BioLife Solutions, Inc.

What they do

BioLife supplies cell processing tools and services to the cell and gene therapy (CGT) industry, centered on biopreservation media used to freeze, store and ship cells. Its products also include CellSeal cryogenic vials and hPL (human platelet lysate) products. The company divested its evo business in 2025 and now reports results on a continuing-operations basis.

Revenue drivers

• Biopreservation media — Described by the company as its market-leading franchise; media is used in approximately 250 ongoing commercially sponsored U.S. clinical trials, which the company states represents more than 70% market share, and is embedded in 18 unique commercial CGTs as of June 30, 2026.
• CellSeal vials and hPL products — Used in over 35 clinical trials and embedded in four approved therapies as of June 30, 2026, per the company.
• Total company revenue — Q2 2026 revenue was $28.5 million, up 21% year over year; first-half 2026 revenue was $56.0 million, up 23% from $45.5 million in the first half of 2025.

Recent performance

Q2 2026 total revenue was $28.5 million, up $5.0 million or 21% from $23.4 million in Q2 2025, and up 4% sequentially from Q1 2026. GAAP gross margin was 64% versus 65% a year earlier, and non-GAAP adjusted gross margin was 65% versus 66%. GAAP operating income was $1.7 million, compared with an operating loss of $16.1 million in Q2 2025; non-GAAP adjusted operating income was $3.1 million. GAAP net income was $45.1 million, including a $42.4 million non-cash income tax benefit, and non-GAAP adjusted EBITDA was $7.4 million, or 26% of revenue.

Strategy

Management is executing the announced combination with Repligen, under a definitive agreement entered July 21, 2026 for a total enterprise value of approximately $1.5 billion, with BioLife stockholders to receive $11.25 cash and 0.1442 Repligen shares per BioLife share. The company states it expects the transaction to close in Q4 2026, subject to BioLife stockholder approval, regulatory approvals and customary conditions, after which BioLife would cease to be publicly traded. Operationally, BioLife continues to emphasize its biopreservation media franchise and its role in enabling cell and gene therapies. The company divested evo in 2025 and presents results as continuing operations.

Risks

• Merger completion risk — The Repligen acquisition is subject to BioLife stockholder approval and regulatory approvals, and the company states closing is expected in Q4 2026, so failure to satisfy conditions or obtain approvals could prevent or delay the transaction.
• Margin compression — GAAP gross margin fell to 64% in Q2 2026 from 65% a year earlier, and adjusted gross margin fell to 65% from 66%.
• Customer concentration in CGT — Revenue depends on the cell and gene therapy market, where the company states its media is embedded in 18 commercial therapies and about 250 sponsored clinical trials, tying results to the pace of therapy approvals and trial activity.
• Executive turnover — The company disclosed the retirement of its Chief Quality and Operations Officer effective March 31, 2026 and the elimination of the Chief Human Resources Officer position as of March 20, 2026.

Outlook

Management said it delivered another strong quarter led by the biopreservation media franchise and expects to build on that foundation through the announced combination with Repligen, targeted to close in Q4 2026. The company also states expectations that approvals for 8 additional products, geographic expansions, earlier lines of treatment, or new indications will occur over the next 12 months.