EX-99.1 5 scidivestitureproformas.htm EX-99.1 Document
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3303 Monte Villa Parkway, Suite 310 | Bothell, WA 98021 USA | 866.424.6543 phone | 425.402.1433 fax | BioLifeSolutions.com
Unaudited Pro Forma Condensed Consolidated Financial Information

Effective as of November 12, 2024, BioLife Solutions, Inc., a Delaware corporation (the “Company” or "BioLife"), completed the sale of all of the issued and outstanding common stock of SciSafe, Holdings, Inc., a Delaware corporation and its operating companies, SciSafe, Inc., a New Jersey corporation (“SciSafe NJ”) and BioLife Solutions B.V., a Netherlands entity (“Solutions” and, together with SciSafe NJ, “SciSafe”), each an indirect, wholly owned subsidiary of the Company, to SubZero Purchaser Corp., a Delaware corporation ("Buyer") for an aggregate cash purchase price of $73.0 million (the "Transaction"), pursuant to the terms of the Stock Purchase Agreement, dated November 12, 2024 by and among the Company, SciSafe, Inc., a Delaware corporation and an indirect, wholly owned subsidiary of the Company, and Buyer.

The unaudited pro forma condensed consolidated financial information has been derived from the Company’s historical consolidated financial statements and gives effect to the Transaction. The unaudited pro forma condensed consolidated balance sheet as of June 30, 2024, reflects the Company’s financial position as if the Transaction had occurred on such date. The unaudited pro forma condensed consolidated statements of operations for the six months ended June 30, 2024 and each of the years ended December 31, 2023, 2022, and 2021 reflect the Company’s operating results as if the Transaction had occurred as of January 1, 2021. In addition, the unaudited pro forma condensed consolidated statements of operations for the six months ended June 30, 2024, reflect certain adjustments described herein that are incremental to those related to the Transaction discussed above as if they had occurred on January 1, 2024. In our future public filings, beginning in the year ended December 31, 2024, the historical financial results of SciSafe will be reflected in the Company’s consolidated financial statements as discontinued operations under U.S. generally accepted accounting principles (“GAAP”) for all periods.

The unaudited pro forma condensed consolidated financial statements and the accompanying notes should be read in conjunction with the audited consolidated financial statements and accompanying notes and "Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (the "SEC") on February 29, 2024, and the unaudited condensed consolidated financial statements and accompanying notes and "Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in Company's Quarterly Report on Form 10-Q for the three and six months ended June 30, 2024, filed with the U.S. Securities and Exchange Commission (the "SEC") on August 9, 2024, which include the re-casted consolidated financial statements due to previous disposal transaction of April 17, 2024 that also qualified as a discontinued operations.

The unaudited pro forma condensed consolidated financial information has been prepared based upon currently available information and management estimates and is subject to the assumptions and adjustments described below and in the accompanying notes to the unaudited pro forma condensed consolidated financial information. The unaudited pro forma financial information is not intended to be a complete presentation of the Company’s financial position or results of operations had the Transaction occurred as of and for the periods presented. In addition, the unaudited pro forma condensed consolidated financial information is provided for illustrative and informational purposes only and is not necessarily indicative of the Company’s future results of operations or financial condition. The Company's actual financial position and results of operations may materially differ from the pro forma amounts reflected herein due to a

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3303 Monte Villa Parkway, Suite 310 | Bothell, WA 98021 USA | 866.424.6543 phone | 425.402.1433 fax | BioLifeSolutions.com
variety of factors. Management believes these assumptions and adjustments are reasonable, given the information available at the filing date.

The “Historical BioLife” column in the unaudited pro forma condensed consolidated financial information reflects our historical condensed consolidated financial statements for each of the periods presented and does not reflect any adjustments related to the Transaction and related transactions.

