# EDGAR Filing Document

**Accession Number:** 0000834365
**File Stem:** 0001437749-23-006923
**Filing Date:** 2023-3
**Character Count:** 31667
**Document Hash:** c4aff453c53dd1a720dc2d3149620abd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-23-006923.hdr.sgml**: 20230316

**ACCESSION NUMBER**: 0001437749-23-006923

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230316

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230316

**DATE AS OF CHANGE**: 20230316

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BIOLIFE SOLUTIONS INC
- **CENTRAL INDEX KEY:** 0000834365
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
- **IRS NUMBER:** 943076866
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36362
- **FILM NUMBER:** 23739482

**BUSINESS ADDRESS:**
- **STREET 1:** 3303 MONTE VILLA PARKWAY
- **STREET 2:** SUITE 310
- **CITY:** BOTHELL
- **STATE:** WA
- **ZIP:** 98021
- **BUSINESS PHONE:** 4254011400

**MAIL ADDRESS:**
- **STREET 1:** 3303 MONTE VILLA PARKWAY
- **STREET 2:** SUITE 310
- **CITY:** BOTHELL
- **STATE:** WA
- **ZIP:** 98021

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BIOLIFE SOLUTION INC
- **DATE OF NAME CHANGE:** 20030113

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CRYOMEDICAL SCIENCES INC
- **DATE OF NAME CHANGE:** 19920703

bioli20230316_8k.htm

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM **8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): **March 16, 2023**

**BIOLIFE SOLUTIONS, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-36362** | **94-3076866** |
| (State or other jurisdiction of<br> incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

**3303 Monte Villa Parkway**,** 

**Bothell**, **WA 98021**

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: **(**425**) **402-1400**

---

| |
|:---|
| **N/A** |
| (Former name or former address, if changed since last report) |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading symbol | Name of exchange on which registered |
| **BioLife Solutions, Inc. Common Stock** | **BLFS** | **NASDAQ** Capital Market** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition.**

On March 16, 2023, BioLife Solutions, Inc., a Delaware corporation, issued a press release announcing unaudited financial results and operational highlights for the fourth quarter and year ended December 31, 2022. A copy of the press release is furnished as Exhibit 99.1 to this current report on Form 8-K.

Financial information in the press release reflects unaudited results for the applicable periods. The Company's financial statements for the fourth quarter and year ended December 31, 2022 may be subject to adjustments between the date of the press release and the completion of the audit and filing of the Company's Annual Report on Form 10-K. Consequently, the financial information in the Company's audited financial statements, when available, may differ from the information provided in the press release.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Press release, dated March 16, 2023](ex_489845.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **BioLife Solutions, Inc.** | **BioLife Solutions, Inc.** |
| Date: March 16, 2023 | By: | /s/ Troy Wichterman |
|  |  | Name: Troy Wichterman<br> Title: Chief Financial Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![pic1.jpg](pic1.jpg)

**BioLife Solutions Reports Preliminary and Unaudited 2022 Fourth Quarter and Full Year Financial Results**

*Record full year revenue of $161.8 million increased 36% over 2021; biopreservation media revenue growth of 45%, validating leading position as a critical cell and gene therapies (CGT) tools and services supplier*

*Record Q4 2022 revenue of $44.3 million increased 19% over 2021; biopreservation media revenue growth of 35%*

*Full year adjusted EBITDA of $3.6 million and Q4 2022 adjusted EBITDA of $1.7 million*

Conference call begins at 4:30 p.m. Eastern time today 

**BOTHELL, Wash. (March 16, 2023)** – **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 therapy (CGT) and the broader biopharma markets, today announced financial results for the fourth quarter and year ended December 31, 2022.

