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BioLife Solutions (NASDAQ: BLFS) Investor Presentation February 2020

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BioLife Solutions (NASDAQ: BLFS) Investor Presentation February 2020

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BioLife Solutions (NASDAQ: BLFS) Investor Presentation February 2020

  1. 1. BioLife Solutions Investor Presentation : February 2020 1 NASDAQ: BLFS Investor Presentation February 2020
  2. 2. BioLife Solutions Investor Presentation : February 2020 2 Cautions Regarding Forward Looking Statements Except for historical information contained herein, this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements concerning the expected financial performance of the company following the completion of its 2019 acquisitions, the company's ability to implement its business strategy and anticipated business and operations, in particular following its 2019 acquisitions, the company's anticipated future growth strategy, including the acquisition of synergistic cell and gene therapy manufacturing tools and services or technologies, guidance for financial results in 2019 and 2020, including achieving adjusted operating profit, adjusted net income, EBITDA, adjusted EBITDA and cash flow from operations, the potential utility of and market for our products and services, potential revenue growth and market expansion, regulatory approvals and/or commercial manufacturing of our customers' products, and potential customer revenue. All statements 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 and are 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, uncertainty regarding unexpected costs, charges or expenses resulting from the company's 2019 acquisitions, market adoption of the company's products (including the company's recently acquired products); the ability of the company's 2019 acquisitions to be accretive on the company's financial results; the ability of the company to implement its business strategy; uncertainty regarding third-party market projections; market volatility; competition; litigation; and those other factors described in our risk factors set forth in our filings with the Securities and Exchange Commission from time to time, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We undertake no obligation to update 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 Performance: To 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 release: adjusted gross profit and gross margin, adjusted operating expenses, adjusted operating income, adjusted net income, 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 attachment to this press release. When analyzing the Company's operating results and guidance, investors should not consider non-GAAP measures as substitutes for the comparable financial measures prepared in accordance with GAAP. • Disclaimer NASDAQ: BLFS
  3. 3. BioLife Solutions Investor Presentation : February 2020 3 Become a leading supplier of best-in-class cell and gene therapy bioproduction tools to the regenerative medicine industry Mission
  4. 4. BioLife Solutions Investor Presentation : February 2020 4 • Best in class portfolio of products designed to improve quality and de-risk cell and gene therapy manufacturing and delivery • Marquee customers across the regenerative medicine landscape • Products embedded in nearly 400 customer applications • Growing rapidly with profitable operations • Successful M&A execution to scale faster and solve more customer problems BioLife Snapshot Acquired brands
  5. 5. BioLife Solutions Investor Presentation : February 2020 5 Product Portfolio Best in Class Tools Biopreservation Media In-house IP Automated Thawing acquired Cloud-Connected Shipping Containers acquired High Capacity Storage Freezers acquired
  6. 6. BioLife Solutions Investor Presentation : February 2020 6 • Protect and grow core media franchise • Integrate acquired operations • Continue selective M&A of additional cell & gene therapy bioproduction tools • Leverage reputation and relationships to cross sell entire product portfolio • Make strategic investments in early stage tools developers BioLife Plan for Success 2019 HIGHLIGHTS 3 ACQUISITIONS 2 STRATEGIC INVESTMENTS 69 NEW CUSTOMER CLINICAL TRIALS USING CRYOSTOR® 180 NEW CUSTOMERS
  7. 7. BioLife Solutions Investor Presentation : February 2020 7 Regenerative Medicine Overview
  8. 8. BioLife Solutions Investor Presentation : February 2020 8 • Growing rapidly • Rewarding innovators whose tools can de-risk manufacturing, storage, and delivery Cell & Gene Therapy Market
  9. 9. BioLife Solutions Investor Presentation : February 2020 9 Biopreservation Challenges Survival – How Long Viability – How Many Function – How Well Ex Vivo Time Viability Ex Vivo Time Survival Ex Vivo Time Function Causes of Reduced Biologic Potency CAR T and other cell therapies MUST be kept alive during manufacturing and shipping to maintain therapeutic potency Poor Preservation Temp Excursions Mechanical Shock
  10. 10. BioLife Solutions Investor Presentation : February 2020 10 Complementary Products Portfolio Expanding Participation in Customers’ Workflow
  11. 11. BioLife Solutions Investor Presentation : February 2020 11 Marquee Customer Base CELL & GENE THERAPY COMPANIES
  12. 12. BioLife Solutions Investor Presentation : February 2020 12 Influential Customers – Leveraging Awareness CLINICAL CENTERSCMO & CDMO
  13. 13. BioLife Solutions Investor Presentation : February 2020 13 0 10 20 30 40 50 60 70 80 2016 2017 2018 2019 Master File Customer Requests – Preservation Media Direct confirmation of customers’ intention to use our products in cell & gene therapy clinical trials!
