Revenue growth remains highly inconsistent, swinging from a 119.7% contraction in 2024Q4 to a 29.9% expansion in 2025Q1, while operating margins frequently dip into negative territory, such as the -65.5% recorded in 2025Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Jan'15 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Jun'96 |
|---|
| Sales/Revenue | 99.77M | 96.21M | 82.25M | 75.86M | 76.24M | 119.16M | 48.09M | 27.37M | 19.74M | 11.02M | 8.23M | 6.45M | 6.19M | 8.95M | 5.66M | 2.76M | 2.08M | 1.58M | 1.32M | 972.26K | 603.22K | 614.72K | 626.71K | 605.51K | 848.79K | 1.34M | 1.19M | 1.78M | 2.37M | 3.57M | 13.59M |
| Revenue Growth % | 40.92% | 16.97% | 8.44% | -0.5% | -36.02% | 147.79% | 75.69% | 38.64% | 79.11% | 33.97% | 27.57% | 4.17% | -30.83% | 58.03% | 105.28% | 32.53% | 31.61% | 19.59% | 36.02% | 61.18% | -1.87% | -1.91% | 3.5% | -28.66% | -36.85% | 12.99% | -33.04% | -25.03% | -33.65% | -73.73% | 1.45% |
| Cost of Goods Sold | 36.03M | 34.1M | 28.58M | 96.52M | 29.33M | 90.31M | 20.65M | 8.86M | 6.22M | 4.28M | 3.45M | 2.63M | 3.16M | 5.19M | 3.37M | 1.36M | 1.23M | 1.01M | 770.65K | 463.11K | 298.06K | 250.08K | 163.98K | 0 | 0 | 788.7K | 268.96K | 680.72K | 1.28M | 1.92M | 5.76M |
| COGS % of Revenue | - | 35.44% | 34.75% | 127.24% | 38.47% | 75.79% | 42.93% | 32.36% | 31.49% | 38.8% | 41.91% | 40.86% | 50.97% | 57.95% | 59.52% | 49.14% | 58.86% | 63.67% | 58.27% | 47.63% | 49.41% | 40.68% | 26.17% | - | - | 58.68% | 22.61% | 38.32% | 53.85% | 53.72% | 42.39% |
| Gross Profit | 63.74M | 62.12M | 53.67M | 46.75M | 46.91M | 28.85M | 27.44M | 18.51M | 13.53M | 6.75M | 4.78M | 3.81M | 3.04M | 3.76M | 2.29M | 1.4M | 856.39K | 574.58K | 551.85K | 509.16K | 305.15K | 364.64K | 462.73K | 605.51K | 848.79K | 555.32K | 920.55K | 1.1M | 1.09M | 1.65M | 7.83M |
| Gross Margin % | 63.89% | 64.56% | 65.25% | 61.63% | 61.53% | 24.21% | 57.07% | 67.64% | 68.51% | 61.2% | 58.09% | 59.15% | 49.03% | 42.05% | 40.48% | 50.86% | 41.14% | 36.33% | 41.73% | 52.37% | 50.59% | 59.32% | 73.83% | 100% | 100% | 41.32% | 77.39% | 61.68% | 46.15% | 46.28% | 57.61% |
| Gross Profit Growth % | - | 15.74% | 14.8% | -0.34% | 62.63% | 5.12% | 48.23% | 36.88% | 100.49% | 41.16% | 25.29% | 25.66% | -19.33% | 64.14% | 63.38% | 63.85% | 49.05% | 4.12% | 8.39% | 66.85% | -16.31% | -21.2% | -23.58% | -28.66% | 52.85% | -39.68% | -16% | 0.2% | -33.83% | -78.9% | 18.67% |
| Operating Expenses | 74.63M | 74.25M | 60.8M | 117.58M | 52.83M | 73.34M | 30.77M | 18.17M | 9.86M | 7.8M | 9.63M | 8.83M | 6.17M | 4.05M | 3.23M | 2.61M | 2.25M | 2.86M | 3.02M | 3.22M | 1.8M | 992.17K | 1.12M | 2.2M | 1.47M | 4.96M | 3.79M | 2.24M | 2.34M | 3.31M | 9.64M |
| OpEx % of Revenue | - | 77.17% | 73.92% | 155% | 69.3% | 61.55% | 63.99% | 66.4% | 49.96% | 70.79% | 117.05% | 136.94% | 99.68% | 45.23% | 57.12% | 94.71% | 108.12% | 180.95% | 228% | 331.46% | 298.32% | 161.4% | 178.9% | 363.77% | 173.06% | 368.74% | 318.67% | 126.13% | 98.62% | 92.68% | 70.94% |
| Selling, General & Admin | 56.01M | 55.37M | 50.15M | 55.97M | 44.93M | 48.09M | 21.02M | 14.05M | 8.56M | 6.61M | 7.6M | 7.45M | 5.3M | 3.56M | 2.77M | 2.1M | 1.93M | 2.45M | 2.56M | 2.61M | 1.74M | 964.32K | 1.09M | 1.44M | 824.1K | 3.18M | 2.15M | 1.27M | 1.66M | 2.02M | 6.74M |
