Record revenue of $40.5 million increased 30% over Q2 2021, with organic revenue growth of 44% and biopreservation media revenue growth of 46%

Updating 2022 revenue guidance to $160 million to $166 million , reflecting year-over-year growth of 34% to 39% and higher organic growth expectations of 37% to 43%

Sequential improvement in adjusted gross margin; on track for continued improvement in 2022

Positive adjusted EBITDA in Q2 2022 of $1.5 million

BOTHELL, Wash. , Aug. 9, 2022 /PRNewswire/ -- BioLife Solutions, Inc. (Nasdaq: BLFS) ("BioLife" or the "Company"), a leading developer and supplier of class-defining bioproduction products and services for the cell and gene therapies ("CGT") and the broader biopharma markets, today announced financial results for the three and six months ended June 30, 2022 .

Mike Rice , Chairman and CEO, commented, "Our team delivered another quarter of very strong business performance, with substantial revenue growth, and, importantly, sequential gross margin and adjusted EBITDA improvements as we continued to address operational issues with our ultra-low temperature ("ULT") freezer product line."

"Our high margin biopreservation media line continues to deliver exceptional growth, with the second quarter being another quarter of 40%+ year over year growth. As we move past ULT freezer issues, we are now recognizing a non-cash impairment charge against these assets. This adjustment does not limit our view of the unique differentiation of the technology that will be a catalyst for growth with innovative ULT freezer product launches in 2023."

Troy Wichterman , CFO, added, "The second quarter of 2022 was noteworthy for continued strong growth performance alongside significant fundamental improvements and operational progress in our ULT freezer business. Demand for our portfolio is strong, as evidenced by record revenue, strong organic growth, improved gross margin and positive $1 .5mm in adjusted EBITDA this quarter, compared to negative $814,000 for the first quarter of 2022. As such, we are tightening our full year 2022 full year revenue guidance."

Second Quarter and First Half 2022 Financial Results

BioLife Solutions is presenting various financial metrics under U.S. Generally Accepted Accounting Principles (GAAP) and as adjusted (non-GAAP). A reconciliation of GAAP to non-GAAP metrics appears at the end of this news release.

CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

Management is updating 2022 revenue guidance, which is based on expectations for our existing business.

Total revenue for 2022 is expected to range from $160 million to $166 million , reflecting year-over-year growth of 34% to 39% and organic growth of 37% to 43%. COVID-19 related revenue is expected to account for approximately 8% of total revenue.

Total revenue expectations for 2022 include the following platform contributions:

Although the Company does not provide guidance below the revenue line, we expect positive 2022 full year adjusted EBITDA.

Management will discuss the Company's financial results and provide a general business update on a conference call and live webcast today at 4:30 p.m. ET (1:30 p.m. PT ).

To access the webcast, log onto the Investor Relations page of the BioLife Solutions website at https://www.biolifesolutions.com/earnings. In addition, the conference call will be accessible by dialing toll-free (800) 715-9871 for domestic callers and (646) 307-1963 for international callers. The conference ID number is 2389359. A webcast replay will be available approximately two hours after the call and will be archived on https://www.biolifesolutions.com/ for 90 days.

BioLife Solutions is a leading supplier of class-defining bioproduction tools and services for the cell and gene therapy and broader biopharma markets. Our tools portfolio includes our proprietary CryoStor® and HypoThermosol® biopreservation media for shipping and storage, the ThawSTAR® family of automated, water-free thawing products, evo® cold chain management system, high capacity cryogenic storage freezers, Stirling Ultracold mechanical freezers, SciSafe biologic storage services, and Sexton Biotechnologies cell processing tools. For more information, please visit www.biolifesolutions.com, www.scisafe.com, www.stirlingultracold.com, or www.sextonbio.com and follow BioLife on Twitter.

