BioLife Solutions, Inc. (BLFS) 2026 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the BioLife Solutions Q1 2026 shareholder and analyst conference call. (Operator Instructions) Please note, this event is being recorded.

各位女士、先生，下午好，感謝您撥冗等候。歡迎參加 BioLife Solutions 2026 年第一季股東與分析師電話會議。（接線員指示）請注意，本次活動將被錄音。

I would now like to turn the call over to Troy Wichterman, Chief Financial Officer of BioLife Solutions.

現在我想把電話交給 BioLife Solutions 財務長 Troy Wichterman。

Thank you, operator. Good afternoon, everyone, and thank you for joining the Biolife Solutions 2026 first-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 reiterate our 2026 financial guidance.

謝謝，接線員。各位下午好，感謝您參加 BioLife Solutions 2026 年第一季財報電話會議。今天與我一同出席的還有董事長兼執行長 Roderick de Greef。我們將回顧本季的業務重點與財務表現，並重申我們對 2026 年的財務指引。

Earlier today, we issued a press release announcing our financial results and operational highlights for the first quarter of 2026. Which is available at biolifesolutions.com.

今天稍早，我們發布新聞稿，公布 2026 年第一季的財務結果與營運重點。新聞稿可於 biolifesolutions.com 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.

提醒各位，本次電話會議中我們將發表前瞻性陳述。這些陳述受風險與不確定性影響，相關內容可於我們向 SEC 提交的文件中查閱。這些陳述僅截至所述日期有效，我們不承擔更新義務。

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.

我們也將談及非 GAAP 或調整後的結果。GAAP 與非 GAAP 或調整後財務指標之調節表已包含在我們今天下午發布的新聞稿中。

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

現在，我想把電話交給 BioLife 董事長兼執行長 Roderick de Greef。

Thanks, Troy. Good afternoon, everyone, and thank you for joining us for BioLife's first-quarter 2026 conference call.

謝謝，Troy。各位下午好，感謝您參加 BioLife 2026 年第一季電話會議。

We're off to a solid start to 2026 with first quarter revenue growth of 25% and adjusted EBITDA of approximately 15% versus the prior year. Performance in the quarter was driven by continued strength across our broader product portfolio, led by our Biopreservation Media or BPM franchise.

我們在 2026 年有一個穩健的開局：第一季營收年增 25%，調整後 EBITDA 較去年同期約成長 15%。本季表現主要來自我們更廣泛產品組合的持續強勁需求，其中以我們的生物保存培養基（Biopreservation Media，或 BPM）產品線為首。

We entered 2026 with a simplified business and heightened focus on high-margin recurring revenue, and our results this quarter demonstrate the operating leverage in our model as a result.

我們以更精簡的業務架構與更聚焦於高毛利的經常性收入進入 2026 年，而本季結果也展現了我們商業模式所帶來的營運槓桿。

At the same time, we're seeing continued momentum across the CGT landscape, driven by expansion into larger indications, encouraging data readouts, strategic M&A and an improving funding environment, all of which we believe will support long-term growth across our end markets and underpin sustained value creation for BioLife shareholders.

同時，我們也看到 CGT 領域持續動能，來自於拓展至更大型適應症、令人鼓舞的數據讀出、策略性併購，以及資金環境改善。我們相信，這些因素將支持終端市場的長期成長，並為 BioLife 股東奠定持續創造價值的基礎。

Turning to the quarter's results. Total revenue reached $27.5 million, increasing 25% year over year and adjusted EBITDA of $6.2 million or 22% of revenue, up roughly 15% from the prior year. BPM remained the primary driver of revenue growth, with our other cell-processing tools also contributing to overall growth.

回到本季結果。總營收達 2,750 萬美元，年增 25%；調整後 EBITDA 為 620 萬美元，占營收 22%，較去年同期約提升 15%。BPM 仍是營收成長的主要驅動力，我們其他細胞處理工具也對整體成長有所貢獻。

BPM represents over 85% of total revenue and continues to benefit from broad adoption across both commercial therapies and clinical pipelines where we maintain a dominant market share. Our top 20 BPM customers represented approximately 80% of BPM revenue and demand forecasts from these accounts provide good visibility into our business.

BPM 占總營收超過 85%，並持續受惠於在商業化療法與臨床研發管線中的廣泛採用，我們在其中維持領先的市場占有率。我們前 20 大 BPM 客戶約占 BPM 營收的 80%，而這些客戶的需求預測為我們的業務提供良好的能見度。

Channel mix remained consistent with over 60% of BPM revenue generated through direct sales with the balance through third-party distributors. Roughly half of BPM revenue was generated from customers with approved commercial therapies, and this remains a key driver of growth and durability in our model.

通路組合維持一致，超過 60% 的 BPM 營收來自直銷，其餘則透過第三方經銷商。約一半的 BPM 營收來自擁有已核准商業化療法的客戶，這仍是我們模式中成長性與韌性的關鍵驅動因素。

We highlight these metrics because they reflect the ongoing shift in our business. Toward later-stage programs and commercial products, which are more stable, less sensitive to funding dynamics, and growing faster than the broader CGT market.