| SG&A % of Revenue | - | 57.55% | 60.97% | 73.79% | 58.93% | 40.36% | 43.71% | 51.34% | 43.38% | 59.96% | 92.39% | 115.56% | 85.61% | 39.78% | 48.93% | 75.99% | 92.8% | 154.75% | 193.4% | 268.53% | 288.81% | 156.87% | 174.25% | 238.37% | 97.09% | 236.81% | 180.82% | 71.46% | 70.17% | 56.46% | 49.61% |
| Research & Development | 8.14M | 7.57M | 7.91M | 18.8M | 14.8M | 11.82M | 6.72M | 4.12M | 1.3M | 1.19M | 2.03M | 1.38M | 871.1K | 487.82K | 463.64K | 516.45K | 318.9K | 414.46K | 457.64K | 413.38K | 57.33K | 27.86K | 29.09K | 759.31K | 644.8K | 1.77M | 1.37M | 687.45K | 674.16K | 1.29M | 2.9M |
| R&D % of Revenue | - | 7.86% | 9.62% | 24.78% | 19.41% | 9.92% | 13.97% | 15.05% | 6.57% | 10.82% | 24.66% | 21.38% | 14.07% | 5.45% | 8.19% | 18.72% | 15.32% | 26.21% | 34.6% | 42.52% | 9.5% | 4.53% | 4.64% | 125.4% | 75.97% | 131.93% | 115.47% | 38.7% | 28.45% | 36.22% | 21.33% |
| Other Operating Expenses | 0 | 11.31M | 2.74M | 42.81M | -6.89M | 13.43M | 3.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 198.49K | 0 | 0 | 0 | 0 | 0 | 0 | 266.17K | 283.73K | 0 | 0 | 0 |
| Operating Income | -10.88M | -12.13M | -7.13M | -23.44M | -5.92M | -35.16M | -3.33M | -781K | 3.66M | -1.06M | -4.85M | -5.02M | -3.14M | -285.36K | -942.24K | -1.21M | -1.39M | -2.29M | -2.46M | -2.71M | -1.49M | -627.53K | -658.42K | -1.6M | -620.11K | -4.4M | -2.87M | -1.14M | -1.24M | -1.66M | -1.81M |
| Operating Margin % | -10.91% | -12.61% | -8.67% | -30.9% | -7.77% | -29.51% | -6.93% | -2.85% | 18.55% | -9.58% | -58.96% | -77.8% | -50.65% | -3.19% | -16.64% | -43.85% | -66.98% | -144.62% | -186.27% | -279.09% | -247.73% | -102.08% | -105.06% | -263.77% | -73.06% | -327.42% | -241.28% | -64.45% | -52.47% | -46.4% | -13.33% |
| Operating Income Growth % | - | -70.15% | 69.59% | -295.75% | 83.15% | -955.22% | -326.63% | -121.33% | 446.78% | 78.23% | 3.31% | -60% | -998.87% | 69.72% | 22.11% | 13.23% | 39.05% | 7.15% | 9.21% | -81.58% | -138.13% | 4.69% | 58.77% | -157.56% | 85.91% | -53.33% | -150.68% | 7.93% | 24.95% | 8.53% | 13.74% |
| EBITDA | -6.08M | -9.38M | 1.53M | -11.14M | 14.04M | -22.3M | 1.74M | 1.53M | 4M | -717K | -4.48M | -4.67M | -2.88M | -38.28K | -772.59K | -1.11M | -1.32M | -2.19M | -2.43M | -2.65M | -1.44M | -561.45K | -492.22K | -1.35M | -451.23K | -4.1M | -2.6M | -861.17K | -901.24K | -1.24M | -1.39M |
| EBITDA Margin % | -6.1% | -9.74% | 1.86% | -14.69% | 18.41% | -18.71% | 3.61% | 5.58% | 20.26% | -6.51% | -54.49% | -72.48% | -46.48% | -0.43% | -13.64% | -40.33% | -63.53% | -138.7% | -184.06% | -272.76% | -239.48% | -91.33% | -78.54% | -222.22% | -53.16% | -305.11% | -218.9% | -48.47% | -38.03% | -34.61% | -10.19% |
| EBITDA Growth % | -324.13% | -711.95% | 113.75% | -179.41% | 162.95% | -1384.27% | 13.61% | -61.8% | 657.88% | 84.01% | 4.09% | -62.43% | -7416.18% | 95.04% | 30.56% | 15.87% | 39.72% | 9.88% | 8.21% | -83.58% | -157.3% | -14.06% | 63.42% | -198.19% | 89% | -57.49% | -202.36% | 4.45% | 27.09% | 10.8% | 42.26% |