Mike Rice, Chairman and CEO, commented, "We closed 2022 with another year of strong performance and growth, driven by solid execution across our portfolio. Our success indicators of new customer acquisition, adoption of our cell processing solutions in cell and gene therapy applications, and growth of our storage services platform all point to continued validation of our class-defining bioproduction tools and services as highly preferred in our target markets. For the full year 2022, we gained over 1,300 new customers via our direct sales team and global network of distributors. Our engineering, quality and operations teams continued to focus on supply chain and other optimization initiatives for our freezers and thaw platform and we expect to continue to drive a mix shift to high margin, recurring revenue."

Troy Wichterman, Chief Financial Officer, remarked, "We achieved full year 2022 positive adjusted EBITDA of $3.6 million and ended the year with $64.1 million in cash and short-term investments. As of today, Silicon Valley Bank is operational and fully honoring existing credit facilities. We currently have no additional need for capital."

**Operational Highlights**

*New Customer Acquisition*

---

| | | |
|:---|:---|:---|
| **Platform/Solution** | **Q4 2022** | **FY2022** |
| Biopreservation Media | 15 | 69 |
| Sexton Cell Processing | 5 | 33 |
| SciSafe® Storage Services | 26 | 99 |
| Thaw | 7 | 35 |
| evo® Cold Chain | 12 | 43 |
| Cryogenic Freezers | 13 | 82 |
| ULT Freezers | 139 | 461 |
| **TOTAL** | **217** | **822** |

---

------

![pic1.jpg](pic1.jpg)

● New distributor indirect customers totaled at least 500 in FY2022, bringing total new customers to over 1,300 for the year.

● USA Master File cross references for our cell processing solutions were 27 in Q4 and 80 in FY 2022. Total global clinical applications with our cell processing solutions embedded are now estimated to be over 600, including 12 approved therapies, with 5 additional approvals possible in 2023. Sexton cell processing solutions are now embedded in 3 approved CGT medicines and in over 60 clinical trials.

● evo cold chain management shipments of cell and gene therapies totaled 2,241 in Q4 and 7,201 in FY 2022, representing over 200% annual growth over 2021.

***Fourth Quarter 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.

REVENUE

● Total revenue for the fourth quarter of 2022 was $44.3 million, an increase of $7.0 million, or 19%, from $37.3 million for the fourth quarter of 2021. COVID-19 related revenue was approximately 5%, compared with approximately 15% in Q4 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Cell Processing platform revenue was $20.2 million, up $5.3 million, or 36%, over the same period in 2021. Biopreservation growth was 35%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Freezers and Thaw Systems platform revenue was $17.4 million, up $806,000, or 5%, over the same period in 2021. COVID-19 related revenue in 2022 was approximately 3% for this platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Storage and Storage Services platform revenue was $6.7 million, up $810,000, or 14%, over the same period in 2021. COVID-19 related revenue in 2022 was approximately 21% for this platform.

● Total revenue for 2022 was $161.8 million, an increase of $42.6 million, or 36%, from $119.2 million for 2021. Organic revenue growth was 38%. COVID-19 related revenue was approximately 8%, compared with approximately 15% in 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Cell Processing platform revenue was $68.5 million, up $23.5 million, or 52%, over 2021. Biopreservation media and organic cell processing growth were both 45%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Freezers and Thaw Systems platform revenue was $66.8 million, up $10.1 million, or 18%, over 2021. Organic growth was 9%. COVID-19 related revenue in 2022 was approximately 4%.

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![pic1.jpg](pic1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Storage and Storage Services platform revenue was $26.5 million, up $8.9 million, or 51% over 2021; all growth was organic. COVID-19 related revenue in 2022 was approximately 39%.

GROSS MARGIN

● Gross margin (GAAP) for the fourth quarter of 2022 was 30% compared with 13% for the fourth quarter of 2021. Adjusted gross margin (non-GAAP) for the fourth quarter of 2022 was 32% compared with 17% for the fourth quarter of 2021.

● Gross margin (GAAP) for 2022 was 30% compared with 27% for 2021. Adjusted gross margin (non-GAAP) for 2022 was 33% compared with 32% for 2021.

● The increase in quarterly gross margin and adjusted gross margin was primarily due to decreased warranty expenses compared with 2021.