我們強調這些指標，因為它們反映了我們業務持續轉向：朝向後期階段的專案與商業化產品。這些專案更穩定、對資金動態較不敏感，且成長速度快於整體 CGT 市場。

Several of the therapies we support are already at or tracking toward blockbuster status, with annual revenues exceeding $1 billion. As these therapies scale and expand into new geographies and additional, potentially larger indications. We believe BioLife is well-positioned to benefit from higher patient volumes and the recurring nature of these revenue streams.

我們所支援的多項療法已達到或正朝向「重磅藥」地位邁進，年營收超過 10 億美元。隨著這些療法擴大規模並拓展至新地區與其他（可能更大型的）適應症，我們相信 BioLife 具備良好定位，可受惠於更高的病患量以及這些收入來源的經常性特質。

Gross margin and adjusted EBITDA as a percent of revenue declined year over year due to the previously discussed bag yield dynamics. This remains a key operational priority, and we are making steady progress in close collaboration with our key customers to address it and are confident that this is temporary in nature.

毛利率與調整後 EBITDA 占營收比重較去年同期下滑，原因在於先前已討論的袋體良率（bag yield）動態。這仍是重要的營運優先事項；我們正與關鍵客戶密切合作、穩步推進改善，並有信心這屬於暫時性影響。

Stepping back, our market position continues to strengthen. At the end of the quarter, our BPM products were embedded in 17 approved therapies, with visibility into an additional 9 unique approvals, expanded indications, and geographic expansions over the next 12 months.

從更宏觀角度來看，我們的市場地位持續強化。截至季末，我們的 BPM 產品已嵌入 17 項已核准療法，並可望在未來 12 個月內新增 9 項獨立的核准、適應症擴增與地理區域擴張。

Across the broader pipeline, we estimate our solutions are utilized in more than 250 commercially sponsored CGG clinical trials in the US, exceeding a 70% market share with an even higher share in later-stage Phase 3 programs.

在更廣泛的研發管線方面，我們估計我們的解決方案已被用於美國超過 250 項由商業機構贊助的 CGT 臨床試驗，市場占有率超過 70%，且在後期第三期（Phase 3）專案中的占比更高。

Independent third-party analysis of US commercially sponsored trials where a Biopreservation media is not used. No other commercial alternatives were identified, suggesting that these trials are relying on internal homebrew formulations.

針對美國由商業機構贊助、但未使用生物保存培養基的試驗，獨立第三方分析未辨識出其他商業替代方案，顯示這些試驗可能依賴內部自製（homebrew）配方。

Given our leading share among late-stage programs, we expect this pipeline will convert into future commercial revenue as therapies advance through the approval process, reinforcing our position as a critical spectin component of the cell therapy workflow.

鑑於我們在後期專案中的領先占比，我們預期這些研發管線將隨著療法推進核准流程而轉化為未來的商業營收，進一步鞏固我們作為細胞治療工作流程中關鍵供應鏈（supply chain）組成要素的地位。

Building on this foundation. Our team is focused on expanding BioLife's role within the CGT workflow beyond biopreservation media. Our CellSeal vials and HPL product lines are already utilized in four approved therapies and over 35 clinical programs, and that number continues to grow. This expanding footprint is supporting our cross-selling efforts with existing BPM-only customers evaluating additional components of our portfolio.

在此基礎上，我們團隊正專注於將 BioLife 在 CGT 工作流程中的角色，從生物保存培養基進一步擴展。我們的 CellSeal 小瓶與 HPL 產品線已被用於 4 項已核准療法與超過 35 項臨床專案，且數量持續增加。這個不斷擴大的佈局，正支持我們對既有僅採用 BPM 客戶的交叉銷售，這些客戶也在評估我們產品組合中的其他元件。

Given the size of these organizations and the rigor of their validation processes, adoption cycles tend to be longer, reflecting a higher bar for change while reinforcing the stickiness of these relationships.

由於這些組織規模龐大且驗證流程嚴謹，導入週期往往較長，反映出變更門檻更高，同時也強化了這些關係的黏著度。

That said, we're seeing encouraging early traction and each additional BioLife product that's integrated into a therapy has the potential to increase our revenue per dose by two to three times relative to BPM alone.

即便如此，我們已看到令人鼓舞的早期進展；每增加一項整合進療法中的 BioLife 產品，相較於僅使用 BPM，皆有機會將我們的每劑收入提高 2 到 3 倍。

While still early, this represents a meaningful opportunity to enhance both growth and the overall financial profile of the business.

雖然仍處於早期階段，但這代表一項重要機會，可同時提升成長動能與公司整體財務體質。

From a capital allocation standpoint, we remain focused on the highest return opportunities to support long-term growth, both organically and through disciplined strategic initiatives. Alongside our cross-selling efforts, we are regularly evaluating adjacent areas that build on our core scientific and commercial strengths.

在資本配置方面，我們仍聚焦於報酬率最高的機會，以支持長期成長，包含有機成長與審慎的策略性舉措。除交叉銷售外，我們也持續評估可延伸我們核心科學與商業優勢的相鄰領域。

This includes selective acquisitions, minority investments and strategic partnerships that broaden our platform and increase our participation across the CGT ecosystem. This is enabled by our balance sheet, which gives us the flexibility to pursue attractive opportunities with discipline, while maintaining a high bar for financial profile and strategic fit.

