Investor Presentation Acquisition of

BioLife Solutions Investor Presentation : September 2021 1NASDAQ : BLFS

Acquisition of:

September 2021

Investor Presentation

BioLife Solutions Investor Presentation : September 2021 2

Safe Harbor Statement NASDAQ:

BLFS

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Cautions Regarding Forward Looking StatementsExcept for historical information contained herein, this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-lookingstatements include, but are not limited to, statements concerning the expected financial performance of the company following the completion of its 2019, 2020 and 2021 acquisitions and giving effect tothe COVID-19 pandemic, the company's ability to implement its business strategy and anticipated business and operations, in particular following its 2021 acquisitions, the expected synergies between thecompany and the various businesses that it has acquired in 2019, 2020 and 2021, the company's ability to realize all or any of the anticipated benefits associated with its 2019, 2020 and 2021 acquisitions,the potential utility of and market for the company's products and services and the company's ability to cross sell its products and services, including its recently acquired products, guidance for financialresults for 2021, including regarding revenue of our recent acquisitions, and potential revenue growth and changes in gross margin, adjusted gross margin and adjusted EBITDA gross margin, and potentialmarket expansion, including with consideration to our recent acquisitions and giving effect to the COVID-19 pandemic, the company's anticipated future growth strategy, including the acquisition ofsynergistic cell and gene therapy manufacturing tools and services or technologies, regulatory approvals and/or commercial manufacturing of our customers' products, and potential customer revenue. Allstatements other than statements of historical fact are statements that could be deemed forward-looking statements. These statements are based on management's current expectations and beliefs andare subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including among other things,unexpected costs, charges or expenses resulting from the company’s 2019, 2020 and 2021 acquisitions, market adoption of the company's products (including the company's recently acquired products),the ability of the company’s 2019, 2020 and 2021 acquisitions to be accretive on the company's financial results, the ability of the company to continue to implement its business strategy, uncertaintyregarding third-party market projections, market volatility, competition, litigation, the impact of the COVID-19 pandemic, and those other factors described in our risk factors set forth in our filings withthe Securities and Exchange Commission from time to time, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. We undertake no obligation toupdate the forward-looking statements contained herein or to reflect events or circumstances occurring after the date hereof, other than as may be required by applicable law.

Non-GAAP Measures of Financial PerformanceTo supplement our financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measures of financial performance are included in this presentation: adjusted gross profit and gross margin, adjusted operating expenses, adjusted operating income/(loss), adjusted net income/(loss), adjusted earnings per diluted share (EPS), earnings before interest, taxes, depreciation and amortization (EBITDA), and adjusted EBITDA. A reconciliation of GAAP to adjusted non-GAAP financial measures is included as an appendix to this presentation. When analyzing the Company's operating results, investors should not consider non-GAAP measures as substitutes for the comparable financial measures prepared in accordance with GAAP.


Mission Statement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

We are a leading provider of bioproduction tools and services to the cell and gene therapy and broader biopharma markets. We strive to facilitate basic and applied research and the commercialization of new therapies by supplying solutions that maintain the health and function of biologic source material and finished products during manufacturing, storage and distribution.


Guiding Values. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Our team members are our most important asset.

• We only employ motivated, inspired people who thrive in a performance-based environment.• Honesty, integrity, and authentic communication are expected and required for continued employment.• We challenge every team member to continuously exceed customer expectations.• Our quality environment can and will be continuously improved.• We strive to maintain financial performance consistent with maximizing shareholder value.


3-4 Year Financial Objectives

REVENUE

ADJ. GM%

>30%

>50%

>$250,000,000

ADJ. EBITDA %

Achievement of these objectives is not expected to be dependent on additional acquisitionsnor a significant number of approvals of customers’ cell and gene therapy candidates.


Quality Policy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

We will: • Provide products and services that consistently meet our quality standards to satisfy customer

expectations of quality, safety, reliability, performance and on-time delivery.