  14. 14. BioLife Solutions Investor Presentation : February 2020 14 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
  15. 15. BioLife Solutions Investor Presentation : February 2020 15 Serum-free, protein-free, animal-origin free; high quality ingredients; US FDA Master File 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
  16. 16. BioLife Solutions Investor Presentation : February 2020 16 Product Performance Evidence
  17. 17. BioLife Solutions Investor Presentation : February 2020 17 2019 M&A Activity
  18. 18. BioLife Solutions Investor Presentation : February 2020 18 Astero Bio • Acquired in April 2019 for $8MM cash • Based in Menlo Park, CA • A leading developer and supplier of automated thaw products used to prepare frozen cell and gene therapies for patient administration • Key customers include Adicet Bio, bluebird bio, BlueRock Therapeutics, Pact Pharma, Patheon, Precision Bio, SQZ Bio • Reduced risk of variable thawing, overheating and contamination vs traditional water bath thawing
  19. 19. BioLife Solutions Investor Presentation : February 2020 19 Automated Thaw Products • 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 ThawSTAR®
  20. 20. BioLife Solutions Investor Presentation : February 2020 20 SAVSU Technologies • Acquired in August 2019 for 1,100,000 BLFS shares • Based in Albuquerque, NM • A leading developer and supplier of next generation cold chain management tools for cell and gene therapies • evo® brand precision, cloud-connected shipping containers • evo.is cloud SAAS track/trace live cell visibility platform • Partnered with leading specialty couriers to leverage their sales and marketing teams and worldwide support infrastructure • Early adopters include Adaptimmune, Autolus, Janssen, KBI, Mustang Bio, Novartis (AveXis), Tessa Therapeutics
  21. 21. BioLife Solutions Investor Presentation : February 2020 21 Entire Temp Range Covered with Smart, Cloud-Connected Shippers
  22. 22. BioLife Solutions Investor Presentation : February 2020 22 evo® Dry Vapor Shipper (DVS) Advantages • First dewar designed and marketed specifically for cell and gene therapies • Extended dynamic thermal performance; even when tipped during transport – patent pending cap – test data available • Improved form factor and ergonomics • No pallet required – fits all aircraft cargo hold areas • Reduced LN2 recharge time • Improved payload extractors • Integrated system of internal and external packaging innovations to reduce risk of bag breakage due to shock
  23. 23. BioLife Solutions Investor Presentation : February 2020 23 evo® Integrated Packaging Solution
  24. 24. BioLife Solutions Investor Presentation : February 2020 24 evo.is Cloud Monitoring App
  25. 25. BioLife Solutions Investor Presentation : February 2020 25 evo.is Cloud Monitoring App
  26. 26. BioLife Solutions Investor Presentation : February 2020 26 Differentiated Market Strategy No CAPEX investments required for build out of regional support depots; Leveraging courier partners worldwide support footprint Cell and Gene Therapy Companies S u p p o r t S u p p o r t Distribution Distribution
  27. 27. BioLife Solutions Investor Presentation : February 2020 27 1,500 Shipments in 2019
  28. 28. BioLife Solutions Investor Presentation : February 2020 28 Custom Biogenic Systems (CBS) • Acquired in November for $11mm in cash and $4mm in stock • Founder earnout potential of $15mm in cash based on attainment of revenue goals for new products • Leading supplier of high capacity, controlled rate liquid nitrogen storage freezers • Gaining traction in the cell and gene therapy space • Based near Detroit; about 65 FTE’s • Expected to generate $10mm - $11mm revenue in 2019 with $1mm - $2mm recognized from closing date through 12/31 • Potential to use CBS to manufacture evo dewars for SAVSU
  29. 29. BioLife Solutions Investor Presentation : February 2020 29 Custom Biogenic Systems (CBS) High Capacity Storage Freezers Standard and custom racks Cloud-based remote monitoring