這包括選擇性併購、少數股權投資與策略合作夥伴關係，以擴大我們的平台並提升我們在 CGT 生態系中的參與度。我們的資產負債表使我們具備彈性，能以紀律追求具吸引力的機會，同時對財務特性與策略契合度維持高標準。

Turning to our 2026 outlook. We are affirming the guidance we introduced on our last call. We expect revenue of $112.5 million to $115 million for the year, representing growth of 17% to 20%. As in prior years, our guidance reflects the visibility we have today based on demand forecast from our key customers.

談到 2026 年展望，我們重申上次電話會議提出的指引。我們預期全年營收為 1.125 億至 1.15 億美元，代表 17% 至 20% 的成長。如同以往年度，我們的指引反映了我們目前基於關鍵客戶需求預測所掌握的能見度。

We also expect continued operating and adjusted EBITDA margin expansion and anticipate generating full-year GAAP net income for the first time in many years.

我們也預期營運利潤率與調整後 EBITDA 利潤率將持續擴張，並預計多年來首次實現全年 GAAP 淨利。

Before handing it over, I'll briefly highlight a few favorable developments we're seeing across the cell therapy landscape. The field is diversifying beyond traditional oncology applications with increasing activity in large autoimmune indications.

在交棒之前，我先簡要分享我們在細胞治療領域看到的幾項正面發展。該領域正逐步多元化，超越傳統腫瘤學應用，在大型自體免疫適應症上的活動日益增加。

We're also seeing encouraging data emerging in allogeneic cell therapies that have the potential to unlock multi-billion dollar market opportunities, as well as renewed interest in established autologous approaches such as CAR-T and TILS, expanding the market from its base in liquid tumors into solid tumor indications.

我們也看到同種異體（allogeneic）細胞療法出現令人鼓舞的數據，具備開啟數十億美元市場機會的潛力；同時，市場對既有自體（autologous）路徑（如 CAR-T 與 TILs）也再度升溫，推動市場從液態腫瘤的基礎延伸至實體腫瘤適應症。

At the same time. We're seeing meaningful strategic activity, including the recent nearly $8 billion acquisition of Arcelex by Gilead, as well as continued investment in next-generation manufacturing capacity and automation to support scale.

同時，我們也看到具實質意義的策略活動，包括近期 Gilead 以近 80 億美元收購 Arcelex，以及持續投資於下一代製造產能與自動化以支持規模化。

As these therapies evolve and care settings shift, whether into outpatient and community settings or toward off-the-shelf approaches, this is expected to support sustained demand for robust. High-quality and trusted cell processing tools, biopreservation media, and packaging solutions, areas where BioLife is well positioned.

隨著這些療法演進與照護場域轉移，無論是走向門診與社區場域，或朝向現成即用（off-the-shelf）模式，預期都將支撐對穩健、高品質且值得信賴的細胞處理工具、生物保存培養基與包裝解決方案的持續需求，而這些正是 BioLife 具備良好定位的領域。

Taken together, these dynamics reinforce our confidence in the long-term trajectory of the field and the attractiveness of the CGT end market. BioLife has exposure across these areas and is uniquely positioned to benefit as these trends translate into durable demand.

綜合而言，這些動態強化了我們對該領域長期發展軌跡與 CGT 終端市場吸引力的信心。BioLife 在這些領域皆有布局，並具備獨特定位，可在這些趨勢轉化為持久需求時受惠。

With that, I'll hand the call over to Troy to provide an overview of our first quarter financial results. Troy.

接下來，我把電話交給 Troy，請他概述我們第一季的財務結果。Troy。

Thank you, Rod.

謝謝你，Rod。

We've reported Q1 revenue of $27.5 million, representing an increase of 25% year over year. The year-over-year increase was primarily related to increased sales of our biopreservation media products, driven by strong demand from customers with commercially approved therapies. As well as strong revenue growth from the balance of our product portfolio.

我們公布第一季營收為 2,750 萬美元，年增 25%。年增主要來自我們生物保存培養基產品銷售增加，動能來自擁有已核准商業化療法客戶的強勁需求；同時，我們其餘產品組合也帶來強勁的營收成長。

GAAP gross margin for Q1 2026 was 64% compared with 67% in Q1 2025. Adjusted gross margin for the first quarter was 64% compared with 68% in the prior year.

2026 年第一季 GAAP 毛利率為 64%，相較 2025 年第一季的 67%。第一季調整後毛利率為 64%，相較去年同期的 68%。

The decrease in adjusted gross margin percentage. Compared with the prior year can primarily be attributed to a product mix shift towards bags, which carry lower gross margins than bottles, as well as a previously discussed impact from manufacturing yields.

調整後毛利率百分比的下降。與前一年相比，主要可歸因於產品組合轉向袋裝產品（其毛利率低於瓶裝產品），以及先前已討論之製造良率的影響。

We view the yield impact as transitory and a key operational priority throughout 2026, and as it is resolved, we expect a corresponding expansion in gross margin.