• Focus on getting things done “right the first time.”

• Encourage a culture of quality improvement and collaborative interactions.

• Maintain an effective Quality Management System.

• Invest to establish subject matter expertise in all team members.

• Strive to establish partnerships with our suppliers.

We are committed to manufacturing products and providing services and customer support in accordance with our Quality Standards, applicable regulations and good manufacturing practices that support customer needs. Every team member in the organization is responsible for ensuring product quality and exceptional customer support championing continuous improvement during the performance of their duties.


Focus & Strategy

• Protect and grow core media franchise• Integrate acquired operations• Continue selective M&A of additional cell &

gene therapy bioproduction tools & services• Leverage reputation and relationships to

cross sell entire product portfolio• Make strategic investments in early-stage

tools developers

1H 2021 HIGHLIGHTS

118%Y/Y REV GROWTH

>500CUSTOMER APPLICATIONS

>2,300INDIRECT CUSTOMERS

>250NEW CUSTOMERS


BioLife Solutions Product PortfolioCell Processing

Cloud-ConnectedShipping

High-CapacityStorage Freezers

AutomatedThawing

Ultra Low Temperature(ULT) Freezers Biostorage


Integration Strategy

• Immediate integration of all functional departments into respective corporate teams

• Create new freezer sales team including Custom Biogenic Systems (CBS) and Stirling products

• Train remaining sellers on Stirling offering as a lead generating force multiplier

• Unify marketing messaging and rationalize conference schedule

• Extend best practices of BioLife Quality Culture to Stirling operations and adopt select Stirling ways of working that enhance operations in the rest of the enterprise

• Select and implement organization-wide eQMS and ERP system


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Synergies

2021 Total Revenue Guidance

Segment Revenue ($millions) Low Revenue

High Revenue

Low Growth

High Growth

Cell Processing (biopreservation media & Sexton) $40 $42 29% 36%

Freezers & Thaw(CBS, Stirling* & ThawSTAR) $55 $59 306% 350%

Storage & Cold Chain (SciSafe & evo® Cold Chain) $13 $16 262% 345%

Total $108 $117 125% 143%

* Estimated Stirling revenue contribution of $40mm to $42mm based on a transaction close date of May 3, 2021


Regenerative Medicine Market


Regenerative Medicine Funding

www.alliancerm.org

http://www.alliancerm.org/


Regenerative Medicine Clinical Trials

1,220Ongoing regenerative medicine and advanced therapy trials worldwide


1,320 Industry Sponsored Clinical Trials by Modality

www.alliancerm.org

http://www.alliancerm.org/


Biopreservation Challenges

Survival – How Long Viability – How Many Function – How Well

Ex Vivo Time

Viab

ility

Ex Vivo Time

Surv

ival

Ex Vivo Time

Func

tion

Causes of Reduced Biologic Potency

CAR T and other cell therapies MUST be kept alive during manufacturing, storage and shipping to maintain biologic potency

Poor Preservation Temp Excursions Mechanical Shock


Customer Reimbursement Environment

Use of suboptimal

bioproduction tools

Cell or gene therapy

exposed to detrimental

environmental conditions in preservation,

storage, transport, thawing

Less viable/healthy

dose administered

Lack of desired therapeutic response by the patient

Risk of non-reimbursement

by payer

RISK CASCADE

• “Pay for response/cure” paradigm• Paid out over time only if initial and durable response to treatment is confirmed• Increased economic risk for our customers


Large, Growing Addressable Markets

Cold Chain Packaging: ~5B

by 2024

Lab Freezers: ~4B by 2025

Biopreservation Media &

Equipment: ~5B by 2025

a) BioPharma Cold Chain Packaging - Sourcing and Procurement Intelligence Report: Nov 2020b) Global Laboratory Freezers Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report – Industry Forecast (2021 to 2026)c) Biopreservation Market by Type - Global Forecast to 2025


