BioLife Solutions, Inc.

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the BioLife Solutions Q4 2025 Shareholder and Analyst Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. I would now like to turn the call over to Troy Wichterman, Chief Financial Officer of BioLife Solutions. Please go ahead.

Thank you, Operator. Good afternoon, everyone, and thank you for joining the BioLife Solutions 2025 Fourth Quarter Earnings Conference Call. On this call, we will cover business highlights, financial performance for the fourth quarter and full year 2025, and provide 2026 financial guidance. Earlier today, we issued a press release announcing our financial results and operational highlights for the fourth quarter and full year of 2025 and provided 2026 financial guidance, 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. Unless otherwise noted, all financial measures discussed reflect non-GAAP or adjusted results. Reconciliations of GAAP to non-GAAP or adjusted financial metrics are included in a 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. Hi. Good afternoon and thank you for joining us for BioLife's fourth quarter and full year 2025 conference call. 2025 was another strong year for BioLife, delivering double-digit revenue growth, operating margin expansion, and improved profitability. Throughout the year, we executed consistently against our key strategic priorities, advanced our efforts to reposition the portfolio, and strengthened the foundation to scale the business for years ahead. We exit the year simpler, more focused, and structurally stronger. With the divestiture of our evil product line behind us, we enter 2026 with a strong balance sheet and a fully optimized portfolio that plays to our strengths and positions by life to drive sustainable, profitable growth and shareholder value. Compared to 2024, our 25 results from continuing operations demonstrate our increasingly attractive financial profile, which is driven by the culmination of our multi-year strategic transformation. A streamlined portfolio centered on market-leading consumables and sustained growth from our commercial CGT customers, which reinforces our positioning to benefit from the continued growth and maturity of our end market. On the top line, total revenue grew 29% to 96 million, landing at the high end of our guidance, which was raised twice in the second half of the year. While gross margin experienced a decline year over year, primarily reflecting product mix and lower bag yields in the second half, Operating leverage more than offset this impact and contributed to an increase in adjusted EBITDA to 25 million or 26% of revenue, up from 13 million or 18% in 2024. In the fourth quarter, total revenue reached 24.8 million, increasing 20% year over year, driven primarily by continued strength in our biopreservation media or BPM franchise. with broad-based growth across our entire cell processing tools portfolio. Turning to Q4 revenue composition, our BPM product line accounted for approximately 85% of total revenue, with our top 20 BPM customers continuing to account for roughly 80% of BPM revenue. This concentration provides enhanced visibility into demand across this core part of our business. These metrics remain consistent with prior quarters, and reinforces the stability of our recurring revenue base. Staying with our BPM products, direct customers continue to represent the majority of our mix versus distribution, and commercial BPM customers accounted for nearly 50% of revenue up from the low 40s range in 24. Both of these metrics reflect the ongoing shift toward later stage and approved therapies that support both near-term and long-term growth. Stepping back from the quarter, our position within the broader CGT landscape remains strong. Our BPM products are embedded in 16 approved therapies and utilized in more than 250 relevant commercially sponsored CGT trials in the U.S., representing over 70% share. This includes more than 30 phase three trials in which our share is approaching 80%, underscoring BioLife's position as the partner of choice for later stage clinical programs where success rates are higher and the path to commercial revenue is more clearly defined. Longer term, a key driver of CGT market growth remains the pace of FDA approvals, including unique therapy approvals, expanded indications, geographic expansion, and movement into earlier lines of treatment. While 2025 saw fewer approvals relative to 24, we anticipate up to five unique therapy approvals over the next 12 months along with one new indication and at least one geographic expansion. We believe that the unique approval funnel is beginning to regain some momentum. This evolving regulatory backdrop supports our ability to capture additional value, especially within the late stage programs we are already embedded. Building on our BPM market leadership, we are working to expand our role within these clinical and commercial programs beyond biopreservation media. Our sales and marketing team is actively driving adoption of our broader cell processing tools across our marquee BPM customer base. As we've discussed previously, this cross-sell opportunity has the potential to increase our revenue per patient dose by two to three times relative to our BPM products alone as customers incorporate additional components of our offering into their workflows. We have numerous product evaluations underway, including several with our largest commercial customers. While adoption cycles are lengthy, engagement remains strong and we expect to demonstrate some traction in 2026. Complementing our cross-sell strategy, we are also evaluating portfolio adjacencies that build on our scientific and commercial capabilities. In 2025, we assessed opportunities aligned with our product profile requirements that could broaden our product offering and bring additional value to our customers. One attractive strategic adjacency we identified is cytokines, which represent a natural complement to our emerging HPL product line. Earlier this month, we entered into a strategic distribution and product development agreement with UK-based QKIND Limited. The agreement provides us with exclusive distribution rights for certain cytokine products and non-exclusive rights for the others within the CGT market. In addition, our product development teams will work together to package and store certain cytokine products in our cell-seal vial line. Our acquisition of Panthera and the investment in Pluristics last year, together with this new partnership, reflects our strategy to expand the platform through targeted M&A, minority investments, and strategic collaboration. These actions broaden our offering and increase our participation in the evolving cell therapy ecosystem. Turning to our outlook for 26, we issued guidance this afternoon which included revenue between 112 and 115 million, representing growth of 17 to 20%. As in prior years, our initial guidance reflects the visibility we have today based on the demand forecast from our key BPM customers. In addition, we see continued operating and adjusted EBITDA margin expansion. and expect the company to generate full-year gap net income for the first time in many years. Before handing it over, I'd like to comment on some recent developments in the self-therapy space, including encouraging clinical data in larger indications, continued advances in automation and manufacturing scalability, and renewed strategic investment by large pharma through multibillion-dollar acquisitions and next-generation facility build-outs. all of which reinforce our confidence in the long-term trajectory of the field and the attractiveness of the CGTN market. BioLife is well positioned as a market leader to benefit as these dynamics translate into durable demand over the long term. With that, I'll hand the call over to Troy, who will provide an overview of our full Q4 and 2025 results and more details of our 2026 guidance.