Financial Data and Key Metrics Changes - The company reported Q1 revenue of $23.9 million, representing a 30% year-over-year increase, primarily driven by a 33% increase in the cell processing platform revenue [14][17] - GAAP gross margin for Q1 2025 was 63%, consistent with Q1 2024, while adjusted gross margin remained at 66% [14][15] - Adjusted EBITDA for Q1 2025 was $5.7 million, or 24% of revenue, compared to $2.6 million, or 14% of revenue in the prior year [17][18] Business Line Data and Key Metrics Changes - Cell processing revenue increased to $21.6 million, a 33% year-over-year increase and a 6% sequential increase from Q4 last year [6][7] - The biopreservation media (BPM) product line continues to be a significant driver, with 80% of BPM revenue coming from the top 20 customers [8][9] - Approximately 60% of BPM revenue comes from direct sales, with 40% from distribution channels [9] Market Data and Key Metrics Changes - The company estimates that its BPM products are used in at least 70% of relevant commercially sponsored cell and gene therapy (CGT) trials in the U.S., with a share of late-stage clinical trials exceeding 75% [10] - The company has a strong position in the market, with only homebrew formulations as meaningful alternatives to its offerings [11] Company Strategy and Development Direction - The company is focused on delivering leading solutions to the cell and gene therapy market and is committed to sustainable growth throughout 2025 [7][13] - The acquisition of Panthera CryoSolutions is aimed at expanding the biopreservation portfolio and enhancing scientific capabilities [13] - The company is optimistic about long-term industry fundamentals but acknowledges near-term uncertainties from factors like tariffs and NIH funding cuts [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating potential headwinds with minimal impact on financial results [71] - The company reaffirmed its full-year revenue guidance of $95.5 million to $99 million, with growth led by the cell processing platform [14][19] Other Important Information - The company ended the quarter with over $100 million in cash, providing a solid foundation for growth initiatives [7] - Adjusted operating income for Q1 2025 was $900,000, compared to an adjusted operating loss of $2.4 million in Q1 2024 [17] Q&A Session Summary Question: Insights on clinical side demand trends - Management noted that clinical customers showed reasonable performance, with growth driven primarily by commercial customers [22][23] Question: Details on the Panthera acquisition - The acquisition was timed to leverage proven technology and aims to develop next-generation cryopreservation products [26][27] Question: Current status of pricing changes - Management indicated that they are more than halfway through pricing adjustments for key customers, with a gradual implementation over three years [33][34] Question: Impact of tariffs and NIH funding - Management assessed that they have limited exposure to tariffs and NIH funding cuts, with minimal impact expected on their cost of goods [39][40] Question: Future M&A pipeline and CapEx projects - The company is exploring small tuck-in acquisitions and has plans for significant CapEx projects, including facility expansions [46][47] Question: Potential for media swaps with Panthera products - Management indicated that switching costs for customers to change biopreservation media are significant, making it unlikely for existing commercial products to switch [52][54] Question: Ability to pass on tariff costs to customers - Management confirmed that they could implement surcharges for any material increases in costs due to tariffs [55][56]