BioLife Solutions(BLFS) - 2025 Q3 - Quarterly Results

Revenue and Growth - Cell Processing revenue for Q3 2025 was $25.4 million, up 33% from Q3 2024[1] - Total revenue for Q3 2025 was $28.1 million, an increase of 31% from $21.4 million in Q3 2024[12] - The company raised its 2025 full-year Cell Processing revenue guidance to $93.0 million - $94.0 million, reflecting year-over-year growth of 26% to 28%[25] - The company expects total 2025 revenue guidance of $95.0 million to $96.0 million, representing a 27% - 29% increase compared to 2024[21] - Product revenue for Q3 2025 was $26,250,000, a 31.6% increase from $19,928,000 in Q3 2024[37] - Total revenue for the nine months ended September 30, 2025, reached $77,429,000, up 30% from $59,539,000 in the same period of 2024[42] - Total revenues for the nine months ended September 30, 2025, reached $71,449,000, compared to $64,000,000 for the same period in 2024, reflecting a growth of approximately 11%[53] Profitability and Margins - Adjusted EBITDA for Q3 2025 was $7.8 million, or 28% of revenue, compared to $5.0 million, or 23% of revenue, in Q3 2024[24] - Gross margin (GAAP) for Q3 2025 was 62%, down from 63% in Q3 2024, while adjusted gross margin was 64%, down from 67%[18] - Gross profit for Q3 2025 was $17,325,000, representing a gross margin of 62%, compared to 63% in Q3 2024[42] - Adjusted operating income for Q3 2025 was $1,293,000, compared to $167,000 in Q3 2024[46] - Adjusted EBITDA for the three months ended September 30, 2025, was $7,832,000, representing 28% of revenue, compared to $5,021,000 or 23% of revenue in the same quarter of 2024[50] - Adjusted gross margin for the three months ended September 30, 2025, was 66%, compared to 67% in the same period of 2024[56] Net Income and Losses - Net income (GAAP) for Q3 2025 was $0.6 million, compared to a net loss of $0.5 million in Q3 2024[18] - Net income for Q3 2025 was $621,000, a significant improvement from a net loss of $1,703,000 in Q3 2024[38] - For the three months ended September 30, 2025, BioLife Solutions reported a net income of $621,000 compared to a net loss of $471,000 for the same period in 2024[47] - Adjusted net income for the three months ended September 30, 2025, was $2,044,000, significantly up from $34,000 in the prior year[47] - Operating loss for the nine months ended September 30, 2025, was $17,949,000, compared to a loss of $5,019,000 in the same period of 2024[46] - Operating loss for the nine months ended September 30, 2025, was $(16,917,000), compared to $(4,481,000) for the same period in 2024[53] Cash and Assets - Cash, cash equivalents, and marketable securities as of September 30, 2025, were $98.4 million[24] - Cash and cash equivalents at the end of Q3 2025 were $29,481,000, down from $24,161,000 at the end of Q3 2024[41] - Total assets as of September 30, 2025, were $392,081,000, slightly down from $399,487,000 at the end of 2024[40] - The company reported a net cash provided by operating activities of $15,199,000 for the nine months ended September 30, 2025, compared to $6,786,000 in 2024[41] Expenses and Costs - The company incurred $15,521,000 in IPR&D expenses during the nine months ended September 30, 2025, primarily related to the PanTHERA acquisition[50] - The company reported a significant increase in share-based compensation, totaling $15,897,000 for the nine months ended September 30, 2025, compared to $12,233,000 in the prior year[50] - The company incurred acquisition and divestiture costs of $1,245,000 for FY2024, with YTD 2025 costs amounting to $1,309,000[60][61] - Depreciation expenses for FY2024 totaled $643,000, while YTD 2025 expenses reached $588,000[60][61] - Interest expense for FY2024 was $766,000, with interest income for YTD 2025 reported at $(1,875,000)[60][61] Divestitures and Acquisitions - The divestiture of the evo cold chain logistics business was completed for $25.5 million in cash[7] - The company anticipates the divestiture of evo to qualify as Discontinued Operations in the Annual Report for the year ended December 31, 2025[51] Accumulated Deficit - The accumulated deficit increased to $(350,766,000) as of September 30, 2025, from $(335,101,000) at the end of 2024[40] Other Financial Metrics - For FY2024, the company reported a total loss from continuing operations of $8,789,000, with Q3 showing a slight income of $300,000[60] - Adjusted EBITDA from continuing operations for FY2024 was $13,337,000, representing 18% of revenue[60] - In Q1 2025, the company experienced a loss from continuing operations of $14,634,000, with Q2 showing a significant loss of $15,454,000[61] - Adjusted EBITDA from continuing operations for YTD 2025 reached $17,722,000, which is 25% of revenue[61] - Share-based compensation (non-cash) totaled $15,282,000 for FY2024, with Q1 2025 reporting $15,468,000[60][61] - The company recorded an inventory reserve cost of $247,000 in Q4 2024[60]