| D&A (Non-Cash Add-back) | 4.8M | 0 | 8.66M | 12.29M | 19.96M | 12.87M | 5.07M | 2.31M | 338K | 339K | 368.1K | 343.22K | 258.12K | 247.07K | 169.64K | 97.11K | 71.74K | 93.69K | 29.28K | 61.56K | 49.76K | 66.09K | 166.2K | 251.59K | 168.88K | 299.91K | 266.17K | 283.73K | 342.29K | 420.99K | 425.8K |
| EBIT | -12.26M | -9.38M | -7.13M | -25.63M | -10.68M | -30.65M | -3.59M | 770K | -25M | -2.13M | -7.72M | -5.02M | -3.12M | -341.94K | -926.16K | -1.29M | -1.4M | -2.29M | -2.49M | -2.71M | -1.49M | -627.53K | -658.42K | -1.39M | -620.11K | -278.03K | -2.87M | -1.14M | -1.24M | -1.66M | -3.41M |
| Net Interest Income | 1.06M | -2.71M | -719K | -1.81M | -687K | -485K | 40K | 501K | 276K | -454K | -315.97K | 21.75K | -169.5K | -798.8K | -811.97K | -745.39K | -587.81K | -486.94K | -278.41K | 12.06M | -42.78K | 5.05K | 0 | 75.89K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.72M | 0 | 0 | 0 | 0 | 0 | 58K | 506K | 281K | 1K | 2.42K | 21.75K | 20.82K | 0 | 0 | 46 | 193 | 1.07K | 6.35K | 12.2M | 13.77K | 7K | 0 | 128.2K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 660K | 2.71M | 719K | 1.81M | 687K | 485K | 18K | 5K | 5K | 455K | 318.39K | 0 | 190.33K | 742.22K | 733.43K | 670.99K | 588K | 488.01K | 284.76K | 138.28K | 56.54K | 1.94K | 84.74K | 52.31K | 0 | 0 | 0 | 30.82K | 0 | 0 | 0 |
| Other Income/Expense | 486K | 49K | -4.3M | 4.97M | 1.07M | 6.13M | 0 | -2.98M | -28.67M | -1.46M | -3.19M | 21.75K | -165.1K | -798.8K | -717.35K | -746.96K | -589.43K | -480.99K | -311.66K | -138.28K | 360.34K | 8.21K | -84.74K | 88.11K | -17.91K | 4.12M | 0 | -30.82K | 0 | 0 | 0 |
| Pretax Income | -10.4M | -12.08M | -11.43M | -18.47M | -4.85M | -29.03M | -1.28M | 9.52M | 3.27M | -2.52M | -8.04M | -5M | -3.3M | -1.08M | -1.66M | -1.96M | -1.4M | -2.77M | -2.5M | -2.85M | -1.13M | -619.32K | -743.16K | -1.3M | -638.03K | 0 | 0 | -1.18M | 0 | 0 | 0 |
| Pretax Margin % | -10.42% | -12.56% | -13.89% | -24.35% | -6.36% | -24.36% | -2.66% | 34.78% | 16.54% | -22.82% | -97.74% | -77.46% | -53.32% | -12.11% | -29.31% | -70.93% | -67.06% | -175.03% | -188.79% | -293.31% | -187.99% | -100.75% | -118.58% | -215.25% | -75.17% | - | - | -66.18% | - | - | - |
| Income Tax | 97K | 49K | -38K | 24K | -5.24M | -20.12M | -3.26M | -1.54M | 396K | 0 | 1.62M | 0 | 0 | 0 | -368 | 0 | 3.06K | -5.96K | 60.16K | 0 | 0 | 0 | 0 | -563.95K | -329.61K | 9.64K | -98.07K | 0 | 24.82K | -67.01K | 419.19K |
| Effective Tax Rate % | -0.93% | -0.41% | 0.33% | -0.13% | 108% | 69.31% | 254.8% | -16.19% | 12.12% | 0% | -20.16% | 0% | 0% | 0% | 0.02% | 0% | -0.22% | 0.22% | -2.41% | 0% | 0% | 0% | 0% | 43.27% | 51.66% | - | - | 0% | - | - | - |
| Net Income | -10.5M | -12.13M | -20.18M | -66.43M | -139.81M | -8.91M | 2.67M | -1.66M | 3.27M | -2.52M | -6.88M | -4.21M | -3.22M | -1.08M | -1.66M | -1.96M | -1.98M | -2.77M | -2.78M | -2.85M | -1.13M | -619.32K | -743.16K | -1.3M | 215.88K | -4.41M | -2.77M | -1.18M | -1.27M | -1.59M | -2.23M |
| Net Margin % | -10.52% | -12.61% | -24.54% | -87.57% | -183.38% | -7.48% | 5.55% | -6.05% | 16.54% | -22.82% | -83.57% | -65.34% | -51.98% | -12.11% | -29.31% | -70.93% | -95.3% | -175.03% | -209.84% | -293.31% | -187.99% | -100.75% | -118.58% | -215.25% | 25.43% | -328.14% | -233.03% | -66.18% | -53.52% | -44.52% | -16.41% |