Cautions Regarding Forward Looking Statements

Except for historical information contained herein, this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements concerning the expected financial performance of the Company following the completion of its 2019, 2020 and 2021 acquisitions and giving effect to the COVID-19 pandemic, the Company's ability to implement its business strategy and anticipated business and operations, in particular following its recent acquisitions and the construction and validation of a center of excellence biorepository, the expected synergies between the Company and the companies and products that it has recently acquired, the Company's ability to realize all or any of the anticipated benefits associated with its recent acquisitions, the Company's ability to address and resolve ULT freezer issues, the potential utility of and market for the Company's products and services, including the adoption of evo cold chain services by all six currently approved CAR T-cell therapies, and the Company's ability to cross sell its products and services, guidance for financial results for 2022, including regarding revenue of its recently acquired products, and potential revenue growth and changes in gross margin, adjusted gross margin and adjusted EBITDA margin, and potential market expansion, including with consideration to our recent acquisitions and giving effect to the COVID-19 pandemic, the Company's anticipated future growth strategy, including the acquisition of synergistic cell and gene therapy manufacturing tools and services or technologies, regulatory approvals and/or commercial manufacturing of our customers' products, and potential customer revenue. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including among other things, unexpected costs, charges or expenses resulting from our recent acquisitions, market adoption of the Company's products (including the Company's recently acquired products), the ability of our recent acquisitions to be accretive on the Company's financial results, the ability of the Company to continue to implement its business strategy, uncertainty regarding third-party market projections, market volatility, competition, litigation, the impact of the COVID-19 pandemic and supply chain issues, and those other factors described in our risk factors set forth in our filings with the Securities and Exchange Commission from time to time, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. We undertake no obligation to update the forward-looking statements contained herein or to reflect events or circumstances occurring after the date hereof, other than as may be required by applicable law.

Non-GAAP Measures of Financial Performance:

To supplement our financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measures of financial performance are included in this release: adjusted gross profit and gross margin, adjusted operating expenses, adjusted operating income/(loss), adjusted net income/(loss), earnings before interest, taxes, depreciation and amortization (EBITDA), and adjusted EBITDA. A reconciliation of GAAP to adjusted non-GAAP financial measures is included as an attachment to this press release. When analyzing the Company's operating results, investors should not consider non-GAAP measures as substitutes for the comparable financial measures prepared in accordance with GAAP.

Troy Wichterman Chief Financial Officer (425) 402-1400 twichterman@biolifesolutions.com

LHA Investor Relations Jody Cain (310) 691-7100 jcain@lhai.com

BIOLIFE SOLUTIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, amounts in thousands, except share and per share amounts) Three Months Ended Six Months Ended June 30, June 30, (In thousands, except per share and share data) 2022 2021 2022 2021 Product revenue $ 34,170 $ 27,468 $ 64,558 $ 41,244 Service revenue 3,698 1,963 6,787 4,167 Rental revenue 2,665 1,773 5,407 2,640 Total revenue 40,533 31,204 76,752 48,051 Costs and operating expenses: Cost of product, rental, and service revenue (exclusive of Intangible asset amortization) 26,194 18,554 50,640 26,104 Research and development 3,428 3,045 7,209 5,032 Sales and marketing 5,415 3,142 10,306 5,164 General and administrative 11,351 7,146 22,546 11,974 Intangible asset amortization 2,863 1,882 5,725 2,815 Acquisition costs 5 272 16 1,271 Change in fair value of contingent consideration (2,361) 1,718 (5,695) 1,226 Intangible asset impairment charges 69,900 - 69,900 - Total operating expenses 116,795 35,759 160,647 53,586 Operating loss (76,262) (4,555) (83,895) (5,535) Other income (expense), net Change in fair value of warrant liability - - - (121) Interest expense, net (9) (121) (173) (137) Other expense (22) - 110 (1) Total other expense (31) (121) (63) (259) Loss before income tax benefit (76,293) (4,676) (83,958) (5,794) Income tax benefit 3,739 12,552 4,338 12,552 Net (loss) income $ (72,554) $ 7,876 $ (79,620) $ 6,758 Net (loss) income attributable to common shareholders Basic and Diluted $ (1.71) $ 0.20 $ (1.89) $ 0.18 Diluted $ (1.71) $ 0.19 $ (1.89) $ 0.17 Weighted average shares used to compute earnings (loss) per share attributable to common shareholders: Basic 42,460,189 38,072,712 42,238,355 35,668,124 Diluted 42,460,189 40,390,098 42,238,355 38,275,603