我們認為良率影響屬於暫時性，並將其列為整個 2026 年的關鍵營運優先事項；隨著問題獲得解決，我們預期毛利率將相應擴張。

GAAP operating expenses for Q1 2026 were $17.5 million versus $15.3 million in Q1 2025. The increase compared to the prior year can be attributed to a $1.2 million increase in R&D, primarily related to our Panthera acquisition in April 2025 and the opening of our Center of Excellence.

2026 年第一季的 GAAP 營業費用為 1,750 萬美元，而 2025 年第一季為 1,530 萬美元。與前一年相比的增加可歸因於研發費用增加 120 萬美元，主要與我們於 2025 年 4 月收購 Panthera 以及卓越中心（Center of Excellence）的啟用相關。

In addition, we had a $0.9 million expense increase in stock-based comp acceleration related to severance, partially offset by a reduction of $0.8 million in acquisition costs.

此外，與資遣相關的股票基礎薪酬加速認列使費用增加 90 萬美元，部分被收購成本減少 80 萬美元所抵銷。

Adjusted operating expenses for Q1 2026 totaled $16.8 million, compared with $13.8 million in the prior year. GAAP operating income for Q1 2026 was $27,000 versus an operating loss of $0.5 million in the prior year.

2026 年第一季調整後營業費用合計 1,680 萬美元，較前一年之 1,380 萬美元增加。2026 年第一季 GAAP 營業利益為 2.7 萬美元，而前一年為 50 萬美元的營業損失。

The improvement was primarily due to increased revenue compared to the prior year and lower acquisition costs, partially offset by higher stock comp related to severance.

改善主要來自於相較前一年營收增加及收購成本降低，部分被與資遣相關的較高股票薪酬所抵銷。

Our adjusted operating income for the first quarter of 2026 was $1 million compared with $1.2 million in Q1 2025. Our GAAP net income was $1.2 million or $0.02 per share in Q1 compared to $0.3 million or $0.01 per share in the prior year.

2026 年第一季我們的調整後營業利益為 100 萬美元，較 2025 年第一季的 120 萬美元略低。第一季 GAAP 淨利為 120 萬美元（每股 0.02 美元），而前一年為 30 萬美元（每股 0.01 美元）。

The increase in net income was primarily due to increased revenues compared to the prior year.

淨利增加主要是由於相較前一年營收提升。

Adjusted EBITDA for the first quarter of 2026 was $6.2 million or 22% of revenue compared with $5.4 million or 24% of revenue in the prior year. The primary driver of the change as a percentage of revenue in the current quarter was due to the impact of bag yields on our gross margin percentage as discussed earlier.

2026 年第一季調整後 EBITDA 為 620 萬美元（占營收 22%），而前一年為 540 萬美元（占營收 24%）。本季占營收比率變動的主要原因，是如先前所述袋裝良率對毛利率百分比的影響。

Turning to our balance sheet, our cash and marketable securities balance reported as of March 31, 2026, was $111.5 million, compared with $120.2 million as of December 31, 2025.

接著看資產負債表，截至 2026 年 3 月 31 日，我們帳列的現金及有價證券餘額為 1.115 億美元，相較於 2025 年 12 月 31 日的 1.202 億美元。

Taking into consideration our adjusted EBITDA of $6.2 million in Q1, cash usage was primarily driven by tax obligations per share withholdings vested in Q1 of $5.6 million.

考量第一季調整後 EBITDA 為 620 萬美元，現金使用主要來自於第一季歸屬（vested）之每股扣繳稅款義務 560 萬美元。

Debt principal payments of $2.5 million and unfavorable working capital of $6.9 million, which includes an increase in AR of $5.1 million, primarily related to timing.

另有 250 萬美元的債務本金償還，以及 690 萬美元的不利營運資金變動，其中包括應收帳款（AR）增加 510 萬美元，主要與時點因素相關。

The entirety of our $2.5 million SVB debt balance is considered short-term. Our final payment on the SVB debt balance is due in June 2026. We will pay a $1.2 million loan maturity balloon payment due at the time of maturity.

我們 250 萬美元的 SVB 債務餘額全數被視為短期。SVB 債務餘額的最後一筆付款將於 2026 年 6 月到期。我們將在到期時支付 120 萬美元的貸款到期一次性（balloon）付款。

Turning to our 2026 financial guidance, we are reiterating our 2026 guidance disclosed during our fourth-quarter earnings call.

接著談 2026 年財務指引，我們重申在第四季財報電話會議中所揭露的 2026 年指引。

Total revenue is expected to be $112.5 million to $115 million, reflecting overall growth of 17% to 20%. The increase is primarily due to expected demand from our BPM customers with commercially approved therapies as well as increased demand for our other tools.

總營收預期為 1.125 億至 1.15 億美元，反映整體成長 17% 至 20%。增加主要來自於我們 BPM 客戶（其療法已獲商業核准）的預期需求，以及對我們其他工具產品需求的提升。

We expect GAAP and adjusted gross margin for the full year to be in the mid-60s. We expect gross margins to benefit from favorable pricing, partially offset by product mix and the previously discussed impact from bag yields. We expect to achieve full-year positive GAAP net income and expansion of adjusted EBITDA margin in 2026 compared to 2025.

