BioLife Solutions Inc (BLFS) 2025 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the BioLife Solutions Q2 2025 shareholder and analyst conference call. (Operator Instructions) This conference is being recorded.

女士們、先生們，下午好，感謝你們的到來。歡迎參加 BioLife Solutions 2025 年第二季股東和分析師電話會議。（操作員指示）本次會議正在錄製。

I'd now like to turn the call over to Troy Wichterman, Chief Financial Officer of BioLife Solutions. Please go ahead, Mr. Wichterman.

現在我想將電話轉給 BioLife Solutions 財務長 Troy Wichterman。請繼續，威克特曼先生。

(technical difficulty)

（技術難度）

Ladies and gentlemen, please stand by. The BioLife call will begin momentarily. Thank you.

女士們、先生們，請稍候。BioLife 通話即將開始。謝謝。

Thank you, operator. Good afternoon, everyone, and thank you for joining the BioLife Solutions 2025 second-quarter earnings conference call. On the call with me today is Roderick de Greef, CEO and Chairman of the Board. We will cover business highlights and financial performance for the quarter and provide an update for our increased 2025 revenue guidance.

謝謝您，接線生。大家下午好，感謝大家參加 BioLife Solutions 2025 年第二季財報電話會議。今天與我一起通話的是執行長兼董事會主席 Roderick de Greef。我們將介紹本季的業務亮點和財務業績，並提供我們增加的 2025 年收入預期的更新。

Earlier today, we issued a press release announcing our financial results and operational highlights for the second quarter of 2025, which is available at biolifesolutions.com.

今天早些時候，我們發布了一份新聞稿，宣布了 2025 年第二季的財務業績和營運亮點，可在 biolifesolutions.com 上查閱。

As a reminder, during this call, we will make forward-looking statements. These statements are subject to risks and uncertainties that can be found in our SEC filings. These statements speak only as of the date given, and we undertake no obligation to update them. We will also speak to non-GAAP or adjusted results. Reconciliations of GAAP to non-GAAP or adjusted financial metrics are included in the press release we issued this afternoon.

提醒一下，在本次電話會議中，我們將做出前瞻性陳述。這些聲明受到我們向美國證券交易委員會提交的文件中所述的風險和不確定性的影響。這些聲明僅代表截至指定日期的觀點，我們不承擔更新這些聲明的義務。我們也將討論非公認會計準則或調整後的結果。我們今天下午發布的新聞稿中包含了 GAAP 與非 GAAP 或調整後的財務指標的對帳。

Now, I'd like to turn the call over to Rod de Greef, Chairman and CEO of BioLife.

現在，我想將電話轉給 BioLife 董事長兼執行長 Rod de Greef。

Thanks, Troy. Good afternoon, and thank you for joining us for BioLife's second-quarter 2025 conference call. We delivered another strong quarter as our team continues to execute and build on the momentum established over the last several quarters.

謝謝，特洛伊。下午好，感謝您參加 BioLife 2025 年第二季電話會議。由於我們的團隊繼續執行並延續過去幾季建立的勢頭，我們又取得了強勁的季度業績。

On the top line, cell processing revenue increased 28% year over year, driving a 29% increase in total revenue for the quarter. With strong performance in cell processing revenue, coupled with meaningful adjusted EBITDA margin expansion, which is up 400 basis points to 24%, we're seeing the operating leverage play out in our financial results, realizing the benefits of our optimized product portfolio and streamlined operations.

從營收來看，細胞處理收入年增 28%，推動本季總營收成長 29%。憑藉細胞處理收入的強勁表現，加上調整後的 EBITDA 利潤率大幅提升（上漲 400 個基點至 24%），我們看到經營槓桿在財務業績中發揮了作用，實現了優化產品組合和精簡營運帶來的好處。

With over $100 million in cash and marketable securities at quarter end, we're operating from a position of strength, enabling us to invest in our strategic priorities. This includes advancing targeted growth initiatives as evidenced by our recent investment in Pluristyx while continuing to drive market share in our core cell processing business. We remain highly focused on operational execution and disciplined capital allocation to ensure we're deploying resources where they can generate the greatest return.

截至本季末，我們擁有超過 1 億美元的現金和有價證券，因此我們的營運處於有利地位，可以投資於我們的戰略重點。這包括推動有針對性的成長計劃，正如我們最近對 Pluristyx 的投資所證明的那樣，同時繼續推動我們核心細胞處理業務的市場份額。我們仍然高度關注營運執行和嚴格的資本配置，以確保我們將資源部署到能夠產生最大回報的地方。

Our strategy is working. With a sharpened focus, a leading product portfolio and an enhanced financial profile, we believe we're well-positioned to deliver sustainable growth throughout the balance of 2025 and beyond. This confidence is reflected in our decision to raise our full-year revenue guidance, driven by continued strength in cell processing, even as broader macro uncertainty persists. I'll speak more to this later in my prepared remarks.

我們的策略正在發揮作用。憑藉更清晰的焦點、領先的產品組合和更強大的財務狀況，我們相信我們有能力在 2025 年及以後實現永續成長。這種信心體現在我們決定提高全年營收預期上，儘管宏觀不確定性依然存在，但這項決定受到細胞處理持續強勁成長的推動。我稍後將在準備好的發言中詳細談論這一點。

Looking at our second quarter more closely, cell processing revenue reached $23 million, a 28% year-over-year increase and up 6% sequentially, making this our seventh consecutive quarter of cell processing revenue growth.

