2 , 2 gi STIREING STIRENG x[ Acquisition of Stirling Ultracold March 22, 2021 OLIFE NASDAQ : BLFS NASDAQ: BLFS Safe Harbor Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...

Financial Data and Key Metrics Changes - BioLife Solutions reported total revenue of $48 million for 2020, representing a 76% increase over 2019 [9][27] - The adjusted gross margin for Q4 2020 was 54%, down from 65% in Q4 2019, while the full year adjusted gross margin was 58%, compared to 69% in 2019 [28][30] - Adjusted net loss for Q4 2020 was $256,000, or negative $0.01 per diluted share, compared to adjusted net income of $527,000, or $0.02 per diluted share in Q4 2019 [30] Business Line Data and Key Metrics Changes - Media revenue for Q4 2020 was $8.2 million, a 58% increase over Q4 2019, and full year media revenue increased 32% to $31 million [26][27] - CryoStor products gained 11 new customers in Q4 2020, with a 29% increase for the full year [11] - The evo Cold Chain management platform added 14 new customers in Q4 2020 [11] Market Data and Key Metrics Changes - In 2020, total funding for cell and gene therapy companies was nearly $20 billion, a 50% increase over 2019 [8] - BioLife's market share in new clinical trials is estimated to be nearly 50%, considering the addition of 75 new trials in 2020 [10] Company Strategy and Development Direction - The acquisition of Stirling Ultracold is part of BioLife's strategy to broaden its tools portfolio and enhance its offerings in the cell and gene therapy market [7][14] - The company aims to achieve total revenue of $250 million within the next 3 to 4 years, with 2021 revenue guidance set between $101 million and $110 million [13][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in organic growth potential and the strategic fit of the Stirling acquisition, which is expected to enhance operational and cost synergies [12][17] - The company anticipates that the gross margin for the combined entity can improve to the mid to high 40s over the next 12 to 36 months [32][60] Other Important Information - BioLife's cash balance at December 31, 2020, was $90 million [30] - The acquisition of Stirling Ultracold is valued at approximately $258 million, including the assumption of $8.7 million of debt [31] Q&A Session Summary Question: What does the rest of the market do regarding the 50% share estimate? - Management indicated that the competition primarily consists of homebrew solutions, with no significant entrance of preformulated preservation media products from other suppliers [38] Question: What is the distribution strategy post-Stirling acquisition? - The current organization has about 10 sales personnel, with plans to leverage existing distributors and expand the sales force [39] Question: What was Stirling Ultracold's revenue in 2019? - Stirling Ultracold's revenue in 2019 was $35 million, with preliminary revenue for 2020 estimated at $39 million [47][50] Question: How does the company expect to grow in the ultracold freezing and cold chain logistics area? - Growth is anticipated to be driven by the pace of approvals in cell and gene therapy and the adoption of the evo platform [65] Question: What are the expected gross margins for 2021? - Management expects gross margins to be in the low 50s for 2021, with a target of achieving 30% adjusted EBITDA margin in the mid-term [54][60]