我們預期全年 GAAP 與調整後毛利率將落在 60% 中段。毛利率預期將受惠於有利的定價，部分被產品組合以及先前所述袋裝良率影響所抵銷。我們預期 2026 年可達成全年 GAAP 淨利為正，且相較 2025 年擴大調整後 EBITDA 利潤率。

Finally, in terms of our share count, as of April 30, we had 48.9 million shares issued in outstanding and 50.3 million shares on a fully diluted basis.

最後，就股數而言，截至 4 月 30 日，我們已發行在外股數為 4,890 萬股，完全稀釋後股數為 5,030 萬股。

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

現在我把電話交回給接線員，開放提問。

(Operator Instructions) Matt Stanton, Jefferies.

（接線員指示）Jefferies 的 Matt Stanton。

Hey, thanks. Maybe on the topic of the bags, could you just clarify, are you saying that the bags have lower. Margins than bottles, all else equal and that there's also the scrap issue tied to the bag, so kind of two issues on the bag in terms of mix and then we'd love to just get an update on the scrap side of the bag, I think before you talked about kind of a 90-day notice period.

嗨，謝謝。也許就袋裝這個主題，能否請你澄清一下：你的意思是說在其他條件相同下，袋裝的毛利率比瓶裝低，另外袋裝也有與報廢（scrap）相關的問題，所以袋裝在產品組合與報廢面各有一個問題；我們也想請你更新一下袋裝報廢的進展，我記得你之前提到大約有 90 天的通知期。

Maybe just help us in terms of getting that back to normal as we think about kind of the 22% adjusted EBITDA margins in 1Q and the walk-up the rest of the year to kind of get to that year over year expansion that you reiterated again today?

也請協助我們理解要如何恢復正常，因為我們在思考第一季 22% 的調整後 EBITDA 利潤率，以及今年其餘期間如何逐步拉升，以達成你今天再次重申的年對年擴張？

Yeah, Matt, let me take the second part of your question, and I'll have Troy deal with the first part. So with respect to where we are with our customers in order to solve this problem, we have been working with them over the last 60 days to provide them with several different alternatives to the existing bags which are causing the problems.

好的，Matt，我先回答你問題的第二部分，第一部分我請 Troy 來回應。就我們與客戶合作解決此問題的進度而言，過去 60 天我們一直與他們合作，提供數個可替代目前造成問題之既有袋子的不同方案。

So we are at a point now where that customer notification will be going out shortly. There's a 90-day period for them to select effectively which option they'd like to utilize, and then we have to burn through the remaining bag inventory that we have.

因此我們現在已到一個階段，客戶通知將在近期發出。客戶有 90 天期間來選擇他們實際上想採用的方案，接著我們還必須消化（burn through）現有剩餘的袋裝庫存。

So we're on track. For the same sort of timing as we had laid out in the last phone call we had. And we would expect to be able to see some flow-through of enhanced margin either Q4 or Q1 of '27, depending on how quickly we burn through the existing bag inventory. I'll let Troy answer the rest.

所以我們進度如期，符合上一次電話會議所說明的時程。我們預期毛利改善的效益可在第 4 季或 2027 年第 1 季開始反映，取決於我們消化現有袋裝庫存的速度。我讓 Troy 回答其餘部分。

Yes, and Matt on your question on bags versus bottles on gross margin. So as a percentage of revenue, bags do have a lower gross margin than bottles by quite a bit at this point in time because of that yield issue we've been talking about.

是的，Matt，關於你問袋裝與瓶裝在毛利率上的差異。以占營收的百分比來看，目前袋裝的毛利率確實比瓶裝低不少，原因就是我們一直在談的良率問題。

And then so once the yield issue is rectified, are the margins closer to the same ZIP code, is that right?

那麼一旦良率問題被修正後，兩者的毛利率就會更接近、差不多在同一個區間，是這樣嗎？

Closer, correct.

會更接近，沒錯。

And then maybe, Rod, you talked about. A little bit just outside of biopreservation media. You talked a little bit about cross-selling there. I would love just some more color on the new product front, obviously, of the cryo case. I think you've talked about maybe some other things coming out of the pipeline.

另外，Rod，你提到在生物保存培養基（biopreservation media）之外，你也談到一些交叉銷售。我想請你多分享一些新產品方面的細節，尤其是 cryo case。我記得你也提過可能還有其他管線產品。

You have Panthera here. I would love kind of an update on that. Just anything as we think about the back half of '26 and '27 on the new product front and other things coming out besides Biopreservation media? Thank you.

你們也有 Panthera。我想請你更新一下相關進度。總之，從 2026 年下半年到 2027 年，就新產品以及除生物保存培養基以外的其他產品推出，你能否提供一些看法？謝謝。

Sure. You bet. With respect to the Panthera product, we're still on track for a Q4 launch of that. We've identified what the value proposition will be in addition to identifying the final molecule that we'll be going with, so that looks good.

當然，沒問題。就 Panthera 產品而言，我們仍按計畫在第 4 季推出。我們已確認其價值主張，也已確定將採用的最終分子，因此看起來進展良好。

With respect to cross-selling the other products, that is a longer-term effort. It continues to move forward with respect to increased number of validations, et cetera. And I think that at the end of the day, when I look at the revenue growth, albeit from a smaller base, those other tools are growing at a faster rate actually than the biopreservation media is. So we're pleased with the momentum.

