BioLife Solutions

BLFS · Health Care · Financials, fiscal 2016 to 2025

BioLife Solutions' revenue rose 28.9% to $96 million in fiscal 2025. Its operating margin was −17.3%, down from −6.0% a year earlier. Free cash flow was $11 million, up 104.4%. The diluted share count rose 5.6%.

BioLife Solutions, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001628280-26-012294 Updated October 26, 2026

Revenue

$96M

28.9%

Operating margin

−17.3%

11.3 pts

Net income

−$5M

Free cash flow

$11M

104.4%

Return on capital

−4.8%

3.5 pts

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

About these figures. BioLife Solutions' operating loss in 2025 leaves its earnings before interest, tax, depreciation and amortization negative, so net debt to EBITDA is blank for that year.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

BioLife Solutions lost money in fiscal 2025: a net loss of $5 million.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value BioLife Solutions yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from BioLife Solutions' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share.

Value per share on three example scenarios, from BioLife Solutions' cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow: capital spending was 4.1 times depreciation, which holds its free cash flow down) of $18M, net cash of $84M at December 31, 2025 and 49 million diluted shares, from its filings. The scenarios are fitted to BioLife Solutions: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 8.1% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Health Care Supplies), plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to BioLife Solutions's own revenue growth, as above. Cautious: growth of 4% then 3% a year, 2% after year 10, a 11% discount rate. Base: growth of 8% then 5% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 12% then 7.5% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from BioLife Solutions' earnings per share of $1.17 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 38.6×, the average of its peers' median and the Health Care median for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Haemonetics, Lantheus, ICU Medical, Envista.

Earnings growth in the years ahead (% a year) Starts at BioLife Solutions' revenue growth over the last 3 years, 8.1% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Company	Last close	Earnings per share	P/E today
ICU MedicalICUI	$165.96	$1.19	139.5×
HaemoneticsHAE	$119.19	$2.07	57.6×
EnvistaNVST	$23.66	$0.58	40.8×
LantheusLNTH	$99.92	$4.13	24.2×
BioLife SolutionsBLFS	—	$1.17	—

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	70	63	44	101	89
Debt incl. finance leases	8	26	25	16	5
Net debt (negative means net cash)	−62	−37	−19	−85	−84
Net debt to EBITDA	—	−43.2x	—	−124.2x	—
Debt to equity	0.0x	0.1x	0.1x	0.1x	0.0x
Interest coverage	−77.8x	−10.1x	−8.9x	−2.8x	−21.8x
Current ratio	3.0x	3.1x	2.9x	4.5x	5.9x
Quick ratio	2.3x	2.3x	2.2x	3.7x	4.6x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought BioLife Solutions shares on the open market, and 9 insiders sold $34.0 million, $300,700 of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
May 21, 2026	Casdin Partners Master Fund L.P.10% owner	Sold	650,000	$23.70	$15.4 million	Form 4
May 20, 2026	Casdin Partners Master Fund L.P.10% owner	Sold	250,000	$23.70	$5.9 million	Form 4
May 19, 2026	Casdin Partners Master Fund L.P.10% owner	Sold	300,000	$22.65	$6.8 million	Form 4
Mar 23, 2026	Karen A. FosterChief Quality and Operations	Sold plan	2,577	$19.17	$49,401	Form 4
Mar 9, 2026	Karen A. FosterChief Quality and Operations	Sold	500	$20.00	$10,000	Form 4
Mar 5, 2026	Karen A. FosterChief Quality and Operations	Sold	96,923	$20.15	$2.0 million	Form 4
Mar 3, 2026	Troy WichtermanChief Financial Officer	Sold plan	588	$20.74	$12,195	Form 4
Mar 3, 2026	Aby J. MathewEVP & Chief Scientific Officer	Sold plan	529	$20.74	$10,971	Form 4
Mar 3, 2026	Karen A. FosterChief Quality and Operations	Sold plan	418	$20.74	$8,669	Form 4
Mar 3, 2026	Todd BerardChief Marketing Officer	Sold plan	353	$20.74	$7,321	Form 4
Mar 3, 2026	Sarah AebersoldChief Human Resources Officer	Sold plan	219	$20.74	$4,542	Form 4
Mar 3, 2026	Sean WernerChief Technology Officer	Sold plan	111	$20.74	$2,302	Form 4

