Completes the Company's strategic move away from capital equipment businessesBOTHELL, Wash., Nov. 14, 2024 /PRNewswire/ -- BioLife Solutions, Inc. (NASDAQ: BLFS) ("BioLife" or the "Company"), a leading developer and supplier of bioproduction tools and services for the cell and gene therapy (CGT) market, announces the sale of its final wholly owned freezer subsidiary, Arctic Solutions, Inc. ("Custom Biogenic Systems" or "CBS"), for $6.1 million in cash."We have now completed the divestiture of all our freeze ...

Financial Data and Key Metrics Changes - BioLife Solutions reported Q3 2024 revenue from continuing operations of $30.6 million, a 30% increase year-over-year, primarily driven by a 43% increase in cell processing platform revenue [20][21] - Adjusted gross margin for Q3 2024 was 54%, up from 44% in the prior year, while GAAP gross margin increased to 51% from 48% [21][25] - Adjusted EBITDA for Q3 2024 was $6.1 million, or 20% of revenue, compared to $1.4 million, or 6% of revenue, in the prior year [26][25] Business Line Data and Key Metrics Changes - Cell Processing platform revenue totaled $19 million, reflecting a sequential increase of 6% and a year-over-year increase of 43% [8][20] - Biopreservation media products, which account for the majority of cell processing revenue, showed strong quarter-over-quarter growth, although there was a decline in other products due to timing [12][20] Market Data and Key Metrics Changes - The top 20 customers accounted for approximately 80% of biopreservation media revenue, with 60% of this revenue coming from direct customers, and 40% from customers with approved therapies [12][20] - BioLife's biopreservation media products are embedded in over 70% of relevant, commercially sponsored CGT clinical trials, indicating strong future growth potential [13] Company Strategy and Development Direction - The company announced the strategic divestiture of its SciSafe bio storage business for $73 million, marking a pivotal step towards becoming a pure-play CGT tools provider [10][14] - Future focus will be on high-growth, high-margin cell processing products, with plans to allocate capital towards expanding the biopreservation media product line [14][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the improving macro environment for the bioproduction subsector, highlighting four consecutive quarters of sequential revenue growth [7][11] - The company anticipates continued growth in 2025, with destocking issues largely behind them [36][52] Other Important Information - The company updated its 2024 revenue guidance to $98 million to $100 million, reflecting an increase in cell processing platform guidance offset by a decrease in expected storage revenue due to the sale of SciSafe [31][32] - Cash and marketable securities balance as of September 30, 2024, was $39.3 million, an increase from $36.9 million as of June 30, 2024 [29] Q&A Session Summary Question: Can you frame up what pro forma gross margins look like post SciSafe sale? - The adjusted gross margin without SciSafe for the first half of 2024 was 60%, with minimal impact expected on adjusted EBITDA profile going forward [34] Question: How should we think about long-term growth from here? - Management indicated that formal guidance for 2025 will be provided in early January, but they expect growth to continue [36] Question: What will be the focus post SciSafe sale? - The focus will be on the cell processing product line, particularly biopreservation media and Sexton tools, with potential for capacity expansion [38][39] Question: Can you expand on specific levers within the cell processing platform for growth? - Key factors include deepening relationships with distributors, pricing opportunities, and cross-selling Sexton tool products [47][48] Question: How is the demand from smaller customers and academia? - Demand from smaller customers is improving, with good sequential growth observed from distributors representing these segments [58] Question: What is the relevance of Asia for long-term growth? - Less than 5% of revenue comes from China, indicating that while Asia is important, it is not material for immediate growth [59]

BioLife Solutions, Inc. (BLFS) came out with a quarterly loss of $0.02 per share versus the Zacks Consensus Estimate of a loss of $0.09. This compares to loss of $0.67 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 77.78%. A quarter ago, it was expected that this company would post a loss of $0.14 per share when it actually produced a loss of $0.06, delivering a surprise of 57.14%.Over the last four quarters, the company has ...

Table of Contents ____________________________________________________ Title of each class Trading symbol Name of exchange on which registered Common stock, par value $0.001 per share BLFS The NASDAQ Stock Market, LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 ____________________________________________________ FORM 10-Q þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 o TRANSITION REPORT P ...

3303 Monte Villa Parkway, Suite 310 | Bothell, WA 98021 USA | 866.424.6543 phone | BioLifeSolutions.com BioLife Solutions Reports Third Quarter 2024 Financial Results Cell Processing revenue grew 6% sequentially to $19.0 million; 43% increase compared to 2023 GAAP gross margin of 51% and non-GAAP adjusted gross margin of 54% GAAP net loss from continuing operations of $1.7 million and non-GAAP adjusted EBITDA of $6.1 million or 20% Increasing Cell Processing revenue guidance by $2 million to $72.0 to $73.0 ...

Cell Processing revenue grew 6% sequentially to $19.0 million; 43% increase compared to 2023GAAP gross margin of 51% and non-GAAP adjusted gross margin of 54%GAAP net loss from continuing operations of $1.7 million and non-GAAP adjusted EBITDA of $6.1 million or 20%Increasing Cell Processing revenue guidance by $2 million to $72.0 to $73.0 million; total 2024 revenue guidance of $98.0 million to $100.0 million reflecting impact of SciSafe divestitureConference call begins at 4:30 p.m. Eastern time todayBOTH ...

Core Viewpoint - BioLife Solutions, Inc. has sold its biostorage subsidiary SciSafe Holdings, Inc. for $73 million in cash, marking a strategic shift towards proprietary, higher-margin cell processing products and enhancing its balance sheet [1][2]. Group 1: Transaction Details - The sale of SciSafe generated approximately $10.4 million in revenue for the six months ended June 30, 2024 [1]. - BioLife acquired SciSafe in October 2020 for $39 million, and the current sale represents a solid return for shareholders [2]. - The transaction was facilitated by Stephens Inc. as the financial advisor and K&L Gates LLP as legal counsel [3]. Group 2: Management Changes - Following the divestiture, Todd Berard will take on the role of Chief Commercial Officer, overseeing all sales and marketing functions [2]. - Garrie Richardson, previously the Chief Revenue Officer at BioLife, will become the CEO of the now-independent SciSafe [3]. Group 3: Company Overview - BioLife Solutions specializes in developing and supplying cell processing tools and services for the cell and gene therapy market, focusing on maintaining the health and function of biologic materials [4].

BOTHELL, Wash., Oct. 31, 2024 /PRNewswire/ -- BioLife Solutions, Inc. (NASDAQ: BLFS), a leading developer and supplier of bioproduction products and services for the cell and gene therapies ("CGT") and broader biopharma markets, today announced the Company's third quarter 2024 financial results will be released after market close on Tuesday, November 12, 2024. The Company will host a conference call and live webcast at 4:30pm ET (1:30pm PT) that day. Management will provide an overview of the Company's fina ...

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The Medical group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Has BioLife Solutions, Inc. (BLFS) been one of those stocks this year? A quick glance at the company's year-to-date performance in comparison to the rest of the Medical sector should help us answer this question. BioLife Solutions, Inc. is one of 1019 companies in the Medical group. The Medical group currently sits at #5 within the Zacks Sector Rank. The Zacks Sector Rank in ...