Full Press Release Details
Total revenue of$27.5 million, up 25% over Q1 2025
GAAP gross margin and non-GAAP adjusted gross margin of64%
GAAP net income of $1.2 million and non-GAAP adjusted EBITDA of $6.2 million or 22% of revenue
Conference call begins at 4:30 p.m. Eastern time today
BOTHELL, Wash.,May 7, 2026/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 months ended March 31, 2026.
"We delivered a solid start to 2026, with first quarter revenue up 25% year-over-year and adjusted EBITDA of $6.2 million," said Roderick de Greef, Chairman and Chief Executive Officer of BioLife Solutions. "Healthy demand for our biopreservation media and growth across our broader product portfolio reinforces our market leading position, while high-margin, recurring revenue drives a strong financial profile. Our products are embedded across a significant portion of commercial therapies and clinical pipelines, and we are seeing continued momentum across the CGT landscape including expansion into larger indications, encouraging data readouts, renewed funding activity and strategic M&A. This positions us well for the next phase of growth in this market and we remain confident in our full year outlook."
First Quarter 2026 Business Highlights
First Quarter 2026 Financial Results
BioLife is presenting various financial metrics under U.S. generally accepted accounting principles (GAAP) and as adjusted (non-GAAP). In addition, BioLife completed the divestiture of evo in 2025, and is presenting its financial condition and operating results as discontinued operations for all periods presented within the Unaudited Condensed Consolidated Balance Sheets and Unaudited Condensed Consolidated Statements of Operations. The Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) and Unaudited 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 INCOME / (LOSS)
NET INCOME
NET INCOME 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.) |
2026 Financial Guidance
BioLife is reiterating its 2026 financial guidance as follows:
Conference Call & Webcast
Management will discuss the Company's financial results, provide a 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 athttps://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 onhttps://www.biolifesolutions.comfor 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 visitwww.biolifesolutions.com, and follow BioLife onLinkedInandX.
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," "expects," "believes," "anticipates," "designed," "may," "estimate," "guidance," 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 atwww.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 WichtermanChief Financial Officer(425) 402-1400twichterman@biolifesolutions.com
Investors
Alliance Advisors IRJody Cain(310) 691-7100jcain@allianceadvisors.com
| BIOLIFE SOLUTIONS, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited, amounts in thousands, except share and per share amounts) | |||
| Three Months Ended March 31, | |||
| (In thousands, except per share and share data) | 2026 | 2025 | |
| Revenue | $ 27,500 | $ 22,054 | |
| Cost of revenue | 10,004 | 7,254 | |
| Gross profit | 17,496 | 14,800 | |
| Operating expenses: | |||
| General and administrative | 12,208 | 11,351 | |
| Sales and marketing | 2,526 | 2,443 | |
| Research and development | 2,650 | 1,439 | |
| Intangible asset amortization | 85 | 66 | |
| Total operating expenses | 17,469 | 15,299 | |
| Operating income (loss) | 27 | (499) | |
| Other income: | |||
| Interest income, net | 1,041 | 683 | |
| Other income | 180 | 101 | |
| Total other income, net | 1,221 | 784 | |
| Income before income tax expense | 1,248 | 285 | |
| Income tax expense | 62 | 14 | |
| Net income from continuing operations | $ 1,186 | $ 271 | |
| Discontinued operations: | |||
| Loss from discontinued operations before income tax expense | — | (719) | |
| Income tax benefit | — | — | |
| Loss from discontinued operations | $ — | $ (719) | |
| Net income (loss) | $ 1,186 | $ (448) | |
| Earnings per share - Basic: | |||
| Continuing operations | $ 0.02 | $ 0.01 | |
| Discontinued operations | $ — | $ (0.02) | |
| Net income (loss) | $ 0.02 | $ (0.01) | |
| Earnings per share - Diluted: | |||
| Continuing operations | $ 0.02 | $ 0.01 | |
| Discontinued operations | $ — | $ (0.01) | |
| Net income (loss) | $ 0.02 | $ — | |
| Weighted average shares used to compute net loss per share attributable to commonshareholders: | |||
| Basic | 48,458,536 | 47,134,720 | |
| Diluted | 49,248,075 | 48,367,556 |
| BIOLIFE SOLUTIONS, INC.CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)(Unaudited, amounts in thousands) | |||
| Three Months EndedMarch 31, | |||
| (In thousands) | 2026 | 2025 | |
| Net income (loss) | $ 1,186 | $ (448) | |
