Revenue Performance - Cell Processing revenue for Q3 2024 was $19.0 million, a 6% sequential increase and a 43% increase compared to Q3 2023[1] - Total revenue for Q3 2024 was $30.6 million, representing a 30% increase from $23.6 million in Q3 2023 and an 8% sequential increase[6] - Product revenue for the three months ended September 30, 2024, was $23,457,000, representing a 37.5% increase from $17,137,000 in the same period of 2023[31] - Total revenue for the nine months ended September 30, 2024, was $85,678,000, compared to $81,992,000 for the same period in 2023, reflecting a growth of 4.3%[31] - Total revenues for the three months ended September 30, 2024, increased to $30,571,000, up 29.5% from $23,573,000 in the same period of 2023[37] Profitability Metrics - GAAP gross margin for Q3 2024 was 51%, up from 48% in Q3 2023, while non-GAAP adjusted gross margin was 54%, compared to 44% in the same period[10] - Adjusted EBITDA for Q3 2024 was $6.1 million, or 20% of revenue, compared to $1.4 million, or 6% of revenue, in Q3 2023[16] - The company reported a comprehensive loss of $(1,356,000) for the three months ended September 30, 2024, compared to $(29,293,000) for the same period in 2023[34] - The net loss from continuing operations for the three months ended September 30, 2024, was $1,703,000, significantly improved from a net loss of $15,804,000 in the same period of 2023[40] - The company reported a gross margin of 51% for the nine months ended September 30, 2024, compared to 42% for the same period in 2023[37] Operating Expenses - Total operating expenses for the three months ended September 30, 2024, decreased to $32,130,000 from $39,048,000 in the same period of 2023, a reduction of 17.7%[31] - Operating expenses from continuing operations for the three months ended September 30, 2024, were $32,130,000, a decrease from $39,048,000 in the same period of 2023[38] - Adjusted operating expenses from continuing operations for the nine months ended September 30, 2024, were $51,423,000, down from $57,313,000 in the same period of 2023[38] Cash Flow and Financial Position - Cash provided by operating activities for the nine months ended September 30, 2024, was $6,786,000, a significant improvement from $(14,809,000) in the same period of 2023[36] - Cash and cash equivalents as of September 30, 2024, were $39,256,000, down from $50,184,000 as of December 31, 2023[35] - The company experienced a net decrease in cash, cash equivalents, and restricted cash of $(11,277,000) for the nine months ended September 30, 2024[36] Guidance and Future Outlook - The company has increased its Cell Processing revenue guidance for 2024 to $72.0 million to $73.0 million, reflecting a growth of 9% to 11% compared to 2023[18] - Total revenue guidance for 2024 is now set at $98.0 million to $100.0 million, adjusted due to the divestiture of SciSafe[17] - The company expects 6 additional product approvals or geographic expansions in the next 12 months[3] Business Developments - The sale of SciSafe biostorage business was completed for $73 million in cash, allowing the company to focus on high-growth cell processing products[4] - The company processed 16 new U.S. FDA Master File cross references for biopreservation media, bringing the cumulative total to 744[3] - Inventory reserve costs for the three months ended September 30, 2024, were $247,000, a recovery from a loss of $1,623,000 in the same period of 2023[39]

Core Insights - BioLife Solutions reported a sequential growth of 6% in Cell Processing revenue, reaching $19.0 million, and a 43% increase compared to the same period in 2023 [1] - The company achieved a GAAP gross margin of 51% and a non-GAAP adjusted gross margin of 54% for Q3 2024 [5] - BioLife Solutions announced a GAAP net loss from continuing operations of $1.7 million, with a non-GAAP adjusted EBITDA of $6.1 million, representing 20% of revenue [7][8] - The company has increased its Cell Processing revenue guidance for 2024 by $2 million, now projecting between $72.0 million and $73.0 million, while total revenue guidance for 2024 is set at $98.0 million to $100.0 million [1][8] Financial Performance - Total revenue for Q3 2024 was $30.6 million, a 30% increase from $23.6 million in Q3 2023, and an 8% increase sequentially from Q2 2024 [4] - For the nine months ended September 30, 2024, total revenue was $85.7 million, reflecting a 4% increase from the same period in 2023 [4] - Cell Processing platform revenue for Q3 2024 was $19.0 million, a 43% increase from Q3 2023, and a 6% increase sequentially [4] - Biostorage Services platform revenue was $7.5 million, a 14% increase from Q3 2023 [4] Gross Margin and Operating Loss - The GAAP gross margin for Q3 2024 was 51%, up from 48% in Q3 2023, while the adjusted gross margin was 54%, compared to 44% in the prior year [5] - The operating loss from continuing operations for Q3 2024 was $1.6 million, significantly improved from a loss of $15.5 million in Q3 2023 [6] Net Loss and Adjusted EBITDA - The net loss from continuing operations for Q3 2024 was $1.7 million, compared to a loss of $15.8 million in Q3 2023 [7] - Adjusted EBITDA for Q3 2024 was $6.1 million, or 20% of revenue, compared to $1.4 million, or 6% of revenue, in Q3 2023 [8] Cash and Marketable Securities - As of September 30, 2024, cash, cash equivalents, and marketable securities totaled $39.3 million [8] Business Highlights - BioLife processed 16 new U.S. FDA Master File cross references for biopreservation media, bringing the cumulative total to 744 [2] - The company completed the sale of SciSafe Holdings, Inc. for $73 million in cash, allowing for a more focused investment in high-growth cell processing products [2][1]