就其他產品的交叉銷售而言，這是一項較長期的工作；在增加驗證（validations）數量等方面仍持續推進。最終我觀察營收成長時，雖然基期較小，但那些其他工具產品的成長率其實比生物保存培養基更快，因此我們對這股動能感到滿意。

Obviously, we'd like things to go faster, but there's a certain amount of inertia with respect to the validation process within these large companies.

當然，我們希望進展能更快，但在這些大型公司內部的驗證流程方面，確實存在一定程度的慣性。

Brendan Smith, TD Cowen.

TD Cowen 的 Brendan Smith。

Thanks for taking the questions, guys, and congrats on the quarter. Maybe just a quick one from us on a bit more sector level. I guess as you kind of look at State of Biotech funding and kind of the broader strength you're seeing, are you potentially expecting any inflection orders over the coming months? I guess just given that we're now kind of approaching almost six months, pretty solid funding recovery there.

謝謝讓我們提問，各位，並恭喜本季表現。也許我們這邊有個比較偏產業層面的快速問題。我想問，當你們觀察生技產業的資金募集狀況（State of Biotech funding）以及你們看到的整體強勁程度時，你們是否預期未來幾個月會出現任何訂單的拐點？畢竟我們現在接近六個月了，資金回溫相當穩健。

I guess really how big of a driver is that for BioLife realistically and is this something that could jump up in Q3 or Q4 or just kind of your view on the funnel looking like a more gradual ramp? Just kind of trying to understand cadence for guiding that.

我想更具體地問，這對 BioLife 實際上會是多大的驅動因素？這是否可能在第 3 季或第 4 季跳升，或你們認為漏斗（funnel）會是較為漸進的爬升？想了解你們對指引節奏的看法。

Yeah, thanks, Brandon. I think that as we've talked in the past, the biotech funding does not really impact us. To the extent that it does, it impacts us at very early stage customers. There's a few exceptions to that, but in general, it affects earlier stage customers that buy a very small amount of product through distributors from us, right?

謝謝，Brandon。我想如同我們過去所談，生技募資其實不太影響我們。即便有影響，也主要影響非常早期階段的客戶。雖然有少數例外，但一般而言，它影響的是早期客戶：他們透過經銷商向我們購買的產品量非常小，對吧？

So the overall impact is not that meaningful. The bulk of the revenue, certainly the revenue growth, is coming from well-capitalized firms. And when I look at the Phase 3 customers that we have that should be gaining approval over the next sort of 12 to 24 months, those are by and large also well-capitalized.

因此整體影響並不那麼顯著。營收的大宗，當然也包括營收成長，來自資本充足的公司。而當我看我們那些第三期（Phase 3）客戶，預計在未來約12到24個月內取得核准的，基本上也都是資本充足的公司。

On top of that, though, to the extent there is an impact. I read the other day where overall biotech financings for '25 were about $11.1 billion. So it seems to me that that issue has stabilized and now should not be a headwind at any level for us going forward.

此外，即便在有影響的範圍內。我前幾天看到一則報導，指出2025年整體生技融資約為111億美元。所以在我看來，這個問題似乎已經趨於穩定，未來對我們而言在任何層面都不應再構成逆風。

Paul Knight, KeyBanc.

Paul Knight，KeyBanc。

Hey, Rod, we were at the BioLife booth at Interphex. The CryoCase won one of the Best in Show awards. How is that going commercially?

嗨，Rod，我們在 Interphex 參觀了 BioLife 的攤位。CryoCase 拿下了一個 Best in Show 獎項之一。這個產品在商業化進展如何？

Yeah, we were pleased to receive the award for sure, Paul. I think it's good recognition that it truly was sort of a unique product that we've put out. So again, we have well over three dozen valuations going on.

是的，Paul，我們當然很高興能獲獎。我認為這是很好的肯定，證明我們推出的確實是一款相當獨特的產品。所以再說一次，我們目前有超過三打的評估在進行中。

And I think that there's definite interest, but again, whenever you're dealing with something that changes in the manufacturing process, particularly of a final drug product, but even in late stage, it's a decision by committee, right?

我認為確實有明確的興趣，但同樣地，只要牽涉到製造流程的變更，尤其是最終藥品成品（final drug product），即便是在後期階段，這通常都是委員會式的決策，對吧？

A lot of people are involved and it takes a lot of time, but we're seeing some bright spots and are looking forward to being able to see some traction, certainly toward the second-half of the year, hopefully with the type of announcement of a customer that people would recognize.

會有很多人參與，也需要很多時間，但我們看到一些亮點，並期待能看到一些進展，尤其是在今年下半年；希望能以市場會認得的客戶公告形式，帶來一些動能。

Thanks. And then the other question, Rod, you had mentioned earlier, and autologous has kind of been the core of the market, but where are we with generic cell therapy based on what customers are telling you?