Acquisitions and Expansions - The company acquired SciSafe Holdings, Inc. on October 1, 2020, enhancing its biologic materials storage capabilities[176] - The company acquired Astero Bio Corporation in April 2019, expanding its bioprocessing tools portfolio with automated thawing products that reduce contamination risks[185] - The company acquired Custom Biogenic Systems, Inc. in November 2019, diversifying its product line and reducing supply chain costs for its dry vapor shippers[189] - The company acquired SciSafe for $15.0 million in cash and additional shares as contingent consideration on October 1, 2020[221] - The company recorded a non-cash gain of $10.1 million associated with the acquisition of SAVSU on August 7, 2019[219] - The fair value of the company's equity interest in SAVSU was determined to be $15.9 million prior to the acquisition[219] Product and Revenue Growth - The proprietary biopreservation media products, HypoThermosol® FRS and CryoStor®, have been incorporated in over 450 customer clinical applications, significantly extending shelf life and improving post-thaw viability[178] - Annual revenue from each customer commercial application using the company's products could range from $0.5 million to $2.0 million if approved for large-scale manufacturing[184] - Biopreservation media product revenue increased by $1.3 million, or 22% in the three months ended September 30, 2020 compared to the same period in 2019, and increased by $4.6 million, or 25% in the nine months ended September 30, 2020 compared to the same period in 2019[199] - Revenue increased by $4.7 million, or 71%, in the three months ended September 30, 2020 compared to 2019, and by $14.3 million, or 75% in the nine months ended September 30, 2020, compared to 2019[199] Financial Performance and Expenses - Cost of product revenue increased by $2.7 million and $8.2 million, or 130% and 143%, respectively, for the three and nine months ended September 30, 2020 compared to the same periods in 2019[202] - Research and development expenses increased by $693,000 and $2.8 million, or 67% and 134%, respectively, for the three and nine months ended September 30, 2020 compared to the same periods in 2019[204] - Sales and marketing expenses increased by $338,000 and $1.5 million, or 27% and 49%, respectively, for the three and nine months ended September 30, 2020 compared to the same periods in 2019[207] - General and administrative expenses increased by $1.2 million and $3.2 million, or 49% and 48%, respectively, for the three and nine months ended September 30, 2020 compared to the same periods in 2019[210] - Total costs and operating expenses increased by $5.1 million, or 70%, in the three months ended September 30, 2020 compared to 2019, and by $15.7 million, or 84%, in the nine months ended September 30, 2020 compared to 2019[201] Cash Flow and Financing - As of September 30, 2020, the company had $109 million in cash, cash equivalents, and restricted cash, compared to $6.4 million on December 31, 2019[221] - Net cash provided by operating activities was $4.4 million for the nine months ended September 30, 2020, an increase from $2.2 million in the same period of 2019[227] - Net cash used in investing activities totaled $2.7 million during the nine months ended September 30, 2020, significantly lower than $13.0 million in the same period of 2019[228] - Net cash provided by financing activities was $100.8 million for the nine months ended September 30, 2020, compared to $1.3 million in the same period of 2019[229] - The company raised approximately $80.2 million from a public offering of 5,951,250 shares at a price of $14.50 per share[222] - The company may consider raising additional capital through debt or equity financing due to heightened business uncertainty caused by the COVID-19 pandemic[224] Impact of COVID-19 - The impact of the COVID-19 pandemic has affected the company's business operations, leading to various restrictions and challenges[195] - The company expects fluctuations in revenue based on large customer ordering patterns throughout 2020 due to the COVID-19 pandemic[199] - The company anticipates an increase in R&D expenses as it continues to expand and refine the product lines acquired in 2019[205] Product Features and Capabilities - The evo platform, developed through the acquisition of SAVSU Technologies, provides real-time tracking of biologic products, enhancing cold chain management[187] - The company’s liquid nitrogen freezers offer customizable features and a temperature range of -196°C, with high capacity rates for various customer needs[191] - SciSafe's biorepositories can maintain and store samples at temperatures of -150 degrees Celsius and below, supporting the CGT and pharmaceutical industries[193] Pricing and Market Trends - The average selling price of biopreservation media products increased by $11, or less than 1% in the three months ended September 30, 2020 compared to the same period in 2019, and increased by $219, or 10% in the nine months ended September 30, 2020 compared to the same period in 2019[199]

Financial Data and Key Metrics Changes - Revenue for Q3 2020 totaled $11.3 million, representing a 71% increase over Q3 2019 revenue of $6.6 million [23] - Adjusted gross margin for Q3 was 57% compared to 69% in the previous year, reflecting lower margin profiles of certain product lines [26] - Adjusted net loss for Q3 2020 was $346,000 or $0.02 per share, compared to adjusted net income of $41,000 or negative $0.02 per share in the same period last year [28] Business Line Data and Key Metrics Changes - Biopreservation media revenue in Q3 was $7.4 million, up 22% year-over-year, accounting for 66% of total revenue [23][11] - Automated thaw revenue and evo cold chain management subscription revenue were in line with reduced expectations due to COVID-19, with 7 new ThawSTAR customers and 5 new evo customers added [15] - CBS freezer franchise gained 23 new customers in Q3, with revenue up 27% sequentially over Q2 [17] Market Data and Key Metrics Changes - The company processed 22 new U.S. FDA master file requests to support the use of biopreservation media products in new clinical trials [12] - The evo cold chain management platform is now used in over 100 clinical trials, primarily early-phase trials [15] Company Strategy and Development Direction - The company aims to reach an interim revenue goal of $100 million over the next few years, focusing on smart execution and growth [10] - Ongoing M&A activity is a priority, with plans to acquire or invest in novel technologies that align with the company's portfolio [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience and ability to sustain high performance despite COVID-19 challenges [10] - The company anticipates potential revenue contributions from approved cell and gene therapies that incorporate their media products [13] Other Important Information - The acquisition of SciSafe was completed on October 1, 2020, enhancing the company's service offerings in biologic storage [19] - The cash balance at September 30 was $109 million, reduced to approximately $94 million post-acquisition of SciSafe [30] Q&A Session Summary Question: How is the media business driving new customer additions? - Management highlighted leveraging broader exposure and quality reputation, with a significant increase in inbound inquiries and ongoing investment in sales personnel [33][36] Question: What is the management's capacity for additional M&A deals? - Management indicated confidence in their current capacity to manage additional deals while also considering the integration of new talent [42] Question: What is the current manufacturing capacity for the media business? - Current capacity is estimated at $40 million to $50 million, with plans to increase it to $70 million to $80 million through operational adjustments [45] Question: How has COVID-19 impacted customer budgets and spending? - Management noted mixed feedback, with some customers experiencing delays while others are looking to utilize remaining budgets before year-end [63] Question: Can you provide details on the validation process for the evo customer? - Management refrained from disclosing specifics but expressed optimism about the validation process and its significance for future revenue [67]

