BioLife Solutions Reports First Quarter 2026 Financial Results
Total revenue of
GAAP gross margin and non-GAAP adjusted gross margin of 64%
GAAP net income of
Conference call begins at
"We delivered a solid start to 2026, with first quarter revenue up 25% year-over-year and adjusted EBITDA of
First Quarter 2026 Business Highlights
- Our biopreservation media is utilized in approximately 250 ongoing commercially sponsored clinical trials in the
U.S. , representing a more than 70% market share. This includes over 30 Phase III trials, or nearly 80% of these late-stage trials. Our CellSeal vials and hPL products are used in over 35 clinical trials. - Our biopreservation media is embedded in 17 unique commercial CGTs as of
March 31, 2026 , with expectations that approvals for 9 additional products, geographic expansions, earlier lines of treatment, or new indications will occur over the next 12 months. Our CellSeal cryogenic vials and hPL products are embedded in four approved therapies.
First Quarter 2026 Financial Results
BioLife is presenting various financial metrics under
REVENUE
- Total revenue for the first quarter of 2026 was
$27.5 million , an increase of$5.4 million , or 25%, from$22.1 million for the first quarter of 2025 and up$2.7 million , or 11%, from the fourth quarter of 2025.
GROSS MARGIN
- Gross margin (GAAP) for the first quarter of 2026 was 64% compared with 67% for the first quarter of 2025. Adjusted gross margin (non-GAAP) for the first quarter of 2026 was 64% compared with 68% for the first quarter of 2025.
OPERATING INCOME / (LOSS)
- Operating income (GAAP) for the first quarter of 2026 was
$27 thousand compared with an operating loss of$0.5 million for the first quarter of 2025. Adjusted operating income (non-GAAP) for the first quarter of 2026 was$1.0 million compared with$1.2 million for the first quarter of 2025.
NET INCOME
- Net income (GAAP) for the first quarter of 2026 was
$1.2 million compared with$0.3 million for the first quarter of 2025. Adjusted net income (non-GAAP) for the first quarter of 2026 was$2.1 million compared with$2.0 million for the first quarter of 2025.
NET INCOME PER SHARE
- Net income per share (GAAP) for the first quarter of 2026 was
$0.02 compared with$0.01 for the first quarter of 2025.
ADJUSTED EBITDA
- Adjusted EBITDA, a non-GAAP measure, for the first quarter of 2026 was
$6.2 million , or 22% of revenue, compared with$5.4 million , or 24% of revenue, for the first quarter of 2025.
CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES
- Cash, cash equivalents, and marketable securities as of
March 31, 2026 , were$111.5 million .
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(As a result of presenting amounts in millions, rounding differences may exist in the percentages above.) |
2026 Financial Guidance
BioLife is reiterating its 2026 financial guidance as follows:
- Revenue of
$112.5 million to$115.0 million , representing growth of 17% to 20% compared with 2025 revenue from continuing operations; - Gross margin (GAAP) and adjusted gross margin (non-GAAP) in the mid-60% range;
- Net income (GAAP) for the full year; and
- Continued expansion of adjusted EBITDA margin (non-GAAP).
Conference Call & Webcast
Management will discuss the Company's financial results, provide a business update and answer questions during a conference call and live webcast today at
To access the webcast, log onto the Investor Relations page of the
About
BioLife is a leading developer and supplier of cell processing tools and services for the CGT market. Our expertise facilitates the commercialization of new therapies by supplying solutions that maintain the health and function of biologic materials during the collection, development, manufacturing and distribution. For more information, please visit www.biolifesolutions.com, and follow BioLife on LinkedIn and X.
Cautions Regarding Forward Looking Statements
Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "plans," "expects," "believes," "anticipates," "designed," "may," "estimate," "guidance," and similar words are intended to identify forward-looking statements. Forward-looking statements are based on our current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings we make with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by us. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events.
Non-GAAP Measures of Financial Performance
To supplement our financial statements, which are presented on the basis of
We believe these non-GAAP financial measures are useful to investors in assessing our operating performance. We use these financial measures internally to evaluate our operating performance and for planning and forecasting of future periods. We also believe it is in the best interests of investors to provide this non-GAAP information.
While we believe these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures may not be reported by competitors, and they may not be directly comparable to similarly titled measures of other companies due to differences in calculation methodologies. The non-GAAP financial measures are not an alternative to GAAP information and are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. They should be used only as a supplement to GAAP information and should be considered only in conjunction with our consolidated financial statements prepared in accordance with GAAP.
