Executive Summary

Q4 2024 total revenue was $22.7M, up 31% year over year; GAAP gross margin expanded to 60% and adjusted gross margin to 63%; GAAP net loss narrowed to $2.0M and adjusted EBITDA was $4.0M (18% of revenue) .
Cell Processing revenue rose 7% sequentially to $20.3M (fifth consecutive quarter of sequential growth) and 37% year over year; Evo & Thaw revenue was $2.4M, down 8% year over year .
2025 guidance introduced: total revenue $95.5–$99.0M (+16% to +20% y/y); Cell Processing $86.5–$89.0M (+18% to +21% y/y); GAAP gross margin “low 60%” and adjusted “mid-60%,” with expected adjusted EBITDA margin expansion .
Strategic refocus completed with divestitures of SciSafe ($73.0M cash) and CBS ($6.1M cash), bolstering year-end cash and marketable securities to $109.2M; management emphasized cross-selling tools to double/triple revenue per patient dose over time .
Estimate comparison: S&P Global consensus was unavailable for Q4 2024 at time of review (rate limit); thus, beat/miss versus Street cannot be concluded. Values would be retrieved from S&P Global if available.

What Went Well and What Went Wrong

What Went Well

Five consecutive quarters of sequential Cell Processing growth; Q4 Cell Processing revenue +7% q/q to $20.3M and +37% y/y, reflecting improved customer demand, especially from commercial CGT customers .
Margin expansion on streamlined portfolio: Q4 GAAP gross margin rose to 60% (53% prior year), adjusted gross margin at 63% (flat y/y) with lower operating losses; adjusted EBITDA reached $4.0M (18% of revenue) .
Balance sheet strengthened via divestitures; cash and marketable securities increased to $109.2M, with management asserting self-sufficiency and capacity to invest in growth initiatives .

Quote: “We delivered five consecutive quarters of revenue growth in our cell processing platform... divesting non-core product lines to drive gross margin and adjusted EBITDA margin expansion… bolstering our year-end cash position to more than $100 million” .

What Went Wrong

Evo & Thaw revenue declined 8% y/y to $2.4M in Q4; management indicated decision-makers for evo are different and bundling synergies are limited versus other tools .
Adjusted EBITDA margin fell versus Q3 (18% in Q4 vs 20% in Q3) due to onetime SOX and divestiture-related G&A costs; R&D spend expected to increase in 2025 for product line expansion .
S&P Global consensus unavailable for Q4, preventing beat/miss determination against Street; lack of external estimate anchor reduces immediate trading clarity (will rely on guidance and call tone) (S&P Global data unavailable at time of review).

Financial Results

Metric	Q4 2023	Q3 2024	Q4 2024
Total Revenue ($M)	$17.4	$30.6	$22.7
GAAP Gross Margin (%)	53%	51%	60%
Adjusted Gross Margin (%)	63%	54%	63%
GAAP Operating Loss ($M)	$(7.6)	$(1.6)	$(2.1)
GAAP Net Loss from Continuing Ops ($M)	$(7.2)	$(1.7)	$(2.0)
GAAP Loss per Share (Continuing Ops)	$(0.16)	$(0.04)	$(0.04)
Adjusted EBITDA ($M)	$3.7	$6.1	$4.0

Segment breakdown (continuing ops basis):

Segment Revenue ($M)	Q4 2023	Q4 2024
Cell Processing	$14.8	$20.3
Evo & Thaw	$2.6	$2.4

Notes:

Q4 2023 Cell Processing computed from Q4 2024 increase ($20.3M up $5.5M y/y implies $14.8M) .
Q4 2023 Evo & Thaw computed from Q4 2024 decrease ($2.4M down $0.2M y/y implies $2.6M) .

KPIs:

KPI	Q3 2024	Q4 2024
Approved therapies embedding BioLife BPM (count)	17	17
Expected approvals/expansions in next 12 months (count)	6	8
FDA Master File cross references processed (quarter)	16	19
Cumulative Master File cross references	744	769
Cash & Marketable Securities ($M)	$39.3	$109.2

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Total Revenue	FY 2025	N/A	$95.5–$99.0M	Introduced
Cell Processing Revenue	FY 2025	N/A	$86.5–$89.0M	Introduced
Evo & Thaw Revenue	FY 2025	N/A	$9.0–$10.0M	Introduced
GAAP Gross Margin	FY 2025	N/A	Low 60%	Introduced
Adjusted Gross Margin	FY 2025	N/A	Mid-60%	Introduced
GAAP Net Loss	FY 2025	N/A	Reduction expected	Introduced
Adjusted EBITDA Margin	FY 2025	N/A	Expansion expected	Introduced

Context on 2024 guidance changes (for trend):

FY 2024 Cell Processing guidance increased to $72.0–$73.0M (from $70.0–$71.0M); total FY 2024 guidance revised to $98.0–$100.0M to reflect SciSafe sale .