謝謝。那另一個問題，Rod，你先前提到自體（autologous）一直是市場核心，但就客戶回饋而言，通用型（generic）細胞治療目前進展到哪裡了？

Yes, I think we're still a couple of years out, but Allogene has published some decent data, I think they did a raise, so from a financial perspective, they're in a much more solid position. And I think there, although the overall BPM volumes per patient might be a little bit lower, the opportunity to address much larger patient populations is, in our estimation, going to far outweigh the reduced amount of volume per patient.

是的，我認為我們距離那個階段還有幾年，但 Allogene 已公布一些不錯的數據，我想他們也完成了一次募資，所以從財務角度來看，他們的狀況穩健得多。我也認為，雖然每位病患的 BPM 用量可能會稍微低一些，但能夠涵蓋更大病患族群的機會，在我們估計下，將遠遠超過每位病患用量下降所帶來的影響。

But again, I think it's a good two-plus years away from really having a revenue impact on BioLife.

但同樣地，我認為至少還要兩年以上，才會真正對 BioLife 的營收產生影響。

And then lastly, you mentioned GAAP net income. Is that like targeting 4Q, Rod or Troy?

最後一個問題，你提到 GAAP 淨利。那是目標在第四季（4Q）達成嗎，Rod 或 Troy？

No, it's for the full year per quarter, Paul.

不是，Paul，是以全年、逐季來看。

Mac Etoch, Stephens.

Mac Etoch，Stephens。

Hey, good afternoon. Maybe following up on Paul's question, I think the share of home-brew has been pretty stable over the last couple of years, particularly in late-stage trials. As you think about cell and gene therapy expanding into these larger indications and the FDA focusing on more standardized platforms, do you see an opportunity to kind of capture more of that share moving forward?

嗨，下午好。也許延續 Paul 的問題，我認為自製（home-brew）的占比在過去幾年相當穩定，特別是在後期試驗。當你們思考細胞與基因治療擴展到更大的適應症，以及 FDA 更聚焦於標準化平台時，你們是否看到未來有機會進一步拿下更多份額？

Yeah, I think so. As we're taking a cut of this data, Matt, on an every six-month basis. We go back and review the results of all the clinical trial work that has been done and refresh it. And the numbers are actually going up in our favor. So I think that at the end of the day, it's going to be very few folks who use a home-brew.

是的，我想有。我們每六個月會整理一次這些數據，Matt；我們會回頭檢視所有已完成的臨床試驗工作結果並更新。而數字其實正朝對我們有利的方向上升。所以我認為到最後，真正使用自製方案的人會非常少。

With a commercial product. As we've mentioned, we're in 900 plus trials worldwide, but the ones that really matter are the 250 plus that we're in that are commercially sponsored that are looking to achieve a commercial therapy. And I think that it's going to be increasingly difficult to justify, whether it's from a cost perspective -- manufacturing process perspective, the logistics perspective, the FDA to use something other than the gold standard.

在商業化產品上。正如我們提到的，我們在全球900多項試驗中，但真正重要的是其中250多項由商業方贊助、目標是達成商業化療法的試驗。我認為要去合理化使用非黃金標準的方案會越來越困難，不論是從成本角度、製造流程角度、物流角度，或是 FDA 的要求來看。

I appreciate it. I'll leave it there for now.

了解，謝謝。我先到這裡。

Thanks, Matt.

謝謝，Matt。

Matt Hewitt, Craig-Hallum.

Matt Hewitt，Craig-Hallum。

Hello, and thank you for taking the question. This is Tollef Kohrman on for Matt Hewitt. Is there anything specific you want to call out on that increase in R&D expense?

你好，謝謝讓我提問。我是代替 Matt Hewitt 的 Tollef Kohrman。關於研發費用增加，有沒有什麼你們想特別指出的原因？

Thank you.

謝謝。

Yeah, I think it is directly related to bringing on the Center of Excellence, which provides us with the ability to do some serious scientific work. We have four or five scientists working at the center, all PhDs.

是的，我認為這與我們成立卓越中心（Center of Excellence）直接相關，這讓我們有能力進行更深入的科學研究。我們在中心有四到五位科學家，全部都是博士。

We've never had that before in terms of a team of scientists that can actually do the R part in addition to the D part of R&D, so we're pretty pleased with that. So there's a cost associated with that, as well as the cost of increasing the -- accelerating projects that we have internally, including the RCC, which will ultimately be the answer to the bag issue that we have.

我們以前從未擁有過這樣一支科學家團隊，能在研發（R&D）中除了做 D（開發）之外，也真正做 R（研究），所以我們對此很滿意。這會帶來相應成本，另外也包括我們提高投入、加速內部專案的成本，其中包含 RCC，最終將解決我們目前的袋子（bag）問題。

So that's a rigid container designed to carry our product from our factory to our customers in a rigid container that can be used in a closed system. So that's a product that we're definitely making an investment in as well as the consumable line associated with the CT5. So that's where the money is going. It's really internal product development.

因此那是一種硬式容器（rigid container），設計用來把我們的產品從工廠運送到客戶端，並且可在封閉系統（closed system）中使用。這也是我們確定會投入資金的產品，另外還有與 CT5 相關的耗材產品線。所以資金主要投入在這些地方，基本上就是內部產品開發。

Great. Thank you. I'll leave it there.