Media & Investor Relations
At the Company
Chief Financial Officer
(425) 402-1400
twichterman@biolifesolutions.com
Investors
Alliance Advisors IR
(310) 691-7100
jcain@allianceadvisors.com
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, amounts in thousands, except share and per share amounts) |
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Three Months Ended |
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(In thousands, except per share and share data) |
2026 |
|
2025 |
|
|
|
|
|
|
Revenue |
$ 27,500 |
|
$ 22,054 |
|
Cost of revenue |
10,004 |
|
7,254 |
|
Gross profit |
17,496 |
|
14,800 |
|
Operating expenses: |
|
|
|
|
General and administrative |
12,208 |
|
11,351 |
|
Sales and marketing |
2,526 |
|
2,443 |
|
Research and development |
2,650 |
|
1,439 |
|
Intangible asset amortization |
85 |
|
66 |
|
Total operating expenses |
17,469 |
|
15,299 |
|
Operating income (loss) |
27 |
|
(499) |
|
|
|
|
|
|
Other income: |
|
|
|
|
Interest income, net |
1,041 |
|
683 |
|
Other income |
180 |
|
101 |
|
Total other income, net |
1,221 |
|
784 |
|
|
|
|
|
|
Income before income tax expense |
1,248 |
|
285 |
|
Income tax expense |
62 |
|
14 |
|
Net income from continuing operations |
$ 1,186 |
|
$ 271 |
|
|
|
|
|
|
Discontinued operations: |
|
|
|
|
Loss from discontinued operations before income tax expense |
— |
|
(719) |
|
Income tax benefit |
— |
|
— |
|
Loss from discontinued operations |
$ — |
|
$ (719) |
|
|
|
|
|
|
Net income (loss) |
$ 1,186 |
|
$ (448) |
|
|
|
|
|
|
Earnings per share - Basic: |
|
|
|
|
Continuing operations |
$ 0.02 |
|
$ 0.01 |
|
Discontinued operations |
$ — |
|
$ (0.02) |
|
Net income (loss) |
$ 0.02 |
|
$ (0.01) |
|
Earnings per share - Diluted: |
|
|
|
|
Continuing operations |
$ 0.02 |
|
$ 0.01 |
|
Discontinued operations |
$ — |
|
$ (0.01) |
|
Net income (loss) |
$ 0.02 |
|
$ — |
|
Weighted average shares used to compute net loss per share attributable to common |
|
|
|
|
Basic |
48,458,536 |
|
47,134,720 |
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Diluted |
49,248,075 |
|
48,367,556 |
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited, amounts in thousands)
|
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Three Months Ended
|
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(In thousands) |
2026 |
|
2025 |
|
Net income (loss) |
$ 1,186 |
|
$ (448) |
|
Other comprehensive (loss) income |
(252) |
|
9 |
|
Comprehensive income (loss) |
$ 934 |
|
$ (439) |
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CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION (Unaudited, amounts in thousands)
|
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|
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|
|
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(In thousands) |
2026 |
|
2025 |
|
Cash, cash equivalents, and marketable securities |
$ 111,495 |
|
$ 120,177 |
|
Working capital |
114,969 |
|
113,582 |
|
Current assets |
133,222 |
|
136,561 |
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Total assets |
400,906 |
|
405,884 |
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Current liabilities |
18,253 |
|
22,979 |
|
Long-term obligations |
10,423 |
|
11,017 |
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Accumulated deficit |
(338,510) |
|
(339,696) |
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Total shareholders' equity |
$ 372,230 |
|
$ 371,888 |
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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION (Unaudited, amounts in thousands)
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|
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Three Months Ended
|
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(In thousands) |
2026 |
|
2025 |
|
Net cash (used in) provided by operating activities |
$ (491) |
|
$ 1,727 |
|
Net cash used in investing activities |
(1,830) |
|
(27,176) |
|
Net cash used in financing activities |
(7,895) |
|
(2,992) |
|
Net decrease in cash and cash equivalents |
$ (10,216) |
|
$ (28,441) |
|
|
|
|
|
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Cash and cash equivalents – beginning of period |
$ 33,038 |
|
$ 95,386 |
|
Cash and cash equivalents – end of period |
22,822 |
|
66,945 |
|
|
|
|
|
|
Marketable securities |
88,673 |
|
40,690 |
|
|
|
|
|
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Total cash, cash equivalents, and marketable securities |