The “SciSafe Transaction Adjustments” column in the unaudited pro forma condensed consolidated financial information gives effect to the Transaction and has been prepared consistent with the guidance for discontinued operations, ASC 205-20 Presentation of Financial Statements – Discontinued Operations (“ASC 205-20”), under GAAP. Therefore, the Company did not allocate any general corporate overhead expenses to the discontinued operations. As such, the unaudited pro forma condensed consolidated financial information does not reflect what our results of operations would have been on a stand-alone basis and is not necessarily indicative of future results of operations. In addition, our current estimates for discontinued operations are preliminary and actual results could differ from these estimates as the Company finalizes the discontinued operations accounting to be reported in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, as well as the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

The “Other Separation Adjustments” column in the unaudited pro forma condensed consolidated financial information is based on currently available information and assumptions management believes are, under the circumstances and given the information available at this time, reasonable, and best reflect the impact of the Transaction on the Company’s financial condition and results of operations.


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3303 Monte Villa Parkway, Suite 310 | Bothell, WA 98021 USA | 866.424.6543 phone | 425.402.1433 fax | BioLifeSolutions.com
BIOLIFE SOLUTIONS, INC.
Pro Forma Consolidated Balance Sheet
(Unaudited, amounts in thousands, except share and per share amounts)
    
June 30, 2024
(In thousands, except per share and share data)Historical BioLifeSciSafe Transaction AdjustmentsNote 2Pro Forma BioLife
Assets
Current assets:
Cash and cash equivalents$22,014 $70,295 (a)$92,309 
Restricted cash31 — 31 
Available-for-sale securities, current portion12,120 — 12,120 
Accounts receivable, trade, net18,064 (6,811)(b)11,253 
Inventories32,496 — 32,496 
Prepaid expenses and other current assets3,475 (640)(b)2,835 
Total current assets88,200 62,844 151,044 
Assets held for rent, net11,094 (4,059)(b)7,035 
Property and equipment, net17,256 (11,567)(b)5,689 
Operating lease right-of-use assets, net10,400 (4,083)(b)6,317 
Financing lease right-of-use assets, net36 (36)(b)— 
Long-term deposits and other assets241 (170)(b)71 
Available-for-sale securities, long term2,688 — 2,688 
Equity Investments995 — 995 
Intangible assets, net19,325 (8,700)(b)10,625 
Goodwill224,741 (11,108)(d)213,633 
Total assets$374,976 $23,121 $398,097 
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable$4,213 $(723)(b)$3,490 
Accrued expenses and other current liabilities8,128 3,081 (b)(e)11,209 
Sales taxes payable4,860 (51)(b)4,809 
Warranty liability183 — 183 
Lease liabilities, operating, current portion2,504 (1,330)(b)1,174 
Lease liabilities, financing, current portion317 (24)(b)293 
Debt, current portion10,614 (459)(a)10,155 
Contingent consideration— 3,250 (g)3,250 
Total current liabilities30,819 3,744 34,563 
Lease liabilities, operating, long-term11,075 (2,937)(b)8,138 
Lease liabilities, financing, long-term996 (15)(b)981 
Debt, long-term10,451 (446)(a)10,005 
Deferred tax liabilities193 — 193 
Total liabilities53,534 346 53,880 
Shareholders’ equity:
Preferred stock, $0.001 par value; 1,000,000 shares authorized, Series A, 4,250 shares designated, and 0 shares issued and outstanding as of December 31, 2023— — — 
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3303 Monte Villa Parkway, Suite 310 | Bothell, WA 98021 USA | 866.424.6543 phone | 425.402.1433 fax | BioLifeSolutions.com
Common stock, $0.001 par value; 150,000,000 shares authorized, 45,167,225 shares issued and outstanding as of December 31, 202346 — 46 
Additional paid-in capital667,808 — 667,808 
Accumulated other comprehensive loss, net of taxes(555)543 (b)(12)
Accumulated deficit(345,857)22,232 (c)(e)(f)(323,625)
Total shareholders’ equity321,442 22,775 344,217 
Total liabilities and shareholders’ equity$374,976 $23,121 $398,097 

