BioLife Solutions Reports Fourth Quarter and Full Year 2025 Financial Results from Continuing Operations

Fourth quarter 2025 revenue from continuing operations of $24.8 million, up 20% year-over-year; Full year 2025 revenue of $96.2 million, up 29% year-over-year

GAAP gross margin of 63% and non-GAAP adjusted gross margin of 64% for the fourth quarter

GAAP net income of $2.1 million or $0.04 per share and adjusted EBITDA of $6.9 million, or 28% of total revenue for the fourth quarter

Expects 2026 revenue growth of $112.5 million to $115.0 million, up 17%-20% over 2025

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

BOTHELL, Wash., Feb. 26, 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, today announced financial results for the fourth quarter and full year 2025, and introduced 2026 financial guidance.

"2025 was a transformative year for BioLife. We delivered 29% revenue growth, led by sustained strength in our biopreservation media franchise and completed a strategic divestiture that firmly established BioLife as a focused, pure-play cell processing company centered on high-value, recurring revenue. With a streamlined cost structure and a scaled core business, we are now realizing the operating leverage inherent in our model." said Roderick de Greef, BioLife's Chairman and CEO. "Looking to 2026, we expect growth across our portfolio, operating margin expansion, continued improvement in adjusted EBITDA, and full year GAAP profitability.

"Continued growth of the CGT end market – including new, unique therapy approvals, geographic expansions, a shift to earlier lines of treatment and additional indications for approved therapies – will further embed our gold-standard tools into more commercial therapies that drive demand. An improving biotech funding environment, strategic investment by large pharma, and ongoing clinical progress underscore this market's long-term attractiveness and provides a meaningful opportunity ahead for BioLife," he added.

Fourth Quarter 2025 Business Highlights

Fourth Quarter and Full Year 2025 Financial Results from Continuing Operations

BioLife is presenting various financial metrics under U.S. generally accepted accounting principles (GAAP) and as adjusted (non-GAAP). BioLife completed the divestitures of evo in 2025 and Global Cooling, Inc., SciSafe, Inc. and Custom Biogenic Systems in 2024, and is presenting the below results as discontinued operations for all periods presented. All amounts, percentages, and disclosures for all periods presented in this press release 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.)

2026 Financial Guidance

BioLife is introducing 2026 financial guidance as follows:

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 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://investors.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," "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 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

[email protected]

Investors

Alliance Advisors IR

Jody Cain

(310) 691-7100

[email protected]

BIOLIFE SOLUTIONS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

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

Three Months Ended

December 31,

Year Ended December 31,

(In thousands, except per share and share data)

2025

2024

2025

2024

Revenue

$ 24,764

$ 20,715

$ 96,214

$ 74,647

Cost of revenue

9,248

7,070

34,096

24,551

Gross profit

15,516

13,645

62,118

50,096

Operating expenses:

General and administrative

11,020

11,476

45,520

40,627

Sales and marketing

2,444

2,087

9,850

8,932

Research and development

2,066

1,183

7,566

4,751

IPR&D expense

—

15,521

—

Intangible asset amortization

263

Total operating expenses

15,596

14,812

78,720

54,573

Operating loss

(80)

(1,167)

(16,602)

(4,477)

Other income (expense):

Interest income (expense), net

831

(24)

2,706

(766)

Other income

1,184

—

1,815

494

Change in fair value of investments

—

(4,074)

Total other income (expense), net

2,015

(24)

4,521

(4,346)

Income (loss) before income tax (benefit) expense

1,935

(1,191)

(12,081)

(8,823)

Income tax (benefit) expense

(173)

(38)

Income (loss) from continuing operations

$ 2,108

$ (1,215)

$ (12,130)

$ (8,785)

Discontinued operations:

Income from discontinued operations before income tax expense

8,961

13,460

7,535

(11,267)

Income tax (benefit) expense

—

(33)

—

132

Income from discontinued operations

$ 8,961

$ 13,493

$ 7,535

$ (11,399)

Net income (loss)

$ 11,069

$ 12,278

$ (4,595)

$ (20,184)

Earnings (loss) per share - Basic:

