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BioLife Solutions (BLFS)
NASDAQ:BLFS
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BioLife Solutions
(NASDAQ:BLFS)
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Rating:61Neutral
Price Target:
$23.50
▲(4.54% Upside)
Action:ReiteratedDate:02/27/26
The score is supported primarily by improving financial performance (strong growth, healthy margins, positive free cash flow, and low leverage) and constructive earnings-call guidance pointing toward first-time full-year GAAP profitability. These positives are tempered by weak technical momentum (below key moving averages with negative MACD) and limited valuation support due to negative earnings and no dividend yield.
Positive Factors
Sustained Revenue Growth & Guided Outlook
BioLife delivered durable top-line momentum with 29% revenue growth in 2025 and management-guided mid-teens revenue growth for 2026. Persistent demand and multiyear guidance signal improving commercial traction and scale, supporting structural revenue expansion and operational leverage over the next 2–3 years.
Strong Balance Sheet & Cash Generation
With over $120M in liquidity, very low leverage and a return to positive operating and free cash flow (~$20M), BioLife has durable financial flexibility. This strengthens its ability to fund R&D, absorb inventory cycles, execute partnerships, and pursue targeted M&A without materially stressing the balance sheet over the medium term.
Market Leadership in BPM Consumables
BioLife’s dominant position in biopreservation media (high implant rate across approved therapies and trials) creates sticky, recurring consumable demand and high switching costs. This structural market share supports predictable recurring revenue, strong gross margins, and platform opportunity to cross-sell adjacent tools over multiple years.
Negative Factors
Customer/Product Concentration
Heavy reliance on BPM and a narrow set of large customers concentrates demand risk: loss or volume fluctuation from a few customers could materially impact revenue and utilization. Concentration also limits pricing diversification and increases exposure to procurement cycles and contract renewals over the medium term.
Bag-Yield Issues & Margin Headwind
Operational bag-yield shortfalls create a persistent gross-margin drag until remediation completes and higher-cost inventory is sold. The delayed fix (customer notifications and sell-through) means margin pressure and potential working-capital strain could persist through much of 2026, testing sustainable margin expansion.
Long Adoption Cycles for Cross-Sell Initiatives
Strategic partnerships and product integrations (e.g., cytokines, CellSeal) are structurally attractive but face multi-quarter development, validation and customer adoption cycles. This delays material revenue and margin benefits, making near-term upside uncertain and requiring sustained investment in R&D and commercialization before payback.
BioLife Solutions (BLFS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.09B
Dividend YieldN/A
Average Volume (3M)363.00K
Price to Earnings (P/E)―
Beta (1Y)1.50
Revenue Growth-18.82%
EPS Growth92.56%
CountryUS
Employees159
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)0.04
Shares Outstanding48,148,045
10 Day Avg. Volume392,925
30 Day Avg. Volume363,004
Financial Highlights & Ratios
PEG Ratio2.20
Price to Book (P/B)3.10
Price to Sales (P/S)12.00
P/FCF Ratio57.40
Enterprise Value/Market Cap0.98
Enterprise Value/Revenue11.15
Enterprise Value/Gross Profit17.27
Enterprise Value/Ebitda-88.47
Forecast
1Y Price Target
$33.20Price Target Upside47.69% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)0.1
Revenue Forecast (FY)$111.06M
BioLife Solutions Business Overview & Revenue Model
Company DescriptionBioLife Solutions, Inc. develops, manufactures, and supplies bioproduction tools and services for the cell and gene therapy industry in the United States, Canada, Europe, the Middle East, Africa, and internationally. The company's products are used in the basic and applied research, and commercial manufacturing of biologic-based therapies. It offers proprietary biopreservation media products, including HypoThermosol FRS and CryoStor that are formulated to mitigate preservation-induced, delayed-onset cell damage and death; and the ThawSTAR line that includes automated vial and cryobag thawing products that control the heat and timing of the thawing process of biologic materials. The company also provides evo shipping containers that are cloud-connected passive storage and transport containers for temperature-sensitive biologics and pharmaceuticals; liquid nitrogen laboratory freezers, cryogenic equipment, and accessories; and biological and pharmaceutical storage services. It markets and sells its products directly, as well as through third party distributors. BioLife Solutions, Inc. was incorporated in 1987 and is headquartered in Bothell, Washington.