仔細觀察我們的第二季度，細胞處理收入達到 2,300 萬美元，年成長 28%，季增 6%，這是我們連續第七個季度實現細胞處理收入成長。

Performance was led by continued strength in our core biopreservation media, or BPM product line, which represents approximately 85% of our Q2 cell processing revenue. In Q2, our top 20 customers continue to account for approximately 80% of BPM revenue, which provides us with the benefit of increased visibility to a critical portion of our business.

業績表現主要得益於我們核心生物保存介質或 BPM 產品線的持續強勁表現，該產品線約占我們第二季度細胞處理收入的 85%。在第二季度，我們的前 20 名客戶繼續佔 BPM 收入的約 80%，這為我們提高了對業務關鍵部分的可見度。

As in prior quarters, approximately 60% of our BPM revenue came through direct sales and 40% through distribution. Consistent with our last report, roughly 40% of total BPM revenue was generated by customers with an approved commercial therapy, representing more than half of our direct channel BPM revenue. While a portion of that demand supports clinical trials and process development rather than specific patient dosing, we continue to view these commercial customers as a key growth driver in the quarters ahead.

與前幾季一樣，我們約 60% 的 BPM 收入來自直銷，40% 來自分銷。與我們上一份報告一致，大約 40% 的 BPM 總收入來自獲得批准的商業療法的客戶，占我們直接管道 BPM 收入的一半以上。雖然部分需求支持臨床試驗和製程開發而非特定患者劑量，但我們仍然將這些商業客戶視為未來幾季的主要成長動力。

I highlight this because it reflects the resilience and consistency inherent in our model, anchored to later-stage and approved programs that are less susceptible to funding constraints. Overall, these metrics remain broadly consistent with what we saw in the first quarter of 2025, reinforcing the stability and recurring nature of our cell processing business.

我強調這一點是因為它反映了我們的模型固有的彈性和一致性，並且以不太受資金限制影響的後期和已批准的項目為基礎。總體而言，這些指標與我們在 2025 年第一季看到的大致一致，增強了我們細胞處理業務的穩定性和重複性。

BioLife has become the default partner for later-stage clinical programs where success is more likely and the path to commercial revenue is more defined, and the data continues to support this position. At the end of the second quarter, our BPM products were embedded in a total of 16 approved therapies and used in more than 250 relevant commercially sponsored CGT trials in the US, representing over a 70% share.

BioLife 已成為後期臨床計畫的預設合作夥伴，這些計畫的成功可能性更大，商業收入的途徑也更加明確，數據繼續支持這一地位。截至第二季末，我們的 BPM 產品已嵌入總共 16 種核准療法，並用於美國 250 多個相關的商業贊助的 CGT 試驗，佔超過 70%。

Notably, this includes more than 30 Phase 3 clinical trials, bringing our estimated share in this phase to nearly 80%, underscoring our leadership in late-stage clinical development. Harnessing this momentum, our sales and marketing team is spending the majority of their time visiting customers, and they remain focused on deepening relationships with our key BPM accounts, both commercial and clinical, in order to unlock cross-sell opportunities to drive broader adoption of our full cell processing portfolio.

值得注意的是，其中包括 30 多項 3 期臨床試驗，使我們在這一階段的預期份額達到近 80%，凸顯了我們在後期臨床開發中的領導地位。利用這一勢頭，我們的銷售和行銷團隊將大部分時間花在拜訪客戶上，並繼續專注於深化與我們的主要 BPM 客戶（包括商業和臨床）的關係，以釋放交叉銷售機會，推動更廣泛地採用我們的全細胞處理產品組合。

Today, our CellSeal and hPL products are utilized in four approved therapies in the US and internationally, in addition to being used in over 35 commercially sponsored clinical trials in the US We believe there is a significant long-term potential to scale these products over time.

如今，我們的 CellSeal 和 hPL 產品已在美國和國際上用於四種核准的療法，此外還用於美國超過 35 項商業贊助的臨床試驗。我們相信，隨著時間的推移，這些產品具有巨大的長期擴展潛力。

As we've shared before, each additional product integrated into a commercial therapy has the potential to materially increase revenue per dose, often by two to three times compared to our BPM products alone. Our commercial team is highly focused on advancing this cross-sell strategy. And today, we have a growing number of BPM customers, including large pharma, who have adopted or are evaluating at least one additional product. While this opportunity will play out over the mid- to longer term, early traction reinforces our confidence in its potential as a future growth lever for BioLife.

正如我們之前所分享的，每種整合到商業療法中的附加產品都有可能大幅增加每劑的收入，通常與單獨的 BPM 產品相比，可以增加兩到三倍。我們的商業團隊高度致力於推動這項交叉銷售策略。如今，我們擁有越來越多的 BPM 客戶，其中包括大型製藥公司，他們已經採用或正在評估至少一種附加產品。雖然這一機會將在中長期內發揮作用，但早期的牽引力增強了我們對其作為 BioLife 未來成長槓桿的潛力的信心。

In July, we made a strategic investment in Pluristyx, a local early-stage but revenue-generating developer of innovative iPSC-based products for the cell therapy market. Pluristyx has a strong scientific team with a deep expertise in cell therapy and the recent launch of a biological assay for organoid manufacturing aligns with our interest in exploring biological assays more broadly as a potential adjacency to our core cell processing portfolio. This investment demonstrates our commitment to exploring inorganic product portfolio expansion into relevant adjacencies in a measured and disciplined manner.

