BioLife Solutions(BLFS) - 2025 Q2 - Quarterly Results

Second Quarter 2025 Financial and Business Overview The company reported strong Q2 2025 results, driven by cell processing revenue growth and strategic acquisitions, despite a GAAP net loss impacted by a one-time IPR&D expense Management Commentary and Business Highlights Management reported strong Q2 performance, with cell processing revenue up 28% year-over-year, driven by the biopreservation media franchise and strategic acquisitions - Cell processing revenue increased by 28% year-over-year, achieving its seventh consecutive quarter of sequential growth, primarily led by the biopreservation media (BPM) franchise[4] - The company's biopreservation media is utilized in over 250 commercially sponsored clinical trials in the U.S., representing over 70% market share, and is embedded in 16 unique commercial cell and gene therapies[6] - Strategic growth initiatives included the acquisition of the remaining 90% of PanTHERA CryoSolutions to enhance biopreservation capabilities and a $2.0 million investment in Pluristyx, Inc. to support iPSC-based product development[10] Key Financial Highlights Q2 2025 saw Cell Processing revenue grow 28% to $23.0 million, with a GAAP net loss of $15.8 million largely due to a $15.5 million IPR&D expense Q2 2025 Key Financial Metrics | Metric | Value | | :--- | :--- | | Cell Processing Revenue | $23.0 million (+28% YoY) | | GAAP Gross Margin | 62% | | Non-GAAP Adj. Gross Margin | 65% | | GAAP Net Loss | $15.8 million | | Non-GAAP Adj. EBITDA | $6.1 million (24% of revenue) | - The GAAP net loss includes a significant one-time, non-cash charge of $15.5 million for in-process research and development (IPR&D) from the PanTHERA acquisition, impacting GAAP EPS by approximately $0.32 for the quarter[1][7] Second Quarter 2025 Financial Results Q2 2025 financial results show significant revenue growth across platforms, improved adjusted profitability, and a solid cash position Revenue Total revenue for Q2 2025 increased 29% year-over-year to $25.4 million, driven by strong growth in both Cell Processing and evo and Thaw platforms Revenue Performance (Q2 2025 vs Q2 2024) | Revenue Stream | Q2 2025 (Millions USD) | YoY Growth | | :--- | :--- | :--- | | Total Revenue | $25.4 | 29% | | Cell Processing Platform | $23.0 | 28% | | evo and Thaw Platform | $2.5 | 44% | Revenue Performance (Six Months Ended June 30, 2025 vs 2024) | Revenue Stream | H1 2025 (Millions USD) | YoY Growth | | :--- | :--- | :--- | | Total Revenue | $49.4 | 29% | | Cell Processing Platform | $44.6 | 30% | | evo and Thaw Platform | $4.8 | 22% | Profitability and Margins Q2 2025 GAAP gross margin was 62%, with a GAAP operating loss of $16.6 million, while adjusted EBITDA improved to $6.1 million, or 24% of revenue Gross Margin Performance (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | GAAP Gross Margin | 62% | 64% | | Non-GAAP Adj. Gross Margin | 65% | 67% | Profitability Metrics (Q2 2025 vs Q2 2024) | Metric | Q2 2025 (Millions USD) | Q2 2024 (Millions USD) | | :--- | :--- | :--- | | GAAP Operating Loss | ($16.6) | ($1.3) | | GAAP Net Loss | ($15.8) | ($5.6) | | GAAP Loss Per Share | ($0.33) | ($0.12) | | Non-GAAP Adj. Net Income/(Loss) | $0.5 | ($1.0) | - Adjusted EBITDA for Q2 2025 increased to $6.1 million (24% of revenue) from $3.9 million (20% of revenue) in Q2 2024, with the six-month adjusted EBITDA at $11.8 million (24% of revenue), up from $6.5 million (17% of revenue) in the prior year[16][19] Financial Position As of June 30, 2025, the company maintained a strong financial position with $100.2 million in cash, cash equivalents, and marketable securities - The company's cash, cash equivalents, and marketable securities totaled $100.2 million as of June 30, 2025[20] 2025 Financial Guidance The company raised its full-year 2025 revenue guidance, reflecting strong performance and an optimistic outlook for gross and EBITDA margins Updated Revenue and Margin Outlook BioLife Solutions raised its full-year 2025 revenue guidance to $100.0 - $103.0 million, anticipating GAAP gross margin in the low 60% range Full-Year 2025 Revenue Guidance | Category | Revised Guidance (Millions USD) | Prior Guidance (Millions USD) | YoY Growth | | :--- | :--- | :--- | :--- | | Total Revenue | $100.0 - $103.0 | $95.5 - $99.0 | 22% - 25% | | Cell Processing Revenue | $91.0 - $93.0 | $86.5 - $89.0 | 24% - 26% | | evo and Thaw Revenue | $9.0 - $10.0 | Affirmed | 3% - 15% | - Management expects full-year 2025 GAAP gross margin to be in