很好，謝謝。我先到這裡。

Thomas Flaten, Lake Street Capital Markets.

Thomas Flaten，Lake Street Capital Markets。

Hey, good afternoon, guys. Rod, you mentioned you prepared comments that commercial BPM customers were about half the revenue. And I think on the last call, you said you could get that maybe up to 55%. Any update on that outlook, or do you think 55% is still realistic, or do you think you can push it beyond that?

嗨，下午好，各位。Rod，你提到你準備的講稿中說商業 BPM 客戶約占一半營收。我記得上次電話會議你說可能提高到55%。對這個展望有沒有更新？你覺得55%仍然可行，還是你覺得能再往上推？

I think in the near term, that's about the right number. The rate of growth of that group of customers versus, say, distribution or non-commercial is so significantly different that it's going to be a higher number in the outer years, but in this year, I think a target of 55% is pretty much where we're going to settle out.

我認為短期內那大概就是正確的數字。這群客戶的成長率相較於例如通路（distribution）或非商業客戶，差異非常大，所以在更長期的年度會是更高的比例；但在今年，我認為55%的目標大致就是我們會落在的水準。

Got it. Appreciate it. Thanks, guys.

了解，感謝。謝謝各位。

You bet.

不客氣。

(Operator Instructions) Yi Chen from HC Wainwright.

（接線員指示）HC Wainwright 的 Yi Chen。

Hi, Yi, is your line open?

嗨，Yi，你的線路有開嗎？

Hi, sorry. Can you guys hear me?

嗨，不好意思。你們聽得到我嗎？

Yes.

聽得到。

Hey, this is [Katie] on for Yi. Thinking about some of the deals you announced on prior calls with Sorsix and [QKIN], with those two coming together in that announcement on May 1.

嗨，我是代替 Yi 的 [Katie]。想請教你們先前電話會議提到的幾筆交易，包含 Sorsix 和 [QKIN]，以及這兩者在5月1日公告中結合在一起。

Does that integration kind of give you any meaningful lanes for biopreservation media demand? Are you kind of expecting any pull-through from that deal? How are you kind of thinking about that?

那樣的整合是否會為生物保存培養基（biopreservation media）的需求帶來任何實質的成長動能？你們是否預期那筆交易會有任何帶動效應（pull-through）？你們怎麼看這件事？

Are you speaking about the QKIN deal? Yes, I think where the pull-through with our products comes into play is combining our CellSeal product line as a primary container for QKine cytokine line. That's where we're going to see some incremental revenue from our products. The other way we'll generate revenue is obviously through the sale of their cytokines to our customer base.

你是在問 QKIN 那筆交易嗎？是的，我認為我們產品的帶動效應會體現在把我們的 CellSeal 產品線作為 QKine 細胞激素（cytokine）產品線的主要容器（primary container）來結合。這會讓我們的產品帶來一些增量營收。另一個創收方式當然是把他們的細胞激素賣給我們的客戶群。

Yes, I guess my question is, are you expecting any synergy now that Plurisyx and QKIN have.

是的，我的問題是，你們是否預期 Plurisyx 和 QKIN 現在有了

An agreement together.

一個合作協議之後，會產生任何協同效應？

The pluristics and QKIN agreement? No. I think -- yeah, that's specific to QKINE providing some products that have -- that are relevant to their organoid kit. So, that really is outside of anything to do with BioLife per se.

Pluristics 和 QKIN 的協議嗎？不會。我想——是的，那是針對 QKINE 提供一些與他們類器官（organoid）套件相關的產品。所以那其實與 BioLife 本身沒有直接關聯。

Okay. So, you don't think they'll pull through any customer base from that?

了解。所以你不認為他們會因此帶來任何客戶群的導入（pull-through）？

Not that will directly impact our revenue in any way, no.

不會，至少不會以任何方式直接影響我們的營收。

Excellent. Thank you.

很好，謝謝。

You bet.

不客氣。

This concludes our question-and-answer session. I would like to turn the conference back over to Rod De Greef for any closing remarks.

問答環節到此結束。我想把會議交回給 Rod De Greef，請他做結語。

Thank you, Jason. In closing, 2026 is off to a strong start with solid top-line growth. We remain focused on operational execution, including supporting our core BPM customers, expanding adoption across our broader portfolio, and managing operations efficiently across our organization.

謝謝你，Jason。最後總結，2026 年開局強勁，營收端成長穩健。我們仍專注於營運執行，包括支持我們核心的 BPM 客戶、推動更廣泛產品組合的採用，以及在整個組織中有效率地管理營運。

We believe our position as a leading supplier of bioproduction products, together with exposure across the attractive and growing CGTN market, leaves us well positioned for durable growth and long-term value creation.

我們相信，作為生物製造產品的領先供應商，再加上我們在具吸引力且持續成長的 CGTN 市場的布局，使我們具備實現持續成長與長期價值創造的良好條件。

Thank you for your time today, and I look forward to seeing some of you at upcoming investor conferences.

感謝各位今天撥冗參與，我也期待在接下來的投資人會議上與各位中的一些人見面。

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

本次會議到此結束。感謝各位參加今天的簡報。您現在可以中斷連線。