See the accompanying notes to the unaudited pro forma condensed consolidated financial statements.
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3303 Monte Villa Parkway, Suite 310 | Bothell, WA 98021 USA | 866.424.6543 phone | 425.402.1433 fax | BioLifeSolutions.com
BIOLIFE SOLUTIONS, INC.
Pro Forma Consolidated Statement of Operations
(Unaudited, amounts in thousands, except share and per share amounts)
Six Months Ended June 30, 2024
(In thousands, except per share and share data)Historical BioLifeSciSafe Transaction AdjustmentsNote 2Pro Forma BioLife
Product revenue$41,167 $— $41,167 
Service revenue9,513 (9,181)(c)332 
Rental revenue4,427 (1,232)(c)3,195 
Total product, service, and rental revenue55,107 (10,413)44,694 
Costs and operating expenses:
Cost of product, service, and rental revenue (exclusive of intangible assets amortization)26,001 (7,930)(c)18,071 
General and administrative22,604 (1,411)(c)21,193 
Sales and marketing6,858 (462)(c)6,396 
Research and development4,776 — 4,776 
Intangible asset amortization1,824 (453)(c)1,371 
Change in fair value of contingent consideration— 3,250 (g)3,250 
SciSafe employee stock based compensation expenses— 4,430 (e)4,430 
Gain on sale of SciSafe— (28,511)(d)(f)(28,511)
Total operating expense62,063 (31,087)30,976 
Operating (loss) income(6,956)20,674 13,718 
Other expense:
Change in fair value of equity investments(4,074)— (4,074)
Interest expense, net(529)7 (c)(522)
Other income322 79 (c)401 
Total other expense, net(4,281)86 (4,195)
(Loss) income before income tax expense(11,237)20,760 9,523 
Income tax expense(121)96 (c)(25)
Net (loss) income from continuing operations$(11,358)$20,856 $9,498 
Discontinued operations:
Loss from discontinued operations before income tax expense(19,572)— (19,572)
Income tax expense(10)— (10)
Loss from discontinued operations $(19,582)$— $(19,582)
Net loss$(30,940)$20,856 $(10,084)
(Loss) income from continuing operations attributable to common shareholders:
Basic and Diluted$(11,358)$20,856 $9,498 
Loss from discontinued operations attributable to common shareholders:
Basic and Diluted$(19,582)$— $(19,582)
(Loss) income per share from continuing operations attributable to common shareholders:
Basic and Diluted$(0.25)$0.46 $0.21 
Loss per share from discontinued operations attributable to common shareholders:
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3303 Monte Villa Parkway, Suite 310 | Bothell, WA 98021 USA | 866.424.6543 phone | 425.402.1433 fax | BioLifeSolutions.com
Basic and Diluted$(0.43)$— $(0.43)
Net loss attributable to common shareholders:
Basic and Diluted$(30,940)$20,856 $(10,084)
Net loss per share attributable to common shareholders:
Basic and Diluted$(0.68)$0.46 $(0.22)
Weighted average common shares outstanding:
Basic and Diluted45,718,232 45,718,232 