7 月，我們對 Pluristyx 進行了策略性投資，這是一家本地早期但能產生收入的開發商，為細胞治療市場開發基於 iPSC 的創新產品。Pluristyx 擁有一支強大的科學團隊，在細胞治療方面擁有深厚的專業知識，最近推出的類器官製造生物檢測符合我們更廣泛地探索生物檢測的興趣，因為生物檢測是我們核心細胞處理產品組合的潛在鄰接。這項投資顯示我們致力於以有節制、有紀律的方式探索無機產品組合向相關鄰接領域的擴展。

We remain optimistic about the long-term fundamentals of the CGT industry, but acknowledge persistent near-term uncertainties, whether from tariffs, NIH budget pressures, or ongoing leadership changes at the FDA. We are actively monitoring these dynamics from both a supplier and customer perspective, but do not expect any material impact on our financial outlook for the balance of 2025.

我們對 CGT 行業的長期基本面仍然持樂觀態度，但也承認近期仍存在不確定性，無論是來自關稅、NIH 預算壓力還是 FDA 正在進行的領導層變動。我們正在從供應商和客戶的角度積極監控這些動態，但預計這不會對我們 2025 年的財務前景產生任何重大影響。

That said, there have been some positive developments, which should lead to enhanced patient access to cell therapies over time. Specifically, we view the FDA's recent decision to remove the REMS requirement as an encouraging signal for the broader CGT landscape. This update reflects growing regulatory confidence in this class of therapies backed by years of real-world safety and efficacy data. By reducing patient monitoring burdens, this change should expand patient access, streamline clinical workflows, and ultimately drive increased referrals and uptake.

儘管如此，還是取得了一些積極的進展，這將導致隨著時間的推移患者更容易獲得細胞療法。具體而言，我們認為 FDA 最近決定取消 REMS 要求對於更廣泛的 CGT 格局來說是一個令人鼓舞的訊號。此次更新反映了監管機構對此類療法日益增強的信心，這有賴於多年現實世界的安全性和有效性數據的支持。透過減少患者監測負擔，這項變革應該可以擴大患者的就診機會，簡化臨床工作流程，並最終推動轉診和接受治療的增加。

Finally, given our strong first half performance and clearer visibility into second half demand, we're raising our full year cell processing revenue guidance to $91 million to $93 million, reflecting an increase of 24% to 26% over last year.

最後，鑑於我們上半年的強勁表現和對下半年需求的更清晰的了解，我們將全年細胞處理收入預期上調至 9,100 萬美元至 9,300 萬美元，比去年同期增長 24% 至 26%。

With that, I'll hand the call over to Troy, who will provide an overview of our full Q2 results and changes to our total guidance. Troy?

說完這些，我將把電話交給特洛伊，他將概述我們第二季的全部業績以及整體指導的變化。特洛伊？

Thank you, Rod. We reported Q2 revenue of $25.4 million, representing an increase of 29% year over year. The year-over-year increase was primarily related to a 28% increase in our cell processing platform, driven by an increase in biopreservation media revenue.

謝謝你，羅德。我們報告第二季度營收為 2540 萬美元，年增 29%。年成長主要與我們的細胞處理平台成長 28% 有關，這得益於生物保存介質收入的增加。

GAAP gross margin for Q2 2025 was 62% compared with 64% in Q2 2024. Adjusted gross margin for the second quarter was 65% compared with 67% in the prior year. The decrease in adjusted gross margin percentage compared with the prior year was primarily attributed to fleet repair and maintenance costs at our evo operations and a less favorable product mix as a percentage of revenue. Despite the decrease in gross margin percentage, we had an increase of $3.2 million or 25% in gross margin dollars, reflecting strong revenue growth compared to the prior year.

2025 年第二季的 GAAP 毛利率為 62%，而 2024 年第二季為 64%。第二季調整後毛利率為 65%，去年同期為 67%。調整後的毛利率與前一年相比有所下降，主要原因是我們的 evo 營運部門的車隊維修和維護成本以及產品組合佔收入的百分比較低。儘管毛利率百分比有所下降，但我們的毛利率卻增加了 320 萬美元，即 25%，這反映出與前一年相比收入的強勁增長。

GAAP operating expenses for Q2 2025 were $42.1 million versus $21 million in Q2 2024. The increase compared to the prior year was largely due to a $15.5 million noncash IPR&D expense incurred in connection with the PanTHERA acquisition. We fair valued the IPR&D asset at $15.5 million and in accordance with US GAAP, the fair value of the asset was immediately expensed. For clarity, this is not an impairment and is treated as an expense under US GAAP, and we are excited about the potential future of IRI technology.

2025 年第二季的 GAAP 營運費用為 4,210 萬美元，而 2024 年第二季為 2,100 萬美元。與上年相比的成長主要是由於收購 PanTHERA 產生的 1550 萬美元非現金 IPR&D 費用。我們對 IPR&D 資產的公允價值評估為 1550 萬美元，根據美國公認會計準則，該資產的公允價值立即計入費用。需要明確的是，這不是減值，而是根據美國公認會計準則被視為費用，我們對 IRI 技術的潛在未來感到興奮。

In addition, stock-based compensation increased by $1.9 million over Q2 2024.

此外，股票薪酬比 2024 年第二季增加了 190 萬美元。

Adjusted operating expenses for Q2 2025 totaled $16.9 million compared with $14 million in the prior year. GAAP operating loss for Q2 2025 was $16.6 million versus $1.3 million in the prior year.