The latest 12 of 39 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Fail	Pass	Pass
Return on assets rose	Pass	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	—	Pass	Fail
Revenue rose relative to assets	Pass	Pass	Pass
F-score	3 of 8	7 of 9	6 of 9
Accruals ratio	−12.9%	−7.0%	−6.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put BioLife Solutions side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
BioLife Solutions	FY25	28.9%	−17.3%	11.1%	−4.8%	—	6
Haemonetics	FY26	−2.0%	11.8%	19.5%	6.7%	3.7x	7	Compare
Lantheus	FY25	0.5%	20.2%	23.0%	22.7%	0.6x	5	Compare
ICU Medical	FY25	−6.3%	1.9%	4.1%	0.7%	4.0x	6	Compare
Envista	FY25	8.3%	8.0%	8.5%	3.2%	0.7x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	8	11	20	27	48	119	76	68	75	96
Revenue growth	27.6%	34.0%	79.1%	38.6%	75.7%	147.8%	−36.0%	−10.8%	9.8%	28.9%
Gross profit	5	7	14	19	—	—	—	41	50	62
Research and development	2	1	1	3	7	12	9	6	5	8
Operating income	−5	−1	4	−0	−6	−35	−6	−17	−4	−17
Net income	−7	−2	−25	−2	2	−9	−140	−68	−20	−5
Diluted EPS (US$)	−0.54	−0.21	−1.56	−0.09	−0.06	−0.23	−3.25	−1.55	−0.44	−0.10
Diluted shares (millions)	13	13	22	20	27	38	43	44	46	49
Cash flow
Cash from operations	−4	1	2	1	7	−5	−8	−12	8	20
Capital expenditure	0	0	0	1	2	8	10	6	3	10
Free cash flow	−4	0	2	1	5	−13	−19	−19	5	11
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0	0	0
Acquisitions	0	0	0	0	15	0	0	0	0	0
Stock-based compensation	1	1	2	3	6	14	25	33	31	23
Balance sheet at fiscal year end
Cash and short-term investments	1	7	31	6	90	70	63	44	101	89
Debt incl. finance leases	4	—	—	0	1	8	26	25	16	5
Total assets	8	12	46	93	235	554	450	413	400	406
Total liabilities	5	2	31	49	30	76	86	75	51	34
Shareholders' equity	3	−10	15	43	204	478	364	338	349	372
Margins and ratios
Gross margin	58.1%	61.2%	68.5%	68.0%	—	—	—	60.8%	67.1%	64.6%
Operating margin	−59.0%	−9.6%	18.6%	−0.8%	−13.0%	−29.5%	−7.8%	−25.3%	−6.0%	−17.3%
Net margin	−83.6%	−22.8%	−126.7%	−6.0%	4.1%	−7.5%	−183.4%	−100.0%	−27.0%	−4.8%
Free cash flow margin	−54.3%	4.2%	9.4%	2.0%	9.7%	−10.9%	−24.8%	−27.8%	7.0%	11.1%
Return on capital	—	—	—	—	−6.5%	−10.5%	−1.3%	−4.2%	−1.2%	−4.8%
Return on equity	−117.8%	—	−980.6%	−5.7%	1.6%	−2.6%	−33.2%	−19.4%	−5.9%	−1.3%
Return on assets	−67.8%	−25.1%	−86.8%	−2.4%	1.2%	−2.3%	−27.8%	−15.8%	−5.0%	−1.1%
Net debt to EBITDA	—	—	—	−12.9x	—	—	−43.2x	—	−124.2x	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: BioLife Solutions' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with BioLife Solutions.