See the accompanying notes to the unaudited pro forma condensed consolidated financial statements.
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3303 Monte Villa Parkway, Suite 310 | Bothell, WA 98021 USA | 866.424.6543 phone | 425.402.1433 fax | BioLifeSolutions.com
BIOLIFE SOLUTIONS, INC.
Pro Forma Consolidated Statement of Operations
(Unaudited, amounts in thousands, except share and per share amounts)
Year Ended December 31, 2023
(In thousands, except per share and share data)Historical BioLifeSciSafe Transaction AdjustmentsNote 2Pro Forma BioLife
Product revenue$82,346 $— $82,346 
Service revenue17,074 (16,528)(c)546 
Rental revenue8,025 (1,486)(c)6,539 
Total product, service, and rental revenue107,445 (18,014)89,431 
Costs and operating expenses:
Cost of product, service, and rental revenue (exclusive of intangible assets amortization)59,837 (17,283)(c)42,554 
General and administrative50,464 (3,487)(c)46,977 
Sales and marketing15,348 (1,317)(c)14,031 
Research and development14,702 — 14,702 
Asset impairment charges8,310 — 8,310 
Intangible asset amortization5,050 (907)(c)4,143 
Change in fair value of contingent consideration(2,193)— (2,193)
Gain on sale of SciSafe— (18,640)(d)(f)(18,640)
Total operating expenses151,518 (41,634)109,884 
Operating loss(44,073)23,620 (20,453)
Other income:
Gain on settlement of Global Cooling escrow5,115 — 5,115 
Interest expense, net(1,681)13 (c)(1,668)
Other income1,221 87 (c)1,308 
Total other income, net4,655 100 4,755 
Loss before income tax (expense) benefit(39,418)23,720 (15,698)
Income tax (expense) benefit(156)172 (c)16 
Loss from continuing operations$(39,574)$23,892 $(15,682)
Discontinued operations:
Loss from discontinued operations before income tax expense(28,415)— (28,415)
Income tax expense(13)— (13)
Loss from discontinued operations$(28,428)$— $(28,428)
Net loss$(68,002)$23,892 $(44,110)
Loss from continuing operations attributable to common shareholders:
Basic and Diluted$(39,574)$23,892 $(15,682)
Loss from discontinued operations attributable to common shareholders:
Basic and Diluted$(28,428)$— $(28,428)
Loss per share from continuing operations attributable to common shareholders:
Basic and Diluted$(0.91)$0.55 $(0.36)
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3303 Monte Villa Parkway, Suite 310 | Bothell, WA 98021 USA | 866.424.6543 phone | 425.402.1433 fax | BioLifeSolutions.com
Loss per share from discontinued operations attributable to common shareholders:
Basic and Diluted$(0.65)$— $(0.65)
Net loss attributable to common shareholders:
Basic and Diluted$(68,002)$23,892 $(44,110)
Net loss per share attributable to common shareholders:
Basic and Diluted$(1.56)$0.55 $(1.01)
Weighted average common shares outstanding:
Basic and Diluted43,719,185—43,719,185

See the accompanying notes to the unaudited pro forma condensed consolidated financial statements.
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3303 Monte Villa Parkway, Suite 310 | Bothell, WA 98021 USA | 866.424.6543 phone | 425.402.1433 fax | BioLifeSolutions.com
BIOLIFE SOLUTIONS, INC.
Pro Forma Consolidated Statement of Operations
(Unaudited, amounts in thousands, except share and per share amounts)
Year Ended December 31, 2022
(In thousands, except per share and share data)Historical BioLifeSciSafe Transaction AdjustmentsNote 2Pro Forma BioLife
Product revenue$88,085 $— $88,085 
Service revenue15,308 (15,234)(c)74 
Rental revenue10,451 (6,228)(c)4,223 
Total product, service, and rental revenue113,844 (21,462)92,382 
Costs and operating expenses:
Cost of product, service, and rental revenue (exclusive of intangible assets amortization)56,316 (15,060)(c)41,256 
General and administrative41,012 (4,683)(c)36,329 
Sales and marketing13,294 (699)(c)12,595 
Research and development10,539 (12)(c)10,527 
Intangible asset amortization5,726 (907)(c)4,819 
Change in fair value of contingent consideration(4,754)— (4,754)
Gain on sale of SciSafe— (20,872)(d)(f)(20,872)
Total operating expenses122,133 (42,233)79,900 
Operating (loss) income(8,289)20,771 12,482 
Other income:
Change in fair value of investments697 — 697 
Interest expense, net(430)118 (c)(312)
Other income700 (34)(c)666 
Total other income, net967 84 1,051 
(Loss) income before income tax benefit(7,322)20,855 13,533 
Income tax benefit5,033 194 (c)5,227 
(Loss) income from continuing operations$(2,289)$21,049 $18,760 
Discontinued operations:
Loss from discontinued operations before income tax expense(137,506)— (137,506)
Income tax expense(10)— (10)
Loss from discontinued operations$(137,516)$— $(137,516)
Net loss$(139,805)$21,049 $(118,756)
(Loss) income from continuing operations attributable to common shareholders:
Basic and Diluted$(2,289)$21,049 $18,760 
Loss from discontinued operations attributable to common shareholders:
Basic and Diluted$(137,516)$— $(137,516)
(Loss) income per share from continuing operations attributable to common shareholders:
Basic and Diluted$(0.05)$0.50 $0.44 
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3303 Monte Villa Parkway, Suite 310 | Bothell, WA 98021 USA | 866.424.6543 phone | 425.402.1433 fax | BioLifeSolutions.com
Loss per share from discontinued operations attributable to common shareholders:
Basic and Diluted$(3.24)$— $(3.24)
Net loss attributable to common shareholders:
Basic and Diluted$(139,805)$21,049 $(118,756)
Net loss per share attributable to common shareholders:
Basic and Diluted$(3.29)$0.50 $(2.80)
Weighted average common shares outstanding:
Basic and Diluted42,481,027—42,481,027

