BioLife Solutions Reports 30% Revenue Growth to $23.9 Million in Q1 2025

BioLife Solutions, Inc. reported a total revenue of $23.9 million for the first quarter of 2025, marking a 30% increase from $18.4 million in the same period of 2024. The growth was primarily driven by a significant rise in product revenue, which reached $22.3 million, up from $16.7 million a year earlier. This increase of $5.6 million, or 33%, was largely attributed to heightened customer demand for cell processing products, as clients resumed purchasing after a period of reduced safety stock levels. Service revenue remained relatively stable, while rental revenue decreased slightly to $1.6 million from $1.7 million, reflecting timing issues with returned units.

In terms of expenses, total operating costs rose to $25.2 million, an increase of 16% compared to $21.7 million in the prior year. The cost of product, rental, and service revenue increased by 32% to $8.2 million, driven by higher sales across multiple product lines. General and administrative expenses also saw an 11% rise, primarily due to increased professional fees related to the acquisition of PanTHERA, which was finalized on April 4, 2025. Despite these increases, the company reported an operating loss of $1.2 million, a notable improvement from the $3.3 million loss recorded in the same quarter of 2024.

BioLife Solutions has undergone significant strategic changes, including the divestiture of several subsidiaries in 2024, such as Global Cooling, SciSafe, and Custom Biogenic Systems, which are now classified as discontinued operations. These divestitures were aimed at optimizing the company's product portfolio and focusing on higher-margin revenue streams. The company also completed the acquisition of PanTHERA, enhancing its capabilities in the cell and gene therapy market. As of March 31, 2025, BioLife reported total assets of $395.1 million, with cash and cash equivalents amounting to $66.9 million.

Operationally, BioLife has seen an increase in customer engagement, with a notable rise in the adoption of its biopreservation media and automated thawing devices. The company continues to focus on expanding its geographic reach, with 81% of revenue generated from the United States and 14% from the EMEA region. The workforce has also seen changes, with a reduction in headcount following the divestitures, but the company remains committed to maintaining a skilled team to support its growth initiatives.

Looking ahead, BioLife Solutions anticipates that its current cash reserves and liquid assets will be sufficient to meet its liquidity needs for at least the next twelve months. The company is also exploring additional capital-raising opportunities to support strategic initiatives. Management remains optimistic about future revenue growth driven by increased demand for its products and services in the bioproduction sector, particularly as the market for cell and gene therapies continues to expand.