8-K Announcements
6Mar 2, 2026·SEC
Feb 26, 2026·SEC
Jan 12, 2026·SEC
BioLife Solutions, Inc. (BLFS) fundamental analysis — strengths, weaknesses & financial health based on data analysis
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
BioLife Solutions, Inc. (BLFS) stock price & volume — 10-year historical chart
BioLife Solutions, Inc. (BLFS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
BioLife Solutions, Inc. (BLFS) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q1 2026Latest | Feb 26, 2026 | $0.04vs $0.02+300.0% | $25Mvs $24M+2.9% |
| Q4 2025 | Nov 6, 2025 | $0.04vs $0.00+1900.0% | $28Mvs $26M+9.3% |
| Q3 2025 | Aug 7, 2025 | $0.33vs $0.03-888.5% | $25Mvs $26M-1.0% |
| Q2 2025 | May 8, 2025 | $0.04vs $0.05+182.4% | $24Mvs $22M+7.7% |
BioLife Solutions, Inc. (BLFS) competitors in Diagnostics and life science tools — business model, growth, and fundamentals comparison
BioLife Solutions, Inc. (BLFS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
BioLife Solutions, Inc. (BLFS) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 11.02M | 19.74M | 27.37M | 48.09M | 119.16M | 76.24M | 75.86M | 82.25M | 96.21M |
| Revenue Growth % | 33.97% | 79.11% | 38.64% | 75.69% | 147.79% | -36.02% | -0.5% | 8.44% | 16.97% |
| Cost of Goods Sold | 4.28M | 6.22M | 8.86M | 20.65M | 90.31M | 29.33M | 96.52M | 28.58M | 34.1M |
| COGS % of Revenue | 38.8% | 31.49% | 32.36% | 42.93% | 75.79% | 38.47% | 127.24% | 34.75% | 35.44% |
| Gross Profit | 6.75M▲ 0% | 13.53M▲ 100.5% | 18.51M▲ 36.9% | 27.44M▲ 48.2% | 28.85M▲ 5.1% | 46.91M▲ 62.6% | 46.75M▼ 0.3% | 53.67M▲ 14.8% | 62.12M▲ 15.7% |
| Gross Margin % | 61.2% | 68.51% | 67.64% | 57.07% | 24.21% | 61.53% | 61.63% | 65.25% | 64.56% |
| Gross Profit Growth % | 41.16% | 100.49% | 36.88% | 48.23% | 5.12% | 62.63% | -0.34% | 14.8% | 15.74% |
| Operating Expenses | 7.8M | 9.86M | 18.17M | 30.77M | 73.34M | 52.83M | 117.58M | 60.8M | 62.94M |
| OpEx % of Revenue | 70.79% | 49.96% | 66.4% | 63.99% | 61.55% | 69.3% | 155% | 73.92% | 65.41% |
| Selling, General & Admin | 6.61M | 8.56M | 14.05M | 21.02M | 48.09M | 44.93M | 55.97M | 50.15M | 55.37M |
| SG&A % of Revenue | 59.96% | 43.38% | 51.34% | 43.71% | 40.36% | 58.93% | 73.79% | 60.97% | 57.55% |
| Research & Development | 1.19M | 1.3M | 4.12M | 6.72M | 11.82M | 14.8M | 18.8M | 7.91M | 7.57M |
| R&D % of Revenue | 10.82% | 6.57% | 15.05% | 13.97% | 9.92% | 19.41% | 24.78% | 9.62% | 7.86% |
| Other Operating Expenses | 0 | 0 | 0 | 3.03M | 13.43M | -6.89M | 42.81M | 2.74M | 0 |
| Operating Income | -1.06M▲ 0% | 3.66M▲ 446.8% | -781K▼ 121.3% | -3.33M▼ 326.6% | -35.16M▼ 955.2% | -5.92M▲ 83.2% | -23.44M▼ 295.7% | -7.13M▲ 69.6% | -12.13M▼ 70.2% |
| Operating Margin % | -9.58% | 18.55% | -2.85% | -6.93% | -29.51% | -7.77% | -30.9% | -8.67% | -12.61% |
| Operating Income Growth % | 78.23% | 446.78% | -121.33% | -326.63% | -955.22% | 83.15% | -295.75% | 69.59% | -70.15% |
| EBITDA | -717K | 4M | 1.53M | 1.74M | -22.3M | 14.04M | -11.14M | 1.53M | -12.13M |