the low 60% range and adjusted gross margin (non-GAAP) in the mid-60% range, with continued expansion of adjusted EBITDA margin compared to 2024[20] Consolidated Financial Statements (Unaudited) This section provides the unaudited consolidated financial statements, including statements of operations, balance sheet, and cash flows for the periods presented Condensed Consolidated Statements of Operations This section presents the unaudited statements of operations for Q2 and H1 2025, detailing revenue, operating expenses, and net loss from continuing operations Condensed Consolidated Statements of Operations (in thousands) | | Three Months Ended June 30, | Six Months Ended June 30, | | :--- | :--- | :--- | | | 2025 | 2024 | 2025 | 2024 | | Total revenue | $25,421 | $19,715 | $49,362 | $38,148 | | Total operating expenses | $42,064 | $21,021 | $67,222 | $42,749 | | IPR&D expense | $15,521 | $— | $15,521 | $— | | Operating loss | ($16,643) | ($1,306) | ($17,860) | ($4,601) | | Net loss from continuing operations | ($15,838) | ($5,560) | ($16,286) | ($8,759) | | Loss per share from continuing ops | ($0.33) | ($0.12) | ($0.34) | ($0.19) | Condensed Consolidated Balance Sheet This section provides a snapshot of the company's financial position, comparing assets, liabilities, and equity as of June 30, 2025, and December 31, 2024 Condensed Consolidated Balance Sheet Information (in thousands) | | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents, and marketable securities | $100,237 | $109,212 | | Total assets | $387,240 | $399,487 | | Total liabilities | $40,085 | $50,578 | | Total shareholders' equity | $347,155 | $348,909 | Condensed Consolidated Statement of Cash Flows This statement details cash flows for the six months ended June 30, 2025, showing positive operating cash flow and a net decrease in cash Condensed Consolidated Statement of Cash Flows (in thousands, for six months ended June 30) | | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $9,095 | $1,984 | | Net cash used in investing activities | ($66,709) | ($13,656) | | Net cash used in financing activities | ($5,870) | ($1,656) | | Net decrease in cash and cash equivalents | ($63,484) | ($13,393) | Reconciliation of GAAP to Non-GAAP Financial Measures This section provides detailed reconciliations of GAAP financial measures to their non-GAAP adjusted counterparts, highlighting key adjustments Reconciliation of Gross Profit and Gross Margin This section reconciles GAAP gross profit to non-GAAP adjusted gross profit, showing Q2 2025 GAAP gross margin at 62% and adjusted gross margin at 65% Reconciliation of Gross Profit (in thousands) | | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | | :--- | :--- | :--- | | GAAP GROSS PROFIT | $15,831 (62%) | $31,022 (63%) | | Intangible asset amortization | $602 | $1,198 | | ADJUSTED GROSS PROFIT | $16,433 (65%) | $32,208 (65%) | Reconciliation of Operating Loss/Income This table reconciles GAAP operating loss to non-GAAP adjusted operating loss by excluding specific non-recurring and non-cash items Reconciliation of Operating Loss (in thousands) | | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | | :--- | :--- | :--- | | GAAP OPERATING LOSS | ($16,643) | ($17,860) | | IPR&D expense | $15,521 | $15,521 | | Intangible asset amortization | $708 | $1,410 | | Other adjustments | ($59) | $1,347 | | ADJUSTED OPERATING (LOSS)/INCOME | ($473) | $418 | Reconciliation of Net Loss/Income This section reconciles GAAP net loss to non-GAAP adjusted net income by removing the impact of non-recurring or non-cash items Reconciliation of Net Loss (in thousands) | | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | | :--- | :--- | :--- | | GAAP NET LOSS | ($15,838) | ($16,286) | | IPR&D expense | $15,521 | $15,521 | | Intangible asset amortization | $708 | $1,410 | | Other adjustments | $67 | $1,487 | | ADJUSTED NET INCOME | $458 | $2,132 | Reconciliation of Adjusted EBITDA This table reconciles GAAP net loss to non-GAAP adjusted EBITDA, incorporating adjustments for non-cash and non-recurring expenses Reconciliation to Adjusted EBITDA (in thousands) | | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2025 | | :--- | :--- | :--- | | GAAP NET LOSS | ($15,838) | ($16,286) | | Interest, Taxes, Depreciation & Amortization | $823 | $1,541 | | EBITDA | ($15,215) | ($15,050) | | Share-based compensation | $5,849 | $10,002 | | IPR&D expense | $15,521 | $15,521 | | Other adjustments | ($59) | $1,347 | | ADJUSTED EBITDA | $6,096 (24% of Revenue) | $11,820 (24% of Revenue) |