BioLife Solutions, Inc.

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the BioLife Solutions third quarter 2025 shareholder and analyst conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. Should you need assistance, please signal a conference specialist by pressing star, then zero on your telephone keypad. I will now turn the call over to Troy Witterman, Chief Financial Officer of BioLife Solutions. Please go ahead.

Thank you, Operator. Good afternoon, everyone, and thank you for joining the BioLife Solutions 2025 Third Quarter Earnings Conference Call. On the call with me today is Roderick DeGrief, CEO and Chairman of the Board. We will cover business highlights and financial performance for the quarter and provide an update for our increased 2025 revenue guidance as adjusted for the sale of our EVO cold chain product line. Earlier today, we issued a press release announcing our financial results and operational highlights for the third quarter of 2025, which is available at biolifesolutions.com. As a reminder, during this call, we will make forward-looking statements. These statements are subject to risks and uncertainties that can be found in our SEC filings. These statements speak only as of the date given, and we undertake no obligation to update them. We will also speak to non-GAAP or adjusted results. Reconciliations of gap to non-gap or adjusted financial metrics are included in the press release we issued this afternoon. Now, I'd like to turn the call over to Rod DeGrief, Chairman and CEO of BioLife.

Thanks, Troy. Good afternoon and thank you for joining us for BioLife's third quarter 2025 conference call. We delivered another strong quarter and we are raising our full year 2025 guidance as our team continues to execute and build on the momentum we've seen develop over recent quarters. On the top line, cell processing revenue increased 33% year-over-year, driving a 31% increase in total revenue for the quarter. This growth reflects sustained strength across our biopreservation media franchise and broader cell processing portfolio. Importantly, the mix of higher margin recurring revenue continues to translate into improved profitability, with adjusted EBITDA margin expanding 500 basis points year over year to 28%. This demonstrates that the operating leverage inherent in our business model is flowing through to the bottom line, driven by the benefits of our streamlined operations and focused product portfolio. In early October, we announced the sale of our Evo cold chain logistics product line for approximately $25 million in cash. This transaction further strengthens our balance sheet, bringing cash and marketable securities to approximately $125 million. Strategically, the sale allows us to focus entirely on what is now a fully optimized portfolio, which is aligned with our core competencies and operational strengths. advancing our transformation into a leading pure play cell processing company. Over the last two years, our actions have reshaped BioLife into a more focused, high margin enterprise, positioning us to deliver sustainable growth and expanding profitability for the balance of 2025 and beyond, both from continued organic growth and potentially inorganically through the disciplined allocation of capital. Looking at the third quarter more closely, cell processing revenue reached 25.4 million, a 33% year-over-year increase driven by strong growth across our BPM franchise and our broader cell processing tools portfolio. It's important to note that at the request of a commercial customer, we shipped 1.3 million of BPM product in the third quarter that was originally scheduled to ship in Q4. Adjusting for this timing-related pull forward, year-over-year self-processing revenue for Q3 would have come in at 26% and total revenue at 25%. Excluding the early shipment, BPM products represented more than 80% of total self-processing revenue, and our top 20 BPM customers continue to account for approximately 80% of BPM revenue, providing us with the benefit of increased visibility into this critical part of our business. These metrics are consistent with previous quarters and underscore the stability of our recurring revenue base. Staying focused on our BPM revenue, our direct versus distributor mix shifted to approximately 70-30 compared to our historical 60-40 split. This transition reflects continued momentum from our commercial customers, which accounted for nearly 50% of BPM revenues. driving a higher proportion of direct sales relative to distribution. Looking ahead, we expect that our existing commercial customers, together with those advancing late-stage clinical programs, will remain key drivers of future growth into next year and beyond, and that the commercial share of our BPM revenue will continue to increase over time. This increased mix of late stage and commercial customers further highlights the resilience and consistency inherent in our model. This momentum within our BPM customer base is reinforced by the continued breadth and depth of our presence across the CGT landscape. At the end of the third quarter, our BPM products were embedded in 16 approved therapies and utilized in more than 250 relevant commercially sponsored CGT clinical trials in the U.S. representing over a 70 percent share. Notably, this includes more than 30 phase three trials where our share is nearly 80 percent, underscoring BioLife's position as the default partner for later stage clinical programs where success rates are higher and the path to commercial revenue is more clearly defined. Building on this market leadership, we continue to focus on expanding our role within these customer programs beyond biopreservation media. The sales and marketing team remains highly focused on the significant longer-term cross-sell opportunity in front of us to drive adoption of our other cell processing tools across our marquee BPM customer base. As I've previously stated, this opportunity has the potential to increase our revenue per patient dose by two to three times compared to our BPM products alone as customers adopt additional components of our offerings. We look forward to sharing progress on this front on future calls. As we look beyond the near term, our focus remains on the broader market dynamics shaping demand for cell processing solutions, particularly the continued expansion of patient access to cell therapies, as well as expectations of additional unique approvals, geographic expansions, and new indications for existing approved therapies. Because our biopreservation media is embedded in nearly all approved cell therapies and nearly 80% of late stage clinical trials, we have clearer visibility and predictability into future demand trends. More than half our BPM revenue comes from established commercial customers and late stage programs, segments that are growing and less affected by early stage volatility in the broader CGT landscape. In short, As patient access expands and new therapies are approved over time, BioLife will continue to grow with that dynamic, leveraging our market-leading position and trusted customer relationships to capture durable, recurring revenue growth. Finally, given the results through the first nine months of the year and our visibility into Q4 at this point, we're raising our full-year self-processing revenue guidance, which was $91 to $93 million. to 93 to 94 million, representing a 26 to 28% year-over-year growth rate. Total revenue guidance, when adjusted for the sale of EVO, is expected to come in at 95 to 96 million, representing a growth rate of 27 to 29% on a like-for-like basis. With that, I'll hand the call over to Troy, who will provide an overview of our full Q3 results and changes to our total guidance. Troy?