How the Company Makes MoneyBioLife Solutions generates revenue primarily through the sale of its biopreservation products, which include cryopreservation media, storage containers, and automated thawing systems. The company also earns income from its proprietary technology licenses and research collaborations with pharmaceutical and biotechnology companies. Key revenue streams include direct product sales, partnerships with major players in the cell and gene therapy sectors, and ongoing contracts with research institutions. Significant partnerships with industry leaders enhance BioLife's market presence and contribute to its earnings by expanding its customer base and driving product adoption in various therapeutic applications.
BioLife Solutions Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call highlights strong top-line growth (29% YoY), significant improvement in adjusted EBITDA and a return to profitability, strengthened liquidity after divesting a product line, and clear 2026 guidance signaling continued growth and expected GAAP profitability. Notable challenges include a decline in gross margin driven by product mix and bag-yield issues (a 2–3 point gross margin headwind in H2 2025), customer/product concentration, a one-time tax true-up that boosted margins, and longer adoption cycles for strategic cross-sell and partnership initiatives. On balance, operational execution, cash position, market leadership in BPM, and improved profitability outweigh the headwinds, though the margin and concentration risks merit monitoring.Q4-2025 Updates
Positive Updates
Strong Revenue Growth
Total 2025 revenue grew 29% year-over-year to $96.2M; Q4 2025 revenue was $24.8M, up 20% year-over-year and landing at the high end of guidance.
Significant EBITDA and Profitability Improvement
Adjusted EBITDA for full-year 2025 increased to $25.0M (26% of revenue) from $13.3M (18% of revenue) in 2024. Q4 adjusted EBITDA was $6.9M (28% of revenue) versus $3.7M (18%) prior-year.
Turnaround to Positive Adjusted Operating and Net Income
Full-year adjusted operating income was $2.9M (vs. adjusted operating loss of $2.6M in 2024). Full-year adjusted net income was $6.3M (vs. adjusted net loss of $2.9M in 2024). Q4 adjusted net income was $1.9M (vs. adjusted net loss of $0.1M prior-year).
Healthy Liquidity and Balance Sheet Actions
Cash and marketable securities totaled $120.2M at 12/31/2025 (up from $105.4M at 12/31/2024). Cash increased in Q4 largely due to $23.5M cash proceeds from the divestiture of SAVSU; remaining SGD debt was $5.0M expected to be paid off by June 2026.
Clear 2026 Financial Guidance
2026 guidance calls for revenue of $112.5M–$115.0M (growth of 17%–20%), mid-60s gross margin, further adjusted EBITDA margin expansion, and expected full-year GAAP net income for the first time in many years.
Market Leadership in BPM and Commercial Traction
BPM accounted for ~85% of Q4 revenue; top 20 BPM customers ~80% of BPM revenue. BPM products embedded in 16 approved therapies and used in >250 relevant commercially sponsored CGT trials in the U.S. (representing >70% share), including >30 Phase 3 trials where share approaches ~80%.
Shift Toward Commercial Customers
Commercial BPM customers represented nearly 50% of revenue in 2025, up from the low-40s in 2024, improving visibility and supporting near- and long-term revenue predictability; management expects commercial mix to be ~50%–55% in 2026.
Operational and Strategic Initiatives
ERP manufacturing modules implemented with no disruption, enabling greater automation and controls. Strategic actions include acquisition of Panthera, investment in Pluristics, and a distribution/product development partnership with Qkine for cytokines and CellSeal vial integration.
Cross-Sell Opportunity
Management estimates that cross-selling additional cell processing tools to existing BPM customers could increase revenue per patient dose by 2x–3x over BPM alone; widespread adoption would be a multi-year opportunity and a strategic focus for 2026.