2025 年第二季調整後的營運費用總計 1,690 萬美元，而去年同期為 1,400 萬美元。2025 年第二季的 GAAP 營業虧損為 1,660 萬美元，去年同期為 130 萬美元。

Our adjusted operating loss for the second quarter of 2025 was $0.5 million compared with an adjusted operating loss of $0.8 million in Q2 2024. The increase in GAAP operating loss was primarily due to the $15.5 million IPR&D expense incurred in connection with the PanTHERA acquisition and an increase of $1.9 million in stock comp.

我們 2025 年第二季的調整後營業虧損為 50 萬美元，而 2024 年第二季的調整後營業虧損為 80 萬美元。GAAP 營業虧損的增加主要是由於與 PanTHERA 收購相關的 1550 萬美元 IPR&D 費用以及 190 萬美元的股票補償增加。

Our GAAP net loss was $15.8 million or $0.33 per share in Q2 compared to $5.6 million or $0.12 per share in the prior year. The increase in net loss was primarily due to the $15.5 million IPR&D expense we incurred, which had a $0.32 impact on EPS during the quarter. Without the impact of the IPR&D expense, our GAAP net loss per share would have been $0.01.

我們第二季的 GAAP 淨虧損為 1,580 萬美元或每股 0.33 美元，去年同期為 560 萬美元或每股 0.12 美元。淨虧損的增加主要是由於我們產生的 1550 萬美元的 IPR&D 費用，這對本季度的每股收益產生了 0.32 美元的影響。如果沒有 IPR&D 費用的影響，我們的每股 GAAP 淨虧損將為 0.01 美元。

Adjusted EBITDA for the second quarter of 2025 was $6.1 million or 24% of revenue compared with $3.9 million or 20% of revenue in the prior year. Adjusted EBITDA increased from the prior year, primarily due to the $3.2 million improvement in gross margin, driven by increased sales of biopreservation media and includes $220,000 of OpEx from the PanTHERA acquisition.

2025 年第二季的調整後 EBITDA 為 610 萬美元，佔營收的 24%，而去年同期為 390 萬美元，佔營收的 20%。調整後的 EBITDA 較上年有所增加，主要由於毛利率提高了 320 萬美元，這得益於生物保存介質銷售額的成長，其中包括收購 PanTHERA 產生的 22 萬美元營運支出。

Turning to our balance sheet. Our cash and marketable securities balance reported as of June 30, 2025, was $100.2 million compared with $107.6 million as of March 31, 2025. Taking into consideration our adjusted EBITDA of $6.1 million in Q2, cash usage was primarily driven by the $11.5 million cash outflow for the purchase of PanTHERA, debt principal payments of $2.5 million, and capital expenditures of $1.9 million. The entirety of our $10 million SVB debt balance became short term at quarter end. Our final payment on the SVB debt balance is due June 2026. We expect to continue making quarterly repayments of $2.5 million and have a $1.2 million loan maturity balloon payment due at the time of maturity.

轉向我們的資產負債表。截至 2025 年 6 月 30 日，我們的現金和有價證券餘額為 1.002 億美元，而截至 2025 年 3 月 31 日為 1.076 億美元。考慮到我們第二季的調整後 EBITDA 為 610 萬美元，現金使用主要來自收購 PanTHERA 的 1,150 萬美元現金流出、250 萬美元的債務本金支付以及 190 萬美元的資本支出。到季度末，我們全部 1000 萬美元的 SVB 債務餘額都變成短期債務。我們對 SVB 債務餘額的最後一筆付款將於 2026 年 6 月到期。我們預計將繼續每季償還 250 萬美元，並在貸款到期時支付 120 萬美元的到期大額還款。

Turning to our 2025 financial guidance, which we are increasing our original guidance from our Q1 earnings call. Total revenue is now expected to be $100 million to $103 million, reflecting an overall growth of 22% to 25%. This is an increase from prior guidance of $95.5 million to $99 million.

談到我們的 2025 年財務指導，我們提高了第一季財報電話會議上的原始指導。目前預計總收入為 1 億美元至 1.03 億美元，整體成長率為 22% 至 25%。這比先前預測的 9,550 萬美元有所增加，達到 9,900 萬美元。

Our cell processing platform is now expected to contribute $91 million to $93 million or 24% to 26% growth over 2024. This is an increase from prior guidance of $86.5 million to $89 million.

我們的細胞處理平台預計到 2024 年將貢獻 9,100 萬至 9,300 萬美元，成長 24% 至 26%。這比先前預測的 8,650 萬美元有所增加，達到 8,900 萬美元。

We did not change our revenue guidance under our evo and Thaw platform, which is still expected to contribute $9 million to $10 million or 3% to 15% growth over 2024. We expect adjusted gross margin for the full year to be in the mid-60s, a reduction in GAAP net loss, and expansion in adjusted EBITDA margin in 2025 due to higher expected revenue, partially offset by increases in R&D expenses related to development projects. We do not expect any material revenue from PanTHERA in 2025.

我們沒有改變 evo 和 Thaw 平台下的營收預期，預計到 2024 年仍將貢獻 900 萬至 1,000 萬美元，即 3% 至 15% 的成長。我們預計，由於預期收入增加，全年調整後毛利率將達到 60% 左右，GAAP 淨虧損將減少，調整後 EBITDA 利潤率將在 2025 年擴大，但與開發案相關的研發費用增加將部分抵銷此影響。我們預計 2025 年 PanTHERA 不會帶來任何實質收入。

Finally, in terms of our share count, as of July 31, which includes shares issued from our PanTHERA acquisition, we had 47.9 million shares issued and outstanding and 50.2 million shares on a fully diluted basis.

