• ASML for cell and gene therapy materials.
• NVIDIA for biological preservation in advanced therapies.
• Thermo Fisher Scientific, but exclusively focused on biological cold chain and preservation.

• CryoStor® and HypoThermosol® Biopreservation Media: These proprietary solutions protect cells, tissues, and organs during freezing, storage, and transport.
• ThawSTAR® Automated Thawing Devices: These devices provide standardized, water-free thawing for cryopreserved cell and gene therapies.
• evo.is® Smart Shippers: These cloud-connected cold chain management containers offer real-time monitoring and data logging for temperature-sensitive biological materials.

BioLife Solutions (BLFS) primarily sells its biopreservation tools and services to other companies and institutions within the life sciences and biopharmaceutical sectors. This indicates a Business-to-Business (B2B) model.

While BioLife Solutions does not publicly disclose the specific names of its major individual customer companies due to confidentiality and competitive reasons (as is common in this industry), their financial filings indicate that their top 10 customers account for approximately 35% of their total revenue. They frequently state that they serve the vast majority of the leading companies in the cell and gene therapy sector.

Based on their market focus and product offerings, their major customer segments include:

• Biopharmaceutical Companies (especially Cell and Gene Therapy Developers): This is BioLife Solutions' core customer base. These companies, which include both large public pharmaceutical firms and specialized biotech companies, develop and commercialize advanced cell and gene therapies. BioLife Solutions' biopreservation media (CryoStor®, HypoThermosol®) and thaw devices (ThawSTAR®) are crucial for maintaining the viability of biological materials throughout the development, manufacturing, and distribution of these therapies. Examples of the types of public companies that operate in this space (and are likely customers, though not specifically named as major clients by BLFS) include:
  • Gilead Sciences, Inc. (GILD) (via Kite Pharma)
  • Novartis AG (NVS)
  • Bristol Myers Squibb Company (BMY)
  • bluebird bio, Inc. (BLUE)
  • Moderna, Inc. (MRNA)
  • Vertex Pharmaceuticals Incorporated (VRTX)

  It is important to note that BLFS serves a wide array of companies in this sector, and the examples above are illustrative of the types of public companies that are likely customers, rather than a definitive list of specific named major clients.

• Contract Research Organizations (CROs) and Contract Development and Manufacturing Organizations (CDMOs): These organizations provide outsourced services to biopharmaceutical companies, including research, development, manufacturing, and logistics support for cell and gene therapies. They rely on BioLife Solutions' products to ensure the integrity and viability of biological materials in their workflows.
• Biobanks and Academic/Research Institutions: These entities are involved in the collection, processing, storage, and distribution of biological samples for research, clinical studies, and future therapeutic applications. BioLife Solutions' biopreservation solutions are essential for the long-term preservation and quality assurance of these valuable samples.

Roderick de Greef, Chairman and Chief Executive Officer

Roderick de Greef was appointed Chairman and Chief Executive Officer of BioLife Solutions in 2023. He previously served as the company's Chief Financial Officer from May 2016 to November 2021, and subsequently as President and Chief Operating Officer until January 2023, when he retired from management and rejoined the board of directors. Prior to his executive roles at BioLife Solutions, Mr. de Greef accumulated over 20 years of experience as Chief Financial Officer for various public and private life science and medical technology companies. He has been actively involved in numerous domestic and international mergers and acquisitions (M&A) and financing transactions throughout his career. Mr. de Greef has also served on the boards of several public and private companies, including Endologix, Cambridge Heart, Cardiac Science, and Elephant Talk Communications.

Troy Wichterman, Chief Financial Officer

Troy Wichterman was promoted to Chief Financial Officer of BioLife Solutions in November 2021. He joined the company in 2015 as a financial analyst and advanced through various finance and accounting positions, including Vice President of Finance since November 2019. Mr. Wichterman has played an integral role in six acquisitions for BioLife Solutions. Before joining BioLife Solutions, his experience included financial roles at Ventas, Heitman, and PricewaterhouseCoopers.

Michael Rice, Former Chairman and Chief Executive Officer

Michael Rice served as President and Chief Executive Officer of BioLife Solutions from August 2006 and as Chairman from August 2007, for over 17 years. He is now a strategic advisor and board member to several life science tools startups. Under his leadership, BioLife Solutions experienced significant growth, with revenue increasing from under $1 million to nearly $150 million and its market capitalization peaking at $2 billion. Prior to BioLife Solutions, Mr. Rice held senior roles at AMI Semiconductor, Cardiac Science, TEGRIS Corporation, and Physio Control Corporation. He was also a cohead of Health Care Investment Banking at Canaccord Adams and a managing director at Think Equity Partners, where he managed Healthcare Capital Markets and structured numerous transactions. Additionally, he is a founding partner of LifeSci Advisors LLC and LifeSci Capital LLC, a research-driven investment bank.

Aby J. Mathew, Ph.D., Executive Vice President and Chief Scientific Officer

Dr. Aby J. Mathew holds the position of Executive Vice President and Chief Scientific Officer at BioLife Solutions. He was a key member of the founding team of BioLife Solutions and is a co-developer of the company's proprietary biopreservation media solutions, including HypoThermosol® and CryoStor®. Dr. Mathew is a co-inventor on multiple issued and pending patents related to methods, devices, and formulations for the preservation of cells, tissues, and organs.

