Biolife Solutions, Inc. · NASDAQ:BLFS
Biolife Solutions — Investor Presentation (August 2023)
54 slides from Biolife Solutions's investor presentation, Aug 31, 2023
Slide 1: Tooling Up Cell & Gene Therapies
BioLife Solutions Investor Presentation : August 20231 NASDAQ: BLFS Tooling Up Cell & Gene Therapies Investor Presentation August 2023
Slide 2: Safe Harbor Statement
BioLife Solutions Investor Presentation : August 20232 Safe Harbor Statement NASDAQ: BLFS Certain statements contained in this presentation are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,
Slide 3: Growth Catalysts
BioLife Solutions Investor Presentation : August 20233 Growth Catalysts Captive marquee base of CGT customers Directly and indirectly supplying majority of global pharma companies Proprietary biopreservation media used in >650 customer clinical applications & ~140 using Sexton cell processing tools
Slide 4: Q2 2023 Revenue by Segment
BioLife Solutions Investor Presentation : August 20234 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Slide 5: 20235
BioLife Solutions Investor Presentation : August 20235
Slide 6: 20236
BioLife Solutions Investor Presentation : August 20236
Slide 7: 20237
BioLife Solutions Investor Presentation : August 20237
Slide 8: Updated 2023 Revenue Guidance
BioLife Solutions Investor Presentation : August 20238 Updated 2023 Revenue Guidance Segment Revenue ($millions) Low Revenue High Revenue Low Growth High Growth Ex-COVID Low Growth Ex-COVID High Growth Cell Processing (Biopreservation media & Sexton) $65.0 $74.0 (5)% 8% N/A N/A Freezers & Thaw (CBS,
Slide 9: Focus & Strategy
BioLife Solutions Investor Presentation : August 20239 Focus & Strategy Protect and grow cell processing and storage platforms; invest to meet expected demand Divest freezer businesses by year end Rationalize OPEX aligned with 2H 2023 outlook Relentless focus on quality to ensure stellar customer ex
Slide 10: Divestiture of Stirling and CBS Freezer Businesses
BioLife Solutions Investor Presentation : August 202310 Divestiture of Stirling and CBS Freezer Businesses Rationale Improve financial profile and re-focus portfolio on high margin, recurring revenue streams Benefits Elimination of margin drag and distraction, freeing bandwidth for cell processing a
Slide 11: Bioproduction Tools Business
BioLife Solutions Investor Presentation : August 202311 Bioproduction Tools Business 2022 2023Low 2023High Total Growth 36% (11)% (2)% Ex-COVID Organic Growth 30% (3)% 6% 1H 2023 Actual FY 2023 Low Estimate FY 2023 High Estimate 0 20 40 60 80 100 120 140 160 180 2021 2022 2023E Total Revenue ($mm)
Slide 12: Platform Outlook
BioLife Solutions Investor Presentation : August 202312 $0 $10 $20 $30 $40 $50 $60 $70 $80 Cell Processing Freezers & Thaw Storage & Storage Services Total Revenue ($mm) 2021 2022 2023 FY Est Platform Outlook 2022 2023Low 2023High 2022 2023Low 2023High 2022 2023Low 2023High Total Growth 53% (5)% 8%
Slide 13: 1H 2023 Recurring vs. Equipment Revenue
BioLife Solutions Investor Presentation : August 202313 1H 2023 Recurring vs. Equipment Revenue 65% 35% Recurring Equipment Equipment Total: $27.1mm Recurring Total: $50.2mm
Slide 14: 1H 2023 Revenue Channels
BioLife Solutions Investor Presentation : August 202314 1H 2023 Revenue Channels Cell Processing Freezers & Thaw Storage & Storage Services 63% 37% 72% 28% 30% 70% Direct Distributor $37.7mm $26.9mm $12.6mm
Slide 15: BioLife Solutions Product Portfolio
BioLife Solutions Investor Presentation : August 202315 BioLife Solutions Product Portfolio Cell Processing Storage and Services Freezing* and Thawing * Freezer businesses to be divested by 12/31/2023
Slide 16: Accolades
BioLife Solutions Investor Presentation : August 202316 2013 2021 Accolades 20202015 2022
Slide 17: Regenerative Medicine Market
BioLife Solutions Investor Presentation : August 202317 Regenerative Medicine Market
Slide 18: Active Regenerative Medicine Clinical Trials
BioLife Solutions Investor Presentation : August 202318 Active Regenerative Medicine Clinical Trials Cell therapies: 46% Cell-based immuno-oncology (CBIO): 34% Gene therapies: 18% Tissue-engineered therapies: 2% Industry-sponsored: 48% Academic- and government-sponsored: 52% Source: Alliance for Reg
Slide 19: Pending CGT Approvals
BioLife Solutions Investor Presentation : August 202319 Pending CGT Approvals Source: Alliance for Regenerative Medicine August 2023 Sector Snapshot Growing Approval PipelineEmbedded BioLife Solutions Cell Processing Thaw Storage & Storage Services There have been 6 regulatory approvals of cell or g
Slide 20: Biopreservation Challenges
BioLife Solutions Investor Presentation : August 202320 Biopreservation Challenges Causes of Reduced Biologic Potency CAR T and other cell therapies MUST be kept alive during manufacturing, storage and shipping to maintain biologic potency Poor Preservation Temp Excursions Mechanical Shock Survival