最後，就我們的股份數量而言，截至 7 月 31 日，包括我們收購 PanTHERA 後發行的股份在內，我們已發行在外的股份為 4,790 萬股，完全稀釋後為 5,020 萬股。

Now, I'll turn the call back to the operator to open up for questions.

現在，我將把電話轉回給接線員，以便回答問題。

Matt Stanton, Jefferies.

傑富瑞的馬特史丹頓。

Maybe just first one on the guidance. The updated guide seems to suggest kind of a 6% ramp in the back half versus what you did in the first half year. Can you just talk about your level of visibility into that given some of the macro you called out? Is that all tied to commercial ramps? Are there any kind of later-stage clinical items you hope to see move further along?

也許只是指導上的第一個。更新後的指南似乎表明，與上半年相比，下半年的成長幅度將達到 6%。鑑於您所提到的一些宏觀因素，您能否談談您對此的了解程度？這一切都跟商業坡道有關嗎？您希望看到哪些後期臨床項目取得進一步進展？

And then just maybe one quick one in terms of phasing. Any more color in terms of what you expect to see between 3Q and 4Q? I assume maybe there's a bit of seasonality in 4Q, but Troy, any more color on that would be appreciated.

然後，關於分階段，也許我只想簡單說一個。您對於第三季和第四季之間會發生什麼還有什麼期待嗎？我認為第四季度可能會有一點季節性，但是 Troy，如果能提供更多細節的話我將非常感激。

Hi, Matt. It's Rod here. Yes, you're correct in the percentage increase first half to second half. And it's based on pretty good visibility with respect to the 80% of biopreservation media revenue that's made up of the 20 largest customers, including distribution, which we have decent visibility on as well. So we feel pretty confident.

你好，馬特。我是羅德。是的，您說的上半年到下半年的百分比成長是正確的。這是基於對 80% 生物保存介質收入的良好可見性，這些收入由 20 個最大的客戶組成，包括分銷，我們對此也有相當好的可見性。所以我們非常有信心。

Based on what we're seeing, there may be some lumpiness between Q3 and Q4, but we're highly confident in the overall second half number and therefore, the full-year number.

根據我們所看到的情況，第三季和第四季之間可能會存在一些不平衡，但我們對下半年的整體數據以及全年數據非常有信心。

Yeah. And to address your seasonality question, we really don't experience seasonality in our business. But as Rod mentioned, it really depends on the orders placed by our largest customers that influences that sequence.

是的。關於您提出的季節性問題，我們的業務實際上並沒有經歷季節性。但正如羅德所提到的，這實際上取決於影響該順序的最大客戶所下的訂單。

Okay. Great, thanks. And then, Rod, you talked a little bit in the prepared remarks, but I would love to just hear a little more color from you on updates around the team's focus on cross-selling dynamics. I know you and the team have been focused on that. I think you talked about kind of early traction. Just any more color in terms of proof points? Is that trialing products? Is that early indications on orders, parts of the funnel? Just any more color you can kind of provide on the cross-selling dynamics and maybe just a little more color in terms of what's maybe near to midterm and then what's more mid- to long term?

好的。太好了，謝謝。然後，羅德，您在準備好的演講中談了一點，但我很想聽聽您關於團隊關注交叉銷售動態的最新情況的更多介紹。我知道您和您的團隊一直專注於此。我認為您談論的是早期的牽引力。就證據點而言還有什麼顏色嗎？那是試用產品嗎？這是訂單或漏斗部分的早期跡象嗎？您能否提供更多有關交叉銷售動態的細節，以及更多關於中期和中長期的細節？

Yeah. So we look at it as a percent of our media customers that are purchasing and utilizing other technologies or tools that we have. That's sort of the framework that we look at it within. And we have some baseline numbers that we're working with coming out of '24 and then applying that same filter to Q1 and Q2. We're internally figuring out the best way to report that out and expect to be able to report it out in Q3 so that we have that be part of the periodic metrics that we report.

是的。因此，我們將其視為購買和使用我們擁有的其他技術或工具的媒體客戶的百分比。這就是我們所觀察到的框架。我們有一些來自 24 年的基準數據，然後將相同的過濾器應用於 Q1 和 Q2。我們正在內部尋找報告該情況的最佳方式，並希望能夠在第三季報告該情況，以便將其作為我們報告的定期指標的一部分。

But I think anecdotally, it's fair to say that we're definitely seeing some traction, and there's a couple of larger accounts that can provide some significant revenue opportunity with respect to adopting, for example, our CT-5 automated fill device with one of our largest customers that has two commercial therapies in the market and they're pretty close to making a decision on that. So all in all, I think things are going well.

但我認為，從傳聞來看，可以公平地說，我們確實看到了一些牽引力，並且有幾個較大的帳戶可以提供一些重要的收入機會，例如，採用我們的 CT-5 自動填充設備，我們最大的客戶之一在市場上有兩種商業療法，他們已經非常接近做出決定。總而言之，我認為事情進展順利。

What's also helped is the fact that we finished up our clinical trial drill down in terms of really understanding what are the commercially sponsored clinical trials in the US that we're in. And we talked to that both in the press release and on the -- in my prepared remarks. And so that really gives the sales team a road map to go out and talk to the, call it, 70% of customers or clinical trials, I should say, that are using media and introducing the other products that we have. And then with the 30% that we can identify their use of media, the opportunity there is to understand what is going on there. And the team is working on it.