Acquisitive Growth Strategy


Refresher - M&A Strategy

Acquire synergistic products and technologies to:

• Accelerate growth

• Leverage scientific and customer service reputation within the cell and gene therapy (CGT) space

• Cross-market an expanded product and services portfolio to a large base of very sticky biopreservation media customers

• Capitalize on a fragmented base of bioproduction tools and service suppliers by consolidating several to become a broad-based trusted partner

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Refresher - M&A Filter Criteria

Novel and potentially disruptive technologies and services used in the production and distribution of cell and gene therapies:

Potential to be accretive to EPS within 12 – 24 months

Strong management willing to stay on

Similar corporate culture

Stellar reputation within the CGT space

§ Reagents§ Containers§ Instruments and appliances§ Software§ Storage and other services


Acquisition of:

Products and Services Portfolio


Customer Workflow Integration

Biostorage Services

BiopreservationMedia

LN2 Freezers

BiopreservationMedia

LN2 Freezers

Thawing

SourceCollection Manufacturing Dose

PreparationMonitored Shipping

Monitored Shipping

Ultra Low Temperature Freezers

Cell Processing


CryoStor® Freeze Media

Improved cell viability and functional recovery compared to commercial and home-brew alternatives in numerous cell types

Formulated to mitigate molecular cell stress during freeze/thaw process in cord blood stem cells, T cells, others

Serum-free, protein-free, animal-origin free; high quality ingredients; US FDA Master File


HypoThermosol® Storage Media

Optimized for hypothermic (2-8°C) storage and shipping of cells and tissues

Enables multiple days of cell and tissue storage for transport of source material and manufactured cell products throughout the world

Serum-free, protein-free, animal-origin free; high quality ingredients; US FDA Master File


Media Integration in Clinical Trials

27

47

57

69

79

30

2016 2017 2018 2019 2020 1H 2021

We processed >300 US FDA Master File Cross Reference Requests since 2016; the totalnumber of customer clinical applications using our media is much larger as many customerssubmit several INDs under the same reference to our FDA filing


Marquee Customers


Force Multiplier Customers CLINICAL CENTERSCMO & CDMO


Media Embedded in Approved Therapies


ThawSTAR®Automated, Water-Free Thawing

• Acquired in April 2019

• Consistent, accurate thawing of frozen cell and gene therapies to de-risk the possibility of delivering a non-viable dose

• Upgrade from suboptimal water baths with inherent risk of overheating and contamination

For vials

For bags


Cryogenic Freezers Platform

High-Capacity Storage Freezers

Standard and Custom Racks

Cloud-based Remote Monitoring


evo®Cold Chain Management Platform

-196° C -80° C

>100 Clinical Trials


Stirling Ultra Low Temperature (ULT) Freezers

• Upright, benchtop, undercounter and portable ultra low temperature freezer models with optimized rack and tray configurations for vaccines and other biologics

• Made in the USA

• Highly cost efficient

• Extremely tight temperature regulation

• Critical tool in Operation Warp Speed for point of care storage of COVID-19 vaccines


Sexton Cell Processing Tools


SciSafe® Biologic Storage Services


Leadership TeamMike Rice – Chief Executive OfficerBS Bus Admin; 14 years as BLFS CEO; chief visionary of BLFS market opportunities, branding, marketing strategies; 18 years medical device sales, sales management, marketing; patient monitoring, defibrillators, implantable CRM, hearing devices, LAN/WAN; 5 issued and 13 pending patents

Aby J. Mathew, PhD – EVP, Chief Scientific OfficerBS Microbiology, PhD, Cell & Molecular Biology; co-developer of platform HypoThermosol® and CryoStor ® media; in demand industry thought leader in biopreservation of cells and tissues for clinical applications; catalyst responsible for driving regen med market to adopt BLFS clinical grade biopreservation media; 6 issued and 6 pending patents; numerous journal articles