OPERATING EXPENSE

● Operating expense (GAAP) for the fourth quarter of 2022 was $93.5 million compared with $54.9 million for the fourth quarter of 2021. Adjusted operating expense (non-GAAP) for the fourth quarter of 2022 was $22.1 million compared with $19.2 million for the fourth quarter 2021.

● Operating expense (GAAP) for 2022 was $307.3 million compared with $154.3 million for 2021. Adjusted operating expense (non-GAAP) for 2022 was $83.4 million compared with $59.6 million for 2021.

● The increase in GAAP operating expense for the fourth quarter of 2022 was primarily due to a non-cash impairment charge of $40.5 million related to the acquired intangible assets of Global Cooling, Inc. (Stirling Ultracold). The increase in GAAP operating expense for 2022 was primarily due to non-cash impairment charges of $110.4 million related to the acquired intangible assets of Global Cooling, full period of ownership following the acquisition of Global Cooling on May 3, 2021, and the acquisition of Sexton Biotechnologies, Inc. on September 1, 2021, and personnel costs. Adjusted operating expenses (non-GAAP) increased due to the full period of ownership from the acquisition of Global Cooling and the acquisition of Sexton, Inc. In addition, operating expenses increased due to higher accounting costs related to becoming an Accelerated Filer, additional headcount to support our growth, and historical true-up of indirect tax expense.

OPERATING LOSS

● Operating loss (GAAP) for the fourth quarter of 2022 was $49.3 million compared with $17.6 million for the fourth quarter of 2021. Adjusted operating loss (non-GAAP) for the fourth quarter of 2022 was $8.2 million compared with $13.1 million for the fourth quarter of 2021.

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![pic1.jpg](pic1.jpg)

● Operating loss (GAAP) for 2022 was $145.5 million compared with $35.2 million for 2021. Adjusted operating loss (non-GAAP) for 2022 was $29.3 million compared with $21.5 million for 2021.

NET LOSS

● Net loss (GAAP) for the fourth quarter of 2022 was $49.2 million compared with $14.8 million for the fourth quarter of 2021. Adjusted net loss (non-GAAP) for the fourth quarter of 2022 was $8.2 million compared with $12.9 million for the fourth quarter of 2021.

● Net loss (GAAP) for 2022 was $139.8 million compared with $8.9 million for 2021. Adjusted net loss (non-GAAP) for 2022 was $29.3 million compared with $15.4 million for 2021.

EARNINGS/(LOSS) PER SHARE

● Loss per share (GAAP) for the fourth quarter of 2022 was $1.15 compared with loss per share of $0.36 for the fourth quarter of 2021.

● Loss per share (GAAP) for 2022 was $3.29 and included non-cash intangible impairment charges of $2.60 per share. This is compared with loss per share of $0.23 for 2021.

ADJUSTED EBITDA

● Adjusted EBITDA, a non-GAAP measure, for the fourth quarter of 2022 was $1.7 million compared with negative $5.9 million for the fourth quarter of 2021.

● Adjusted EBITDA, a non-GAAP measure, for the full year of 2022 was positive $3.6 million compared with $4.1 million for 2021.

CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

● Cash, cash equivalents, and marketable securities as of December 31, 2022, were $64.1 million.

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![pic1.jpg](pic1.jpg)

***2023 Revenue Guidance***

Mike Rice, Chairman and CEO, further commented, "We fully expect to participate in the forecasted growth of the CGT industry over the next several years. Sustained catalysts that we expect to drive BioLife growth due to a significant increase in the number of manufactured doses include:

● Approvals of new cell and gene therapies

● Additional approvals of commercial CGT in new geographies

● Additional approvals of CGT in new indications

● Migration of commercial therapies to first or second-line treatment

● An eventual transition to allogeneic therapies

We remain confident that we will achieve our Q4 2024 run rate aspirational financial goals of $250 million in revenue, 50 points of adjusted gross margin and 30 points of adjusted EBITDA."