| EBITDA Margin % | -6.51% | 20.26% | 5.58% | 3.61% | -18.71% | 18.41% | -14.69% | 1.86% | -12.61% |
| EBITDA Growth % | 84.01% | 657.88% | -61.8% | 13.61% | -1384.27% | 162.95% | -179.41% | 113.75% | -891.78% |
| D&A (Non-Cash Add-back) | 339K | 338K | 2.31M | 5.07M | 12.87M | 19.96M | 12.29M | 8.66M | 0 |
| EBIT | -2.13M | -25M | 770K | -3.59M | -30.65M | -10.68M | -25.63M | -7.13M | 0 |
| Net Interest Income | -454K | 276K | 501K | 40K | -485K | -687K | -1.81M | -719K | 0 |
| Interest Income | 1K | 281K | 506K | 58K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 455K | 5K | 5K | 18K | 485K | 687K | 1.81M | 719K | 2.71M |
| Other Income/Expense | -1.46M | -28.67M | -2.98M | 0 | 6.13M | 1.07M | 4.97M | -4.3M | 49K |
| Pretax Income | -2.52M▲ 0% | 3.27M▲ 229.9% | 9.52M▲ 191.5% | -1.28M▼ 113.5% | -29.03M▼ 2165.9% | -4.85M▲ 83.3% | -18.47M▼ 281.0% | -11.43M▲ 38.1% | -12.08M▼ 5.7% |
| Pretax Margin % | -22.82% | 16.54% | 34.78% | -2.66% | -24.36% | -6.36% | -24.35% | -13.89% | -12.56% |
| Income Tax | 0 | 396K | -1.54M | -3.26M | -20.12M | -5.24M | 24K | -38K | 49K |
| Effective Tax Rate % | 0% | 12.12% | -16.19% | 254.8% | 69.31% | 108% | -0.13% | 0.33% | -0.41% |
| Net Income | -2.52M▲ 0% | 3.27M▲ 229.9% | -1.66M▼ 150.7% | 2.67M▲ 261.0% | -8.91M▼ 434.0% | -139.81M▼ 1469.4% | -66.43M▲ 52.5% | -20.18M▲ 69.6% | -12.13M▲ 39.9% |
| Net Margin % | -22.82% | 16.54% | -6.05% | 5.55% | -7.48% | -183.38% | -87.57% | -24.54% | -12.61% |
| Net Income Growth % | 63.42% | 229.86% | -150.73% | 260.95% | -434.01% | -1469.43% | 52.49% | 69.61% | 39.9% |
| Net Income (Continuing) | -2.52M | -25M | 0 | 1.98M | -8.91M | 388K | -18.45M | -11.39M | -12.13M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | -140.19M | 0 | -8.8M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.21▲ 0% | -1.56▼ 642.9% | -0.09▲ 94.5% | -0.06▲ 29.8% | -0.23▼ 284.6% | -3.29▼ 1330.4% | -1.52▲ 53.8% | -0.44▲ 71.1% | -0.25▲ 43.2% |
| EPS Growth % | 61.11% | -642.86% | 94.54% | 29.81% | -284.62% | -1330.43% | 53.8% | 71.05% | 43.18% |
| EPS (Basic) | -0.21 | -1.56 | -0.09 | 0.07 | -0.23 | -3.29 | -1.52 | -0.44 | -0.25 |
| Diluted Shares Outstanding | 13.26M | 16.26M | 19.46M | 27.31M | 38.5M | 42.48M | 43.72M | 46.07M | 48.65M |
| Basic Shares Outstanding | 13.26M | 16.26M | 19.46M | 27.31M | 38.5M | 42.48M | 43.72M | 46.07M | 47.75M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
BioLife Solutions, Inc. (BLFS) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 9.93M | 37.56M | 24.18M | 114.71M | 125.86M | 138.45M | 120.6M | 148.76M | 120.18M |
| Cash & Short-Term Investments | 6.66M | 30.66M | 6.45M | 90.46M | 69.87M | 62.7M | 44.18M | 104.58M | 120.18M |
| Cash Only | 6.66M | 30.66M | 6.45M | 90.46M | 69.87M | 19.44M | 27.9M | 95.39M | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 43.26M | 16.29M | 9.2M | 120.18M |
| Accounts Receivable | 1.02M | 3.04M | 5.34M | 8.01M | 23.22M | 33.94M | 18.66M | 9.17M | 0 |
| Days Sales Outstanding | 33.81 | 56.3 | 71.28 | 60.77 | 71.12 | 162.47 | 89.77 | 40.68 | - |
