Earnings release
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Biolife Solutions BioLife Solutions Reports Second Quarter 2026 Financial Results Total revenue of $ 28.5 million , up 21 % over Q2 2025 GAAP gross margin of 64 % and non - GAAP adjusted gross margin of 65 % GAAP net income of $ 45.1 million , inclusive of a $ 42.4 million non - cash income tax benefit , and non - GAAP adjusted EBITDA of $ 7.4 million , or 26 % of revenue Repligen to acquire BioLife and the proposed transaction is expected to close in the fourth quarter of - 2026 BOTHELL , Wash . ( August 6 , 2026 ) – 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 six months ended June 30 , 2026 . " We delivered another strong quarter , with solid execution across the business led by our market - leading biopreservation media franchise , " said Roderick de Greef , Chairman and Chief Executive Officer of BioLife . " This continued performance underscores the important role our technologies play in enabling the advancement of cell and gene therapies . We look forward to building on this foundation through our announced combination with Repligen , which is expected to close in the fourth quarter of 2026. " Second Quarter 2026 Business Highlights • • • On July 21 , 2026 , BioLife entered into a definitive agreement under which Repligen , subject to customary closing conditions , will acquire BioLife for a total enterprise value of approximately $ 1.5 billion , comprised of $ 11.25 cash and 0.1442 shares of Repligen's common stock , on a per share basis of BioLife's common stock . As a result of the merger , BioLife will cease to be a publicly traded company . The transaction is expected to close in the fourth quarter of 2026 , subject to approval by BioLife stockholders , regulatory approvals and other customary closing conditions . 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 18 unique commercial CGTs as of June 30 , 2026 , with expectations that approvals for 8 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 . Second Quarter 2026 Financial Results BioLife is presenting various financial metrics under U.S. generally accepted accounting principles ( GAAP ) and as adjusted ( non - GAAP ) . In addition , BioLife completed the divestiture of evo in 2025 , and is presenting its financial condition and operating results as discontinued operations for all periods presented within the Unaudited Condensed Consolidated Balance BioLife Solutions Inc. 3303 Monte Villa Parkway Suite 310 Bothell , WA 98021 USA T +1.866.424.6543 or 425.402.1400 biolifesolutions.com Page 1 Preserving the promise
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Sheets and Unaudited Condensed Consolidated Statements of Operations. The Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) and Unaudited 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. REVENUE • Total revenue for the second quarter of 2026 was $28.5 million, an increase of $5.0 million, or 21%, from $23.4 million for the second quarter of 2025 and up $1.0 million, or 4%, from the first quarter of 2026. • Total revenue for the six months ended June 30, 2026 was $56.0 million, an increase of $10.5 million, or 23%, from $45.5 million for the six months ended June 30, 2025. GROSS MARGIN • Gross margin (GAAP) for the second quarter of 2026 was 64% compared with 65% for the second quarter of 2025. Adjusted gross margin (non-GAAP) for the second quarter of 2026 was 65% compared with 66% for the second quarter of 2025. • Gross margin (GAAP) for the six months ended June 30, 2026 was 64% compared with 66% for the six months ended June 30, 2025. Adjusted gross margin (non-GAAP) for the six months ended June 30, 2026 was 65% compared with 67% for the six months ended June 30, 2025. OPERATING INCOME / (LOSS) • Operating income (GAAP) for the second quarter of 2026 was $1.7 million compared with an operating loss of $16.1 million for the second quarter of 2025. Adjusted operating income (non-GAAP) for the second quarter of 2026 was $3.1 million compared with an adjusted operating loss of $0.3 million for the second quarter of 2025. • Operating income (GAAP) for the six months ended June 30, 2026 was $1.7 million compared with an operating loss of $16.6 million for the six months ended June 30, 2025. Adjusted operating income (non- GAAP) for the six months ended June 30, 2026 was $4.1 million compared with $0.9 million for the six months ended June 30, 2025. NET INCOME / (LOSS) • Net income (GAAP) for the second quarter of 2026 was $45.1 million compared with a net loss of $15.3 million for the second quarter of 2025. Adjusted net income (non-GAAP) for the second quarter of 2026 was $4.2 million compared with $0.6 million for the second quarter of 2025. Due to the release of our valuation allowance during the second quarter of 2026, we recognized a non-cash income tax benefit of $42.4 million. Page 2