  30. 30. BioLife Solutions Investor Presentation : February 2020 30 • Specific long-term investments in disruptive, early stage tools suppliers • Focused on other cell and gene therapy tools aligned with de-risking production • Partnering with Casdin Capital to identify and screen investment targets • In some cases; take-out event if future milestones are achieved • Cross marketing leverage Strategic Investments $1.5M $1M 18% EQUITY CONV. DEBT Closed vial packaging and HPL serum replacement media High yield viral vector production tools and processesSeeding investments for future growth
  31. 31. BioLife Solutions Investor Presentation : February 2020 31 Complementary Products Portfolio Expanding Participation in Customers’ Workflow
  32. 32. BioLife Solutions Investor Presentation : February 2020 32 Financial Results
  33. 33. BioLife Solutions Investor Presentation : February 2020 33 Q1 – Q3 2019 Adjusted Financial Results (non-GAAP) (In Millions except *) Jan-Sep 2019 Jan-Sep 2018 Change % Change Revenue $19 $14.3 $4.7 33% Gross Margin % (adj.)* 71% 69% 200 bps N/A OPEX (adj.) $11.6 $7.2 $4.4 61% Operating Profit (adj.) $2.0 $2.6 ($0.6) -24% Net Income (adj.) $2.4 $2.5 ($0.1) -4% EBITDA (adj.) $4.3 $4.0 $0.3 7%
  34. 34. BioLife Solutions Investor Presentation : February 2020 34 Cap Table – 27.5mm Fully Diluted Shares § Management and employee incentives § 2.2mm vested § $1.86 wt. avg exercise price § Increasing institutional holders § ~23% held by two long term shareholders Shares – 20.8mm Directors & Officers Affiliates Other Warrants – 3.9mm Directors & Officers Affiliates Other Options/RSUs – 2.7mm Directors & Officers Affiliates Other § 3.4mm @ $4.75 § 3.3mm held by two affiliates § 0.6mm @ $1.75
  35. 35. BioLife Solutions Investor Presentation : February 2020 35 Experienced Executive Team Mike Rice – Chief Executive Officer BS Bus Admin; 13 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 Officer BS Microbiology, PhD, Cell & Molecular Biology; co-developer of platform HypoThermosol® 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 & Operating Officer BA 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 Officer BS 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 Jim Mathers – Chief Revenue Officer BA, Biology, MBA; 35 years sales and sales and marketing management; repeated achievement in driving early adoption of new medical device technologies for Stryker, MAKO Surgical, BrainLab, AccuRay, Cardiac Science, JNJ Todd Berard – Chief Marketing Officer BS, Biochemistry, MBA; 16 years marketing including leadership of marcom, corporate branding, product marketing, and positioning for Verathon, Physio Control (MDT), tech startups
  36. 36. BioLife Solutions Investor Presentation : February 2020 36 Investment Thesis • Pure play picks and shovels bioproduction tools provider serving the cell and gene therapy industry • Enabling scalable manufacturing of cell and gene therapies; potential cures for cancer and other leading causes of death • Key macro growth catalyst: “pay for response” reimbursement paradigm driving use of optimized tools • Proprietary IP and sticky customer relationships – sole source supplier; embedded in customers’ manufacturing and distribution processes • Products used in nearly 400 customer clinical applications • Executing M&A strategy to accelerate revenue growth; three acquisitions completed in 2019 • Cross-selling opportunities to solve more customer problems with a broader tools portfolio
  37. 37. BioLife Solutions Investor Presentation : February 2020 37 NASDAQ: BLFS For additional questions or comments, please contact: Mike Rice | Chief Executive Officer mrice@BioLifeSolutions.com | (425) 686-6003 Roderick de Greef | Chief Financial & Operating Officer rdegreef@BioLifeSolutions.com | (425) 686-6002 www.biolifesolutions.com BioLife Solutions, Inc. 3303 Monte Villa Parkway, Suite 310 Bothell, WA 98021

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