| Inventory | 1.85M | 3.51M | 11.12M | 11.6M | 28.34M | 34.9M | 43.46M | 29.01M | 0 |
| Days Inventory Outstanding | 157.66 | 206.01 | 458.25 | 205.11 | 114.56 | 434.4 | 164.33 | 370.49 | - |
| Other Current Assets | 0 | 0 | -85K | 0 | -229K | 6.91M | 14.31M | 6M | 0 |
| Total Non-Current Assets | 2.21M | 7.9M | 68.83M | 120.12M | 426.75M | 311.78M | 292.11M | 250.73M | 285.71M |
| Property, Plant & Equipment | 1.11M | 1.32M | 6.61M | 19.81M | 36.8M | 39.2M | 32.62M | 16.76M | 0 |
| Fixed Asset Turnover | 9.97x | 14.97x | 4.14x | 2.43x | 3.24x | 1.94x | 2.33x | 4.91x | - |
| Goodwill | 0 | 0 | 33.64M | 58.45M | 224.74M | 224.74M | 224.74M | 212.3M | 0 |
| Intangible Assets | 0 | 0 | 21.98M | 31.05M | 152.15M | 32.09M | 21.15M | 9.56M | 0 |
| Long-Term Investments | 1.07M | 6.55M | 2.5M | 5.87M | 4.37M | 6.4M | 13.33M | 5.62M | 0 |
| Other Non-Current Assets | 35.84K | 36K | 3.92M | 4.71M | 9.81M | 9.35M | -20.88M | 6.48M | 285.71M |
| Total Assets | 12.14M▲ 0% | 45.47M▲ 274.4% | 93.01M▲ 104.6% | 234.83M▲ 152.5% | 552.6M▲ 135.3% | 450.23M▼ 18.5% | 412.71M▼ 8.3% | 399.49M▼ 3.2% | 405.88M▲ 1.6% |
| Asset Turnover | 0.91x | 0.43x | 0.29x | 0.20x | 0.22x | 0.17x | 0.18x | 0.21x | 0.24x |
| Asset Growth % | 53.19% | 274.43% | 104.57% | 152.47% | 135.32% | -18.53% | -8.33% | -3.2% | 1.6% |
| Total Current Liabilities | 1.51M | 1.94M | 7.78M | 15.57M | 42.7M | 44.58M | 42.18M | 32.73M | 22.98M |
| Accounts Payable | 691K | 720K | 3.12M | 3.67M | 14.95M | 15.37M | 6.94M | 3.57M | 0 |
| Days Payables Outstanding | 58.98 | 42.27 | 128.52 | 64.92 | 60.4 | 191.25 | 26.24 | 45.63 | - |
| Short-Term Debt | 0 | 0 | 13K | 614K | 862K | 1.81M | 6.29M | 10.94M | 11.02M |
| Deferred Revenue (Current) | 130K | 130K | 324K | 931K | 814K | 548K | 661K | 103K | 0 |
| Other Current Liabilities | 130K | 159K | 1.96M | 6.34M | 21.52M | 20.71M | 23.21M | 5.23M | 11.96M |
| Current Ratio | 6.56x | 19.37x | 3.11x | 7.37x | 2.95x | 3.11x | 2.86x | 4.54x | 5.23x |
| Quick Ratio | 5.34x | 17.56x | 1.68x | 6.62x | 2.28x | 2.32x | 1.83x | 3.66x | 5.23x |
| Cash Conversion Cycle | 132.49 | 220.04 | 401 | 200.96 | 125.28 | 405.62 | 227.86 | 365.55 | - |
| Total Non-Current Liabilities | 538K | 380K | 2.21M | 14.01M | 33.54M | 41.46M | 32.87M | 17.84M | 11.02M |
| Long-Term Debt | 0 | 0 | 0 | 655K | 6.35M | 23.79M | 17.56M | 5M | 0 |
| Capital Lease Obligations | 0 | 0 | 550K | 8.77M | 16.76M | 15.09M | 8.7M | 12.72M | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 5.49M | 250K | 114K | 124K | 0 |
| Other Non-Current Liabilities | 538K | 28.9M | 0 | 4.51M | 4.94M | 2.33M | 6.5M | 0 | 11.02M |
| Total Liabilities | 2.05M | 2.32M | 9.98M | 29.58M | 76.24M | 86.04M | 75.05M | 50.58M | 34M |
| Total Debt | 0 | 0 | 1.35M | 11.15M | 26.88M | 43.71M | 33.83M | 30.17M | 11.02M |
| Net Debt | -6.66M | -30.66M | -5.09M | -79.3M | -42.99M | 24.27M | 5.93M | -65.21M | 11.02M |
| Debt / Equity | - | - | 0.02x | 0.05x | 0.06x | 0.12x | 0.10x | 0.09x | 0.03x |