Negative Updates
Decline in Gross Margin
Adjusted gross margin decreased to 66% for full-year 2025 (from 69% in 2024) and 64% in Q4 2025 (vs. 67% prior-year), driven by product mix shift toward lower-margin bags and lower bag yields in H2.
Bag Yield Issues and Margin Headwind
Lower-than-anticipated bag yields in the second half created an estimated ~2–3 percentage-point headwind to gross margin. Management identified a solution but requires a 90-day customer notification and sell-through of higher-cost inventory, with expected remediation benefits around Q4 2026.
Concentration Risk in BPM Customer Base
BPM comprised ~85% of Q4 revenue and the top 20 BPM customers accounted for ~80% of BPM revenue, indicating customer and product concentration that raises demand and operational concentration risk.
HPL Media Flat Due to China Import Restrictions
The HPL media business was flat year-over-year in 2025, attributed to import restrictions in China (now reportedly abated), capping growth in that product line.
One-Time Benefit Inflated Margins
A $1.3M sales tax true-up recorded in Q4 had roughly a 500 basis-point impact on Q4 adjusted EBITDA margin and a ~100 basis-point impact on full-year adjusted EBITDA margin, indicating part of margin improvement was non-recurring.
Rising Operating Costs
Adjusted operating expenses rose to $59.3M in 2025 from $52.9M in 2024, reflecting increased R&D headcount and investment; management expects increased R&D and S&M spend in 2026 to support growth, partially offsetting margin expansion.
Long Adoption Cycles for New Products and Partnerships
Cross-sell and Qkine-related revenue are long-cycle initiatives: cytokine/CellSeal integration is a ~6–9 month development effort with meaningful pull-through not expected until late 2026/early 2027; therefore much of this is upside rather than assumed in 2026 guidance.
Fewer FDA Approvals in 2025 vs 2024
2025 saw fewer regulatory approvals relative to 2024, creating uncertainty; management expects up to five unique therapy approvals over the next 12 months but timing and outcomes remain uncertain and material to long-term demand.
Inventory and Mix Drag on Early 2026 Margins
Management expects gross margins to be generally in line with 2025 due to higher average selling prices offset by product mix (growth in other cell processing tools) and the need to sell through higher-cost bag inventory in early 2026.
Company Guidance
BioLife guided 2026 revenue of $112.5–$115.0 million (growth of 17%–20% vs 2025 revenue of $96.2M, which rose 29% YoY), expects GAAP and adjusted gross margins in the mid‑60s (vs 2025 adjusted gross margin of 66% and Q4’s 64%), anticipates further adjusted EBITDA margin expansion versus 2025’s $25.0M (26% of revenue; Q4 adjusted EBITDA $6.9M, 28%), and expects to report positive full‑year GAAP net income for the first time; the outlook is driven by demand from BPM customers and increased uptake of other tools, assumes commercial customers will represent ~50%–55% of revenue in 2026 (up from roughly 50% in 2025 and the low‑40s in 2024), takes into account a ~2–3‑point bag‑yield headwind in H2/2025 that management expects to remediate with benefits around Q4 2026, and notes a strong balance sheet ($120.2M cash and marketable securities at 12/31/2025), SGD debt of $5.0M to be paid by June 2026 (plus a $1.2M balloon), and 48.3M shares outstanding (50.2M fully diluted).BioLife Solutions Financial Statement Overview
Summary
Financials show clear improvement with strong 2025 revenue growth (~30%) and healthy gross margins (~65%), plus a rebound to positive operating cash flow and free cash flow (~$20M). Strength is reinforced by very low leverage (debt-to-equity ~0.03). The main offset is still-negative profitability and historical volatility, which reduces confidence in durability.Income Statement
Revenue growth is strong in 2025 (up ~30% year over year) and gross margins remain healthy (~65%), showing solid pricing power and product economics. However, profitability is still the key gap: net losses persist (about -13% net margin in 2025), and results have been volatile over the period (large losses in 2022–2023). Overall, the income statement shows improving operations and scale, but not yet consistent bottom-line profitability.52