同樣有幫助的是，我們完成了臨床試驗的深入研究，真正了解了我們所參與的美國商業贊助的臨床試驗。我們在新聞稿和我準備好的演講稿中都談到了這一點。因此，這確實為銷售團隊提供了一個路線圖，讓他們可以出去與 70% 的客戶或臨床試驗進行交流，我應該說，他們正在使用媒體介紹我們擁有的其他產品。然後，透過 30% 我們可以確定他們使用媒體的情況，從而有機會了解那裡發生的事情。團隊正在努力解決這個問題。

We have a relatively small number of team members in the sales force. But at the same time, the absolute number of clinical trials that they need to go touch are also relatively small. So give us another quarter, and we'll be able to get more specific around that, Matt.

我們的銷售團隊人數相對較少。但同時，他們需要接觸的臨床試驗的絕對數量也相對較少。所以再給我們一個季度的時間，我們就能更具體地了解這一點，馬特。

And maybe I could just sneak one more in. Just on the CryoCase, just any update on the time line? I think you had talked about previously kind of a couple of quarters to make some tweaks in relation to a larger customer that gave you some feedback. And then any update on the status of kind of locking them in on the other side of making those tweaks as it relates to the CryoCase?

也許我還可以再偷偷地進去一個。僅關於 CryoCase，時間線上有任何更新嗎？我想您之前曾談過，針對某位較大的客戶給您的回饋，我們會在幾個季度內做出一些調整。那麼，關於在與 CryoCase 相關的調整中鎖定他們的狀態有任何更新嗎？

Yes, that's the key is that, yes, we have a large commercial customer, probably number three or four, and they're highly interested in adopting CryoCase for their clinical pipeline. As you noted, they've asked us to make some changes. However, these changes are pretty material with respect to the mold that we have. So what we're asking them to do is give us a commitment, and we're in the process of that conversation right now.

是的，關鍵在於，是的，我們有一個大型商業客戶，可能是第三或第四個，他們對採用 CryoCase 作為其臨床管道非常感興趣。正如您所說，他們要求我們做出一些改變。然而，對於我們現有的模具來說，這些變化相當重要。因此，我們要求他們給我們一個承諾，我們現在正在進行這個對話。

Once we get that commitment that they will adopt the CryoCase, assuming that we make the changes they want, then we're going to go ahead and make those changes. I will say that I'm pleased when I did my last check-in on CryoCase evaluations that we have well over 30 customers that are currently evaluating the CryoCase within our media customer base.

一旦我們得到他們將採用 CryoCase 的承諾，假設我們做出他們想要的改變，那麼我們將繼續進行這些改變。我要說的是，當我上次檢查 CryoCase 評估時，我很高興，我們媒體客戶群中目前有超過 30 位客戶正在評估 CryoCase。

Chad Wiatrowski, TD Cowen.

查德·維亞特羅夫斯基（Chad Wiatrowski），TD Cowen。

Just wanted to touch on Pluristyx a little bit. The company also has sort of this PluriFreeze cryopreservation product. Do you view that as a competitor today? Obviously, you have a huge moat and are the incumbent in commercial therapies. Would a future acquisition of Pluristyx allow you to enter any other parts of the market?

只是想稍微談談 Pluristyx。該公司還有這種PluriFreeze冷凍保存產品。您認為今天它是您的競爭對手嗎？顯然，你們擁有巨大的護城河，並且是商業療法領域的領導者。未來收購 Pluristyx 是否能讓您進入其他市場？

Yeah. So we're clearly aware of their PluriFreeze product. And again, we have respect for what their capabilities are. We do not see them as any kind of competitive threat from a cryopreservation perspective. Their focus with respect to cryopreservation has been specifically around iPSC cells and trying to gain some incremental benefit. So that's kind of a side tangential part of it all.

是的。所以我們清楚地了解他們的 PluriFreeze 產品。再次強調，我們尊重他們的能力。從冷凍保存的角度來看，我們並不認為它們構成任何競爭威脅。他們在冷凍保存方面的重點一直集中在 iPSC 細胞上，並試圖獲得一些增量效益。所以這只是其中一個側面切線的部分。

The real big focus for us is this idea that they're starting to develop some assays, which is an area that we're interested in looking at more closely. And that's really what the focus of the investment was about.

我們真正關注的是他們開始開發一些檢測方法，這是我們感興趣的、並想更深入研究的領域。這才是投資的真正重點。

That's helpful. And then just on PanTHERA, are there any updates worth mentioning just regarding the next-gen combo formulations? And are those the next products in general that we can expect to be launched?

這很有幫助。那麼就 PanTHERA 而言，關於下一代組合配方，有什麼值得一提的更新嗎？這些是我們可以期待推出的下一代產品嗎？

Yeah. In terms of de novo products in the media category, I would say, yes. So from an update perspective, you recall that -- we closed the transaction in early April of this year, and we stated that we expected to have commercial product flowing in 18 months, which kind of puts that in the back half of next year. So we remain on track to meet that objective. And right now, the focus is the scientific work associated with identifying which of the three Gen 2 molecules will ultimately end up with in terms of combining that with our CryoStor product.

是的。就媒體類別中的全新產品而言，我想說是的。因此，從更新的角度來看，您還記得 - 我們在今年 4 月初完成了交易，並且我們表示預計 18 個月內會有商業產品投入使用，也就是說是在明年下半年。因此，我們仍在朝著實現這一目標的方向前進。現在，我們的重點是進行相關的科學工作，以確定三種 Gen 2 分子中的哪一種最終將與我們的 CryoStor 產品相結合。

We do have one of the Gen 2 molecules in the hands of two customers who have commercially available therapies, and they're experimenting with that to see what sort of impact that has on cryopreservation efficacy from their perspective.

