Bothell, WA Bio Co. Poised for 17-20% Revenue Growth in 2026 as Cell Therapy Market Expands
Research Report

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Disclosures for H.C. Wainwright & Co., BioLife Solutions Inc., March 13, 2026

This material is confidential and intended for use by Institutional Accounts as defined in FINRA Rule 4512(c). It may also be privileged or otherwise protected by work product immunity or other legal rules. If you have received it by mistake, please let us know by e-mail reply to [email protected] and delete it from your system; you may not copy this message or disclose its contents to anyone. The integrity and security of this message cannot be guaranteed on the Internet. H.C. WAINWRIGHT & CO, LLC RATING SYSTEM: H.C. Wainwright employs a three tier rating system for evaluating both the potential return and risk associated with owning common equity shares of rated firms. The expected return of any given equity is measured on a RELATIVE basis of other companies in the same sector. The price objective is calculated to estimate the potential movements in price that a given equity could reach provided certain targets are met over a defined time horizon. Price objectives are subject to external factors including industry events and market volatility. RETURN ASSESSMENT Market Outperform (Buy): The common stock of the company is expected to outperform a passive index comprised of all the common stock of companies within the same sector. Market Perform (Neutral): The common stock of the company is expected to mimic the performance of a passive index comprised of all the common stock of companies within the same sector. Market Underperform (Sell): The common stock of the company is expected to underperform a passive index comprised of all the common stock of companies within the same sector.

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The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services. The Firm or its affiliates did not receive compensation from BioLife Solutions, Inc. for investment banking services within twelve months before, but will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report. The Firm does not make a market in BioLife Solutions, Inc. as of the date of this research report. The securities of the company discussed in this report may be unsuitable for investors depending on their specific investment objectives and financial position. Past performance is no guarantee of future results. This report is offered for informational purposes only, and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such would be prohibited. This research report is not intended to provide tax advice or to be used to provide tax advice to any person. Electronic versions of H.C. Wainwright & Co., LLC research reports are made available to all clients simultaneously. No part of this report may be reproduced in any form without the expressed permission of H.C. Wainwright & Co., LLC. Additional information available upon request. H.C. Wainwright & Co., LLC does not provide individually tailored investment advice in research reports. This research report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person. Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment strategies discussed or recommended in this research report. H.C. Wainwright & Co., LLC’s and its affiliates’ salespeople, traders, and other professionals may provide oral or written market commentary or trading strategies that reflect opinions that are contrary to the opinions expressed in this research report. H.C. Wainwright & Co., LLC and its affiliates, officers, directors, and employees, excluding its analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research report. The information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of the available data on the company, industry or security discussed in the report. All opinions and estimates included in this report constitute the analyst’s judgment as of the date of this report and are subject to change without notice. Securities and other financial instruments discussed in this research report: may lose value; are not insured by the Federal Deposit Insurance Corporation; and are subject to investment risks, including possible loss of the principal amount invested.

On March 13, 2026, H.C. Wainwright analyst Yi Chen, Ph.D., CFA, reiterated a Buy rating on BioLife Solutions Inc. (BLFS:NASDAQ) with a US$32.00 price target. The rating was maintained following the company's 2025 full-year and fourth-quarter earnings results, which showed 29% pro forma revenue growth for the year and management guidance calling for 17-20% growth in 2026.

BioLife Solutions reported fourth-quarter 2025 revenue of US$24.8 million, reflecting 20% year-over-year pro forma growth and exceeding H.C. Wainwright's estimate of US$24.4 million. Net income for the quarter came in at US$11.1 million, or US$0.22 per diluted share, well ahead of the firm's projected loss of US$2.6 million. Adjusted net income was US$1.9 million. For the full year, total revenue reached US$96.2 million with a net loss of US$4.6 million, or (US$0.10) per diluted share. Adjusted net income for fiscal 2025 was US$6.3 million.

The company has transformed into a pure-play cell processing business focused on high-value, recurring revenue streams. BioLife's biopreservation media is now embedded in 16 unique commercial cell and gene therapy products, with expectations for seven additional product approvals over the next 12 months encompassing five unique therapies, geographic expansions, earlier treatment lines, and new indications. The company's biopreservation media is also used in roughly 250 commercially sponsored cell and gene therapy clinical trials in the U.S., representing over 70% market share. This includes more than 30 Phase 3 trials, accounting for nearly 80% of late-stage cell and gene therapy trials. BioLife completed the divestiture of its evo cold chain logistics business in October 2025 for US$25.5 million in cash, further sharpening its strategic focus.

For fiscal 2026, management guided for revenue of US$112.5-115.0 million, representing 17-20% year-over-year growth from continuing operations, with gross margins in the mid-60% range, positive GAAP net income, and continued adjusted EBITDA margin expansion. H.C. Wainwright's estimates project full-year 2026 revenue of US$113.5 million and earnings per share of US$0.06.

BioLife ended December 2025 with US$120.2 million in cash and marketable securities. Operating cash flow was US$4.9 million in the fourth quarter and US$12.6 million for the full year, while adjusted EBITDA reached US$6.9 million and US$25.0 million for the respective periods. The analyst noted that the company has sufficient capital for near-term operations.

The US$32.00 price target is derived from a comparable universe analysis using a spectrum of biopharma tools, services, and cell and gene therapy companies. The valuation employs an EV/Revenue multiple of 12.5x applied to projected 2026 sales per share of US$2.35, plus net cash of US$2.39 per share. The comparable universe shows median and mean EV/Revenue multiples of 9.1x and 15.1x, respectively. Key risks include lower-than-expected product and services growth, inability to add new customers, fluctuations in emerging market sales and foreign exchange rates, and potential dilution.

At the time of the report, BLFS shares were trading at US$18.15, implying potential upside of approximately 76% to the US$32.00 target price.