Neutral
Balance Sheet
The balance sheet is a clear strength with very low leverage: debt is modest relative to equity (debt-to-equity ~0.03 in 2025, improved from ~0.09 in 2024). Equity remains large versus total assets, providing financial flexibility. The main weakness is that returns on equity are still negative due to ongoing losses, meaning the capital base is not yet generating positive earnings.78
Positive
Cash Flow
Cash generation has improved meaningfully: operating cash flow and free cash flow are both positive in 2025 (~$20M), with very strong free cash flow growth versus 2024. This is a notable turnaround from negative operating and free cash flow in 2022–2023. The key concern is consistency—cash flow has been choppy historically—and profitability is still negative even as cash flow turns positive.70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 96.21M | 82.25M | 75.86M | 76.24M | 119.16M |
| Gross Profit | 62.12M | 53.67M | 46.75M | 46.91M | 28.85M |
| EBITDA | -12.13M | 1.53M | -45.24M | -124.18M | -16.65M |
| Net Income | -12.13M | -20.18M | -66.43M | -139.81M | -8.91M |
Balance Sheet | |||||
| Total Assets | 405.88M | 399.49M | 412.71M | 450.23M | 552.60M |
| Cash, Cash Equivalents and Short-Term Investments | 120.18M | 104.58M | 44.18M | 62.70M | 69.87M |
| Total Debt | 11.02M | 30.17M | 33.83M | 43.71M | 26.88M |
| Total Liabilities | 34.00M | 50.58M | 75.05M | 86.04M | 76.24M |
| Stockholders Equity | 371.89M | 348.91M | 337.66M | 364.19M | 480.75M |
Cash Flow | |||||
| Free Cash Flow | 20.11M | 5.20M | -18.88M | -18.87M | -13.22M |
| Operating Cash Flow | 20.11M | 8.43M | -12.50M | -8.49M | -4.84M |
| Investing Cash Flow | -71.54M | 58.30M | 17.84M | -58.12M | -12.64M |
| Financing Cash Flow | -10.92M | -6.78M | 10.59M | 16.32M | -2.78M |
BioLife Solutions Technical Analysis
Negative
22.48
Price Trends
23.95
Negative
25.22
Negative
24.23
Negative
Market Momentum
-0.38
Negative
43.53
Neutral
54.07
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BLFS, the sentiment is Negative. The current price of 22.48 is below the 20-day moving average (MA) of 22.52, below the 50-day MA of 23.95, and below the 200-day MA of 24.23, indicating a bearish trend. The MACD of -0.38 indicates Negative momentum. The RSI at 43.53 is Neutral, neither overbought nor oversold. The STOCH value of 54.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BLFS.
BioLife Solutions Risk Analysis
BioLife Solutions disclosed 34 risk factors in its most recent earnings report. BioLife Solutions reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
BioLife Solutions Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $1.09B | -327.07 | -5.20% | ― | -18.82% | 92.56% | |
55 Neutral | $1.30B | -21.99 | 1.69% | ― | -9.49% | 58.97% | |
53 Neutral | $1.29B | -17.79 | -86.99% | ― | ― | -40.63% | |
52 Neutral | $1.54B | -9.41 | -136.96% | ― | 62.06% | -41.97% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $982.40M | -10.29 | -24.65% | ― | -32.42% | -540.37% | |
42 Neutral | $178.00M | -4.58 | -27.19% | ― | 30.55% | -340.19% |
* Healthcare Sector Average
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BioLife Solutions Corporate Events
Executive/Board Changes
BioLife Solutions announces planned retirement of key executive
Neutral
Jan 9, 2026
On January 8, 2026, BioLife Solutions, Inc. announced that its Chief Quality and Operations Officer, Karen Foster, will retire from her role effective March 31, 2026. The company emphasized that her retirement is not due to any disagreement regarding its operations, policies, or practices, and expressed appreciation for her contributions, suggesting a planned leadership transition with no indicated disruption to ongoing business activities.
The most recent analyst rating on (BLFS) stock is a Buy with a $34.00 price target. To see the full list of analyst forecasts on BioLife Solutions stock, see the BLFS Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.