Continuing operations

$ 0.04

$ (0.03)

$ (0.25)

$ (0.19)

Discontinued operations

$ 0.19

$ 0.29

$ 0.16

$ (0.25)

Net income (loss)

$ 0.23

$ 0.26

$ (0.09)

$ (0.44)

Earnings (loss) per share - Diluted:

Continuing operations

$ 0.04

$ (0.03)

$ (0.25)

$ (0.19)

Discontinued operations

$ 0.18

$ 0.28

$ 0.15

$ (0.25)

Net income (loss)

$ 0.22

$ 0.25

$ (0.10)

$ (0.44)

Weighted average shares used to compute net loss per share attributable to

common shareholders:

Basic

48,144,415

46,648,902

47,753,824

46,067,073

Diluted

49,009,286

48,032,700

48,645,084

46,067,073

BIOLIFE SOLUTIONS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited, amounts in thousands)

Three Months Ended

December 31,

Year Ended

December 31,

(In thousands)

2025

2024

2025

2024

Net income (loss)

$ 11,069

$ 12,278

$ (4,595)

$ (20,184)

Other comprehensive income

108

Comprehensive income (loss)

$ 11,070

$ 12,339

$ (4,487)

$ (32,506)

BIOLIFE SOLUTIONS, INC.

CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION

(Unaudited, amounts in thousands)

(In thousands)

December 31,

2025

December 31,

2024

Cash, cash equivalents, and marketable securities

$ 120,177

$ 105,364

Working capital

113,582

116,027

Current assets

136,561

144,177

Current assets, discontinued operations

—

4,584

Total assets

405,884

380,852

Total assets, discontinued operations

—

18,635

Current liabilities

22,979

32,118

Current liabilities, discontinued operations

—

616

Long-term obligations

11,017

17,766

Long-term obligations, discontinued operations

—

Accumulated deficit

(339,696)

(335,101)

Total shareholders' equity

$ 371,888

$ 348,909

BIOLIFE SOLUTIONS, INC.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION

(Unaudited, amounts in thousands)

Year Ended December 31,

(In thousands)

2025

2024

Net cash provided by operating activities

$ 20,115

$ 8,431

Net cash (used in) provided by investing activities

(71,539)

58,300

Net cash used in financing activities

(10,924)

(6,783)

Net decrease (increase) in cash and cash equivalents

$ (62,348)

$ 59,948

Cash and cash equivalents – beginning of period

$ 95,386

$ 35,438

Cash and cash equivalents – end of period

33,038

91,538

Marketable securities

87,139

13,826

Total cash, cash equivalents, and marketable securities

$ 120,177

$ 105,364

BIOLIFE SOLUTIONS, INC.

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

(Unaudited, amounts in thousands)

Three Months Ended

December 31,

Year Ended December 31,

(In thousands)

2025

2024

2025

2024

Revenue

$ 24,764

$ 20,715

$ 96,214

$ 74,647

Cost of revenue

(9,248)

(7,070)

(34,096)

(24,551)

GAAP GROSS PROFIT

$ 15,516

$ 13,645

$ 62,118

$ 50,096

GAAP GROSS MARGIN

63 %

66 %

65 %

67 %

ADJUSTMENTS TO GAAP GROSS PROFIT:

Inventory reserve costs

—

247

Loss (gain) on disposal of assets

—

(12)

Intangible asset amortization

259

241

1,044

968

NON-GAAP ADJUSTED GROSS PROFIT

$ 15,775

$ 13,973

$ 63,150

$ 51,398

NON-GAAP ADJUSTED GROSS MARGIN

64 %

67 %

66 %

69 %

BIOLIFE SOLUTIONS, INC.

RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP ADJUSTED OPERATING

EXPENSES

(Unaudited, amounts in thousands)

Three Months Ended

December 31,

Year Ended December 31,

(In thousands)

2025

2024

2025

2024

GAAP OPERATING EXPENSES

$ 15,596

$ 14,812

$ 78,720

$ 54,573

ADJUSTMENTS TO GAAP OPERATING

EXPENSES

Acquisition and divestiture costs

(597)

(540)

(1,904)

(1,245)

Severance costs

—

(732)

—

IPR&D expense

—

(15,521)

—

Intangible asset amortization

(325)

(307)

(1,307)

(1,231)

Loss on disposal of assets

(11)

(129)

(1)

(129)

Bad debt recovery

—

979

NON-GAAP ADJUSTED OPERATING

EXPENSES

$ 14,663

$ 13,836

$ 59,255

$ 52,947

BIOLIFE SOLUTIONS, INC.

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

(LOSS)

(Unaudited, amounts in thousands)

Three Months Ended

December 31,

Year Ended December 31,

(In thousands)

2025

2024

2025

2024

GAAP OPERATING LOSS

$ (80)

$ (1,167)

$ (16,602)

$ (4,477)

ADJUSTMENTS TO GAAP OPERATING

LOSS

Acquisition and divestiture costs

597

540

1,904

1,245

Severance costs

—

732

—

IPR&D expense

—

15,521

—

Intangible asset amortization

325

307

1,307

1,231

Loss on disposal of assets

129

Bad debt recovery

—

(979)

Inventory reserve costs

—

247

NON-GAAP ADJUSTED OPERATING

INCOME (LOSS)

$ 853

$ (191)

$ 2,863

$ (2,604)

OPERATING MARGIN

— %

(6) %

(17) %

(6) %

NON-GAAP ADJUSTED OPERATING

MARGIN

3 %

(1) %

3 %

(3) %

BIOLIFE SOLUTIONS, INC.

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

GAAP ADJUSTED NET INCOME (LOSS)

(Unaudited, amounts in thousands)

Three Months Ended

December 31,

Year Ended December 31,

(In thousands)

2025

2024

2025

2024

NET INCOME (LOSS) FROM

CONTINUING OPERATIONS

$ 2,108

$ (1,215)

$ (12,130)

$ (8,785)

ADJUSTMENTS TO NET INCOME (LOSS)

FROM CONTINUING OPERATIONS

Acquisition and divestiture costs

597

540

1,904

1,245

Severance costs

—

732

—

IPR&D expense

—

15,521

—

Intangible asset amortization

325

307

1,307

1,231

Loss on disposal of assets

129

Change in fair value of investments

—

4,074

Income tax (benefit) expense

(173)

(38)

Bad debt recovery

—

(979)

Other expense (income)

(956)

(1,046)

(18)

Inventory reserve costs

—

247

NON-GAAP ADJUSTED NET INCOME

(LOSS)

$ 1,912

$ (147)

$ 6,338

$ (2,894)

BIOLIFE SOLUTIONS, INC.

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

GAAP ADJUSTED EBITDA

(Unaudited, amounts in thousands)

Three Months Ended

December 31,

Year Ended December 31,

(In thousands)

2025

2024

2025

2024

NET INCOME (LOSS) FROM

CONTINUING OPERATIONS

$ 2,108

$ (1,215)

$ (12,130)

$ (8,785)

ADJUSTMENTS:

Interest (income) expense, net

(831)

(2,706)

766

Accretion of available-for-sale investments

(228)

(68)

(769)

(476)

Income tax (benefit) expense

(173)

(38)

Depreciation

262

161

849

643

Intangible asset amortization

325

307

1,307

1,231

NON-GAAP EBITDA

$ 1,463

$ (767)

$ (13,400)

$ (6,659)

OTHER ADJUSTMENTS:

Share-based compensation (non-cash)

5,804

3,748

21,272

15,282

Acquisition and divestiture costs

597

540

1,904

1,245

Severance costs

—

732

—

IPR&D expense

—

15,521

—

Loss on disposal of assets

129

Change in fair value of investments

—

4,074

Bad debt recovery

—

(979)

Other expense (income)

(956)

(1,046)

(18)

Inventory reserve costs

—

247

NON-GAAP ADJUSTED EBITDA

$ 6,919

$ 3,718

$ 24,984

$ 13,321

NON-GAAP ADJUSTED EBITDA MARGIN

28 %

18 %

26 %

18 %

SOURCE BioLife Solutions, Inc.