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].

Core Viewpoint - BioLife Solutions, Inc. is set to release its third quarter 2024 financial results on November 12, 2024, after market close, followed by a conference call and live webcast to discuss the results and provide a business update [1]. Company Overview - BioLife Solutions is a leading developer and supplier of bioproduction products and services specifically for cell and gene therapies (CGT) and the broader biopharma markets [2]. - The company's expertise aids in the commercialization of new therapies by providing solutions that ensure the health and function of biologic materials throughout their lifecycle, including collection, development, storage, and distribution [2]. Conference Call Details - The conference call will take place at 4:30 PM ET (1:30 PM PT) on the same day as the financial results release [1]. - Investors can access the conference call via a toll-free number or through the Investor Relations page on the BioLife Solutions website [2]. - A replay of the webcast will be available approximately two hours after the call and will be archived for 90 days [2].

Core Viewpoint - The article emphasizes the importance of confirming the sustainability of stock trends for successful short-term investing, highlighting that price movements should be supported by strong fundamentals and positive earnings estimates [1][2]. Group 1: Stock Performance - BioLife Solutions, Inc. (BLFS) has shown a solid price increase of 18.4% over the past 12 weeks, indicating investor confidence in its potential upside [4]. - The stock has also maintained a price increase of 3.2% over the last four weeks, suggesting that the upward trend is still intact [5]. - Currently, BLFS is trading at 87.7% of its 52-week high-low range, indicating a potential breakout opportunity [5]. Group 2: Fundamental Strength - BLFS holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, which are critical for near-term price movements [6]. - The stock has an Average Broker Recommendation of 1 (Strong Buy), reflecting high optimism from the brokerage community regarding its near-term price performance [7]. Group 3: Investment Strategy - The article suggests using the "Recent Price Strength" screen to identify stocks like BLFS that are on an uptrend supported by strong fundamentals [3]. - It also mentions that there are over 45 Zacks Premium Screens available for investors to find stocks that align with their investment strategies [8].

Group 1 - BioLife Solutions, Inc. (BLFS) has shown strong year-to-date performance, returning 56.7%, significantly outperforming the Medical sector average return of 12.1% [4] - The Zacks Consensus Estimate for BLFS's full-year earnings has increased by 18.1% over the past 90 days, indicating improving analyst sentiment and a positive earnings outlook [4] - BioLife Solutions, Inc. holds a Zacks Rank of 2 (Buy), suggesting it has characteristics favorable for outperforming the market in the near term [3] Group 2 - BioLife Solutions, Inc. is part of the Medical - Products industry, which consists of 88 stocks and currently ranks 65 in the Zacks Industry Rank, with an average gain of 15.9% this year [6] - In comparison, Sensus Healthcare, Inc. (SRTS), another stock in the Medical sector, has achieved a year-to-date return of 159.3% and has a Zacks Rank of 2 (Buy) [5] - The Medical - Instruments industry, which includes Sensus Healthcare, has returned +10.2% since the beginning of the year and consists of 85 stocks, currently ranked 63 [7]

