Biolife Solutions Inc (BLFS)

Price$35.25Cached quoteAs of 2026-09-05 02:33 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because they closely track the pending takeover payment.

BioLife trades within about 1% of the value implied by the signed offer: $11.25 cash plus 0.1442 Repligen shares, using Repligen’s latest close. That supports Fair-priced because little deal spread remains, although Repligen’s price moves the eventual payment. At roughly $1.7 billion of equity value, BioLife’s enterprise value is near 15 times last-twelve-month revenue, expensive for a barely profitable standalone company. The adviser’s comparable-company range and standalone cash-flow midpoint were both below today’s quote, making deal failure meaningful.

Big pictureFast growth is improving operations, but reported profit greatly overstates recurring earnings.

Second-quarter revenue grew 21% to $28.5 million, with a 64% gross margin and $1.7 million operating profit, reversing a year-earlier loss distorted by a $15.5 million research charge. Yet $42.4 million of the quarter’s $45.1 million net income was a non-cash tax benefit, not repeatable sales. First-half operating cash was $5.9 million; after $1.2 million of capital spending, free cash flow—cash left after running and investing in the business—was about $4.6 million. That is positive but still modest beside the valuation.

Business strengthDeep customer use and ample liquidity provide resilience, though goodwill weakens hard-asset protection.

BioLife says its preservation media appears in 18 approved therapies and about 250 sponsored U.S. trials, including more than 30 late-stage trials; repeat-use consumables support demand as therapies advance. Cash and marketable securities were $113.1 million against $15.7 million of debt, while current assets were almost ten times current liabilities. However, goodwill was $208.6 million, nearly half of total assets, reducing tangible downside protection. Revenue fell sharply from 2021 through 2023 before recovering, suggesting exposure to customer funding cycles and portfolio changes.

What could change the storyThe takeover vote is the main near-term hinge; lasting upside requires stronger cash conversion.

The bull case is approval at the October 5 meeting, timely fourth-quarter closing, and a steady Repligen share price; the signed consideration then broadly validates today’s quote. A stronger standalone case would require recent 21%-23% growth to persist, operating margins to widen, and annual free cash flow to move well beyond 2025’s $10.6 million. The bear case is deal failure because the quote exceeds the adviser’s standalone ranges. Dilution also matters: shares rose about 17% since 2021, while 2025 stock compensation exceeded operating cash, with no buybacks or dividends.

AI: News

Repligen takeover agreementRepligen agreed to buy BioLife, tying most of the payment to Repligen shares.

On July 22, Repligen announced an approximately $1.5 billion acquisition comprising 36% cash and 64% stock. Each BioLife share would receive $11.25 plus 0.1442 Repligen shares, making Repligen’s market price central to the eventual value. BioLife closed 6.7% higher that day; the timing is consistent with deal repricing but does not prove the announcement was the only influence. Both boards approved the transaction, subject to shareholder, regulatory, and customary closing conditions.

Stronger second quarterRevenue accelerated and operations turned profitable, but a tax benefit drove most reported earnings.

BioLife reported on August 6 that second-quarter revenue rose 21% to $28.5 million and operating income reached $1.7 million. Adjusted earnings before interest, taxes, depreciation, and amortization were $7.4 million, or 26% of revenue. However, $42.4 million of the $45.1 million reported net income came from a non-cash tax benefit. The operating improvement supports the takeover valuation, but the one-time tax entry should not be treated as durable earning power.

Merger vote scheduledBioLife scheduled the required shareholder vote, moving the signed merger closer to a decision.