Roderick de Greef – Chief Financial OfficerBA Economics, MBA; 30 years CFO experience for 5 public companies; Serves/served on 5 US public company boards; Raised >$200mm from US, EU and AP private and institutional investors; Structured, negotiated and closed $400mm of public company mergers and acquisition transactions in the US and Europe

Karen Foster – Chief Quality OfficerBS Biological Sciences, MS Zoology, MBA; 25-year career in quality and manufacturing operations including 13 years VP Manufacturing Operations and Site Leader at ViaCord, 2 positions leading 80 member teams; certified Six Sigma Green Belt

Marcus Schulz – Chief Revenue Officer20+ years experience in strategic business development and executive sales leadership roles with companies including Siemens Healthcare, Johnson & Johnson, Abbott Laboratories and most recently, GE Healthcare, with primary management of a $1 billion annual revenue strategic account.

Todd Berard – Chief Marketing OfficerBS, Biochemistry, MBA; 16 years marketing including leadership of marcom, corporate branding, product marketing, and positioning for Verathon, Physio Control (MDT), tech startups

Dusty Tenney III– President & Chief Operating OfficerBS Mechanical Engineering from the University of Maryland; Master of Science in Mechanical Engineering from the University of Vermont. Pre-merger, he was President and CEO of Stirling, and prior to that, was President of Brooks Life Sciences for 5 years, growing revenues from $60MM to $335MM. 13 years in various senior management roles at Perkin Elmer. Six Sigma Blackbelt and a graduate of GE’s Edison Engineering Program

Sarah Aebersold, J.D. – Global VP, Human Resources15 years in human resources leadership positions at several healthcare, medical device and technology companies.


Strategic Investments

$2MSeries A

Preferred Stock

High yield viral vector

production tools and

processes

$1MSeries E

Preferred Stock

Additive to freeze media

$2MDEV FEES

• Seed investments in novel, potentially disruptive technologies

• Strive for exclusive future first right to acquire the businesses

• Alternatively, we can support development where applicable in exchange for exclusive rights in selected markets and geographies


Supplemental Financial Information


Q2 2021 Adjusted Financial Results (non-GAAP)

Three Months Ended($’s in millions, except percentage and basis point figures)

June 30, 2021 June 30, 2020 Change % Change

Revenue 31.2 9.9 21.3 215%

Gross Margin % (adj.) 42.9% 56.6% (1,368) bps n/a

OPEX (adj.) 13.3 6.1 7.2 118%Operating Profit (adj.) 0.1 (0.5) 0.6 n/a

Net Income (adj.) (0.1) (0.5) 0.4 89%

EBITDA (adj.) 3.7 1.2 2.5 209%


Q2 YTD 2021 Adjusted Financial Results (non-GAAP)

Six Months Ended($’s in millions, except percentage and basis point figures)

June 30, 2021 June 30, 2020 Change % Change

Revenue 48.1 22.1 26.0 118%

Gross Margin % (adj.) 47.3% 60.7% (1,343) bps n/a

OPEX (adj.) 22.2 12.5 9.7 77%Operating Profit (adj.) 0.6 1.0 (0.4) (40%)

Net Income (adj.) 0.4 1.0 (0.6) (58%)

EBITDA (adj.) 6.5 4.1 2.4 56%


Cap Table43.2mm Fully Diluted Shares

(,000) Shares Options/RSA/RSU Total

Directors & Officers 512 1,204 1,716

Affiliates 7,440 - 7,440

Other 32,834 1,203 34,037

Total 40,786 2,407 43,193


GAAP to Non-GAAP Financial Information


GAAP to Non-GAAP Operating Expenses

Three Months Ended Six Months Ended

June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020

GAAP OPERATING EXPENSES $ 35,759 $ 9,876 $ 53,586 $ 21,668

ADJUSTMENTS TO OPERATING EXPENSES:

Cost of product, rental, and service revenue (18,554) (4,499) (26,104) (9,067)

Acquisition and integration costs (272) (13) (1,271) (238)

Intangible assets amortization (1,882) (706) (2,815) (1,394)

Loss on disposal of assets (15) - (18) (4)

Change in fair value of contingent consideration (1,718) 1,463 (1,226) 1,526

ADJUSTED OPERATING EXPENSES $ 13,318 $ 6,121 $ 22,152 $ 12,491


GAAP to Non-GAAP Operating Income



GAAP OPERATING INCOME $ (4,555) $ 44 $ (5,535) $ 414

ADJUSTMENTS TO OPERATING INCOME:

Inventory step-up charges 733 190 765 386

Acquisition and integration costs 272 13 1,271 238

Intangible assets amortization 1,882 706 2,815 1,394

Loss on disposal of assets 15 - 18 4

Change in fair value of contingent consideration 1,718 (1,463) 1,226 (1,526)

ADJUSTED OPERATING INCOME/(LOSS) $ 65 $ (510) $ 560 $ 910


GAAP to Non-GAAP Net Income



GAAP NET INCOME/(LOSS) $ 7,876 $ (16,380) $ 6,758 $ 5,928

ADJUSTMENTS TO NET INCOME/(LOSS):

Inventory step-up charges 733 190 765 386

Acquisition and integration costs 272 13 1,271 238

Intangible assets amortization 1,882 706 2,815 1,394

Loss on disposal of assets 15 - 18 4

Change in fair value of contingent consideration 1,718 (1,463) 1,226 (1,526)

Change in fair value of warrant liability - 16,442 121 (5,472)

Income tax benefit (12,552) - (12,552) -

ADJUSTED NET INCOME/(LOSS) $ (56) $ (492) $ 422 $ 952


GAAP to Non-GAAP Adjusted EBITDA

Three Months Ended Six Months EndedJune 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020

GAAP NET INCOME/(LOSS) $ 7,876 $ (16,380) $ 6,758 $ 5,928

ADJUSTMENTS:Interest expense/(income), net 121 (18) 137 (46)Income tax benefit (12,552) - (12,552) -Depreciation 1,118 561 1,895 973Intangible assets amortization 1,882 706 2,815 1,394EBITDA $ (1,555) $ (15,131) $ (947) $ 8,249

OTHER ADJUSTMENTS:Share-based compensation (non-cash) 2,520 1,145 4,024 2,258Acquisition and integration costs 272 13 1,271 238Inventory step-up charges 733 190 765 386Loss on disposal of assets 15 - 18 4Change in fair value of contingent consideration 1,718 (1,463) 1,226 (1,526)Change in fair value of warrant liability - 16,442 121 (5,472)ADJUSTED EBITDA $ 3,703 $ 1,196 $ 6,478 $ 4,137


Investment Thesis• Best in class portfolio of bioproduction tools designed to improve quality and de-risk

cell and gene therapy manufacturing and delivery – pure play picks and shovels

• Hundreds of sticky media customers across the regenerative medicine landscape to leverage for cross-selling revenue synergies

• Successful M&A execution to scale faster and solve more customer problems

• Growing rapidly organically and via M&A; 2021 revenue guided at $108 - $117 million; expected to reach $250 million with 30% adjusted EBITDA within 3-4 years

Acquired brands


For additional questions or comments, please contact:

Mike Rice | Chief Executive [email protected] | (425) 686-6003

Roderick de Greef | Chief Financial [email protected] | (425) 686-6002

www.biolifesolutions.com

LHA Investor Relationswww.lhai.com(310) 691-7100

BioLife Solutions, Inc. 3303 Monte Villa Parkway, Suite 310Bothell, WA 98021

NASDAQ: BLFS

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mailto:[email protected]

mailto:[email protected]

http://www.biolifesolutions.com/

http://www.lhai.com/

Documents

Investor Presentation Acquisition of