Financial Data and Key Metrics Changes - The company reported Q2 revenue from continuing operations of $28.3 million, a decrease of 3% year-over-year, primarily due to a 4% decrease in the cell processing platform [15] - Total revenue increased sequentially from Q1 2024 by $1.5 million or 6%, driven by an 11% sequential increase in cell processing revenue [15][17] - Adjusted gross margin for Q2 was 52%, up from 45% in the prior year, attributed to product mix and operational efficiencies [15][17] - Adjusted EBITDA for Q2 was $4.8 million or 17% of revenue, compared to $1.7 million or 6% of revenue in the prior year [17] Business Line Data and Key Metrics Changes - Cell processing revenue increased 11% sequentially to $18 million in Q2 from $16.1 million in Q1 [10] - The biopreservation media revenue is a fundamental driver of growth, with the company holding over 70% market share in commercially sponsored clinical trials in the U.S. [8] - Distributor sales represented approximately 35% of biopreservation media revenue, indicating a recovery in the earlier-stage research market segment [11] Market Data and Key Metrics Changes - The company noted easing industry-wide headwinds that began late last year, contributing to improved revenue performance [5] - The CGT regulatory environment showed forward momentum with new indications and treatments approved, enhancing the market outlook [8] Company Strategy and Development Direction - The company is focusing on streamlining its business and divesting from lower-margin freezer products to enhance profitability [7] - A two-pronged growth strategy for the cell processing platform includes maintaining market share and leveraging relationships for cross-selling [12][13] - The company aims to capitalize on the growing CGT industry by providing premium biopreservation tools and services [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the macro environment for bioproduction, anticipating continued revenue growth in the second half of 2024 [4][5] - The company expects to achieve a total revenue of $99 million to $101 million for the full year, reflecting a growth of 5% to 8% [18] - Management highlighted the importance of the divestiture of lower-margin products to improve overall margins and operational efficiency [16][18] Other Important Information - The company divested its GCI or Stirling Freezer unit, positively impacting Q2 financial results [7] - Cash and marketable securities balance was $36.9 million at June 30, 2024, down from $46.1 million at the end of Q1 2024 [17] Q&A Session Summary Question: Any one-time benefits in cell processing in the quarter? - Management indicated that while there was a strong quarter in HPL, they do not expect it to repeat in the second half of the year [20] Question: Insights on product portfolio review? - Management stated that they have been focusing on streamlining the cell processing platform and will provide updates in future calls [21] Question: Commentary on funding environment and its impact? - Management noted that direct customers with commercial therapies are well-funded, while distribution revenue has seen solid growth [24] Question: Comfort with 20% plus exit rate for EBITDA margins? - Management remains committed to this target, citing media growth and the divestiture of CBS as key factors [28][29] Question: Validation process for CryoCase? - Early interest has been noted, but adoption timelines are uncertain as clients go through their validation protocols [31] Question: Impact of CBS divestiture on EBITDA margins? - Management indicated that the divestiture would allow for the removal of low-margin operational expenses [41]

Revenue Performance - Total revenue for Q2 2024 was $28.3 million, a decrease of $0.9 million, or 3%, compared to Q2 2023, with a total revenue of $29.2 million[127]. - Product revenue for Q2 2024 was $21.3 million, representing a decrease of $1.5 million, or 6%, compared to Q2 2023[128]. - Cell processing product revenue decreased by $0.7 million, or 4%, in Q2 2024 compared to Q2 2023, driven by customer destocking and reduced biotech funding[129]. - Biostorage services revenue decreased by $0.4 million, or 72%, in Q2 2024 compared to Q2 2023, attributed to lower volumes of consumables sold[130]. - Service revenue increased by $0.3 million, or 6%, in Q2 2024 compared to Q2 2023, primarily from the expansion of SciSafe storage services[132]. - Rental revenue increased by $0.3 million, or 14%, in Q2 2024 compared to Q2 2023, associated with the expansion of new customers[133]. Cost and Expense Management - Total costs and operating expenses for Q2 2024 were $31.1 million, a decrease of $8.7 million, or 22%, compared to Q2 2023[134]. - General and administrative expenses decreased by $2.6 million, or 20%, in Q2 2024 compared to Q2 2023, primarily due to lower professional fees and headcount[136]. - Research and development expenses decreased by $1.4 million, or 37%, in Q2 2024 compared to Q2 2023, mainly due to reduced headcount and lower milestone payments[138]. Cash Flow and Liquidity - The company reported a net cash provided by operating activities of $2.0 million for the six months ended June 30, 2024, compared to a net cash used of $10.4 million in the same period of 2023, indicating a significant improvement of $12.4 million[148]. - The company had $36.9 million in cash, cash equivalents, and available-for-sale securities as of June 30, 2024, down from $50.2 million at the end of 2023[144]. - The company’s liquidity is expected to meet its needs for at least the next twelve months based on current cash levels and revenue expectations[146]. Investment and Financing Activities - Net cash used by investing activities totaled $13.7 million for the six months ended June 30, 2024, compared to $12.2 million provided in the same period of 2023, reflecting a decrease of $25.9 million[149]. - Interest expense, net for the six months ended June 30, 2024, was $(529) thousand, a decrease of 31% compared to $(767) thousand in the same period of 2023[147]. - The company may consider raising additional capital through debt or equity financing for strategic purposes, although such capital may not be available on reasonable terms[146]. Discontinued Operations - The company divested Global Cooling, Inc. on April 17, 2024, presenting it as a discontinued operation in the financial statements[123]. - The company recognized $6.1 million in cash expenditures related to the Global Cooling divestiture during the three months ended June 30, 2024[145]. - The company incurred a change in fair value of equity investments of $(4.1) million during the three months ended June 30, 2024, indicating a full impairment of its equity interest in iVexSol[140]. Other Financial Metrics - Total other (expense) income for the three months ended June 30, 2024, was $(4.4) million, a decrease of $9.5 million or 185% compared to $5.1 million in the same period of 2023[147]. - The company’s total short-term purchase obligations were $5.8 million as of June 30, 2024[153].