See the accompanying notes to the unaudited pro forma condensed consolidated financial statements.







































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3303 Monte Villa Parkway, Suite 310 | Bothell, WA 98021 USA | 866.424.6543 phone | 425.402.1433 fax | BioLifeSolutions.com
BIOLIFE SOLUTIONS, INC.
Pro Forma Consolidated Statement of Operations
(Unaudited, amounts in thousands, except share and per share amounts)
Year Ended December 31, 2021
(In thousands, except per share and share data)Historical BioLifeSciSafe Transaction AdjustmentsNote 2Pro Forma BioLife
Product revenue$62,729 $— $62,729 
Service revenue9,817 (9,817)(c)— 
Rental revenue7,426 (4,913)(c)2,513 
Total product, service, and rental revenue79,972 (14,730)65,242 
Costs and operating expenses:
Cost of product, rental, and service revenue (exclusive of intangible assets amortization)39,002 (9,665)(c)29,337 
General and administrative30,283 (4,822)(c)25,461 
Sales and marketing9,596 (349)(c)9,247 
Research and development8,925 — 8,925 
Intangible asset amortization4,406 (907)(c)3,499 
Change in fair value of contingent consideration2,875 — 2,875 
Gain on sale of SciSafe— (18,207)(d)(f)(18,207)
Total operating expenses95,087 (33,950)61,137 
Operating (loss) income(15,115)19,220 4,105 
Other income:
Change in fair value of warrant liability(121)— (121)
Interest expense, net(187)117 (c)(70)
Other income (expense)275 (284)(c)(9)
Gain on acquisition of Sexton Biotechnologies, Inc.6,451 — 6,451 
Total other income, net6,418 (167)6,251 
(Loss) income before income tax benefit(8,697)19,053 10,356 
Income tax benefit15,542 14 (c)15,556 
Income from continuing operations$6,845 $19,067 $25,912 
Discontinued operations:
Loss from discontinued operations before income tax benefit(20,329)— (20,329)
Income tax benefit4,576 — 4,576 
Loss from discontinued operations$(15,753)$— $(15,753)
Net (loss) income$(8,908)$19,067 $10,159 
Income from continuing operations attributable to common shareholders:
Basic and Diluted$6,845 $19,067 $25,912 
Loss from discontinued operations attributable to common shareholders:
Basic and Diluted$(15,753)$— $(15,753)
Income per share from continuing operations attributable to common shareholders:
Basic and Diluted$0.18 $0.50 $0.67 
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3303 Monte Villa Parkway, Suite 310 | Bothell, WA 98021 USA | 866.424.6543 phone | 425.402.1433 fax | BioLifeSolutions.com
Loss per share from discontinued operations attributable to common shareholders:
Basic and Diluted$(0.41)$— $(0.41)
Net (loss) income attributable to common shareholders:
Basic and Diluted$(8,908)$19,067 $10,159 
Net (loss) income per share attributable to common shareholders:
Basic and Diluted$(0.23)$0.50 $0.26 
Weighted average common shares outstanding:
Basic and Diluted38,503,944—38,503,944

See the accompanying notes to the unaudited pro forma condensed consolidated financial statements.


Notes to the Unaudited Pro Forma Condensed Consolidated Financial Statements

Note 1. Basis of Presentation

The unaudited pro forma condensed consolidated financial information has been prepared based on BioLife's historical consolidated financial statements and in accordance with Article 11 of SEC Regulation S-X, Pro Forma Financial Information.

