

(684)

(508)

(1,875)

Accretion of available-for-sale investments

(105)

(200)

(235)

(540)

Income tax expense (benefit)

126

222

Depreciation

185

200

203

588

Intangible asset amortization

325

332

325

982

EBITDA

$ (124)

$ (15,680)

$ 547

$ (15,257)

OTHER ADJUSTMENTS:

Share-based compensation (non-

cash)

3,982

5,707

5,779

15,468

Acquisition and divestiture costs

1,001

(59)

367

1,309

Severance costs

416

—

316

732

IPR&D expense

—

15,521

—

15,521

(Gain) loss on disposal of assets

(10)

—

(10)

Change in fair value of

investments, inclusive of interest

—

(41)

ADJUSTED EBITDA FROM

CONTINUING OPERATIONS

$ 5,265

$ 5,489

$ 6,968

$ 17,722

% of Revenue

24 %

23 %

27 %

25 %

SOURCE BioLife Solutions, Inc.