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, amounts in thousands, except share and per share amounts)

(In thousands, except per share and share data)

Cost of product, rental, and service revenue (exclusive of Intangible asset amortization)

Change in fair value of contingent consideration

Change in fair value of warrant liability

Loss before income tax benefit

Net (loss) income attributable to common shareholders

Weighted average shares used to compute earnings (loss) per share attributable to common shareholders:

BIOLIFE SOLUTIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited, amounts in thousands, except per share amounts) Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2022 2021 2022 2021 NET INCOME/(LOSS) $ (72,554) $ 7,876 $ (79,620) $ 6,758 Other comprehensive income/(loss) (462) 3 (618) 3 COMPREHENSIVE INCOME/(LOSS) $ (73,016) $ 7,879 $ (80,238) $ 6,761

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited, amounts in thousands, except per share amounts)

BIOLIFE SOLUTIONS, INC. CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION (Unaudited, amounts in thousands) June 30, December 31, (In thousands) 2022 2021 Cash, cash equivalents, and marketable securities $ 46,575 $ 69,870 Working capital 84,759 85,478 Total assets 470,379 554,057 Long-term obligations 24,767 33,539 Accumulated deficit (184,640) (105,020) Total shareholders' equity $ 412,313 $ 480,137

CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION

Cash, cash equivalents, and marketable securities

BIOLIFE SOLUTIONS, INC. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION (Unaudited, amounts in thousands) Six Months Ended June 30, (In thousands) 2022 2021 Net cash used in operating activities $ (17,841) $ (5,902) Net cash used in investing activities (27,340) (8,643) Net cash (used in) provided by financing activities (470) 385 Effects of currency translation (190) 3 Net increase (decrease) in cash, cash equivalents and restricted stock $ (45,841) $ (14,157)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION

Net cash used in operating activities

Net cash used in investing activities

Net cash (used in) provided by financing activities

Net increase (decrease) in cash, cash equivalents and restricted stock

BIOLIFE SOLUTIONS, INC. RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP (ADJUSTED) GROSS PROFIT (Unaudited, amounts in thousands) Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2022 2021 2022 2021 GAAP GROSS PROFIT $ 13,246 $ 12,064 $ 23,926 $ 20,774 GAAP GROSS MARGIN 33 % 39 % 31 % 43 % ADJUSTMENTS TO GROSS PROFIT: Inventory step-up 251 733 251 765 Intangible asset amortization 1,093 586 2,186 1,173 ADJUSTED GROSS PROFIT $ 14,590 $ 13,383 $ 26,363 $ 22,712 ADJUSTED GROSS MARGIN 36 % 43 % 34 % 47 %

RECONCILIATION OF GAAP GROSS PROFIT TO NON-GAAP (ADJUSTED) GROSS PROFIT

BIOLIFE SOLUTIONS, INC. RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP (ADJUSTED) OPERATING EXPENSES (Unaudited, amounts in thousands) Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2022 2021 2022 2021 GAAP OPERATING EXPENSES $ 116,795 $ 35,759 $ 160,647 $ 53,586 ADJUSTMENTS TO OPERATING EXPENSES: Cost of product, rental, and service revenue (26,194) (18,554) (50,640) (26,104) Acquisition costs (5) (272) (16) (1,271) Intangible asset amortization (2,863) (1,882) (5,725) (2,815) Loss on disposal of assets (162) (15) (257) (18) Change in fair value of contingent consideration 2,361 (1,718) 5,695 (1,226) Intangible asset impairment charges (69,900) - (69,900) - ADJUSTED OPERATING EXPENSES $ 20,032 $ 13,318 $ 39,804 $ 22,152

RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP (ADJUSTED) OPERATING EXPENSES

Cost of product, rental, and service revenue

Loss on disposal of assets

Change in fair value of contingent consideration

BIOLIFE SOLUTIONS, INC. RECONCILIATION OF GAAP OPERATING INCOME (LOSS) TO NON-GAAP (ADJUSTED) OPERATING INCOME (LOSS) (Unaudited, amounts in thousands) Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2022 2021 2022 2021 GAAP OPERATING INCOME/(LOSS) $ (76,262) $ (4,555) $ (83,895) $ (5,535) ADJUSTMENTS TO OPERATING INCOME: Inventory step-up 251 733 251 765 Acquisition costs 5 272 16 1,271 Intangible asset amortization 2,863 1,882 5,725 2,815 Loss on disposal of assets 162 15 257 18 Change in fair value of contingent consideration (2,361) 1,718 (5,695) 1,226 Intangible asset impairment charges 69,900 - 69,900 - ADJUSTED OPERATING INCOME/(LOSS) $ (5,442) $ 65 $ (13,441) $ 560

RECONCILIATION OF GAAP OPERATING INCOME (LOSS) TO NON-GAAP (ADJUSTED) OPERATING INCOME (LOSS)

Loss on disposal of assets

Change in fair value of contingent consideration

BIOLIFE SOLUTIONS, INC. RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP (ADJUSTED) NET INCOME (LOSS) (Unaudited, amounts in thousands) Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2022 2021 2022 2021 GAAP NET INCOME/(LOSS) $ (72,554) $ 7,876 $ (79,620) $ 6,758 ADJUSTMENTS TO NET INCOME/(LOSS): Inventory step-up 251 733 251 765 Acquisition costs 5 272 16 1,271 Intangible asset amortization 2,863 1,882 5,725 2,815 Loss on disposal of assets 162 15 257 18 Change in fair value of contingent consideration (2,361) 1,718 (5,695) 1,226 Change in fair value of warrant liability - - - 121 Income tax benefit (3,739) (12,552) (4,338) (12,552) Intangible asset impairment charges 69,900 - 69,900 - ADJUSTED NET INCOME/(LOSS) $ (5,473) $ (56) $ (13,504) $ 422

RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP (ADJUSTED) NET INCOME (LOSS)

ADJUSTMENTS TO NET INCOME/(LOSS):

Loss on disposal of assets

Change in fair value of contingent consideration

Change in fair value of warrant liability

BIOLIFE SOLUTIONS, INC. RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP (ADJUSTED) EBITDA (Unaudited, amounts in thousands) Three Months Ended Six Months Ended June 30, June 30, (In thousands) 2022 2021 2022 2021 GAAP NET INCOME/(LOSS) $ (72,554) $ 7,876 $ (79,620) $ 6,758 ADJUSTMENTS: Interest expense/(income), net 9 121 172 137 Income tax benefit (3,739) (12,552) (4,338) (12,552) Depreciation 986 1,118 2,639 1,895 Intangible asset amortization 2,863 1,882 5,725 2,815 EBITDA $ (72,435) $ (1,555) $ (75,422) $ (947) OTHER ADJUSTMENTS: Share-based compensation (non-cash) 5,973 2,520 11,372 4,024 Inventory step-up 251 733 251 765 Acquisition costs 5 272 16 1,271 Loss on disposal of assets 162 15 257 18 Change in fair value of contingent consideration (2,361) 1,718 (5,695) 1,226 Change in fair value of warrant liability - - - 121 Intangible asset impairment charges 69,900 - 69,900 - ADJUSTED EBITDA $ 1,495 $ 3,703 $ 679 $ 6,478

RECONCILIATION OF GAAP NET INCOME (LOSS) TO NON-GAAP (ADJUSTED) EBITDA

Loss on disposal of assets

Change in fair value of contingent consideration

Change in fair value of warrant liability

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