BioLife Solutions NASDAQ: BLFS reported first-quarter 2026 revenue of $27.5 million, up 25% year-over-year, as management pointed to continued strength in its biopreservation media (BPM) franchise and growing contribution from its broader cell processing tools portfolio.
CEO and Chairman Roderick de Greef said the company is “off to a solid start to 2026,” with adjusted EBITDA rising about 15% from the prior year to $6.2 million, or 22% of revenue. He attributed the results to “continued strength across our broader product portfolio, led by our biopreservation media or BPM franchise,” and said BioLife’s simplified business and focus on “high margin recurring revenue” is creating operating leverage.
Revenue mix and demand visibility
De Greef said BPM remains BioLife’s largest business, representing “over 85% of total revenue.” He added that BioLife’s top 20 BPM customers accounted for about 80% of BPM revenue, and that demand forecasts from these accounts provide “good visibility” into the business.
Channel mix was described as consistent, with “over 60% of BPM revenue generated through direct sales with the balance through third-party distributors.” De Greef also noted that roughly half of BPM revenue came from customers with approved commercial therapies, which he characterized as a key contributor to durability because later-stage and commercial programs are “more stable” and “less sensitive to funding dynamics.” He said several supported therapies are already at or tracking toward blockbuster status, adding that BioLife expects to benefit as these therapies scale into new geographies and indications.
On market penetration, de Greef said that at quarter-end BioLife’s BPM products were embedded in 17 approved therapies, with “visibility into an additional 9 unique approvals, expanded indications, and geographic expansions over the next 12 months.” He also estimated BioLife’s solutions are used in “more than 250 commercially sponsored CGT clinical trials in the U.S.,” representing more than 70% share and an even higher share in phase III programs.
Margins pressured by bag yield dynamics
Management again flagged manufacturing yield issues affecting bag formats. De Greef said gross margin and adjusted EBITDA margin declined year-over-year due to “previously discussed bag yield dynamics,” calling it a key operational priority and expressing confidence the issue is “temporary in nature.”
CFO Troy Wichterman reported GAAP gross margin of 64% in Q1 2026 versus 67% a year earlier, while adjusted gross margin was 64% versus 68% in the prior year. He said the decrease primarily reflected a mix shift toward bags, which have lower gross margins than bottles, and the impact from manufacturing yields.
During the Q&A, Wichterman told Jefferies analyst Matt Stanton that “bags do have a lower gross margin than bottles by quite a bit at this point in time because of that yield issue.” He added margins should be “closer” once yields are rectified.
De Greef said BioLife has been working with customers for the past 60 days on alternatives to the existing bag configuration. He said customer notification would go out shortly, followed by a 90-day period for customers to select an option. BioLife also expects to “burn through the remaining bag inventory,” and de Greef said the company expects margin improvement to begin flowing through in “either Q4 or Q1 of 2027, depending on how quickly we burn through the existing bag inventory.”
Expense trends and profitability
Wichterman said GAAP operating expenses were $17.5 million, up from $15.3 million in the prior-year quarter. He attributed the increase to a $1.2 million rise in R&D expense, primarily related to the PanTHERA acquisition in April 2025 and the opening of a Center of Excellence. He also cited a $0.9 million increase in stock-based compensation acceleration related to severance, partially offset by a $0.8 million reduction in acquisition costs.
Adjusted operating expenses were $16.8 million, compared with $13.8 million in Q1 2025. GAAP operating income was $27,000, compared with an operating loss of $0.5 million a year earlier. Adjusted operating income was $1.0 million versus $1.2 million in the prior-year period.
BioLife posted GAAP net income of $1.2 million, or $0.02 per share, compared with $0.3 million, or $0.01 per share, in Q1 2025. Wichterman said the improvement was primarily driven by higher revenues.
Asked about the higher R&D spend, de Greef said it was tied to the Center of Excellence, which added “four or five scientists… all PhDs,” and to accelerating internal projects. He highlighted development of an “RCC,” described as a rigid container intended to address the bag issue by transporting product “in a rigid container that can be used in a closed system,” and investment in “the consumable line associated with the CT-5.”
Balance sheet and debt maturity
Wichterman said cash and marketable securities totaled $111.5 million as of March 31, 2026, down from $120.2 million at year-end 2025. He attributed cash usage primarily to $5.6 million in tax obligations for share withholdings, $2.5 million in debt principal payments, and $6.9 million of unfavorable working capital, including a $5.1 million increase in accounts receivable due to timing.
The company’s Silicon Valley Bank debt balance of $2.5 million is considered short-term, Wichterman said, with a final payment due in June 2026, including a $1.2 million balloon payment at maturity.
Guidance reiterated; product pipeline and cross-selling
Management reiterated full-year 2026 guidance of $112.5 million to $115.0 million in revenue, representing 17% to 20% growth. Wichterman said the outlook is primarily driven by expected demand from BPM customers with commercially approved therapies and increased demand for other tools. The company expects full-year GAAP and adjusted gross margin in the “mid-60s,” with benefits from pricing partially offset by mix and bag yield impacts.
De Greef said BioLife anticipates “generating full-year GAAP net income for the first time in many years,” and Wichterman reiterated expectations for full-year positive GAAP net income and adjusted EBITDA margin expansion in 2026 compared to 2025. In response to a question from KeyBank analyst Paul Knight, Wichterman clarified the goal is profitability “for the full year, per quarter.”
On broadening beyond BPM, de Greef said CellSeal vials and the company’s hPL product lines are used in four approved therapies and more than 35 clinical programs, supporting cross-selling efforts. He said adoption cycles at large organizations can be lengthy due to validation requirements, but suggested that integrating additional BioLife products into a therapy could raise revenue per dose “by 2 to 3 times relative to BPM alone.”
In the Q&A, de Greef said BioLife remains on track for a Q4 launch of the PanTHERA product, adding the company has identified the value proposition and “the final molecule” it will pursue. He also commented on CryoCase, noting the product received a Best in Show award at INTERPHEX and that BioLife has “well over three dozen” validations underway, with hopes for traction in the second half of the year.
On industry conditions, de Greef told TD Cowen analyst Brendan Smith that biotech funding dynamics generally do not meaningfully impact BioLife, because the company’s growth is largely driven by “well-capitalized firms,” with funding changes mainly affecting early-stage customers that buy small amounts through distributors.
Looking ahead, de Greef said BioLife will continue focusing on operational execution, supporting core BPM customers, expanding adoption across its portfolio, and efficiently managing operations. He also said the company is evaluating strategic initiatives—including selective acquisitions, minority investments, and partnerships—enabled by what he described as balance sheet flexibility.
About BioLife Solutions NASDAQ: BLFS
BioLife Solutions NASDAQ: BLFS specializes in biopreservation and cold chain workflow solutions for cell and gene therapies, regenerative medicine and other advanced biologics. The company develops and markets proprietary cryopreservation media and technology platforms designed to maintain cell viability and functionality during processing, storage and transport. BioLife's product portfolio addresses critical steps in the manufacturing and distribution of cell-based products, helping life science researchers and biopharmaceutical manufacturers protect and preserve living cells.
The company's flagship offerings include CryoStor, a family of serum-free cryopreservation media; HypoThermosol, a hypothermic storage solution for short-term cell and tissue preservation; and the ThawSTAR system, an automated cell thawing instrument that delivers controlled and reproducible warming of frozen cell therapies.
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