[Management View]
Total revenue reached $28.1 million, up 31% YoY, driven by cell processing division. Cell processing revenue was $25.4 million, up 33% YoY. Adjusted EBITDA margin expanded by 500 basis points to 28%. The sale of EVO Cold Chain Logistics for $25.5 million optimized the portfolio and strengthened the balance sheet.

[Outlook]
Revised 2025 guidance projects cell processing revenue of $93-$94 million, representing 26%-28% growth. Total revenue guidance is $95-$96 million, reflecting 27%-29% growth. Expected price increases of 4%-6% in 2026 depending on SKU.

[Financial Performance]
YoY revenue growth of 31%, driven by a 33% increase in cell processing revenue. Adjusted EBITDA increased to $7.8 million from $5 million YoY. GAAP net income was $621,000, compared to a GAAP net loss of $471,000 in the prior year.

[Q&A Highlights]
Question 1: What's pricing like for the year to date and anticipated for the future?
Answer: Expected price increases in 2026 between 4%-6% depending on SKU. Year-to-date Q3 price growth was higher than list price increases due to customer contract negotiations.

Question 2: What is the headcount for direct sales, and how has it changed?
Answer: Added one headcount focused on cross-selling opportunities, bringing the total to about six. Further additions may occur in 2026 based on return on investment.

Question 3: How is the funding environment for pharma and biotech impacting growth?
Answer: Growth across customer segments, with commercial customers driving overall growth. No significant impact from funding issues noted by key distributors.

Question 4: Any lingering costs from the EVO sale expected in Q4 and FY '26?
Answer: No lingering OpEx costs expected. Q3 financial results excluding EVO provide a good baseline for Q4.

Question 5: What are the capital allocation priorities post-EVO sale?
Answer: Focus on disciplined, high-margin opportunities for potential inorganic growth without impacting margin expansion.

Question 6: Update on the cryo case project with a customer?
Answer: Progressing towards a commitment from the customer for development work. Discussions ongoing about the level of commitment required.

Question 7: Was the THAA product ever considered for divestiture?
Answer: THAA was never on the table for divestiture. It complements other products and delivers consistent growth with good margins.

[Sentiment Analysis]
Analysts were positive, focusing on pricing strategies, growth drivers, and strategic portfolio optimization. Management was confident about future growth and margin expansion.

[Quarterly Comparison]
| Metric | Q3 2025 | Q3 2024 |
|-------------------------|-----------------|-----------------|
| Total Revenue | $28.1 million | $21.5 million |
| Cell Processing Revenue | $25.4 million | $19.1 million |
| Adjusted EBITDA | $7.8 million | $5 million |
| GAAP Net Income | $621,000 | -$471,000 |
| Adjusted Operating Income | $1.3 million | $167,000 |

[Risks and Concerns]
Potential risks include dependency on large commercial and late-stage clinical customers, and the impact of broader market dynamics on funding and demand for cell processing solutions.

[Final Takeaway]
BioLife Solutions delivered strong revenue growth and margin expansion in Q3 2025, driven by the cell processing division. The strategic sale of EVO Cold Chain Logistics has optimized the portfolio, allowing the company to focus on high-margin opportunities. Management's confidence in future growth is supported by revised guidance and a strong cash position, positioning BioLife for sustainable growth and shareholder value creation in 2026 and beyond.