Cell Processing revenue of $25.4 million, up 33% over Q3 2024

GAAP gross margin of 62% and non-GAAP adjusted gross margin of 64%

BOTHELL, Wash. (November 6, 2025) – BioLife Solutions, Inc. (Nasdaq: BLFS) (“BioLife” or the “Company”), a leading developer and supplier of cell processing tools and services for the cell and gene therapy (“CGT”) market, announces financial results for the three and nine months ended September 30, 2025.

Roderick de Greef, BioLife’s Chairman and CEO, commented, “We delivered another strong quarter, with cell processing revenue up 33% year over year and our eighth consecutive quarter of sequential growth. Performance reflected healthy growth across our biopreservation media (BPM) franchise and our broader cell processing tools portfolio, led by continued momentum from commercial BPM customers. By aligning the organization around our core cell processing business, we are driving sustainable, high-quality growth and expanding profitability, achieving another quarter of adjusted EBITDA margin improvement both year over year and sequentially.”

“The divestiture of our evo cold chain logistics business in early October has reshaped BioLife into a leading pure-play cell processing company centered on our highest-value, recurring revenue franchises. This streamlined profile, solid financial position and market leading product portfolio provide a strong foundation for continued profitable growth and long-term value creation.”

•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 16 unique commercial CGTs as of September 30, 2025, with expectations that approvals for 10 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 into four approved therapies.

•On October 6, 2025, we completed the sale of evo, a previously wholly owned cold chain logistics subsidiary operated under SAVSU Cleo Technologies, LLC (formerly known as SAVSU Technologies, Inc.), for an aggregate sales price of $25.5 million in cash (subject

to certain adjustments). The tables further in this release present key financial results quarterly through the year ended December 31, 2024 and quarterly through September 30, 2025 excluding evo to provide an estimate of our financial profile on a continuing operations basis.

BioLife Solutions is presenting various financial metrics under U.S. generally accepted accounting principles (GAAP) and as adjusted (non-GAAP). In addition, BioLife Solutions completed the divestitures of Global Cooling, Inc., SciSafe, and CBS in 2024, and is presenting its financial condition and operating results as discontinued operations for all periods presented within the Condensed Consolidated Balance Sheets and Condensed Consolidated Statements of Operations. The Condensed Consolidated Statements of Comprehensive Loss, Condensed Consolidated Statements of Shareholders' Equity, and Condensed Consolidated Statements of Cash Flows are presented on a consolidated basis for both continuing operations and discontinued operations. All amounts, percentages, and disclosures for all periods presented reflect only the continuing operations of the Company unless otherwise noted.

•Total revenue for the third quarter of 2025 was $28.1 million, an increase of $6.7 million, or 31%, from $21.4 million for the third quarter of 2024 and up $2.6 million, or 10%, from the second quarter of 2025.

◦Cell Processing revenue was $25.4 million, an increase of $6.3 million, or 33%, from the same period in 2024 and up $2.4 million, or 10%, from the second quarter of 2025. Growth was primarily due to strong demand from customers with commercially approved therapies. The quarter included approximately $1.3 million in biopreservation media revenue that was accelerated into Q3 2025 at a commercial customer’s request.

◦evo and Thaw platform revenue was $2.7 million, an increase of $0.4 million, or 15%, from the same period in 2024 and up $0.2 million, or 10%, from the second quarter of 2025.

•Total revenue for the nine months ended September 30, 2025 was $77.4 million, an increase of $17.9 million, or 30%, from $59.5 million for the same period in 2024.

◦Cell Processing platform revenue for the nine months ended September 30, 2025 was $69.9 million, an increase of $16.7 million, or 31%, from the same period in 2024. Growth was due to strong demand from customers with commercially approved therapies, as well as revenue from biopreservation media product that was originally expected to ship in Q4 2025, as mentioned above.

◦evo and Thaw platform revenue for the nine months ended September 30, 2025 was $7.5 million, an increase of $1.2 million, or 19%, from the same period in 2024.

•Gross margin (GAAP) for the third quarter of 2025 was 62% compared with 63% for the third quarter of 2024. Adjusted gross margin (non-GAAP) for the third quarter of 2025 was 64% compared with 67% for the third quarter of 2024. The decreases were due to an inventory reserve of approximately $0.6 million recorded during the third quarter, which represented approximately 2% of Q3 2025 revenue.

•Gross margin (GAAP) for the nine months ended September 30, 2025 was 62% compared with 63% for the same period in 2024. Adjusted gross margin (non-GAAP) for the nine months ended September 30, 2025 was 65% compared with 67% for the same period in 2024. The decreases were due to the inventory reserve of approximately $0.6 million recorded during the third quarter of 2025 mentioned above, and to product mix.