BioLife Solutions is reaffirming 2023 revenue guidance, which is based on expectations for its existing business.

Total revenue for 2023 is expected to range from $188 million to $202 million, reflecting year-over-year growth of 16% to 25%. Excluding COVID-19-related revenue, this range reflects year-over-year growth of 26% to 35%. Approximately 45% of 2023 total revenue is expected in the first half of the year and approximately 55% in the second half of the year, reflecting typical seasonality. Revenue guidance for 2023 does not include any COVID-19-related revenue.

Expectations for 2023 total revenue include the following platform contributions:

● Cell processing platform: $89.0 million to $93.0 million, an increase of 30% to 35% over 2022.

● Freezers and Thaw Systems platform: $72.5 million to $79.0 million, an increase of 9% to 18% over 2022. Excluding COVID-19-related revenue, year-over-year growth of 13% to 23%.

● Storage and Storage Services platform: $26.5 million to $30.0 million, flat to an increase of 13% over 2022. Excluding COVID-19-related revenue, year-over-year growth of 64% to 86%.

Management expects gross margin and adjusted EBITDA expansion in 2023.

***Conference Call & Webcast***

Management will discuss the Company's financial results, provide a general business update and answer questions during 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 <u>https://www.biolifesolutions.com/earnings</u>. In addition, the conference call will be accessible by dialing toll-free (800) 715-9871 for domestic callers or (646) 307-1963 for international callers. The conference ID number is 3739539. A webcast replay will be available approximately two hours after the call ends and will be archived on <u>https://www.biolifesolutions.com</u>/ for 90 days.

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![pic1.jpg](pic1.jpg)

***About BioLife Solutions***

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 HypoThermoso<u>l</u>® 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 <u>www.biolifesolutions.com</u>, <u>www.scisafe.com</u>, <u>www.stirlingultracold.com</u>, or <u>www.sextonbio.com</u> 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, the Company's ability to implement its business strategy and anticipated business and operations, the expected synergies between the Company and the companies and products that it has acquired, the potential utility of and market for the Company's products and services, including the adoption of the Company*'*s products for new clinical candidates in connection with expected clinical trials, and the Company*'*s ability to cross sell its products and services, guidance for financial results for 2023, 2024 and 2025, including regarding potential revenue growth and changes in product mix of total revenue and gross margin, 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 acquisitions, market adoption of the Company*'*s products, 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.*

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![pic1.jpg](pic1.jpg)

**Media & Investor Relations** 

<u>At the Company</u>

Troy Wichterman

Chief Financial Officer

(425) 402-1400

twichterman@biolifesolutions.com

<u>Investors</u>

LHA Investor Relations

Jody Cain

(310) 691-7100

jcain@lhai.com

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![pic1.jpg](pic1.jpg)

**BIOLIFE SOLUTIONS, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| (In thousands, except per share and share data) | **2022** | **2021** | **2022** | **2021** |
| Product revenue | $37796 | $31468 | $136000 | $101913 |
| Service revenue | 4168 | 3400 | 15308 | 9817 |
| Rental revenue | 2295 | 2436 | 10451 | 7426 |
| Total revenue | 44259 | 37304 | 161759 | 119156 |
| Costs and operating expenses: |  |  |  |  |
| Cost of product, rental, and service revenue (exclusive of Intangible asset amortization) | 30287 | 31140 | 107937 | 82108 |
| Research and development | 4164 | 3571 | 14798 | 11821 |
| Sales and marketing | 5987 | 4778 | 21570 | 14006 |
| General and administrative | 12575 | 10713 | 47670 | 33668 |
| Intangible asset amortization | 1457 | 2863 | 9696 | 8202 |
| Acquisition costs |  | 20 | 18 | 1636 |
| Change in fair value of contingent consideration | (1405) | 1790 | (4754) | 2875 |
| Intangible asset impairment charges | 40464 |  | 110364 |  |
| Total operating expenses | 93529 | 54875 | 307299 | 154316 |
| Operating loss | (49270) | (17571) | (145540) | (35160) |
| Other income (expense), net |  |  |  |  |
| Change in fair value of warrant liability |  |  |  | (121) |
| Change in fair value of investments |  |  | 697 |  |
| Interest expense, net | (438) | (118) | (687) | (485) |
| Other expense | 432 | 299 | 703 | 289 |
| Gain on acquisition of Sexton Biotechnologies, Inc. |  |  |  | 6451 |
| Total other (expense) income | (6) | 181 | 713 | 6134 |
| Loss before income tax benefit | (49276) | (17390) | (144827) | (29026) |
| Income tax benefit | 86 | 2578 | 5022 | 20118 |
| Net loss | $(49190) | $(14812) | $(139805) | $(8908) |
| Net loss attributable to common shareholders |  |  |  |  |
| Basic and Diluted | $(1.15) | $(0.36) | $(3.29) | $(0.23) |
| Diluted | $(1.15) | $(0.36) | $(3.29) | $(0.23) |
| Weighted average shares used to compute loss per share attributable to common shareholders: |  |  |  |  |
| Basic | 42791040 | 41675256 | 42481027 | 38503944 |
| Diluted | 42791040 | 41675256 | 42481027 | 38503944 |