我們確實在兩位擁有商業化療法的客戶手中擁有一種 Gen 2 分子，他們正在對其進行實驗，以從他們的角度了解這對冷凍保存功效有什麼樣的影響。

So it is in the hands of two sophisticated real-world large customers. So we're looking forward to getting that feedback in the next couple of quarters.

因此，它掌握在兩個成熟的現實世界大客戶手中。因此，我們期待在接下來的幾個季度內得到回饋。

(inaudible), Stephens Inc.

（聽不清楚），Stephens Inc.

Hey, good afternoon. Appreciate you taking my question. It seems commentary lately has just been more recently focused around the cell processing segment, obviously, a priority just given where it's at. But I'd like to take your temperature on expectations around evo and Thaw and just given your comments around Pluristyx, just how that segment fits into the portfolio longer term?

嘿，下午好。感謝您回答我的問題。似乎最近的評論都集中在細胞處理領域，顯然，這是優先考慮的事情。但我想了解一下您對 evo 和 Thaw 的預期，並且根據您對 Pluristyx 的評論，該部分如何長期融入投資組合？

Yeah. So evo and Thaw are -- we do obviously present those separately, albeit combined. evo continues to be a product line that we have under evaluation. With respect to whether it's a long-term fit with the overall strategy of BioLife.

是的。因此，evo 和 Thaw —— 儘管是合併的，但我們顯然將它們分開展示。 evo 仍然是我們正在評估的產品線。關於它是否與 BioLife 的整體策略長期契合。

Thaw, we are definitely convinced that, that will be something that we will maintain in the product portfolio. It's incredibly consistent with respect to the revenue it generates on a quarterly basis. So it's a nice product line to have. There was a second part of your question?

解凍，我們確信，這將是我們在產品組合中保留的東西。就其每季產生的收入而言，它具有驚人的一致性。所以這是一條不錯的產品線。您的問題還有第二部分嗎？

I think that answered it pretty accurately. I appreciate that. And then focusing on early clinical stage portion of the business within media. Just given the continued funding challenges and headlines from a regulatory perspective and things of that nature, what are you seeing in terms of demand trends there?

我認為這個回答非常準確。我很感激。然後重點關注媒體業務的早期臨床階段部分。鑑於持續的融資挑戰和監管方面的頭條新聞以及諸如此類的事情，您認為那裡的需求趨勢如何？

Yeah. Good question. So I would say that in Q2, it's fair to say that all of our customer segments were up year over year. But from a percentage increase, I would say the lightest of those would be what we call our other clinical customers, which are the smaller earlier stage Phase 1, Phase 2 customers. So clearly, we're seeing a little bit of softness, but nevertheless, they're still up year over year, and we expect that to continue for the balance of '25.

是的。好問題。因此我想說，在第二季度，我們所有的客戶群都比去年同期成長了。但從百分比增幅來看，我認為其中增幅最小的是我們所謂的其他臨床客戶，也就是較小的早期第 1 階段、第 2 階段客戶。顯然，我們看到了一些疲軟，但儘管如此，它們仍然同比增長，我們預計這種增長將在 2025 年剩餘時間內持續下去。

Anna Snopkowski, KeyBanc.

Anna Snopkowski，KeyBanc。

Hi, thanks for taking my question and congrats on the quarter. Maybe first, you called out strength in both your direct sales and distribution network. And I know distribution is often exposed to more uncertainty. So is there anything you would call out there in terms of visibility, or has anything changed there from the first quarter?

你好，感謝您回答我的問題，並祝賀本季取得佳績。也許首先，您強調了直銷和分銷網絡的優勢。我知道分銷通常會面臨更多的不確定性。那麼，就可見性而言，您有什麼要指出的嗎？或者與第一季相比，有什麼變化嗎？

No, you're right in pointing out the visibility issue. So in our last call, I think we stated that to the extent that we expected to see any ramifications of, in particular, NIH funding that we would likely see it through our distribution channel, which sells primarily to small labs, et cetera. We have not seen that, certainly not in Q2. And based on the forecast that we received for the second half of the year, we're not seeing any weakness there either.

不，你指出可見性問題是正確的。因此，在我們上次的電話會議中，我想我們說過，我們預計會看到任何影響，特別是 NIH 資助的影響，我們可能會透過我們的分銷管道看到它，該管道主要向小型實驗室等銷售。我們還沒有看到這種情況，至少在第二季度沒有看到。根據我們對今年下半年的預測，我們也沒有看到任何疲軟跡象。

So at least as we sit today, we're confident that, that distribution line is going to continue to have some strength to it throughout the rest of the year.

因此，至少就我們今天的情況而言，我們有信心，該分銷線將在今年剩餘時間內繼續保持強勁勢頭。

Okay. Perfect. And then my next question is just on the M&A front. I know you acquired the remaining PanTHERA business. Maybe if you could just touch on how you see this business advancing your existing portfolio, maybe boosting your market share? And then how do you view your M&A strategy going forward?

好的。完美的。我的下一個問題是關於併購方面的。我知道您收購了剩餘的 PanTHERA 業務。或許您可以簡單談談您認為這項業務將如何推進您現有的投資組合，甚至提升您的市場佔有率？那麼您如何看待未來的併購策略？

Yeah. So with respect to PanTHERA, really, the fundamental driver there was to really underscore our market leadership within the area of biopreservation. So by adding IRI, which has some unique characteristics relative to our core product line, in addition to bringing on several very accomplished cryobiologists to beef up our staff and scientific expertise in that area. Really, I think it puts us without question between that and the market leadership that we have from a clinical trial standpoint and from an approved therapy standpoint. It's hard to debate that BioLife is the market leader and gold standard in biopreservation. So that was a strong driver for doing that.

