BioLife Solutions, Inc. Q1 FY2025 earnings call

• Strong first quarter performance: Cell processing revenue up 33% Y/Y, total revenue up 30% Y/Y, adjusted EBITDA margin at 24%, and over $100 million in cash at the end of the quarter. • Cell processing platform: Driven by BPM product line, with 17 approved therapies using BPM products, and BPM products estimated to be used in at least 70% of relevant commercially sponsored CGT trials in the U.S. • PanTHERA acquisition: In April 2025, acquired PanTHERA CryoSolutions to expand biopreservation portfolio with proprietary technology. • Sales and marketing focus: Deepening relationships with key customers for cross-sell opportunities, with CellSeal and hPL products integrated into 4 approved therapies in the U.S. and internationally.

The company's main segments are Cell Processing and Evo and Thaw. Cell processing revenue was $21.6 million, a 33% year-over-year increase and 6% sequential increase over Q4 last year, marking the sixth consecutive quarter of revenue growth. This was driven by the core biopreservation media (BPM) product line, which represents the majority of the cell processing platform. Approximately 60% of BPM revenue comes from direct sales and 40% through distribution, with around 40% of total BPM revenue coming from customers with an approved commercial therapy. The Evo and Thaw platform is expected to contribute $9 million to $10 million, a 3% to 15% growth over 2024.

• Reaffirmed 2025 revenue guidance: $95.5 million to $99 million, reflecting 16% to 20% growth. • Cell processing platform expected to contribute $86.5 million to $89 million (18% to 21% growth over 2024). • Evo and Thaw platform expected to contribute $9 million to $10 million (3% to 15% growth over 2024). • Adjusted gross margin expected to be in the mid-60s, with reduction in GAAP net loss and expansion in adjusted EBITDA margin in 2025, partially offset by increases in R&D expenses. • No material revenue from PanTHERA in 2025.

• Near-term uncertainties: Tariffs, NIH funding cuts, FDA leadership changes. • Monitor from supplier and customer perspectives, but no material impact expected on financial outlook.

Q: Matt Stanton asked about visibility into noncommercial and clinical side of business and PanTHERA deal.

A: Roderick de Greef said clinical customers were reasonable, growth driven by commercial, PanTHERA deal for next-gen cryopreservation product development.

Q: Paul Knight asked about pricing journey and M&A pipeline.

A: Roderick de Greef said more than half done on pricing, looking at M&A with strict filter criteria.

Q: Chad Wiatrowski asked about impact of tariffs, NIH funding, and European revenues.

A: Roderick de Greef said limited exposure, comfortable with customers, and Europe exposure not material.

Q: Thomas Flaten asked about CapEx and seasonality.

A: Roderick de Greef said planning CapEx for hPL manufacturing, no significant seasonality.

Q: Matthew Hewitt asked about PanTHERA revenue timeline and tariffs.

A: Roderick de Greef said 18 months for PanTHERA revenue, and would pass tariff costs to customers if material.

Q: Carl Byrnes asked about incremental OpEx for PanTHERA.

A: Troy Wichterman said ~$1 million in R&D-related expenses for 2025.

Q: Yi Chen asked about onshoring benefit.

A: Roderick de Greef said impact too early to quantify, product cost de minimis.