Revenue and Orders - In the last two weeks of March 2020, the company received higher than average orders for cryopreservation media products, estimating total orders shipped between $1.5 million to $2.0 million[176]. - The company acquired three companies in 2019, resulting in increased revenue diversification compared to prior years, with a trend expected to continue through 2020[178]. - The estimated annual revenue from each customer commercial application using the company's products could range from $0.5 million to $2.0 million[167]. - Total revenue for the three months ended June 30, 2020, increased by $3.2 million, or 48%, compared to the same period in 2019, and by $9.6 million, or 77%, for the six months ended June 30, 2020[179]. - Revenue from biopreservation media products increased by $340,000, or 5%, in the three months ended June 30, 2020, and by $3.2 million, or 27%, in the six months ended June 30, 2020, compared to the same periods in 2019[179]. Acquisitions and Product Development - The acquisition of Astero Bio Corporation in April 2019 expanded the company's bioprocessing tools portfolio, diversifying revenue streams[168]. - The company acquired Custom Biogenic Systems, Inc. in November 2019, allowing for product line growth and reduction of supply chain costs[171]. - The evo platform, acquired from SAVSU Technologies, allows real-time tracking of biologic products, enhancing cold chain management for cell and gene therapies[169]. - The company's proprietary biopreservation media products are formulated to mitigate preservation-induced cell damage, significantly extending shelf-life and improving post-thaw viability[164]. - The company’s automated thawing products help reduce damage during the thawing process, minimizing contamination risks compared to traditional methods[168]. Expenses and Costs - Total costs and operating expenses for the three months ended June 30, 2020, were $9.9 million, a 66% increase from $6.0 million in 2019[181]. - Research and development expenses increased by $786,000, or 114%, for the three months ended June 30, 2020, and by $2.1 million, or 199%, for the six months ended June 30, 2020, compared to the same periods in 2019[185]. - Sales and marketing expenses rose by $421,000, or 45%, for the three months ended June 30, 2020, and by $1.2 million, or 65%, for the six months ended June 30, 2020, compared to the same periods in 2019[190]. - General and administrative expenses increased by $1.1 million, or 49%, for the three months ended June 30, 2020, and by $2.1 million, or 47%, for the six months ended June 30, 2020, compared to the same periods in 2019[192]. - The cost of product revenue as a percentage of revenue was 45% for the three months ended June 30, 2020, compared to 29% for the same period in 2019[184]. Cash and Financing - The company had $29.9 million in cash and cash equivalents as of June 30, 2020, compared to $6.4 million as of December 31, 2019[201]. - The company closed a share purchase agreement with Casdin Capital LLC, resulting in a $20 million investment[202]. - The public offering of 5,951,250 shares at $14.50 per share generated approximately $81 million in net proceeds[202]. - Net cash provided by operating activities increased to $4.9 million for the six months ended June 30, 2020, compared to $1.1 million in the same period of 2019[203]. - Net cash used in investing activities decreased to $1.7 million in the first half of 2020 from $12.7 million in the same period of 2019[207]. - Net cash provided by financing activities totaled $20.2 million during the six months ended June 30, 2020, compared to $586,000 in the same period of 2019[208]. - The company reported a net increase in cash and cash equivalents of $23.4 million for the six months ended June 30, 2020, compared to a decrease of $11.0 million in the same period of 2019[205]. - The company believes its current cash and cash equivalents will be sufficient to meet liquidity needs for at least the next 12 months[202]. - The company may seek additional capital through debt or equity financing due to uncertainties caused by the COVID-19 pandemic[202]. Other Financial Information - The company expects fluctuations in revenue based on customer ordering patterns and the impact of COVID-19 on capital equipment sales[179]. - The company anticipates an increase in R&D and G&A expenses as it continues to expand and support the infrastructure related to its acquisitions[186][193]. - There were no off-balance sheet arrangements as of June 30, 2020[209]. - There have been no significant changes to the company's contractual obligations in the first half of 2020[210].

Biolife Solutions, Inc. (NASDAQ:BLFS) Q2 2020 Earnings Conference Call August 6, 2020 4:30 PM ET Company Participants Roderick de Greef - CFO, COO & Secretary Michael Rice - President, CEO & Director Conference Call Participants Jacob Johnson - Stephens Inc. Marc Wiesenberger - B. Riley FBR, Inc. Carl Byrnes - Northland Capital Markets Corey Deutsch - Analyst Operator Welcome to the BioLife Solutions Second Quarter 2020 Conference Call. My name is Rebecca, and I will be your operator for today's call. Opera ...

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Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | |---------------------------------------------------------------------------------------|-------------------------------------------------- ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the year ended December 31, 2019 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-36362 BioLife Solutions, Inc. (Exact name of registrant as specified in its charter) DELAWARE 94-3076866 (State or other jurisd ...

BioLife Solutions, Inc. (NASDAQ:BLFS) Q1 2020 Earnings Conference Call May 14, 2020 4:30 PM ET Company Participants Roderick de Greef - Chief Financial Officer Mike Rice - President & Chief Executive Officer Conference Call Participants Paul Knight - Janney Montgomery Suraj Kalia - Oppenheimer Jacob Johnson - Stephens Blair Cohn - H.C. Wainwright Thomas Flaten - Lake Street Capital Marc Wiesenberger - B. Riley FBR Christopher Hillary - Roubaix Capital Carl Byrnes - Northland Capital Operator Ladies and gent ...