是的。因此，就 PanTHERA 而言，其根本驅動力實際上是為了真正強調我們在生物保存領域的市場領導地位。因此，透過添加 IRI（它相對於我們的核心產品線具有一些獨特的特性），此外還引進了幾位非常有成就的低溫生物學家，以增強我們在該領域的員工隊伍和科學專業知識。確實，我認為從臨床試驗和批准治療的角度來看，這毫無疑問地證明了我們在市場領導地位。毫無疑問，BioLife 是生物保存領域的市場領導者和黃金標準。所以這是這樣做的強大動力。

What we expect to come out of it is a line of products sort of in the second half, and it will probably be one product first with several others that come behind it. And the opportunity there with these products are to have better cryopreservation efficacy when combined with our standard CryoStor product. It has the opportunity to have the same cryopreservation efficacy, but with a lower concentration of DMSO.

我們預計在下半年會推出一系列產品，可能會先推出一款產品，然後再推出其他幾款產品。這些產品與我們的標準 CryoStor 產品結合使用時，可以實現更好的冷凍保存效果。它有機會具有相同的冷凍保存功效，但使用較低的 DMSO 濃度。

And then the real, I think, home run for us would be to be able to allow these cell therapies to be shipped not at LN2 196 -- minus 196 temperature ranges, but more minus 80. And I think that's a much longer term but potentially significant alteration to the way that cold chain logistics works in today's marketplace.

然後，我認為，對我們來說，真正的本壘打是能夠讓這些細胞療法不是在 LN2 196（零下 196 度）溫度範圍內運輸，而是在零下 80 度以上。我認為這是一個長期但可能具有重大意義的改變，可以改變當今市場上冷鏈物流的運作方式。

Yi Chen, H.C. Wainwright.

陳毅，H.C.溫賴特。

Thank you for taking my question. Could you give us some comment on the rationale behind the $2 million convertible note and also whether you will eventually acquire that target company? And also in general, your M&A strategy going forward?

感謝您回答我的問題。您能否就 200 萬美元可轉換票據背後的理由以及您最終是否會收購該目標公司發表一些評論？整體而言，您未來的併購策略是什麼？

Yeah. So I'll speak to the second part of your question with respect to the Pluristyx investment. And whether we did structure the investment similar to that of PanTHERA and Sexton, thank you, Troy. And so in that case, we do have an opportunity to have some rights relative to an acquisition down the road.

是的。因此，我將就 Pluristyx 投資問題的第二部分進行討論。無論我們的投資結構是否與 PanTHERA 和 Sexton 類似，謝謝你，特洛伊。因此，在這種情況下，我們確實有機會獲得與未來收購相關的一些權利。

But what will determine that is two things. One is our conclusion that assays are a place that we want to be from a product adjacency and that the uptake or the revenue growth that Pluristyx is going to realize over the next few years is going to be sufficient to make a difference to us. So relative to Pluristyx, that's sort of how it works.

但決定這一點的有兩件事。一是我們的結論是，從產品鄰近性來看，檢測是我們希望涉足的領域，而 Pluristyx 在未來幾年內將實現的吸收或收入成長將足以為我們帶來改變。相對於 Pluristyx，它就是這樣工作的。

In terms of the overall M&A strategy, I think it really is focused on a disciplined approach to make sure that whatever we do has a strategic rationale to it with respect to where we already are from a product portfolio.

就整體併購策略而言，我認為它確實專注於一種嚴謹的方法，以確保我們所做的一切都具有戰略意義，並考慮到我們現有的產品組合。

So again, in the simplest terms, it's between the walls of the cell manufacturing facility. It's products that are adjacent to products we already have. And whether that, as in the case of PanTHERA, solidifies our market leadership position or some other opportunities that we're looking at, which would take an existing product line that we have and move us into the market leadership position. Those are the kind of things we're looking at.

所以，用最簡單的話來說，它位於電池製造工廠的牆壁之間。這些產品與我們已有的產品相鄰。就像 PanTHERA 的情況一樣，這是否會鞏固我們的市場領導地位，或者我們正在考慮的一些其他機會，這些機會將利用我們現有的產品線，使我們進入市場領導地位。這些就是我們正在關注的事情。

Thank you. And this concludes our question-and-answer session. I would like to turn the floor back over to Rod de Greef for any closing comments.

謝謝。我們的問答環節到此結束。我想將發言權交還給 Rod de Greef，請他發表最後評論。

Thank you, Keith. In closing, the first half of 2025 positions us well for the balance of the year. We remain confident in our ability to navigate any uncertainty with minimal impact to our financial results.

謝謝你，基斯。最後，2025 年上半年為我們全年的順利完成打下了良好的基礎。我們仍然有信心，我們有能力應對任何不確定性，並將對財務表現的影響降至最低。

Thank you for your time this afternoon, and we look forward to updating you as we move through the remainder of the year as well as seeing some of you at upcoming investor conferences.

感謝您今天下午抽出時間，我們期待在今年剩餘時間向您通報最新情況，並在即將舉行的投資者會議上見到您。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

謝謝。會議現已結束。感謝您參加今天的演講。現在您可以斷開線路了。