| Other comprehensive (loss) income | (252) | 9 | |
| Comprehensive income (loss) | $ 934 | $ (439) |
| BIOLIFE SOLUTIONS, INC.CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION(Unaudited, amounts in thousands) | |||
| March 31, | December 31, | ||
| (In thousands) | 2026 | 2025 | |
| Cash, cash equivalents, and marketable securities | $ 111,495 | $ 120,177 | |
| Working capital | 114,969 | 113,582 | |
| Current assets | 133,222 | 136,561 | |
| Total assets | 400,906 | 405,884 | |
| Current liabilities | 18,253 | 22,979 | |
| Long-term obligations | 10,423 | 11,017 | |
| Accumulated deficit | (338,510) | (339,696) | |
| Total shareholders' equity | $ 372,230 | $ 371,888 |
| BIOLIFE SOLUTIONS, INC.CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION(Unaudited, amounts in thousands) | |||
| Three Months EndedMarch 31, | |||
| (In thousands) | 2026 | 2025 | |
| Net cash (used in) provided by operating activities | $ (491) | $ 1,727 | |
| Net cash used in investing activities | (1,830) | (27,176) | |
| Net cash used in financing activities | (7,895) | (2,992) | |
| Net decrease in cash and cash equivalents | $ (10,216) | $ (28,441) | |
| Cash and cash equivalents – beginning of period | $ 33,038 | $ 95,386 | |
| Cash and cash equivalents – end of period | 22,822 | 66,945 | |
| Marketable securities | 88,673 | 40,690 | |
| Total cash, cash equivalents, and marketable securities | $ 111,495 | $ 107,635 |
| BIOLIFE SOLUTIONS, INC.RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP ADJUSTED GROSS MARGIN(Unaudited, amounts in thousands) | |||
| Three Months EndedMarch 31, | |||
| (In thousands) | 2026 | 2025 | |
| Revenue | $ 27,500 | $ 22,054 | |
| Cost of revenue | (10,004) | (7,254) | |
| GROSS PROFIT | $ 17,496 | $ 14,800 | |
| GROSS MARGIN | 64 % | 67 % | |
| ADJUSTMENTS TO GROSS PROFIT: | |||
| Gain on disposal of assets | (6) | (12) | |
| Intangible asset amortization | 241 | 259 | |
| ADJUSTED GROSS PROFIT | $ 17,731 | $ 15,047 | |
| ADJUSTED GROSS MARGIN | 64 % | 68 % |
| BIOLIFE SOLUTIONS, INC.RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP ADJUSTED OPERATING EXPENSES(Unaudited, amounts in thousands) | |||
| Three Months EndedMarch 31, | |||
| (In thousands) | 2026 | 2025 | |
| OPERATING EXPENSES | $ 17,469 | $ 15,299 | |
| ADJUSTMENTS TO OPERATING EXPENSES | |||
| Acquisition and divestiture costs | (229) | (1,001) | |
| Severance costs | (407) | (416) | |
| Intangible asset amortization | (85) | (66) | |
| Gain on disposal of assets | 9 | 10 | |
| ADJUSTED OPERATING EXPENSES | $ 16,757 | $ 13,826 |
| BIOLIFE SOLUTIONS, INC.RECONCILIATION OF GAAP OPERATING INCOME / (LOSS) TO NON-GAAP ADJUSTED OPERATING INCOME(Unaudited, amounts in thousands) | |||
| Three Months EndedMarch 31, | |||
| (In thousands) | 2026 | 2025 | |
| OPERATING INCOME / (LOSS) | $ 27 | $ (499) | |
| ADJUSTMENTS TO OPERATING INCOME / (LOSS) | |||
| Acquisition and divestiture costs | 229 | 1,001 | |
| Severance costs | 407 | 416 | |
| Intangible asset amortization | 325 | 325 | |
| Gain on disposal of assets | (9) | (10) | |
| ADJUSTED OPERATING INCOME | $ 979 | $ 1,233 |
| BIOLIFE SOLUTIONS, INC.RECONCILIATION OF GAAP NET INCOME FROM CONTINUING OPERATIONS TO NON-GAAP ADJUSTED NET INCOME(Unaudited, amounts in thousands) | |||
| Three Months EndedMarch 31, | |||
| (In thousands) | 2026 | 2025 | |
| NET INCOME FROM CONTINUING OPERATIONS | $ 1,186 | $ 271 | |
| ADJUSTMENTS TO NET INCOME FROM CONTINUING OPERATIONS | |||
| Acquisition and divestiture costs | 229 | 1,001 | |
| Severance costs | 407 | 416 | |
| Intangible asset amortization | 325 | 325 | |
| Gain on disposal of assets | (9) | (10) | |
| Income tax expense | 62 | 14 | |
| Other (income) expense | (58) | 4 | |
| ADJUSTED NET INCOME | $ 2,142 | $ 2,021 |
| BIOLIFE SOLUTIONS, INC.RECONCILIATION OF GAAP NET INCOME FROM CONTINUING OPERATIONS TO NON-GAAP ADJUSTED EBITDA(Unaudited, amounts in thousands) | |||
| Three Months EndedMarch 31, | |||
| (In thousands) | 2026 | 2025 | |
| NET INCOME FROM CONTINUING OPERATIONS | $ 1,186 | $ 271 | |
| ADJUSTMENTS: | |||
| Interest income, net | (1,041) | (683) | |
| Accretion of available-for-sale investments | (122) | (105) | |
| Income tax expense | 62 | 14 | |
| Depreciation | 374 | 185 | |
| Intangible asset amortization | 325 | 325 | |
| EBITDA | $ 784 | $ 7 | |
| OTHER ADJUSTMENTS: | |||
| Share-based compensation (non-cash) | 4,806 | 3,982 | |
| Acquisition and divestiture costs | 229 | 1,001 | |
| Severance costs | 407 | 416 | |
| Gain on disposal of assets | (9) | (10) | |
| Other (income) expense | (58) | 4 | |
| ADJUSTED EBITDA | $ 6,159 | $ 5,400 | |
| % of Revenue | 22 % | 24 % |
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SOURCE BioLife Solutions, Inc.