| Debt / EBITDA | - | - | 0.89x | 6.42x | - | 3.11x | - | 19.70x | - |
| Net Debt / EBITDA | - | -7.66x | -3.33x | -45.68x | - | 1.73x | - | -42.57x | - |
| Interest Coverage | -2.32x | 732.40x | -156.20x | -185.11x | -72.49x | -8.62x | -12.94x | -9.92x | -4.48x |
| Total Equity | 10.09M▲ 0% | 43.15M▲ 327.5% | 83.03M▲ 92.4% | 205.25M▲ 147.2% | 480.75M▲ 134.2% | 364.19M▼ 24.2% | 337.66M▼ 7.3% | 348.91M▲ 3.3% | 371.89M▲ 6.6% |
| Equity Growth % | 218.76% | 327.55% | 92.42% | 147.21% | 134.23% | -24.25% | -7.28% | 3.33% | 6.59% |
| Book Value per Share | 0.76 | 2.65 | 4.27 | 7.52 | 12.49 | 8.57 | 7.72 | 7.57 | 7.64 |
| Total Shareholders' Equity | 10.09M | 43.15M | 83.03M | 205.25M | 480.75M | 364.19M | 337.66M | 348.91M | 371.89M |
| Common Stock | 14.02K | 19K | 21K | 33K | 42K | 43K | 45K | 47K | 0 |
| Retained Earnings | -73.96M | -71.03M | -100.05M | -97.39M | -105.02M | -246.91M | -313.34M | -335.1M | -339.7M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -2.01M | -2.33M | 0 | 0 | -282K | -679K | -345K | 24K | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
BioLife Solutions, Inc. (BLFS) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 605K | 2.35M | 1.21M | 6.51M | -4.84M | -8.49M | -12.5M | 8.43M | 20.11M |
| Operating CF Margin % | 5.49% | 11.89% | 4.43% | 13.55% | -4.06% | -11.13% | -16.48% | 10.25% | 20.91% |
| Operating CF Growth % | 113.98% | 288.1% | -48.34% | 437.1% | -174.23% | -75.54% | -47.23% | 167.46% | 138.58% |
| Net Income | -2.52M | 3.27M | -1.66M | 2.67M | -7.63M | -139.81M | -66.43M | -20.18M | 0 |
| Depreciation & Amortization | 338.68K | 338K | 1.8M | 5.07M | 12.87M | 16.47M | 12.29M | 5.49M | 0 |
| Stock-Based Compensation | 1.27M | 1.52M | 3.04M | 5.98M | 13.96M | 25.33M | 31.67M | 30.92M | 0 |
| Deferred Taxes | 1M | 672K | -1.54M | -3.3M | -20.13M | -5.24M | -62K | -64K | 0 |
| Other Non-Cash Items | 203.54K | -127K | 4.04M | -2.12M | -1.64M | 109.65M | 8.56M | -7.96M | 20.11M |
| Working Capital Changes | 302.93K | -3.32M | -4.47M | -1.78M | -2.26M | -14.9M | 1.47M | 227K | 0 |
| Change in Receivables | 172.33K | -2.02M | -290K | -1.79M | -10.13M | -10.75M | 15.35M | -2.9M | 0 |
| Change in Inventory | -88.96K | -1.66M | -3.78M | -629K | 114K | -6.56M | -8.55M | 781K | 0 |
| Change in Payables | 20.58K | -11K | 768K | -171K | 2.02M | 414K | -8.43M | 26K | 0 |
| Cash from Investing | -144K | -6.5M | -27.02M | -23.73M | -12.64M | -58.12M | 17.84M | 58.3M | -71.54M |
| Capital Expenditures | -143.77K | -500K | -675K | -4.63M | -8.38M | -10.38M | -6.38M | -3.23M | 0 |
| CapEx % of Revenue | 1.3% | 2.53% | 2.47% | 9.63% | 7.04% | 13.62% | 8.41% | 3.92% | - |
| Acquisitions | 0 | -6M | -22.19M | -15.94M | 1.56M | 0 | 0 | 60.39M | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | -233 | -6M | -1.66M | -3.17M | -5.82M | -3.54M | -4.86M | -2.37M | -71.54M |
| Cash from Financing | 4.8M | 28.15M | 1.6M | 102.08M | -2.78M | 16.32M | 10.59M | -6.78M | -10.92M |
| Debt Issued (Net) | 976K | 0 | 0 | 984K | -2.89M | 17.84M | -498K | -6.61M | 0 |