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**BIOLIFE SOLUTIONS, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)**

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| **(In thousands)** | **2022** | **2021** | **2022** | **2021** |
| NET LOSS | $(49190) | $(14812) | $(139805) | $(8908) |
| Other comprehensive income/(loss) | 579 | (119) | (397) | (282) |
| COMPREHENSIVE LOSS | $(48611) | $(14931) | $(140202) | $(9190) |

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**BIOLIFE SOLUTIONS, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION**

**(Unaudited, amounts in thousands)**

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| **(In thousands)** | **2022** | **2021** |
| Cash, cash equivalents, and marketable securities | $64065 | $69870 |
| Working capital | 93870 | 83388 |
| Current assets | 138452 | 126088 |
| Current liabilities | 44582 | 42700 |
| Total assets | 450229 | 554285 |
| Long-term obligations | 41459 | 33539 |
| Accumulated deficit | (246915) | (107109) |
| Total shareholders' equity | $364188 | $478046 |

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**BIOLIFE SOLUTIONS, INC.**

**CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION**

**(Unaudited, amounts in thousands)**

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| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** |
| **(In thousands)** | **2022** | **2021** |
| Net cash used in operating activities | $(8489) | $(4593) |
| Net cash used in investing activities | (58117) | (13192) |
| Net cash provided by (used in) financing activities | 16317 | (2778) |
| Effects of currency translation | (108) | (23) |
| Net decrease in cash, cash equivalents and restricted stock | $(50397) | $(20586) |

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**BIOLIFE SOLUTIONS, INC.**

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

**(Unaudited, amounts in thousands)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| **(In thousands)** | **2022** | **2021** | **2022** | **2021** |
| GAAP GROSS PROFIT | $13329 | $4675 | $48815 | $32491 |
| GAAP GROSS MARGIN | 30% | 13% | 30% | 27% |
| ADJUSTMENTS TO GROSS PROFIT: |  |  |  |  |
| Inventory step-up |  |  | 251 | 1130 |
| Intangible asset amortization | 733 | 1489 | 5007 | 4557 |
| ADJUSTED GROSS PROFIT | $13972 | $6164 | $54073 | $38178 |
| ADJUSTED GROSS MARGIN | 32% | 17% | 33% | 32% |

---

**BIOLIFE SOLUTIONS, INC.**

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

**(Unaudited, amounts in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| **(In thousands)** | **2022** | **2021** | **2022** | **2021** |
| GAAP OPERATING EXPENSES | $93529 | $54875 | $307299 | $154316 |
| ADJUSTMENTS TO OPERATING EXPENSES: |  |  |  |  |
| Cost of product, rental, and service revenue | (30287) | (31140) | (107937) | (82108) |
| Acquisition costs |  | (20) | (18) | (1636) |
| Intangible asset amortization | (1457) | (2863) | (9696) | (8202) |
| Loss on disposal of assets | (595) | 170 | (683) | 145 |
| Change in fair value of contingent consideration | 1405 | (1790) | 4754 | (2875) |
| Intangible asset impairment charges | (40464) |  | (110364) |  |
| ADJUSTED OPERATING EXPENSES | $22131 | $19232 | $83355 | $59640 |