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• Net income (GAAP) for the six months ended June 30, 2026 was $46.3 million compared with a net loss of $15.1 million for the six months ended June 30, 2025. Adjusted net income (non-GAAP) for the six months ended June 30, 2026 was $6.3 million compared with $2.6 million for the six months ended June 30, 2025. NET INCOME / (LOSS) PER SHARE • Net income per share (GAAP) for the second quarter of 2026 was $0.92 compared with net loss per share of $0.32 for the second quarter of 2025. The release of our valuation allowance during the second quarter of 2026 had an $0.87 impact on our net income per share. • Net income per share (GAAP) for the six months ended June 30, 2026 was $0.95 compared with net loss per share of $0.31 for the six months ended June 30, 2025. The release of our valuation allowance during the six months ended June 30, 2026 had an $0.87 impact on our income per share. ADJUSTED EBITDA • Adjusted EBITDA, a non-GAAP measure, for the second quarter of 2026 was $7.4 million, or 26% of revenue, compared with $5.6 million, or 24% of revenue, for the second quarter of 2025. • Adjusted EBITDA, a non-GAAP measure, for the six months ended June 30, 2026 was $13.5 million, or 24% of revenue, compared with $11.0 million, or 24% of revenue, for the six months ended June 30, 2025. CASH, CASH EQUIVALENTS, AND MARKETABLE SECURITIES • Cash, cash equivalents, and marketable securities as of June 30, 2026 were $113.1 million. (As a result of presenting amounts in millions, rounding differences may exist in the percentages above.) Conference Call & Webcast Due to the pending acquisition of BioLife by Repligen, BioLife will not be hosting a conference call. About BioLife Solutions 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, Page 3
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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 U.S. generally accepted accounting principles (GAAP), the following non-GAAP measures of financial performance are included on a consolidated basis in this release: adjusted gross margin, adjusted operating expenses, adjusted operating income/(loss), adjusted net income/(loss), earnings before interest, taxes, depreciation and amortization (EBITDA), and adjusted EBITDA. A reconciliation of GAAP to adjusted non-GAAP financial measures is included as an attachment to this press release. 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. Page 4
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Media & Investor Relations At the Company Troy Wichterman Chief Financial Officer (425) 402-1400 twichterman@biolifesolutions.com John Graziano Investor Relations jgraziano@biolifesolutions.com Investors Alliance Advisors IR Vivian Cervantes (973) 873-7724 vcervantes@allianceadvisors.com Page 5
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BIOLIFE SOLUTIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, amounts in thousands, except share and per share amounts) Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share and share data) 2026 2025 2026 2025 Revenue $ 28,466 $ 23,438 $ 55,966 $ 45,492 Cost of revenue 10,179 8,203 20,182 15,457 Gross profit 18,287 15,235 35,784 30,035 Operating expenses: General and administrative 10,694 11,232 22,901 22,582 Sales and marketing 2,782 2,577 5,308 5,020 Research and development 2,958 1,965 5,608 3,404 IPR&D expense — 15,521 — 15,521 Intangible asset amortization 157 66 242 132 Total operating expenses 16,591 31,361 34,059 46,659 Operating income (loss) 1,696 (16,126) 1,725 (16,624) Other income: Interest income, net 994 684 2,035 1,365 Other income 63 247 242 349 Total other income, net 1,057 931 2,277 1,714 Income (loss) before income tax (benefit) expense 2,753 (15,195) 4,002 (14,910) Income tax (benefit) expense (42,351) 126 (42,288) 140 Net income (loss) from continuing operations $ 45,104 $ (15,321) $ 46,290 $ (15,050) Discontinued operations: Loss from discontinued operations before income tax expense — (517) — (1,236) Income tax benefit — — — — Loss from discontinued operations $ — $ (517) $ — $ (1,236) Net income (loss) $ 45,104 $ (15,838) $ 46,290 $ (16,286) Earnings (loss) per share - Basic: Continuing operations $ 0.92 $ (0.32) $ 0.95 $ (0.31) Discontinued operations $ — $ (0.01) $ — $ (0.03) Net income (loss) $ 0.92 $ (0.33) $ 0.95 $ (0.34) Earnings (loss) per share - Diluted: Continuing operations $ 0.91 $ (0.32) $ 0.94 $ (0.31) Discontinued operations $ — $ (0.01) $ — $ (0.03) Net income (loss) $ 0.91 $ (0.33) $ 0.94 $ (0.34) Weighted average shares used to compute net loss per share attributable to common shareholders: Basic 48,866,822 47,798,146 48,663,807 47,468,266 Diluted 49,294,679 47,798,146 49,259,528 47,468,266 Page 6