Slide 21: Use of suboptimal bioproduction tools
BioLife Solutions Investor Presentation : August 202321 Use of suboptimal bioproduction tools Cell or gene therapy exposed to detrimental environmental conditions in preservation, storage, transport, thawing Less viable/healthy dose administered Lack of desired therapeutic response by the patient Ri
Slide 22: Momentum with Global CGT Customers
BioLife Solutions Investor Presentation : August 202322 Momentum with Global CGT Customers Used in or planned to be used in >650 customer clinical applications Embedded in 14 approved CGT products, with ~10 additional therapies expected regulatory filing submissions in 2023 Biopreservation Media Pro
Slide 23: Biopreservation Media Embedded in Customer Clinical Applications
BioLife Solutions Investor Presentation : August 202323 Biopreservation Media Embedded in > 650 USA Customer Clinical Applications 27 47 57 69 79 63 80 40 2016 2017 2018 2019 2020 2021 2022 1H 2023 – up from 450 for 2020
Slide 24: Products and Services Portfolio
BioLife Solutions Investor Presentation : August 202324 Products and Services Portfolio
Slide 25: Our Solutions Embedded in Customer CGT Workflow
BioLife Solutions Investor Presentation : August 202325 Our Solutions Embedded in Customer CGT Workflow evo® DI Dry Ice Smart Shippers evo® LN2 Smart Shippers evoIS™ Web Application ModPak™ Packout Kit BioT™ Intra-campus Transport CryoStor® Freeze Media BloodStor® Media HypoThermosol® FRS Storage &
Slide 26: Cell Processing Platform
BioLife Solutions Investor Presentation : August 202326 Cell Processing Platform
Slide 27: CryoStor Freeze Media
BioLife Solutions Investor Presentation : August 202327 CryoStor ® Freeze Media - Proprietary Improved cell viability and functional recovery compared to commercial and home-brew alternatives in numerous cell types Formulated to mitigate molecular cell stress during freeze/thaw process in cord blood
Slide 28: HypoThermosol Storage Media
BioLife Solutions Investor Presentation : August 202328 HypoThermosol® Storage Media - Proprietary Optimized for hypothermic (2-8°C) storage and shipping of cells and tissues Enables multiple days of cell and tissue storage for transport of source material and manufactured cell products throughout t
Slide 29: Sexton Cell Processing Tools
BioLife Solutions Investor Presentation : August 202329 Sexton Cell Processing Tools Patented CellSeal ® Closed-System Cryogenic Vials design to reduce contamination risk, offer uniform freezing & thawing profiles, and maximize recovery Signata CT-5 ™ brings traditionally manually performed processe
Slide 30: Marquee Direct Customers
BioLife Solutions Investor Presentation : August 202330 Marquee Direct Customers
Slide 31: Strategic Distributors
BioLife Solutions Investor Presentation : August 202331 Strategic Distributors
Slide 32: Force Multiplier Customers
BioLife Solutions Investor Presentation : August 202332 Force Multiplier Customers CLINICAL CENTERS ————————— CMO & CDMO —————————
Slide 33: Cell Processing Tools & Services Embedded in Approved Therapies
BioLife Solutions Investor Presentation : August 202333 Cell Processing Tools & Services Embedded in 14 Approved Therapies Selected Disclosures Some of the above use biopreservation media and Sexton cell processing tools
Slide 34: Storage & Storage Services Platform
BioLife Solutions Investor Presentation : August 202334 Storage & Storage Services Platform
Slide 35: evo Cold Chain Management Platform
BioLife Solutions Investor Presentation : August 202335 evo® Cold Chain Management Platform -196° C -80° C • Embedded in >100 Clinical Uses • ~50% growth in quarterly shipments from 2022-23 Built in monitoring systems minimize traceability challenges during shipment and seamlessly scale to commercia
Slide 36: SciSafe Biologic Storage Services
BioLife Solutions Investor Presentation : August 202336 SciSafe® Biologic Storage Services Strategically located facilities in the US & EU offer storage conditions from -70°C to -196°C, 24/7 monitoring, risk management procedures, and an electronic inventory system with near real-time visibility All
Slide 37: Freezers & Thaw Systems Platform
BioLife Solutions Investor Presentation : August 202337 Freezers & Thaw Systems Platform
Slide 38: Cryogenic Freezers Platform
BioLife Solutions Investor Presentation : August 202338 Cryogenic Freezers Platform Programmable controlled-rate freezers with six-probe monitoring offer exceptional temperature uniformity, customizable freezing programs and the ability to monitor conditions in real time High-capacity controlled rat
Slide 39: Stirling Ultra Low Temperature (ULT) Freezers