| Net Income Growth % | -0.82% | 39.9% | 69.61% | 52.49% | -1469.43% | -434.01% | 260.95% | -150.73% | 229.86% | 63.42% | -63.15% | -30.96% | -196.8% | 34.67% | 15.18% | 1.36% | 28.35% | 0.24% | 2.69% | -151.48% | -83.11% | 16.66% | 42.98% | -703.76% | 104.89% | -59.1% | -135.76% | 7.3% | 20.23% | 28.72% | 14.2% |
| Net Income (Continuing) | -10.5M | -12.13M | -11.39M | -18.45M | 388K | -8.91M | 1.98M | 0 | -25M | -2.52M | -8.04M | -5M | -3.3M | -1.08M | -1.66M | -1.96M | -1.98M | -2.77M | -2.78M | -2.85M | -1.13M | -619.32K | -743.16K | -1.3M | -308.42K | -1.87M | -2.77M | -1.18M | -1.27M | -1.59M | -3.4M |
| Discontinued Operations | 0 | 0 | -8.8M | 0 | -140.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.35M | 2.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.21 | -0.25 | -0.44 | -1.52 | -3.29 | -0.23 | -0.06 | -0.09 | -1.56 | -0.21 | -0.54 | -0.35 | -0.31 | -0.22 | -0.33 | -0.39 | -0.40 | -0.56 | -0.56 | -0.57 | -0.30 | -0.70 | -0.84 | -2.10 | 0.28 | -4.97 | -3.91 | -0.49 | -0.53 | -0.67 | -1.82 |
| EPS Growth % | 8.46% | 43.18% | 71.05% | 53.8% | -1330.43% | -284.62% | 29.81% | 94.54% | -642.86% | 61.11% | -54.29% | -12.9% | -40.91% | 33.33% | 15.38% | 2.5% | 28.57% | 0% | 1.75% | -90% | 57.14% | 16.67% | 60% | -850% | 105.63% | -27.11% | -697.96% | 7.55% | 20.9% | 63.19% | -44.44% |
| EPS (Basic) | - | -0.25 | -0.44 | -1.52 | -3.29 | -0.23 | 0.07 | -0.09 | -1.56 | -0.21 | -0.54 | -0.35 | -0.31 | -0.22 | -0.33 | -0.39 | -0.40 | -0.56 | -0.56 | -0.57 | -0.30 | -0.70 | -0.84 | -2.10 | 0.28 | -4.97 | -3.91 | -0.49 | -0.53 | -0.67 | -1.82 |
| Diluted Shares Outstanding | 49.25M | 48.65M | 46.07M | 43.72M | 42.48M | 38.5M | 27.31M | 19.46M | 16.26M | 13.26M | 12.64M | 12.18M | 10.45M | 5.01M | 4.98M | 4.98M | 4.98M | 4.97M | 4.97M | 4.96M | 3.78M | 886.66K | 886.66K | 886.66K | 886.66K | 886.66K | 708.65K | 2.4M | 2.39M | 2.37M | 1.76M |
| Basic Shares Outstanding | 48.46M | 47.75M | 46.07M | 43.72M | 42.48M | 38.5M | 27.31M | 19.46M | 16.26M | 13.26M | 12.64M | 12.18M | 10.45M | 5.01M | 4.98M | 4.98M | 4.98M | 4.97M | 4.97M | 4.96M | 3.78M | 886.66K | 886.66K | 886.66K | 886.66K | 886.66K | 708.65K | 2.4M | 2.39M | 2.37M | 1.76M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial funding dependency
According to the provided quarterly income statements, BLFS has experienced significant revenue volatility, with growth rates swinging from a 119.7% contraction in 2024Q4 to a 29.9% expansion in 2025Q1, reflecting the inherent instability of its current business model and ongoing portfolio restructuring efforts.
The erratic top-line performance suggests that the company is struggling to maintain consistent demand as it pivots away from capital-intensive equipment. Investors should monitor whether the recent focus on high-margin consumables can stabilize these fluctuations or if the business remains overly sensitive to the timing of large-scale clinical trial orders.
As reported in financial statements, BLFS has maintained a robust gross margin profile, consistently hovering above 60% in most periods, which highlights the strong pricing power inherent in its proprietary biopreservation media formulations despite the broader operational challenges faced by the company.