Karen Foster, Chief Quality and Operations Officer

Karen Foster has served as the Chief Quality Officer at BioLife Solutions since December 2019 and is also listed as Chief Quality and Operations Officer. She initially joined the company as Vice President of Operations in April 2016. Before her tenure at BioLife Solutions, Ms. Foster was the Vice President of Laboratory Operations and Site Leader at ViaCord, LLC, a family cord blood bank and a subsidiary of PerkinElmer Inc. Her extensive career, spanning 25 years, includes managing manufacturing and quality operations for prominent companies such as Pfizer, Inc. (formerly Pharmacia Corporation) and Amersham Pharmacia Biotech, Inc. (formerly Pharmacia Biotech, Inc.).

The emergence and increasing adoption of decentralized or point-of-care manufacturing models for cell and gene therapies. This trend aims to reduce the need for long-distance cold chain logistics and large-scale centralized storage by producing therapies closer to the patient, thereby diminishing the addressable market for BioLife Solutions' evo cold chain solutions and SciSafe storage services for certain therapy types.

BioLife Solutions (BLFS) operates in several significant addressable markets related to cell and gene therapy, biopreservation, and regenerative medicine:

• The global biopreservation solutions market was valued at $2.3 billion in 2023 and is projected to grow to $4.7 billion by 2030.
• The global cell and gene therapy (CGT) market, a key area for BioLife Solutions' bioproduction products and services, was valued at $17.1 billion in 2022 and is expected to reach $81.2 billion by 2030.
• The global regenerative medicine market is anticipated to reach $180.1 billion by 2026.
• The stem cell preservation market is experiencing an annual growth rate of 13.2%.
• In the U.S., BioLife Solutions' biopreservation media holds a market share of over 70% in approximately 250 ongoing commercially sponsored clinical trials.

BioLife Solutions' main products and services include cell processing solutions such as biopreservation media (e.g., CryoStor and HypoThermosol FRS), human platelet lysates, cryogenic vials, automated cell-processing fill machines, and automated thawing devices (ThawSTAR line).

• Growth in Cell Processing Platform and Biopreservation Media: The company's cell processing platform, particularly its biopreservation media, is consistently highlighted as a primary revenue driver. For instance, in Q1 2025, the cell processing platform's 33% year-over-year increase primarily drove the 30% overall revenue increase, and similar trends were seen in Q2 and Q3 2025. BioLife Solutions anticipates its cell processing platform to contribute significantly to its total revenue, with projected growth rates of 18% to 21% over 2024 for this segment. This platform supports a substantial portion of ongoing clinical trials for cell and gene therapies in the U.S., positioning it for continued expansion with future product approvals and geographic market penetration.
• Increased Demand from Commercial Cell and Gene Therapy Customers: A significant portion of the growth in biopreservation media revenue is attributed to strong demand from commercial customers utilizing approved cell and gene therapies. The company's strategic alignment as a "pure play enabler of CGT's globally" benefits from favorable secular trends, including an increasing number of therapy approvals and expanding indications.
• Strategic Focus on Core Competencies through Divestitures: BioLife Solutions has strategically divested non-core assets, such as the SciSafe biostorage business and the evo cold chain logistics product line, to sharpen its focus on its high-growth, high-margin cell processing portfolio. This streamlining is expected to enhance both top-line growth and margin expansion by concentrating resources on proprietary biopreservation media and related products.
• Introduction of New, Innovative Products and Technologies: The company expands its biopreservation portfolio through strategic acquisitions, such as PanTHERA CryoSolutions in April 2025. This acquisition adds proprietary Ice Recrystallization Inhibitor technology, enhancing BioLife's scientific capabilities and product offerings within the bioproduction consumables market.
• Anticipated Price Increases: During a Q3 2025 earnings call, executives indicated plans for a 4-6% price increase in 2026, which could further contribute to revenue growth.

Share Issuance

• BioLife Solutions announced a proposed underwritten public offering of common stock on July 1, 2020.
• The company intended to use the net proceeds from this offering for general corporate purposes, including potential investments in or acquisitions of synergistic or complementary companies, and working capital.
• As of October 30, 2025, BioLife Solutions had 48.1 million shares issued and outstanding.

Outbound Investments

• In April 2025, BioLife Solutions acquired PanTHERA CryoSolutions for $9.3 million in cash and 241,355 shares of its common stock, aiming to enhance its biopreservation media portfolio.
• BioLife Solutions acquired SciSafe, a biostorage provider, for $30 million in October 2020, which included $15 million in cash and $15 million in stock.
• The company made a strategic investment in Pluristyx on July 28, 2025.

Capital Expenditures

• Capital expenditures for the first quarter of 2025 were $1 million.
• Cash usage in Q1 2025 was notably influenced by capital expenditures, alongside unfavorable working capital and debt principal payments.
• The company anticipates adding some capital expenditures in 2026, but is exercising caution until a clear return on investment is evident.