SciSafe Discontinued Operations reflect associated assets, liabilities, and stockholders’ equity and results of operations attributable to SciSafe that were included in the Company’s historical consolidated financial statements in accordance with ASC 205-20. These amounts exclude general corporate overhead costs which were historically allocated to SciSafe that do not meet the requirements to be presented in discontinued operations.

Note 2. Pro Forma Adjustments and Assumptions

The unaudited pro forma condensed consolidated balance sheet and the unaudited pro forma condensed consolidated statements of operations, respectively, present the pro forma adjustments to historical financial results directly attributable to the Transaction in accordance with ASC 205-20, as follows.

(a) This adjustment represents the receipt of cash consideration less fees to be paid to the broker, attorneys, and other external parties, in addition to cash used in the payoff of certain equipment loans in connection with the closing of the transaction.

Closing Transaction SummaryAmount
Cash consideration received$73,000 
Equipment loan payoff(905)
Fees to be paid for legal and other transaction services(1,800)
Net Closing Transaction Proceeds$70,295 

(b) These adjustments represent the disposal of assets and liabilities attributable to SciSafe.

(c) These adjustments represent the disposal of revenues, and costs and operating expenses of SciSafe.

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(d) This adjustment reflects the Company's allocation of goodwill to SciSafe on a fair value basis.

(e) This adjustment reflects the Company's compensation expenses associated with the acceleration of unvested shares for all former employees of the Company that remained with SciSafe upon the closing of the Transaction ($4.0M).

(f) This adjustment reflects the calculated gain on the disposal of SciSafe.

Gain on Sale of SciSafe as of June 30, 2024
Net Closing Transaction Proceeds$70,295 
Current Assets7,451 
Long-Term Assets before allocation of goodwill28,615 
Total Assets36,066 
Current Liabilities, excluding retained portion of current debt(3,477)
Long-Term Liabilities, excluding retained portion of long-term debt(2,952)
Less: Costs allocated to SciSafe as accrued expenses496 
Total Liabilities(5,933)
Currency translation adjustment543 
Net assets30,676 
Total gain on sale of SciSafe$39,619 

(g) This adjustment reflects the contingent consideration paid out in connection with the closing transaction ($2.9M).

Pro Forma Adjusted Gross Margin and Adjusted EBITDA Reconciliations

In addition to net income (loss) determined in accordance with GAAP, we use the non-GAAP measures, "Adjusted Gross Margin", earnings before interest, taxes, depreciation and amortization (EBITDA), and Adjusted EBITDA”, in assessing our operating performance as we believe it serves as an appropriate measure in evaluating the performance of our business. We reference Adjusted Gross Margin, EBITDA, and Adjusted EBITDA frequently in our decision-making because it provides supplemental information that facilitates internal comparisons to the historical periods and external comparisons to competitors. In addition, incentive compensation is primarily based on Adjusted Gross Margin, EBITDA, and Adjusted EBITDA targets and we base certain of our forward-looking estimates on Adjusted Gross Margin, EBITDA, and Adjusted EBITDA to facilitate quantification of planned business activities and enhance subsequent follow-up with comparisons of actual to planned Adjusted Gross Margin, EBITDA and Adjusted EBITDA targets.

The following is a reconciliation of our pro forma revenue to our pro forma Adjusted Gross Margin and pro forma net income to our pro forma EBITDA and Adjusted EBITDA for the six months ended June 30, 2024 and each of the years ended December 31, 2023, 2022, and 2021:





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BIOLIFE SOLUTIONS, INC.
RECONCILIATION OF PRO FORMA GROSS PROFIT TO PRO FORMA ADJUSTED GROSS PROFIT
(Unaudited, amounts in thousands)



Six Months Ended June 30, 2024
(In thousands)Historical BioLifeSciSafe Transaction AdjustmentsPro Forma BioLife
GAAP total revenues$55,107 $(10,413)$44,694 
GAAP cost of revenues(26,001)7,930 (18,071)
COGS intangible asset amortization(1,159)— (1,159)
GAAP GROSS PROFIT$27,947 $(2,483)$25,464 
GAAP GROSS MARGIN51 %57 %
ADJUSTMENTS TO GROSS PROFIT:
Loss on disposal of assets(48)48 — 
Intangible asset amortization1,159 — 1,159 
ADJUSTED GROSS PROFIT$29,058 $(2,435)$26,623 
ADJUSTED GROSS MARGIN53 %60 %


