BIOLIFE SOLUTIONS INC (BLFS)·Q2 2025 Earnings Summary

Executive Summary

• Q2 2025 revenue grew 29% year-over-year to $25.4M and 6% sequentially; Cell Processing revenue rose 28% YoY to $23.0M and 6% sequentially, marking the seventh consecutive quarter of sequential growth .
• Against S&P Global consensus, BioLife delivered a significant beat: revenue $25.4M vs $23.7M* and Primary EPS $0.010 vs -$0.036*; GAAP EPS was -$0.33 due to a one-time, non-cash $15.5M IPR&D charge tied to the PanTHERA acquisition .
• Management raised FY25 revenue guidance to $100.0–$103.0M and Cell Processing to $91.0–$93.0M, and reaffirmed evo & Thaw at $9.0–$10.0M; expects GAAP gross margin low-60s and adjusted mid-60s, with continued adjusted EBITDA margin expansion vs 2024 .
• Operating leverage improved with adjusted EBITDA of $6.1M (24% margin) vs $3.9M (20%) a year ago, driven by BPM strength; $100.2M in cash and marketable securities supports disciplined investments (PanTHERA, Pluristyx) and cross-sell initiatives (CellSeal, CryoCase, CT-5) .
• Potential stock reaction catalyst: raised full-year guidance, visible growth from commercial therapy customers (~40% of BPM revenue), and narrative around regulatory tailwinds (FDA REMS removal) and cross-sell traction in late-stage programs .

What Went Well and What Went Wrong

What Went Well

• Cell Processing strength: revenue up 28% YoY to $23.0M; BPM continued to lead with ~85% of segment mix and recurring demand from commercial therapy customers (~40% of BPM revenue) .
• Operating leverage: adjusted EBITDA rose to $6.1M (24%), +400 bps YoY, on higher gross margin dollars; management highlighted streamlined operations and focused portfolio as drivers .
• Guidance raised: FY25 total revenue to $100.0–$103.0M and Cell Processing to $91.0–$93.0M, reflecting confidence in second-half visibility and commercial demand .
• Quote – CEO: “We delivered another strong quarter… With this momentum and improved visibility into the second half… we are raising our full year guidance for cell processing revenue.” .
• Quote – CFO: “Adjusted EBITDA for [Q2] was $6.1 million or 24% of revenue… cash usage was primarily driven by the $11.5 million cash outflow for the purchase of PanTHERA…” .
• Regulatory tailwind: Management cited FDA REMS removal as supportive of CGT patient access and uptake over time .

What Went Wrong

• GAAP net loss widened to $15.8M (EPS -$0.33) due to a non-cash $15.5M IPR&D charge from PanTHERA; GAAP operating loss was $16.6M vs $1.3M in Q2 2024 .
• Gross margin percent declined YoY: GAAP 62% (vs 64%) and adjusted 65% (vs 67%) on evo fleet repair/maintenance and product mix headwinds .
• evo remains a strategic question mark; management is evaluating long-term fit, while Thaw is maintained for consistent contribution .
• Analyst concern: some softness in smaller, early-stage clinical customers (Phase I/II) despite YoY growth; emphasis remains on visibility with top 20 BPM customers (~80% of BPM revenue) .
• Distribution exposure to NIH/tariff headlines monitored; no deterioration observed yet, but this is the vector where macro could show up if it does .

Financial Results

Segment revenue breakdown

KPIs and operating mix

Guidance Changes

Earnings Call Themes & Trends

Management Commentary

• CEO (prepared remarks): “Performance was led by our biopreservation media franchise… customers with approved commercial therapies again represented approximately 40% of total BPM revenue… we’ve established BioLife as the default partner… With this momentum… we are raising our full year guidance.” .
• CEO (prepared remarks): “Our BPM products were embedded in 16 approved therapies and used in more than 250 relevant commercially sponsored CGT trials… includes more than 30 Phase III… share nearly 80%.” .
• CFO: “Adjusted EBITDA for Q2 was $6.1 million or 24% of revenue… cash usage primarily driven by $11.5 million for PanTHERA, $2.5 million debt principal payments and $1.9 million capex… total revenue now expected to be $100–$103 million.” .
• CEO (Q&A): On cross-sell: “We are definitely seeing some traction… a large account evaluating our CT-5 automated fill device… over 30 customers evaluating the CryoCase.” .
• CEO (macro): “FDA’s recent decision to remove the REMS requirement… should expand patient access… streamline workflows… drive increased referrals and uptake.” .

Q&A Highlights

• Guidance visibility and phasing: Management confident in H2 ramp based on visibility into top-20 BPM customers (~80% of BPM); minimal seasonality, possible lumpiness between Q3 and Q4 .
• Cross-selling traction: Early proof points; plans to disclose metrics in Q3; CT-5 automated fill under active evaluation by a large commercial customer .
• CryoCase adoption: >30 customers evaluating; material mold changes pending customer commitment; opportunity primarily in clinical pipeline rather than switching commercial programs .
• evo & Thaw strategy: evo under strategic review; Thaw is consistent and maintained; no bundling synergies expected between evo and CellSeal, while Thaw supports CellSeal adoption .
• Pluristyx investment rationale: Assay adjacency, board observer rights, potential future acquisition optionality; no competitive threat to BPM .
• PanTHERA next-gen progress: Gen2 molecules under customer testing; goal for de novo media combos; 18-month timeline targets late-2026 commercialization .

Estimates Context

Values retrieved from S&P Global.
GAAP EPS (continuing ops): -$0.33 .
Implication: Strong beat on revenue and on “Primary EPS”; GAAP EPS decline was driven by a one-time non-cash IPR&D charge of $15.5M related to PanTHERA . Estimates may adjust to reflect stronger BPM demand and sustained adjusted EBITDA margins.

Key Takeaways for Investors

• BioLife delivered a clean revenue beat and raised FY25 guidance; narrative centers on sustained BPM strength from commercial customers and cross-sell progression, a clear positive for sentiment and estimate revisions .
• The -$0.33 GAAP EPS reflects a non-cash IPR&D charge, not operating weakness; adjusted EBITDA margins expanded to 24% and should continue improving with revenue scale .
• Cross-sell into approved therapies (CellSeal, CT-5, CryoCase) remains a mid-term driver that can lift revenue per dose 2–3x; early traction should be monitored in Q3 disclosures .
• Evo remains under strategic evaluation; Thaw is stable; mix improvements and fleet maintenance normalization could aid gross margin in coming quarters .
• Regulatory backdrop is constructive (FDA REMS removal) and distribution outlook remains solid despite NIH/tariff headlines; watch distribution trends but near-term impact appears limited .
• Liquidity is strong ($100.2M cash/marketable securities); disciplined capital allocation toward adjacencies (PanTHERA IRI, Pluristyx assays) supports product innovation without diluting focus .
• Near-term trading: guidance raise and visible H2 trajectory are catalysts; medium-term thesis hinges on commercial therapy expansions, cross-sell integration, and execution on PanTHERA next-gen media .

Supporting Documents

• Q2 2025 8-K 2.02 and Exhibit 99.1 press release: revenue/margins, IPR&D impact, guidance raise, balance sheet .
• Q2 2025 earnings call transcript: prepared remarks, guidance color, cross-sell updates, CryoCase adoption, macro/regulatory commentary .
• Q1 2025 8-K: sequential growth, margin profile, FY25 initial guidance .
• Q4 2024 8-K and call: baseline mix, margin framework, cross-sell vision, pricing initiatives .
• Pluristyx investment press release: $2M convertible notes and assay adjacency .