$ 111,495 |
|
$ 107,635 |
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RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP ADJUSTED GROSS MARGIN (Unaudited, amounts in thousands)
|
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|
|
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|
|
Three Months Ended
|
||
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(In thousands) |
2026 |
|
2025 |
|
Revenue |
$ 27,500 |
|
$ 22,054 |
|
Cost of revenue |
(10,004) |
|
(7,254) |
|
GROSS PROFIT |
$ 17,496 |
|
$ 14,800 |
|
GROSS MARGIN |
64 % |
|
67 % |
|
|
|
|
|
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ADJUSTMENTS TO GROSS PROFIT: |
|
|
|
|
Gain on disposal of assets |
(6) |
|
(12) |
|
Intangible asset amortization |
241 |
|
259 |
|
ADJUSTED GROSS PROFIT |
$ 17,731 |
|
$ 15,047 |
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ADJUSTED GROSS MARGIN |
64 % |
|
68 % |
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RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP ADJUSTED OPERATING EXPENSES (Unaudited, amounts in thousands)
|
|||
|
|
|||
|
|
Three Months Ended
|
||
|
(In thousands) |
2026 |
|
2025 |
|
OPERATING EXPENSES |
$ 17,469 |
|
$ 15,299 |
|
|
|
|
|
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ADJUSTMENTS TO OPERATING EXPENSES |
|
|
|
|
Acquisition and divestiture costs |
(229) |
|
(1,001) |
|
Severance costs |
(407) |
|
(416) |
|
Intangible asset amortization |
(85) |
|
(66) |
|
Gain on disposal of assets |
9 |
|
10 |
|
ADJUSTED OPERATING EXPENSES |
$ 16,757 |
|
$ 13,826 |
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RECONCILIATION OF GAAP OPERATING INCOME / (LOSS) TO NON-GAAP ADJUSTED OPERATING INCOME (Unaudited, amounts in thousands)
|
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|
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Three Months Ended
|
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|
(In thousands) |
2026 |
|
2025 |
|
OPERATING INCOME / (LOSS) |
$ 27 |
|
$ (499) |
|
|
|
|
|
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ADJUSTMENTS TO OPERATING INCOME / (LOSS) |
|
|
|
|
|
|
|
|
|
Acquisition and divestiture costs |
229 |
|
1,001 |
|
Severance costs |
407 |
|
416 |
|
Intangible asset amortization |
325 |
|
325 |
|
Gain on disposal of assets |
(9) |
|
(10) |
|
ADJUSTED OPERATING INCOME |
$ 979 |
|
$ 1,233 |
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RECONCILIATION OF GAAP NET INCOME FROM CONTINUING OPERATIONS TO NON-GAAP ADJUSTED NET INCOME (Unaudited, amounts in thousands)
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|
|
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Three Months Ended
|
||
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(In thousands) |
2026 |
|
2025 |
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NET INCOME FROM CONTINUING OPERATIONS |
$ 1,186 |
|
$ 271 |
|
|
|
|
|
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ADJUSTMENTS TO NET INCOME FROM CONTINUING OPERATIONS |
|
|
|
|
|
|
|
|
|
Acquisition and divestiture costs |
229 |
|
1,001 |
|
Severance costs |
407 |
|
416 |
|
Intangible asset amortization |
325 |
|
325 |
|
Gain on disposal of assets |
(9) |
|
(10) |
|
Income tax expense |
62 |
|
14 |
|
Other (income) expense |
(58) |
|
4 |
|
ADJUSTED NET INCOME |
$ 2,142 |
|
$ 2,021 |
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RECONCILIATION OF GAAP NET INCOME FROM CONTINUING OPERATIONS TO NON-GAAP ADJUSTED EBITDA (Unaudited, amounts in thousands)
|
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|
|
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Three Months Ended
|
||
|
(In thousands) |
2026 |
|
2025 |
|
NET INCOME FROM CONTINUING OPERATIONS |
$ 1,186 |
|
$ 271 |
|
|
|
|
|
|
ADJUSTMENTS: |
|
|
|
|
Interest income, net |
(1,041) |
|
(683) |
|
Accretion of available-for-sale investments |
(122) |
|
(105) |
|
Income tax expense |
62 |
|
14 |
|
Depreciation |
374 |
|
185 |
|
Intangible asset amortization |
325 |
|
325 |
|
EBITDA |
$ 784 |
|
$ 7 |
|
|
|
|
|
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OTHER ADJUSTMENTS: |
|
|
|
|
Share-based compensation (non-cash) |
4,806 |
|
3,982 |
|
Acquisition and divestiture costs |
229 |
|
1,001 |
|
Severance costs |
407 |
|
416 |
|
Gain on disposal of assets |
(9) |
|
(10) |
|
Other (income) expense |
(58) |
|
4 |
|
ADJUSTED EBITDA |
$ 6,159 |
|
$ 5,400 |
|
% of Revenue |
22 % |
|
24 % |
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