The definitive proxy filed September 4 scheduled a virtual special meeting for October 5. Approval requires support from holders of a majority of all outstanding BioLife shares entitled to vote; 48.9 million shares were outstanding on the record date. The board recommends approval, and the companies still expect a fourth-quarter closing. This filing clarified the timetable but did not eliminate regulatory, voting, closing, or Repligen-share-price risk.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Revenue	$96.2M	$74.6M	$68.0M	$76.2M	$119.2M	$48.1M	$27.4M	$19.7M	$11.0M	$8.2M	$6.4M	$6.2M	$8.9M	$5.7M	$2.8M	$2.1M
Gross profit	$62.1M	$50.1M	$41.3M	$46.9M	—	—	$18.6M	$13.5M	$6.7M	$4.8M	$3.8M	$3.0M	$3.8M	$2.3M	$1.4M	$856,388
Gross margin	64.56%	67.11%	60.75%	61.53%	—	—	68.00%	68.51%	61.20%	58.09%	59.15%	49.03%	42.05%	40.48%	50.86%	41.14%
Research & development	$7.6M	$4.8M	$5.5M	$8.7M	$11.8M	$6.7M	$3.2M	$1.3M	$1.2M	$2.0M	$1.4M	$871,100	$487,816	$463,638	$516,454	$318,897
Operating expenses	$78.7M	$54.6M	$58.5M	$82.2M	$154.3M	$54.3M	$27.6M	$16.1M	$7.8M	$9.6M	$8.8M	$6.2M	$4.0M	$3.2M	$2.6M	$2.3M
Operating income	−$16.6M	−$4.5M	−$17.2M	−$5.9M	−$35.2M	−$6.2M	−$220,000	$3.7M	−$1.1M	−$4.9M	−$5.0M	−$3.1M	−$285,357	−$942,238	−$1.2M	−$1.4M
Operating margin	−17.26%	−6.00%	−25.30%	−7.77%	−29.51%	−12.98%	−0.80%	18.55%	−9.58%	−58.97%	−77.80%	−50.65%	−3.19%	−16.64%	−43.85%	−66.98%
EBITDA	−$14.3M	$683,000	−$10.1M	$852,000	−$30.5M	−$4.2M	$498,000	$4.0M	−$717,000	−$4.5M	−$4.7M	−$2.9M	−$38,285	−$772,594	−$1.1M	−$1.3M
EBITDA margin	−14.91%	0.91%	−14.84%	1.12%	−25.59%	−8.75%	1.82%	20.26%	−6.51%	−54.50%	−72.48%	−46.48%	−0.43%	−13.64%	−40.33%	−63.53%
Net income	−$4.6M	−$20.2M	−$68.0M	−$139.8M	−$8.9M	$2.0M	−$1.7M	−$25.0M	−$2.5M	−$6.9M	−$4.2M	−$3.2M	−$1.1M	−$1.7M	−$2.0M	−$2.0M
Net profit margin	−4.78%	−27.04%	−99.98%	−183.38%	−7.48%	4.12%	−6.05%	−126.66%	−22.82%	−83.57%	−65.34%	−51.98%	−12.11%	−29.31%	−70.93%	−95.30%
Basic EPSper basic share	-$0.09	-$0.44	-$1.55	-$3.29	-$0.23	$0.07	-$0.09	-$1.56	-$0.21	-$0.54	-$0.35	-$0.31	-$0.22	-$0.33	-$0.42	-$0.42
Diluted EPSper diluted share	-$0.10	-$0.44	-$1.55	-$3.25	-$0.23	-$0.06	-$0.09	-$1.56	-$0.21	-$0.54	-$0.35	-$0.31	-$0.22	-$0.33	-$0.42	-$0.42

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

13.81%of listed shares

T. Rowe Price Investment Management, Inc.6.75M shares · Jun 30, 2026

View holders

Top 20 reported holders of BLFS
Holder	% owned
T. Rowe Price Investment Management, Inc.	13.81%6.75M shares
BlackRock, Inc.	13.04%6.38M shares
Casdin Capital, LLC	9.52%4.66M shares
Invesco Ltd.	4.58%2.24M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.02%1.96M shares
STATE STREET CORP	3.39%1.66M shares
GEODE CAPITAL MANAGEMENT, LLC	2.22%1.09M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	2.21%1.08M shares
FRED ALGER MANAGEMENT, LLC	2.20%1.08M shares
DIMENSIONAL FUND ADVISORS LP	2.14%1.05M shares
FMR LLC	2.03%993.11K shares
BANK OF AMERICA CORP /DE/	1.94%950.16K shares
VANGUARD PORTFOLIO MANAGEMENT LLC	1.87%913.23K shares
ROYAL BANK OF CANADA	1.82%890.91K shares
UBS Group AG	1.70%832.14K shares
DE GREEF RODERICK	≈1.50%730.97K shares
Stephens Investment Management Group LLC	1.45%708.67K shares
MILLENNIUM MANAGEMENT LLC	1.28%625.66K shares
ROYCE & ASSOCIATES LP	1.28%623.88K shares
GENEVA CAPITAL MANAGEMENT LLC	1.19%582.14K shares

Percentages use 48.89M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)164$110.75M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 21, 2026Form 4	Casdin Partners Master Fund, L.P. +3TenPercentOwner	SellCommon Stock, par value $0.001 per share · indirect	650.0K	$23.70	$15.40M	4.76M
May 20, 2026Form 4	Casdin Partners Master Fund, L.P. +3TenPercentOwner	SellCommon Stock, par value $0.001 per share · indirect	250.0K	$23.70	$5.92M	5.41M
May 19, 2026Form 4	Casdin Partners Master Fund, L.P. +3TenPercentOwner	SellCommon Stock, par value $0.001 per share · indirect	300.0K	$22.65	$6.79M	5.66M
Mar 23, 2026Form 4 · 10b5-1	Foster Karen A.Chief Quality and Operations	SellCommon Stock	2.6K	$19.17	$49.4K	108.8K
Mar 9, 2026Form 4	Foster Karen A.Chief Quality and Operations	SellCommon Stock	500	$20.00	$10.0K	113.2K

Review ownership filings at SEC.gov ↗

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Biolife Solutions Inc (BLFS)

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