BIOLIFE SOLUTIONS INC (BLFS)·Q1 2025 Earnings Summary

Executive Summary

• Q1 2025 revenue rose 30% year over year to $23.9M and 5% sequentially; cell processing grew 33% YoY to $21.6M, driving a 24% adjusted EBITDA margin (vs. 14% a year ago). Management affirmed FY25 revenue guidance of $95.5–$99.0M and gross margin outlook (GAAP low-60s; non-GAAP mid-60s) .
• Results were ahead of Wall Street: revenue $23.94M vs. $22.22M consensus*; Primary EPS of 0.036* vs. -0.053* consensus (company-reported GAAP EPS from continuing ops was -$0.01). The beat was powered by stronger biopreservation media demand, especially from commercial therapy customers (~40% of BPM revenue) .
• Mix and operating discipline expanded profitability: GAAP gross margin 63% (flat YoY) and adjusted gross margin 66% (flat YoY), with adjusted operating income of $0.9M and adjusted net income of $1.7M .
• Stock-relevant catalysts: reaffirmed FY guide, accelerating adjusted EBITDA margin, pricing tailwind from discount “clawbacks” over the next three years, and the PanTHERA CryoSolutions acquisition to seed next-gen cryopreservation solutions (no material revenue expected in 2025) .

What Went Well and What Went Wrong

• What Went Well

  • Commercial adoption: “around 40% of total BPM revenue came from customers with an approved commercial therapy,” supporting resilience and visibility; top 20 customers ~80% of BPM revenue .
  • Margin leverage: adjusted EBITDA margin expanded to 24% on revenue growth and streamlined operations; adjusted operating income turned positive .
  • Strategic execution: closed PanTHERA acquisition, bringing proprietary IRI technology and senior scientists to advance next-gen products with an ~18-month development focus alongside CryoStor .

• What Went Wrong

  • Evo/Thaw disclosure inconsistency: press release cites evo/Thaw down 5% YoY and up 3% QoQ, but the 8-K shows +5% YoY and -3% QoQ; management affirmed total revenue dynamics but did not reconcile this line-item discrepancy .
  • Operating expenses: GAAP OpEx increased versus prior year (driven by acquisition-related costs), though adjusted OpEx was roughly flat; management flagged ~$1M incremental R&D spend in 2025 tied to PanTHERA .
  • Macro/tariff/FDA visibility: management noted potential headwinds (tariffs, NIH/FDA changes) but sees minimal near-term impact; distributors monitoring China exposure; no change to rolling 12-month forecast .

Financial Results

Consolidated performance (continuing operations unless noted):

Segment/platform revenue:

Selected KPIs:

Guidance Changes

Earnings Call Themes & Trends

Management Commentary

• “We delivered solid top line performance with our cell processing revenue increasing 33%… and total revenue up 30% year-over-year… adjusted EBITDA margin… 24%” .
• “Around 40% of total BPM revenue came from customers with an approved commercial therapy… [and] top 20 customers… ~80% of BPM revenue” .
• “Each additional product integrated into a commercial therapy can… generate up to 2x to 3x the revenue per dose compared to our BPM products alone” .
• On PanTHERA: focus next 18 months to combine next-gen IRI molecule with CryoStor; goals include higher efficacy, lower DMSO, and enabling -80°C logistics .
• Macro/tariffs: products manufactured in the U.S.; limited raw material exposure; if COGS inflation becomes material, a surcharge would be implemented .

Q&A Highlights

• Pricing tailwind: legacy discounts on 4–5 key customers are “more than half” clawed back; one large account steps up in 2H; tailwind spread over ~36 months .
• PanTHERA P&L: ~$1M incremental R&D in 2025; no material revenue expected in 2025; 18-month development horizon .
• Seasonality: limited, with potentially slower summer months in Europe; otherwise minimal seasonality .
• Capex/Capacity: leased additional floor to add ~$75M of BPM capacity for ~$5–6M net investment; larger Indianapolis facility/cleanroom project likely a 2026 event .
• Tariffs pass-through: if raw-material tariffs raise COGS materially, company would implement surcharges; contracts do not prohibit such adjustments .

Estimates Context

• Q1 2025 vs. consensus: revenue $23.94M vs. $22.22M consensus* (≈+7.7%); Primary EPS 0.036* vs. -0.053* consensus*, a clear beat. Company-reported GAAP EPS from continuing operations was -$0.01, highlighting definitional nuance between SPGI “Primary EPS” and company GAAP EPS presentation .
• Prior quarters (reference): Q4 2024 and Q3 2024 consensus/actuals available via SPGI, but platform divestitures and presentation of discontinued ops created noise in historical “actuals” as reflected in the dataset; investors should anchor to company filings for historical comparability .

Values marked with * retrieved from S&P Global.

Q1 2025 consensus versus actuals

Note: Company-reported GAAP EPS from continuing operations for Q1 2025 was -$0.01 .

Key Takeaways for Investors

• Beat-and-raise setup without the raise: Q1 beat on revenue and EPS versus consensus, with FY25 guidance affirmed; the setup remains constructive into 2H as pricing resets flow through and commercial mix holds .
• Margin trajectory improving: adjusted EBITDA margin expanded to 24% on volume/mix and operating discipline; management still guides to further adjusted EBITDA margin expansion in FY25 .
• High-quality revenue mix: ~40% of BPM revenue tied to approved therapies and top-20 customer concentration (~80% of BPM) support durability and visibility .
• Pricing tailwind: legacy discount clawbacks across major accounts should provide a multiyear benefit, with a larger step-up for one key customer in 2H .
• Balanced risk posture: management sees limited near-term tariff/NIH/FDA impact; ability to pass through material COGS inflation via surcharges reduces downside .
• Strategic optionality: PanTHERA adds IP and talent to advance next-gen cryopreservation; no 2025 revenue, but could enhance efficacy/DMSO profile and logistics over time .
• Watch the evo/Thaw disclosure discrepancy (YoY/QoQ) in press release vs. 8-K; does not alter the consolidated narrative but worth monitoring for clarity in subsequent filings .

Appendix: Additional Source Highlights

• Q1 2025 earnings press release: topline, margins, non-GAAP reconciliations, guidance .
• Form 8-K (Item 2.02) and exhibit: earnings release, line-item metrics, guidance .
• Earnings call transcript: commercial mix, pricing cadence, PanTHERA roadmap, macro/tariffs, capex and seasonality .
• Prior quarters press releases for trend context: Q4 2024 and Q3 2024 .