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]

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 [13][15] - GAAP gross margin for Q1 2025 was 63%, consistent with Q1 2024, while adjusted gross margin remained at 66% [13][14] - 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 [15][16] 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][15] - The biopreservation media (BPM) product line continues to be the primary driver of revenue, with top 20 customers accounting for approximately 80% of BPM revenue [6][7] - The company expects continued growth from commercial customers, with around 40% of BPM revenue coming from customers with approved commercial therapies [7][12] Market Data and Key Metrics Changes - Approximately 60% of BPM revenue comes from direct sales, while 40% is through distribution [7] - The company estimates its BPM products are used in at least 70% of relevant commercially sponsored cell and gene therapy trials in the U.S., with a share of late-stage clinical trials exceeding 75% [8][9] Company Strategy and Development Direction - The company is committed to delivering leading solutions to the cell and gene therapy market and has reaffirmed its full-year revenue guidance of $95.5 million to $99 million [12][13] - The acquisition of Panthera CryoSolutions is aimed at expanding the biopreservation portfolio and enhancing scientific capabilities, with a focus on developing next-generation cryopreservation products [12][26] - The company is actively monitoring potential near-term headwinds from tariffs and NIH funding cuts but does not expect any material impact on its financial outlook [12][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating potential headwinds with minimal impact on financial results, emphasizing the strength of the balance sheet with over $100 million in cash [6][68] - The company remains optimistic about long-term industry fundamentals despite recognizing near-term uncertainties [12][68] Other Important Information - The company expects adjusted gross margin for the full year to be in the mid-60s, with a reduction in GAAP net loss and expansion in adjusted EBITDA margin due to higher expected revenue [18] - The company has a cash and marketable securities balance of $107.6 million as of March 31, 2025 [16] Q&A Session Summary Question: Insights on clinical side demand trends - Management noted that clinical customers buying directly showed reasonable performance, with growth driven primarily by commercial customers [21][22] Question: Rationale behind Panthera acquisition - The acquisition was timed to leverage proven technology and enhance the development of next-generation cryopreservation products [24][26] 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 [31][32] Question: Impact of tariffs and NIH funding - Management assessed that they have limited exposure to tariffs and NIH funding cuts, with most products manufactured in the U.S. [37][39] Question: Future M&A pipeline - The company is exploring small tuck-in acquisitions similar to Panthera, with a strict filter criteria for potential targets [32][33] Question: Incremental OpEx from Panthera acquisition - Expected incremental OpEx from the Panthera acquisition is around $1 million for the remaining nine months of the year [60]

Core Insights - BioLife Solutions, Inc. reported a strong start to 2025 with a 33% year-over-year growth in cell processing revenue, reaching $21.6 million [1][2] - The company achieved a GAAP gross margin of 63% and a non-GAAP adjusted gross margin of 66% for Q1 2025, consistent with the same period in 2024 [5] - The net loss from continuing operations was reduced to $0.4 million in Q1 2025, compared to $3.2 million in Q1 2024, indicating improved financial performance [10][11] Financial Performance - Total revenue for Q1 2025 was $23.9 million, a 30% increase from $18.4 million in Q1 2024 [8] - Adjusted EBITDA for Q1 2025 was $5.7 million, representing 24% of revenue, up from $2.6 million or 14% of revenue in Q1 2024 [12] - The operating loss from continuing operations decreased to $1.2 million in Q1 2025 from $3.3 million in Q1 2024 [6][29] Business Highlights - The company processed 13 new U.S. FDA Master File cross references for its biopreservation media, bringing the total to 782 [7] - BioLife's biopreservation media is now embedded in 17 unique commercial cell and gene therapies, with expectations for further approvals and geographic expansions [7] - The acquisition of PanTHERA CryoSolutions was completed on April 4, 2025, enhancing BioLife's capabilities in the biopreservation market [7] Guidance and Outlook - BioLife Solutions affirmed its 2025 revenue guidance of $95.5 million to $99.0 million, reflecting a growth of 16% to 20% compared to 2024 [13] - The company anticipates maintaining gross margins in the low 60% range and adjusted gross margins in the mid-60% range for 2025 [13]

Financial Data and Key Metrics Changes - Total revenue for 2023 was $143.3 million, an 11% decrease compared to 2022, with ex-COVID revenue decreasing 4% [10] - Q4 revenue was $32.7 million, representing a 26% year-over-year decrease, and a 23% decline when excluding COVID-related revenue from Q4 2022 [21] - Adjusted gross margin for Q4 was 35%, up from 32% in the prior year, primarily due to product mix and lower warranty expenses [23] - Adjusted operating loss for Q4 2023 was $9.3 million, compared to $8.2 million in Q4 2022 [25] - Adjusted EBITDA for Q4 2023 was $700,000, down from $1.7 million in the prior year but increased sequentially by $3.8 million from Q3 [26] Business Line Data and Key Metrics Changes - Cell processing platform revenue for 2023 declined 4% to $65.8 million, with a 6% decrease in biopreservation media revenue, partially offset by a 9% increase in other cell processing tools [10] - Biostorage and services platform revenue decreased 2% to $25.9 million, but grew 61% when excluding prior year COVID-related revenue [12] - Freezer and thaw platform revenue declined 23% to $15.1 million, primarily due to a difficult capital equipment environment [13] Market Data and Key Metrics Changes - The top 20 media customers accounted for 78% of media revenue, which was up slightly by 1% year-over-year [11] - Customers with commercially approved therapies accounted for an estimated 52% of direct media revenue in 2023, compared to 49% in 2022 [11] - The cell and gene therapy (CGT) industry is expected to grow at a 20% to 25% CAGR through 2033 [7] Company Strategy and Development Direction - The company is refocusing on higher margin recurring revenue streams and divesting freezer product lines to improve financial performance [6][14] - The company aims to leverage its market position in biopreservation media to drive adoption of other tools and services in its portfolio [89] - The 2024 revenue guidance is set between $95.5 million and $100 million, reflecting a cautious approach despite some optimism in market conditions [18] Management's Comments on Operating Environment and Future Outlook - Management noted that 2023 was a challenging year for the CGT industry, but there are early signs of stabilization and momentum [9] - The company expects a sustained recovery as 2024 progresses, with a focus on managing inventory normalization [9] - Management expressed confidence in the company's position to benefit from the growth of the CGT market, despite a cautious outlook for 2024 [89] Other Important Information - The company is in the process of divesting its freezer product lines, with two signed letters of intent (LOIs) and expects to close these transactions within 45 to 60 days [31][45] - The cash and marketable securities balance at December 31, 2023, was $52.3 million, up from $42.2 million at September 30, 2023 [27] Q&A Session Summary Question: Does the LOI allow the company to move the freezer assets to discontinued operations? - Management stated that a signed document is required to move them into discontinued operations, and they are working on finalizing the legal documents [31][32] Question: Can you discuss the steps taken to achieve positive EBITDA? - Management highlighted a reduction in force and control over discretionary expenses as key factors contributing to positive EBITDA [34][35] Question: How confident is the company about concluding the freezer sale? - Management expressed a 70% to 80% confidence level regarding the completion of the freezer sale within the expected timeframe [45][46] Question: What are the expectations for media revenue in 2024? - Management indicated that the first half of 2024 might be flat compared to the second half of 2023, with expectations of an uptake in the latter half [49] Question: What is the impact of the freezer business on adjusted EBITDA? - Management noted that they do not provide specific information on segment reporting but will clarify post-divestiture [81]