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BIOLIFE SOLUTIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited, amounts in thousands) Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2026 2025 2026 2025 Net income (loss) $ 45,104 $ (15,838) $ 46,290 $ (16,286) Other comprehensive (loss) income (91) 38 (343) 47 Comprehensive income (loss) $ 45,013 $ (15,800) $ 45,947 $ (16,239) BIOLIFE SOLUTIONS, INC. CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION (Unaudited, amounts in thousands) June 30, December 31, (In thousands) 2026 2025 Cash, cash equivalents, and marketable securities $ 113,070 $ 120,177 Working capital 121,251 113,582 Current assets 135,198 136,561 Total assets 447,494 405,884 Current liabilities 13,947 22,979 Long-term obligations 13,544 11,017 Accumulated deficit (293,406) (339,696) Total shareholders' equity $ 420,003 $ 371,888 Page 7
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BIOLIFE SOLUTIONS, INC. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION (Unaudited, amounts in thousands) Six Months Ended June 30, (In thousands) 2026 2025 Net cash provided by operating activities $ 5,857 $ 9,095 Net cash used in investing activities (3,409) (66,709) Net cash used in financing activities (11,489) (5,870) Net decrease in cash and cash equivalents $ (9,041) $ (63,484) Cash and cash equivalents – beginning of period $ 33,038 $ 95,386 Cash and cash equivalents – end of period 23,997 31,902 Marketable securities 89,073 68,335 Total cash, cash equivalents, and marketable securities $ 113,070 $ 100,237 BIOLIFE SOLUTIONS, INC. RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP ADJUSTED GROSS MARGIN (Unaudited, amounts in thousands) Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2026 2025 2026 2025 Revenue $ 28,466 $ 23,438 $ 55,966 $ 45,492 Cost of revenue (10,179) (8,203) (20,182) (15,457) GROSS PROFIT $ 18,287 $ 15,235 $ 35,784 $ 30,035 GROSS MARGIN 64 % 65 % 64 % 66 % ADJUSTMENTS TO GROSS PROFIT: Gain on disposal of assets — — (6) (12) Intangible asset amortization 241 266 481 525 ADJUSTED GROSS PROFIT $ 18,528 $ 15,501 $ 36,259 $ 30,548 ADJUSTED GROSS MARGIN 65 % 66 % 65 % 67 %
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BIOLIFE SOLUTIONS, INC. RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP ADJUSTED OPERATING EXPENSES (Unaudited, amounts in thousands) Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2026 2025 2026 2025 OPERATING EXPENSES $ 16,591 $ 31,361 $ 34,059 $ 46,659 ADJUSTMENTS TO OPERATING EXPENSES Acquisition and divestiture costs (787) 59 (1,016) (941) Severance costs (206) — (612) (416) IPR&D expense — (15,521) — (15,521) Intangible asset amortization (157) (66) (242) (132) Loss on disposal of assets — — 9 10 ADJUSTED OPERATING EXPENSES $ 15,441 $ 15,833 $ 32,198 $ 29,659 BIOLIFE SOLUTIONS, INC. RECONCILIATION OF GAAP OPERATING INCOME / (LOSS) TO NON-GAAP ADJUSTED OPERATING INCOME / (LOSS) (Unaudited, amounts in thousands) Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2026 2025 2026 2025 OPERATING INCOME / (LOSS) $ 1,696 $ (16,126) $ 1,725 $ (16,624) ADJUSTMENTS TO OPERATING INCOME / (LOSS) Acquisition and divestiture costs 787 (59) 1,016 941 Severance costs 206 — 612 416 IPR&D expense — 15,521 — 15,521 Intangible asset amortization 398 332 723 657 Gain on disposal of assets — — (9) (10) ADJUSTED OPERATING INCOME / (LOSS) $ 3,087 $ (332) $ 4,067 $ 901 Page 9
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BIOLIFE SOLUTIONS, INC. RECONCILIATION OF GAAP NET INCOME / (LOSS) FROM CONTINUING OPERATIONS TO NON-GAAP ADJUSTED NET INCOME (Unaudited, amounts in thousands) Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2026 2025 2026 2025 NET INCOME / (LOSS) FROM CONTINUING OPERATIONS $ 45,104 $ (15,321) $ 46,290 $ (15,050) ADJUSTMENTS TO NET INCOME / (LOSS) FROM CONTINUING OPERATIONS Acquisition and divestiture costs 787 (59) 1,016 941 Severance costs 206 — 612 416 IPR&D expense — 15,521 — 15,521 Intangible asset amortization 398 332 723 657 Gain on disposal of assets — — (9) (10) Income tax (benefit) expense (42,351) 126 (42,288) 140 Other expense (income) 12 (47) (45) (44) ADJUSTED NET INCOME $ 4,156 $ 552 $ 6,299 $ 2,571 Page 10
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BIOLIFE SOLUTIONS, INC. RECONCILIATION OF GAAP NET INCOME / (LOSS) FROM CONTINUING OPERATIONS TO NON-GAAP ADJUSTED EBITDA (Unaudited, amounts in thousands) Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2026 2025 2026 2025 NET INCOME / (LOSS) FROM CONTINUINGOPERATIONS $ 45,104 $ (15,321) $ 46,290 $ (15,050) ADJUSTMENTS: Interest income, net (994) (684) (2,035) (1,365) Accretion of available-for-sale investments (75) (200) (197) (305) Income tax (benefit) expense (42,351) 126 (42,288) 140 Depreciation 411 200 785 384 Intangible asset amortization 398 332 723 657 EBITDA $ 2,493 $ (15,547) $ 3,278 $ (15,539) OTHER ADJUSTMENTS: Share-based compensation (non-cash) 3,854 5,707 8,660 9,689 Acquisition and divestiture costs 787 (59) 1,016 941 Severance costs 206 — 612 416 IPR&D expense — 15,521 — 15,521 Gain on disposal of assets — — (9) (10) Other expense (income) 12 (47) (45) (44) ADJUSTED EBITDA $ 7,352 $ 5,575 $ 13,512 $ 10,974 % of Revenue 26 % 24 % 24 % 24 % Page 11