This high gross margin suggests that the core media business possesses a significant competitive moat, shielding it from the commodity-like pricing pressures seen in other medical instrument segments. However, the occasional margin compression warrants further investigation into whether this is driven by product mix shifts or temporary supply chain inefficiencies.
Based on the reported figures, BLFS has struggled to achieve consistent operating leverage, with operating margins frequently dipping into negative territory, such as the -65.5% margin recorded in 2025Q2, indicating that SG&A expenses continue to outpace the company's ability to scale its gross profit effectively.
The persistent inability to convert gross profit into operating income suggests that the company's fixed cost base remains too high relative to its current revenue scale. This may indicate that the organization is still carrying excessive overhead from previous acquisitions that have yet to be fully rationalized.
Analysis of the income statement reveals that stock-based compensation remains a significant recurring expense, often exceeding $5 million per quarter, which appears to consistently dilute the quality of reported net income and complicates the assessment of the company's true underlying operational profitability.
The reliance on equity-based incentives suggests that management may be prioritizing talent retention over immediate GAAP earnings, which may obscure the company's actual cash-generating capacity. Investors should be cautious of these non-cash charges when evaluating the sustainability of the company's recent return to positive net income.
While management emphasizes a shift toward high-margin consumables, the historical data suggests that the company's reliance on external biotech funding cycles creates a structural risk that could lead to sudden revenue declines if clinical trial activity in the CGT sector experiences a prolonged downturn.
Short-sellers might focus on the company's history of inconsistent profitability and the potential for the 'regulatory moat' to be eroded by future competitive innovations or in-house manufacturing by large pharmaceutical clients. The current valuation appears to assume a seamless transition that may not account for these significant execution risks.
Quick answers to the most common questions about buying BLFS stock.
For fiscal year 2025, BioLife Solutions, Inc. (BLFS) reported total revenue of $96.2M. This represents a 607.8% increase compared to $13.6M in 1995.
BioLife Solutions, Inc. (BLFS) reported a net loss of $12.1M for the fiscal year ending 2025.
BioLife Solutions, Inc. (BLFS) reported an operating income of $-12.1M, resulting in an operating profit margin of -12.6%. This margin reflects the operational efficiency of the business before interest and taxes.
BioLife Solutions, Inc. (BLFS) generated $62.1M in gross profit for the year, representing a gross profit margin of 64.6%. This demonstrates the company's core pricing power and production efficiency.