•Operating loss (GAAP) for the third quarter of 2025 was $0.1 million compared with $0.4 million for the third quarter of 2024. Adjusted operating income (non-GAAP) for the third quarter of 2025 was $1.3 million compared with $0.2 million for the third quarter of 2024.

•Operating loss (GAAP) for the nine months ended September 30, 2025 was $17.9 million compared with $5.0 million for the same period in 2024. Adjusted operating income (non-GAAP) for the nine months ended September 30, 2025 was $1.7 million compared with adjusted operating loss of $3.0 million for the same period in 2024.

NET INCOME / (LOSS)

•Net income (GAAP) for the third quarter of 2025 was $0.6 million compared with net loss (GAAP) of $0.5 million for the third quarter of 2024. Adjusted net income (non-GAAP) for the third quarter of 2025 was $2.0 million compared with $34 thousand for the third quarter of 2024.

•Net loss (GAAP) for the nine months ended September 30, 2025 was $15.7 million compared with $9.2 million for the same period in 2024. Adjusted net income (non-GAAP) for the nine months ended September 30, 2025 was $4.2 million compared with adjusted net loss of $3.2 million for the same period in 2024.

NET INCOME / (LOSS) PER SHARE

•Net income per share (GAAP) for the third quarter of 2025 was $0.01 compared with net loss per share of $0.01 for the third quarter of 2024.

•Net loss per share (GAAP) for the nine months ended September 30, 2025 was $0.33 compared with $0.20 for the same period in 2024.

•Adjusted EBITDA, a non-GAAP measure, for the third quarter of 2025 was $7.8 million, or 28% of revenue, compared with $5.0 million, or 23% of revenue, for the third quarter of 2024.

•Adjusted EBITDA, a non-GAAP measure, for the nine months ended September 30, 2025 was $19.7 million, or 25% of revenue, compared with $11.6 million, or 19% of revenue, for the same period in 2024.

•Cash, cash equivalents, and marketable securities as of September 30, 2025, were $98.4 million.

◦The cash, cash equivalents, and marketable securities balance as of September 30, 2025 does not include any cash proceeds from the sale of evo in October 2025.

Following the sale of its evo cold chain logistics business in early October, BioLife Solutions is updating its 2025 revenue guidance.

Total 2025 revenue guidance, adjusted for the sale of evo, is $95.0 million to $96.0 million, representing an increase of 27% - 29% when compared to 2024 continuing operations revenues on a like for like basis. This guidance is based on the following expectations:

•Cell Processing platform revenue: Raised to $93.0 million to $94.0 million from prior guidance of $91.0 million to $93.0 million, representing year-over-year growth of 26% to 28%.

•Removal of approximately $8 million of evo-related revenue.

Going forward, BioLife will report revenue as a single line item encompassing its entire product portfolio.

Management continues to expect 2025 gross margin (GAAP) in the low-60% range and adjusted gross margin (non-GAAP) in the mid-60% range, as well as a reduction in net loss (GAAP) and continued expansion of adjusted EBITDA margin (non-GAAP), both compared with 2024.

Management will discuss the Company's financial results, provide a general business update and answer questions during a conference call and live webcast today at 4:30 p.m. ET (1:30 p.m. PT).

To access the webcast, log onto the Investor Relations page of the BioLife Solutions website at https://www.biolifesolutions.com/earnings. In addition, the conference call will be accessible by dialing toll-free 1-833-630-0431 or 1-412-317-1808 for international callers. A webcast replay will be available approximately two hours after the call ends and will be archived on https://www.biolifesolutions.com for 90 days.

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.

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,” "intend," “expects,” "continue," “believes,” “anticipates,” “designed,” 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.

At the Company

Troy Wichterman

Chief Financial Officer

(425) 402-1400

twichterman@biolifesolutions.com

Investors

Alliance Advisors IR

Jody Cain

(310) 691-7100

jcain@allianceadvisors.com

    

As stated above, we anticipate the divestiture of evo to qualify and be presented as Discontinued Operations in our Annual Report on Form 10-K for the year ended December 31, 2025. Below we are presenting key financial results by quarter for the year ended December 31, 2024 and quarter ended September 30, 2025 exclusive of evo to provide an estimate of our financial profile on a continuing operations basis. This includes the non-GAAP measures Adjusted Gross Margin and Adjusted EBITDA.

We have not yet finalized the accounting for the divestiture of evo and therefore note that all results below are subject to a number of assumptions, and actual results may differ. We do not anticipate actual results to be materially different from those presented below.