Year Ended December 31, 2023
(In thousands)Historical BioLifeSciSafe Transaction AdjustmentsPro Forma BioLife
GAAP total revenues$107,445 $(18,014)$89,431 
GAAP cost of revenues(59,837)17,283 (42,554)
COGS intangible asset amortization(2,781)— (2,781)
GAAP GROSS PROFIT$44,827 $(731)$44,096 
GAAP GROSS MARGIN42 %49 %
ADJUSTMENTS TO GROSS PROFIT:
Inventory reserve costs1,772 — 1,772 
Loss on disposal of assets286 (275)11 
Intangible asset amortization2,781 — 2,781 
ADJUSTED GROSS PROFIT$49,666 $(1,006)$48,660 
ADJUSTED GROSS MARGIN46 %54 %



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3303 Monte Villa Parkway, Suite 310 | Bothell, WA 98021 USA | 866.424.6543 phone | 425.402.1433 fax | BioLifeSolutions.com
Year Ended December 31, 2022
(In thousands)Historical BioLifeSciSafe Transaction AdjustmentsPro Forma BioLife
GAAP total revenues$113,844 $(21,462)$92,382 
GAAP cost of revenues(56,316)15,060 (41,256)
COGS intangible asset amortization(5,007)2,528 (2,479)
GAAP GROSS PROFIT$52,521 $(3,874)$48,647 
GAAP GROSS MARGIN46 %53 %
ADJUSTMENTS TO GROSS PROFIT:
Inventory step up251 — 251 
Loss on disposal of assets47 (47)— 
Intangible asset amortization5,007 (2,528)2,479 
ADJUSTED GROSS PROFIT$57,826 $(6,449)$51,377 
ADJUSTED GROSS MARGIN51 %56 %

Year Ended December 31, 2021
(In thousands)Historical BioLifeSciSafe Transaction AdjustmentsPro Forma BioLife
GAAP total revenues$79,972 $(14,730)$65,242 
GAAP cost of revenues(39,002)9,665 (29,337)
COGS intangible asset amortization(4,557)2,016 (2,541)
GAAP GROSS PROFIT$36,413 $(3,049)$33,364 
GAAP GROSS MARGIN46 %51 %
ADJUSTMENTS TO GROSS PROFIT:
Inventory step-up1,130 — 1,130 
Intangible asset amortization4,557 (2,016)2,541 
ADJUSTED GROSS PROFIT$42,100 $(5,065)$37,035 
ADJUSTED GROSS MARGIN53 %57 %



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BIOLIFE SOLUTIONS, INC.
RECONCILIATION OF PRO FORMA NET LOSS TO PRO FORMA ADJUSTED EBITDA
(Unaudited, amounts in thousands)


Six Months Ended June 30, 2024
(In thousands)Historical BioLifeSciSafe Transaction AdjustmentsPro Forma BioLife
Net loss$(30,940)$20,856 $(10,084)
Add: Discontinued operations19,582 — 19,582 
(Loss) income from continuing operations$(11,358)$20,856 $9,498 
ADJUSTMENTS:
Interest expense529 (7)522 
Accretion of available-for-sale investments(320)— (320)
Income tax expense121 (96)25 
Depreciation2,898 (1,385)1,513 
Intangible asset amortization1,824 (453)1,371 
EBITDA(6,306)18,915 12,609 
OTHER ADJUSTMENTS:
Gain on sale of SciSafe— (28,511)(28,511)
SciSafe employee stock based compensation expenses— 4,015 4,015 
Share-based compensation10,699 (552)10,147 
Acquisition and divestiture costs390 — 390 
Severance costs— 415 415 
Loss on disposal of assets(100)100 — 
Change in fair value of contingent consideration— 3,250 3,250 
Change in fair value of equity investments4,074 — 4,074 
Other income(300)— (300)
ADJUSTED EBITDA$8,457 $(2,368)$6,089 
% of Revenue15 %13 %