---

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![pic1.jpg](pic1.jpg)

**BIOLIFE SOLUTIONS, INC.**

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

**(Unaudited, amounts in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| **(In thousands)** | **2022** | **2021** | **2022** | **2021** |
| GAAP OPERATING LOSS | $(49270) | $(17571) | $(145540) | $(35160) |
| ADJUSTMENTS TO OPERATING LOSS: |  |  |  |  |
| Inventory step-up |  |  | 251 | 1130 |
| Acquisition costs |  | 20 | 18 | 1636 |
| Intangible asset amortization | 1457 | 2863 | 9696 | 8202 |
| Loss on disposal of assets | 595 | (170) | 683 | (145) |
| Change in fair value of contingent consideration | (1405) | 1790 | (4754) | 2875 |
| Intangible asset impairment charges | 40464 |  | 110364 |  |
| ADJUSTED OPERATING LOSS | $(8159) | $(13068) | $(29282) | $(21462) |

---

**BIOLIFE SOLUTIONS, INC.**

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

**(Unaudited, amounts in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| **(In thousands)** | **2022** | **2021** | **2022** | **2021** |
| GAAP NET LOSS | $(49190) | $(14812) | $(139805) | $(8908) |
| ADJUSTMENTS TO NET LOSS: |  |  |  |  |
| Inventory step-up |  |  | 251 | 1130 |
| Acquisition costs |  | 20 | 18 | 1636 |
| Intangible asset amortization | 1457 | 2863 | 9696 | 8202 |
| Loss on disposal of assets | 595 | (170) | 683 | (145) |
| Change in fair value of contingent consideration | (1405) | 1790 | (4754) | 2875 |
| Change in fair value of investments |  |  | (697) |  |
| Change in fair value of warrant liability |  |  |  | (121) |
| Income tax benefit | (86) | (2578) | (5022) | (20118) |
| Intangible asset impairment charges | 40464 |  | 110364 |  |
| ADJUSTED NET LOSS | $(8165) | $(12887) | $(29266) | $(15449) |

---

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![pic1.jpg](pic1.jpg)

**BIOLIFE SOLUTIONS, INC.**

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

**(Unaudited, amounts in thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
| **(In thousands)** | **2022** | **2021** | **2022** | **2021** |
| GAAP NET INCOME/(LOSS) | $(49190) | $(14812) | $(139805) | $(8908) |
| ADJUSTMENTS: |  |  |  |  |
| Interest expense/(income), net | 438 | 118 | 687 | 485 |
| Income tax benefit | (86) | (2578) | (5022) | (20118) |
| Depreciation | 1790 | 1790 | 6834 | 4801 |
| Intangible asset amortization | 1457 | 2863 | 9696 | 8202 |
| EBITDA | $(45591) | $(12619) | $(127610) | $(15538) |
| OTHER ADJUSTMENTS: |  |  |  |  |
| Share-based compensation (non-cash) | 7663 | 5082 | 25334 | 13973 |
| Inventory step-up |  |  | 251 | 1130 |
| Acquisition costs |  | 20 | 18 | 1636 |
| Loss on disposal of assets | 595 | (170) | 683 | (145) |
| Change in fair value of contingent consideration | (1405) | 1790 | (4754) | 2875 |
| Change in fair value of investments |  |  | (697) |  |
| Change in fair value of warrant liability |  |  |  | 121 |
| Intangible asset impairment charges | 40464 |  | 110364 |  |
| ADJUSTED EBITDA | $1726 | $(5897) | $3589 | $4052 |

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