Company Performance - BioLife Solutions reported a quarterly loss of $0.06 per share, better than the Zacks Consensus Estimate of a loss of $0.14, and an improvement from a loss of $0.23 per share a year ago, representing an earnings surprise of 57.14% [1] - The company posted revenues of $28.33 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 19.03%, although this is a decline from year-ago revenues of $39.51 million [2] - Over the last four quarters, BioLife Solutions has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] Stock Performance - BioLife Solutions shares have increased approximately 35.7% since the beginning of the year, significantly outperforming the S&P 500's gain of 9% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.11 on revenues of $24.5 million, and for the current fiscal year, it is -$0.47 on revenues of $105.93 million [7] Industry Outlook - The Medical - Products industry, to which BioLife Solutions belongs, is currently ranked in the top 34% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Revenue Performance - Total revenue for Q2 2024 was $28.3 million, a decrease of 3% year-over-year but an increase of 6% sequentially[6]. - Cell Processing revenue for Q2 2024 was $18.0 million, down 4% year-over-year but up 11% sequentially[6]. - Product revenue for the three months ended June 30, 2024, was $21,310, a decrease of 6.5% compared to $22,786 for the same period in 2023[23]. - Total revenue for the six months ended June 30, 2024, was $55,107, down 5.9% from $58,419 in the prior year[23]. - Total revenues for the three months ended June 30, 2024, were $28,328, a decrease of 3.1% from $29,237 for the same period in 2023[30]. Profitability Metrics - GAAP gross margin for Q2 2024 was 51%, an increase from 35% in Q2 2023; non-GAAP adjusted gross margin was 52%, up from 45%[8]. - Adjusted EBITDA for Q2 2024 was $4.8 million, or 17% of revenue, compared to $1.7 million, or 6% of revenue, in Q2 2023[12]. - Gross profit for the three months ended June 30, 2024, was $14,316, representing a gross margin of 51%, compared to a gross profit of $10,291 and a margin of 35% in the prior year[30]. - Adjusted gross profit for the three months ended June 30, 2024, was $14,868, with an adjusted gross margin of 52%, up from 45% in the same period last year[30]. - The company reported a gross margin of 51% for the six months ended June 30, 2024, compared to 40% for the same period in 2023[30]. Guidance and Expectations - The company raised its full-year 2024 revenue guidance to $99.0 million to $101.0 million, up from previous guidance of $95.5 million to $100.0 million[13]. - Cell Processing revenue guidance for 2024 was increased to $70.0 million to $71.0 million, representing a growth of 6% to 8% compared to 2023[13]. - Management expects full-year positive adjusted EBITDA and adjusted EBITDA growth in 2024[14]. Operating Expenses and Losses - Total operating expenses for the three months ended June 30, 2024, were $31,122, down from $39,865 in the same quarter of 2023[23]. - Research and development expenses for the three months ended June 30, 2024, were $2,382, a decrease of 37.2% compared to $3,793 in the same period of 2023[23]. - Operating loss for the three months ended June 30, 2024, was $(2,794), significantly improved from $(10,628) in the same quarter of 2023[23]. - The net loss from continuing operations for the three months ended June 30, 2024, was $(7,145), compared to a net loss of $(5,518) for the same period in 2023[33]. - The adjusted net loss from continuing operations for the six months ended June 30, 2024, was $(5,348), compared to $(11,446) in the same period last year[33]. Cash Flow and Financial Position - Cash used in operating activities for the six months ended June 30, 2024, was $1,984, a significant improvement from cash used of $(10,430) in the prior year[29]. - The company reported a net decrease in cash, cash equivalents, and restricted cash of $(13,393) for the six months ended June 30, 2024[29]. Product Development and Market Position - The company processed 12 new U.S. FDA Master File cross references for biopreservation media, bringing the cumulative total to 728[3]. - The biopreservation media is now embedded in 15 unique commercial CGTs, with expectations for 11 additional product approvals in the next 12 months[3]. - The company introduced the CellSeal CryoCase at the ISCT conference, aimed at replacing cryopreservation bags[3].