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3303 Monte Villa Parkway, Suite 310 | Bothell, WA 98021 USA | 866.424.6543 phone | 425.402.1433 fax | BioLifeSolutions.com
Year Ended December 31, 2023
(In thousands)Historical BioLifeSciSafe Transaction AdjustmentsPro Forma BioLife
Net loss$(68,002)$23,892 $(44,110)
Add: Discontinued operations28,428 — 28,428 
Loss from continuing operations$(39,574)$23,892 $(15,682)
ADJUSTMENTS:
Interest expense1,681 (13)1,668 
Accretion of available-for-sale investments(1,263)— (1,263)
Income tax expense (benefit)156 (172)(16)
Depreciation6,729 (2,636)4,093 
Intangible asset amortization5,050 (907)4,143 
EBITDA(27,221)20,164 (7,057)
OTHER ADJUSTMENTS:
Gain on sale of SciSafe— (18,640)(18,640)
Share-based compensation28,511 (2,498)26,013 
Severance costs1,591 — 1,591 
Acquisition and divestiture costs3,226 — 3,226 
Loss on disposal of assets477 (427)50 
Change in fair value of contingent consideration(2,193)— (2,193)
Asset impairment charges8,310 — 8,310 
Gain on settlement of Global Cooling escrow(5,115)— (5,115)
Inventory reserve costs1,772 — 1,772 
ADJUSTED EBITDA$9,358 $(1,401)$7,957 
% of Revenue9 %9 %


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3303 Monte Villa Parkway, Suite 310 | Bothell, WA 98021 USA | 866.424.6543 phone | 425.402.1433 fax | BioLifeSolutions.com
Year Ended December 31, 2022
(In thousands)Historical BioLifeSciSafe Transaction AdjustmentsPro Forma BioLife
Net loss$(139,805)$21,049 $(118,756)
Add: Discontinued operations137,516 — 137,516 
(Loss) income from continuing operations$(2,289)$21,049 $18,760 
ADJUSTMENTS:
Interest expense430 (118)312 
Accretion of available-for-sale investments(459)— (459)
Income tax benefit(5,033)(194)(5,227)
Depreciation6,218 (2,081)4,137 
Intangible asset amortization5,726 (906)4,820 
EBITDA4,593 17,750 22,343 
OTHER ADJUSTMENTS:
Gain on sale of SciSafe— (20,872)(20,872)
Share-based compensation22,030 (2,465)19,565 
Inventory step-up251 — 251 
Acquisition and divestiture costs18 (10)8 
Loss on disposal of assets524 112 636 
Change in fair value of contingent consideration(4,754)— (4,754)
Change in fair value of investments(697)— (697)
ADJUSTED EBITDA$21,965 $(5,485)$16,480 
% of Revenue19 %17 %

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3303 Monte Villa Parkway, Suite 310 | Bothell, WA 98021 USA | 866.424.6543 phone | 425.402.1433 fax | BioLifeSolutions.com
Year Ended December 31, 2021
(In thousands)Historical BioLifeSciSafe Transaction AdjustmentsPro Forma BioLife
Net (loss) income$(8,908)$19,067 $10,159 
Add: Discontinued operations15,753 — 15,753 
Income from continuing operations$6,845 $19,067 $25,912 
ADJUSTMENTS:
Interest expense187 (117)70 
Income tax benefit(15,542)(14)(15,556)
Depreciation4,308 (984)3,324 
Intangible asset amortization4,406 (906)3,500 
EBITDA204 17,046 17,250 
OTHER ADJUSTMENTS:
Gain on sale of SciSafe— (18,207)(18,207)
Share-based compensation12,942 (1,492)11,450 
Inventory step-up1,130 — 1,130 
Acquisition and divestiture costs1,636 (32)1,604 
Loss on disposal of assets(145)— (145)
Change in fair value of contingent consideration2,875 — 2,875 
Change in fair value of warrant liability121 — 121 
ADJUSTED EBITDA$18,763 $(2,685)$16,078 
% of Revenue23 %25 %
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