Earnings Call Themes & Trends

Topic	Q2 2024 (Previous Mentions)	Q3 2024 (Previous Mentions)	Q4 2024 (Current Period)	Trend
Sequential growth in Cell Processing	+11% q/q; easing destocking; distributors improving	Fourth consecutive sequential increase; +6% q/q	Fifth consecutive sequential increase; +7% q/q; 2025 growth driven by commercial CGT customers	Improving
Cross-selling (vials, CryoCase, CT-5)	Building cross-sell via BPM relationships; early CryoCase launch	Initial positive feedback; expect revenue toward late 2025	Potential 2–3x revenue per dose over BPM alone over multi-year; active evaluations with commercial and clinical customers	Accelerating awareness, long-dated monetization
Pricing and distributor dynamics	Distributors as proxy for early-stage demand; improving	Renegotiating distributor pricing; destocking largely behind	Mid-single-digit base price increase baked into 2025; legacy discount reductions more back-half ‘25 into ‘26	Supportive
R&D investment	Focus on margin expansion; CBS exit to aid margins	Cost focus; SG&A baseline; R&D to rise	R&D up in 2025 for consumables expansion (CryoCase modifications, CT-5 consumables)	Up investment
Regulatory/approved therapy cadence	2 new indications and 3 earlier lines in Q2; 15 commercial therapies	17 approved therapies; expect 6 more approvals/expansions in 9–12 months	17 approved therapies; expect ~8 approvals/expansions/new indications in 12 months	Positive
Geographic/China exposure	China <5% of revenue; minimal BioSecure Act impact	Same posture maintained	No adverse update; growth more driven by US/EU commercial demand	Stable
Portfolio optimization	GCI sale (Apr); CBS sale expected	SciSafe sale announced; CBS exit close	SciSafe ($73M) and CBS ($6.1M) completed; focus on proprietary, higher-margin tools	Completed

Management Commentary

Strategic focus: “We strategically reshaped our portfolio, establishing BioLife as a leading pure-play enabler of cell and gene therapies… with a stronger and cleaner balance sheet… self-sufficient” .
Growth driver: “We anticipate that cell processing revenue will grow between 18% to 21%… largely due to projected increases in BPM sales to our commercial CGT customers” .
Cross-sell potential: “If these products are spec-ed into a commercial therapy, they can increase our revenue per patient dose by a factor of 2 to 3x compared to our BPM products alone” .
Margin trajectory: “We would expect [adjusted EBITDA margin] pretty steady throughout 2025… into that mid-20s” ; potential to reach ~30% adjusted EBITDA by 2026 with media flow-through .

Q&A Highlights

EBITDA margins: Q4 abnormal SOX/divestiture-related G&A; guided steady margin expansion through 2025 into mid-20s .
Cross-selling commercialization path: Active use case with a large commercial customer incorporating CryoSeal vials; automated fill system under evaluation; targeting clinical and commercial accounts; CryoCase evaluations underway .
2025 growth mix: Primary driver is demand from 17 commercial customers; clinical/distribution growth expected but smaller .
Pricing: Mid-single-digit base price increases in 2025; legacy discount resets back-half 2025 into 2026; strategy is premium pricing, not bundling discounts .
R&D allocation: Focused on consumable line expansion (CryoCase enhancements, CT-5 consumables) rather than new platforms .

Estimates Context

S&P Global consensus for Q4 2024 revenue and EPS was unavailable at time of review due to rate limits, so beat/miss cannot be determined. Values would be retrieved from S&P Global if available.
Implications: Management’s 2025 revenue guidance (+16% to +20%) and margin expansion commentary suggest potential upward revisions to revenue and adjusted EBITDA expectations; however, formal estimate changes should be assessed once consensus data is accessible .

Key Takeaways for Investors

Sequential Cell Processing momentum is intact with Q4 up 7% q/q and strong y/y; Q4 margin profile improved materially, validating the streamlined portfolio .
2025 outlook implies re-acceleration: total revenue +16–20%, Cell Processing +18–21%; gross margins sustained in low/mid-60% GAAP/adjusted; adjusted EBITDA margin expansion targeted .
Cross-selling could structurally lift revenue per dose 2–3x over time, creating multi-year upside beyond BPM; near-term monetization is gradual given validation cycles .
Balance sheet strength (cash/marketable securities $109.2M) post divestitures provides capacity for R&D, capacity adds, and select inorganic moves without diluting margins .
Pricing tailwinds (mid-single-digit increases; legacy discount adjustments) should augment revenue growth and flow-through in late 2025–2026 .
Watch catalysts: ~8 anticipated approvals/expansions/new indications over the next 12 months and deepening adoption among the 17 commercial therapy customers .
Trading setup: With no confirmed beat/miss versus Street, narrative hinges on guidance credibility, margin trajectory, and execution on cross-sell; monitor Q1–Q2 2025 R&D spending and SG&A normalization (SOX/divestiture costs subsiding) for margin proof points .

BIOLIFE SOLUTIONS INC (BLFS)·Q4 2024 Earnings Summary