BioLife Solutions Investor Presentation : August 202339 To be divested by 12/31/2023 Stirling® Ultra Low Temperature (ULT) Freezers Compressor-free; patented Stirling engine design; less electrical demand, heat generation and noise pollution Highly cost efficient with extremely tight temperature reg
Slide 40: ThawSTAR Automated, Water-Free Thawing
BioLife Solutions Investor Presentation : August 202340 ThawSTAR® Automated, Water-Free Thawing ThawSTAR® technology operates on sensor-based thawing algorithms designed to provide for consistent thawing outcomes. Pre-thaw transporter systems support short-term transport or processing that maintains
Slide 41: Leadership
BioLife Solutions Investor Presentation : August 202341 Leadership
Slide 42: Leadership Team
BioLife Solutions Investor Presentation : August 202342 Leadership Team Mike Rice – Chairman & Chief Executive Officer BS Bus Admin; 16+ years as BLFS CEO; chief visionary of BLFS market opportunities, branding, marketing strategies; 18 years medical device sales, sales management, marketing; patien
Slide 43: Leadership Team
BioLife Solutions Investor Presentation : August 202343 Leadership Team Sarah Aebersold, J.D. – Global VP, Human Resources BA Psychology, JD. Joined BioLife in 2020 with over 15 years of HR leadership experience at various companies in the industries of Biotechnology, Medical Device, Software, and H
Slide 44: Investment Thesis
BioLife Solutions Investor Presentation : August 202344 Investment Thesis Class-defining portfolio of bioproduction tools and services designed to improve quality and de-risk cell and gene therapy manufacturing and delivery – pure play picks and shovels Strategic decision to divest freezer businesse
Slide 45: Supplemental Financial Information
BioLife Solutions Investor Presentation : August 202345 Supplemental Financial Information
Slide 46: YTD 2023 Adjusted Financial Results (non-GAAP)
BioLife Solutions Investor Presentation : August 202346 YTD 2023 Adjusted Financial Results (non-GAAP) Six Months Ended June 30, ($’s in millions, except pe centage and basis point figures) 2023 2022 Change Change % Revenue 77.2 76.8 0.5 1% Adjusted Gross Margin % 36% 34% 2% n/a Adjusted Operating E
Slide 47: Cap Table (End of Q2 2023)
BioLife Solutions Investor Presentation : August 202347 Cap Table (End of Q2 2023, as 06/30/2023) (,000) Shares Options/RSAs Total Directors & Officers 796 277 1,073 Affiliates 15,543 - 15,543 Other 27,103 52 27,115 Total 43,442 330 43,772
Slide 48: GAAP to Non-GAAP Financial Information
BioLife Solutions Investor Presentation : August 202348 GAAP to Non-GAAP Financial Information
Slide 49: GAAP to Non-GAAP Gross Profit
BioLife Solutions Investor Presentation : August 202349 GAAP to Non-GAAP Gross Profit Six Months Ended June 30, (In thousands) 2023 2022 GAAP GROSS PROFIT $ 24,385 $ 23,926 GAAP GROSS MARGIN 32 % 31 % ADJUSTMENTS TO GROSS PROFIT: Inventory step-up — 251 Inventory reserve costs 2,185 — Intangible ass
Slide 50: GAAP to Non-GAAP Operating Expenses
BioLife Solutions Investor Presentation : August 202350 GAAP to Non-GAAP Operating Expenses Six Months Ended June 30, (In thousands) 2023 2022 GAAP OPERATING EXPENSES $ 106,097 $ 161,283 ADJUSTMENTS TO OPERATING EXPENSES: Cost of product, rental, and service revenue (51,359) (50,640) Acquisition and
Slide 51: GAAP to Non-GAAP Operating Loss
BioLife Solutions Investor Presentation : August 202351 GAAP to Non-GAAP Operating Loss Six Months Ended June 30, (In thousands) 2023 2022 GAAP OPERATING LOSS $ (28,887) $ (84,531) ADJUSTMENTS TO GAAP OPERATING LOSS Inventory step-up — 251 Acquisition and divestiture costs 2,976 16 Intangible asset
Slide 52: GAAP to Non-GAAP Net Loss
BioLife Solutions Investor Presentation : August 202352 GAAP to Non-GAAP Net Loss Six Months Ended June 30, (In thousands) 2023 2022 GAAP NET LOSS $ (23,913) $ (80,299) ADJUSTMENTS TO GAAP NET LOSS Inventory step-up — 251 Acquisition and divestiture costs 2,976 16 Intangible asset amortization 2,911
Slide 53: GAAP to Non-GAAP Adjusted EBITDA
BioLife Solutions Investor Presentation : August 202353 GAAP to Non-GAAP Adjusted EBITDA Six Months Ended June 30, (In thousands) 2023 2022 GAAP NET LOSS $ (23,913) $ (80,299) ADJUSTMENTS: Interest expense 829 216 Income tax expense / (benefit) 97 (4,338) Depreciation 3,733 2,639 Intangible asset am
Slide 54: BioLife Solutions Inc. contact details
BioLife Solutions Investor Presentation : August 202354 BioLife Solutions Inc. 3303 Monte Villa Parkway, Suite 310, Bothell, WA 98021 USA T +1.866.424.6543 or 425.402.1400 F +1.425.402.1433 E info@biolifesolutions.com biolifesolutions.com biolifesolutions.com For additional questions or comments, pl
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