| Equity Issued (Net) | 0 | 1000K | 0 | 1000K | 1000K | 192K | 1000K | 202K | 0 |
| Dividends Paid | -106.25K | -436K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -4.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 3.93M | 12.83M | 1.6M | 973K | -1.16M | -1.71M | 845K | -377K | -10.92M |
| Net Change in Cash | 5.26M▲ 0% | 23.99M▲ 356.4% | -24.21M▼ 200.9% | 84.01M▲ 447.0% | -20.59M▼ 124.5% | -50.4M▼ 144.8% | 15.96M▲ 131.7% | 59.95M▲ 275.5% | -62.35M▼ 204.0% |
| Free Cash Flow | 461.23K▲ 0% | 1.85M▲ 300.7% | 538K▼ 70.9% | 1.88M▲ 249.8% | -13.22M▼ 802.5% | -18.87M▼ 42.8% | -18.88M▼ 0.0% | 5.2M▲ 127.6% | 20.11M▲ 286.5% |
| FCF Margin % | 4.18% | 9.36% | 1.97% | 3.91% | -11.1% | -24.76% | -24.89% | 6.33% | 20.91% |
| FCF Growth % | 108.26% | 300.67% | -70.89% | 249.81% | -802.5% | -42.76% | -0.03% | 127.56% | 286.53% |
| FCF per Share | 0.03 | 0.11 | 0.03 | 0.07 | -0.34 | -0.44 | -0.43 | 0.11 | 0.41 |
| FCF Conversion (FCF/Net Income) | -0.24x | 0.72x | -0.73x | 2.44x | 0.54x | 0.06x | 0.19x | -0.42x | -1.66x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
BioLife Solutions, Inc. (BLFS) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -105.56% | -37.94% | 12.27% | -2.63% | 1.85% | -2.6% | -33.09% | -18.93% | -5.88% | -3.37% |
| Return on Invested Capital (ROIC) | -68.4% | -19.72% | 34.5% | -1.3% | -2.45% | -9.36% | -1.08% | -4.8% | -1.7% | -2.73% |
| Gross Margin | 58.09% | 61.2% | 68.51% | 67.64% | 57.07% | 24.21% | 61.53% | 61.63% | 65.25% | 64.56% |
| Net Margin | -83.57% | -22.82% | 16.54% | -6.05% | 5.55% | -7.48% | -183.38% | -87.57% | -24.54% | -12.61% |
| Debt / Equity | 0.90x | - | - | 0.02x | 0.05x | 0.06x | 0.12x | 0.10x | 0.09x | 0.03x |
| Interest Coverage | -15.24x | -2.32x | 732.40x | -156.20x | -185.11x | -72.49x | -8.62x | -12.94x | -9.92x | -4.48x |
| FCF Conversion | 0.63x | -0.24x | 0.72x | -0.73x | 2.44x | 0.54x | 0.06x | 0.19x | -0.42x | -1.66x |
| Revenue Growth | 27.57% | 33.97% | 79.11% | 38.64% | 75.69% | 147.79% | -36.02% | -0.5% | 8.44% | 16.97% |
BioLife Solutions, Inc. (BLFS) SEC filings — annual & quarterly reports (10-K, 10-Q)
Mar 2, 2026·SEC
Feb 26, 2026·SEC
Jan 12, 2026·SEC
BioLife Solutions, Inc. (BLFS) stock FAQ — growth, dividends, profitability & financials explained
BioLife Solutions, Inc. (BLFS) reported $96.2M in revenue for fiscal year 2025. This represents a 608% increase from $13.6M in 1995.
BioLife Solutions, Inc. (BLFS) grew revenue by 17.0% over the past year. This is strong growth.
BioLife Solutions, Inc. (BLFS) reported a net loss of $12.1M for fiscal year 2025.
BioLife Solutions, Inc. (BLFS) has a return on equity (ROE) of -3.4%. Negative ROE indicates the company is unprofitable.
BioLife Solutions, Inc. (BLFS) generated $12.8M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
BioLife Solutions, Inc. (BLFS) financial analysis — history, returns, DCA and operating performance tools
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates