Core Insights - BioLife Solutions reported a sequential revenue increase of 11% in Cell Processing revenue, reaching $18.0 million, and raised its full-year 2024 revenue guidance to between $99.0 million and $101.0 million [1][12][13] Financial 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 platform revenue for Q2 2024 was $18.0 million, down 4% from Q2 2023 but up 11% sequentially [6] - Gross margin for Q2 2024 was 51%, up from 35% in Q2 2023, while adjusted gross margin was 52%, compared to 45% in the same period [7] - The company reported a GAAP net loss from continuing operations of $7.1 million for Q2 2024, which included a $4.1 million write-off of an equity investment [9] Business Highlights - The company processed 12 new U.S. FDA Master File cross references for its biopreservation media, bringing the total to 728 [3] - BioLife's biopreservation media is now embedded in 15 unique commercial CGTs, with expectations for 9 additional product approvals or geographic expansions in the next 12 months [3] - The introduction of the CellSeal® CryoCase™ aims to meet the needs of CGT primary packaging [3] Revenue Guidance - The revised guidance for Cell Processing platform revenue is now set at $70.0 million to $71.0 million, reflecting a growth of 6% to 8% compared to 2023 [13] - Biostorage Services platform revenue guidance has been adjusted to $29.0 million to $30.0 million, indicating a growth of 3% to 7% compared to 2023 [13] Management Commentary - The CEO highlighted the stabilization of the business and the benefits from high-margin, recurring product offerings, indicating a positive outlook for the second half of the year [2] - The company is strategically aligned with favorable trends in the CGT market, including a more favorable regulatory environment and increased therapy approvals [2]

Core Insights - BioLife Solutions, Inc. will release its second quarter 2024 financial results on August 8, 2024, after market close [1] - A conference call and live webcast will be held at 4:30 PM ET on the same day to discuss the financial results and provide a business update [1] Company Overview - BioLife Solutions is a leading supplier of bioproduction tools and services for cell and gene therapies (CGT) and the broader biopharma markets [3] - The company's expertise supports the commercialization of new therapies by providing solutions that preserve the health and function of biologic materials throughout their lifecycle [3] Investor Relations - Investors can access the webcast through the BioLife Solutions Investor Relations page [2] - The conference call can be joined by dialing a toll-free number or an international number [2] - A replay of the webcast will be available approximately two hours after the call and archived for 90 days [2]

Core Viewpoint - The article emphasizes the importance of identifying sustainable trends in short-term investing, highlighting that while price momentum can be profitable, it requires strong fundamentals to maintain that momentum [1][2]. Group 1: Stock Performance - BioLife Solutions, Inc. (BLFS) has shown a solid price increase of 32.2% over the past 12 weeks, indicating strong investor interest [4]. - The stock has also increased by 2.1% in the last four weeks, suggesting that the upward trend is still intact [5]. - BLFS is currently trading at 83.7% of its 52-week high-low range, indicating a potential breakout [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 [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 upward trend supported by strong fundamentals [3][8]. - It also mentions that there are over 45 Zacks Premium Screens available for investors to find winning stock picks based on their personal investing styles [8].

Core Insights - BioLife Solutions, Inc. has introduced the CryoCase, a new primary packaging solution for cell and gene therapy (CGT) that aims to replace traditional cryopreservation bags with a more durable and efficient container [2][3]. Product Features - The CryoCase is designed for closed-system fill and retrieval of larger fluid volumes (less than 75mL) and features a transparent design for better compliance with inspection standards [3]. - It is manufactured under strict controls to minimize particulates, which are a growing concern in drug product manufacturing [3][4]. - Early testing indicates that the CryoCase maintains comparable cell viability and recovery compared to existing storage methods, while also demonstrating high resistance to leaks and fractures [3]. Market Positioning - The introduction of the CryoCase is positioned as a solution to reduce risks and costs in CGT manufacturing, aligning with the industry's need for improved primary containers [4]. - The product is compatible with various downstream processing systems, enhancing its integration into existing workflows [4]. Availability and Demonstration - The CryoCase is expected to be available for CGT developers in August and is currently being demonstrated at the ISCT event in Vancouver, Canada [2]. - Samples of the CryoCase are available for testing, indicating the company's proactive approach to market engagement [4]. Company Overview - BioLife Solutions is recognized as a leading supplier of bioproduction tools and services for the CGT and broader biopharma markets, focusing on maintaining the health and function of biologic materials throughout their lifecycle [5].

Revenue Performance - Total revenue for Q1 2024 was $31.727 million, a decrease of 16% from $37.703 million in Q1 2023[33] - Product revenue from freezers and thaw systems decreased by 33% to $8.334 million, down from $12.381 million[33] - Cell processing revenue declined by 15% to $16.186 million, compared to $18.993 million in the previous year[33] - Biostorage services revenue increased by 29% to $283,000 from $219,000 year-over-year[33] - Service revenue from biostorage services rose by 30% to $4.975 million, up from $3.825 million[33] - Product revenue decreased to $24,803,000 in Q1 2024 from $31,593,000 in Q1 2023, a decline of approximately 21.5%[80] - Total revenue for Q1 2024 was $31,727,000, down from $37,703,000 in Q1 2023, representing a decrease of about 16%[80] - Service revenue increased to $5,088,000 in Q1 2024 from $4,471,000 in Q1 2023, marking an increase of about 13.8%[80] - Revenue concentration from CryoStor was 41% for the three months ended March 31, 2024, compared to 44% for the same period in 2023[137] - The company reported that 80% of its revenue for the three months ended March 31, 2024, came from the United States, slightly up from 79% in the previous year[137] Financial Position - As of March 31, 2024, total long-term debt was $15.681 million, down from $18.311 million as of December 31, 2023[49] - Total short-term obligations as of March 31, 2024, were $10.0 million[40] - The estimated sales tax liability was approximately $5.0 million as of March 31, 2024[41] - As of March 31, 2024, total debt amounted to $24.3 million, with scheduled maturities of $5.975 million for 2024 and $10.511 million for 2025[51] - Total current assets decreased from $120.6 million as of December 31, 2023, to $111.7 million as of March 31, 2024[73] - Total liabilities decreased from $75.1 million as of December 31, 2023, to $68.2 million as of March 31, 2024[73] - Total shareholders' equity as of March 31, 2024, was $333.4 million, a decrease from $337.7 million as of December 31, 2023[75] - The company had 46,030,886 shares of common stock outstanding as of May 3, 2024[64] - The company reported a depreciation expense of $1,364,000 for the three months ended March 31, 2024, compared to $1,721,000 for the same period in 2023, indicating a 20.8% decrease[107] - The company’s total assets measured at fair value as of March 31, 2024, amounted to $32.661 million, compared to $41.870 million as of December 31, 2023[154] Cash Flow and Expenses - Cash and cash equivalents decreased from $35.4 million as of December 31, 2023, to $29.7 million as of March 31, 2024[73] - Cash used in operating activities for the three months ended March 31, 2024, was $4,475,000, compared to $2,712,000 for the same period in 2023, indicating a 64.9% increase in cash outflow[107] - The company’s cash flows from investing activities resulted in a net cash outflow of $221,000 for the three months ended March 31, 2024, compared to a net cash inflow of $2,926,000 in the same period of 2023[107] - The company’s cash interest paid for the three months ended March 31, 2024, was $445,000, a slight decrease from $497,000 in the same period of 2023[109] - The cash, cash equivalents, and restricted cash at the end of the period were $29,725,000, a decrease of $5,648,000 from the beginning of the period[109] - Net cash used by operating activities was $4.5 million in Q1 2024, up from $2.7 million in Q1 2023[210] Loss and Profitability - Net loss for Q1 2024 was $10,221,000, compared to a net loss of $13,714,000 in Q1 2023, showing an improvement of approximately 25.5%[83] - Operating loss improved to $(10,128,000) in Q1 2024 from $(13,605,000) in Q1 2023, reflecting a reduction of about 25.5%[80] - Basic and diluted net loss per share improved to $(0.22) in Q1 2024 from $(0.32) in Q1 2023, an improvement of about 31.3%[80] - The net loss for the three months ended March 31, 2024, was $10,221,000, an improvement from a net loss of $13,714,000 for the same period in 2023, representing a 25.3% decrease in losses[107] Stock Compensation and Equity - The company reported stock-based compensation of $6,183,000 for the three months ended March 31, 2024, down from $7,363,000 in the same period of 2023, reflecting a 16.0% decrease[107] - The aggregate fair value of service-based vesting awards granted was $3.2 million during Q1 2024[186] - Stock compensation expense related to service-based vesting awards was $4.7 million in Q1 2024, with $35.4 million in unrecognized compensation costs expected to be recognized over 2.6 years[187] - The company recognized stock compensation expense of $0.2 million related to performance-based restricted stock awards in Q1 2024, with $1.7 million in unrecognized costs expected to vest over 1.8 years[190] Divestiture and Future Outlook - The company divested Global Cooling, Inc. on April 17, 2024, impacting financial results as of March 31, 2024[28] - The company completed the divestiture of Global Cooling, Inc. on April 17, 2024, which will be reflected in future financial results[113] - The company anticipates that its current level of cash and liquid assets will be sufficient to meet liquidity needs for at least the next twelve months[133] - The company continues to face cost pressures and economic uncertainty affecting customer purchasing patterns, which may impact future revenue[134]

Financial Data and Key Metrics Changes - The company reported Q1 revenue of $31.7 million, a decrease of 16% year-over-year, primarily due to a 35% decrease in revenue from freezer products and a 15% decrease in the cell processing platform, partially offset by a 25% increase in the biostorage services platform [13][27] - Adjusted gross margin for Q1 was 40%, up from 37% in the prior year, attributed to a more favorable product mix and better utilization at biorepository facilities [27] - Adjusted EBITDA for Q1 was negative $1.2 million, compared to negative $1.1 million in the prior year, with a pro forma adjusted EBITDA excluding GCI being positive $3.6 million [28][18] Business Line Data and Key Metrics Changes - The cell processing revenue saw a sequential increase of 10%, following an 11% increase from Q3 to Q4 of the previous year [7] - The biostorage and services platform posted a 7% revenue growth over Q4 of the previous year [7] - The freezer assets, specifically CBS, represented approximately 11% of Q1 sales and have been a historical drag on profitability, with plans to exit this business [6] Market Data and Key Metrics Changes - The CGT regulatory environment showed momentum with biopreservation media embedded in two newly-approved therapies, bringing the total to 15 approved therapies supported by the company [20] - The company has a market share exceeding 70% in commercially-sponsored clinical trials in the U.S., with approximately 45 Phase 2 and Phase 3 trials utilizing its CryoStor product [42] Company Strategy and Development Direction - The company is focusing on high-margin cell processing and biostorage services, moving away from low-margin freezer products [4] - The divestiture of the GCI freezer unit is expected to enhance the financial profile and operations of the company [5] - The company aims to leverage its market-leading position in biopreservation to drive the adoption of high-margin recurring revenue tools and services [83] Management's Comments on Operating Environment and Future Outlook - Management expressed increased confidence in the full-year revenue outlook of $95.5 million to $100 million, indicating an easing macro environment in the bioproduction subsector [16] - The company anticipates continued revenue growth and margin expansion throughout 2024, driven by its cell processing and biostorage services platforms [52] Other Important Information - The company’s cash and marketable securities balance at March 31, 2024, was $46.1 million, down from $52.3 million at the end of 2023 [51] - The company expects to achieve adjusted EBITDA with a two in front of it by the end of next year, with potential for a three in front of it by early 2026 [56] Q&A Session Summary Question: Is there any update on the sale of CBS? - Management confirmed they are in the middle of the divestiture process and expect modest cash proceeds, with reduced operating expenses at CBS making it slightly positive from an adjusted EBITDA perspective [59] Question: What do you see on the competitive front? - The focus is on protecting and growing the biopreservation media position, ensuring the company remains a leader in this space [57] Question: How do you plan for the ramp of newly approved therapies? - The ramp is built into actual results and future forecasts, with better visibility indicating an improved forecast for customer adoption of therapies [66] Question: What is the expected lag between increased funding for customers and order flow? - The expected lag is approximately two to three quarters for orders to start flowing through after customers see increased funding [76] Question: What are the plans for future facility expansions? - The company is considering consolidating existing facilities to increase capacity, particularly in Boston and New Jersey [68]

BioLife Solutions, Inc. (BLFS) came out with a quarterly loss of $0.19 per share versus the Zacks Consensus Estimate of a loss of $0.26. This compares to loss of $0.32 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 26.92%. A quarter ago, it was expected that this company would post a loss of $0.36 per share when it actually produced a loss of $0.30, delivering a surprise of 16.67%.Over the last four quarters, the company has ...

Revenue Performance - Total revenue for Q1 2024 was $31.7 million, a decrease of $6.0 million, or 16%, from $37.7 million in Q1 2023[8] - Total revenue for the three months ended March 31, 2024, was $31,727,000, a decrease of 16% compared to $37,703,000 for the same period in 2023[32] - Product revenue decreased to $24,803,000, down 21.5% from $31,593,000 year-over-year[32] - Service revenue increased to $5,088,000, up 13.8% from $4,471,000 year-over-year[32] - The Biostorage Services platform revenue was $7.1 million, an increase of 25% from the same period in 2023[9] - Total revenue for the same period was $31,727,000, with revenue adjusted for Global Cooling at $26,779,000, indicating a significant contribution from other segments[54] Profitability and Loss - The net loss for Q1 2024 was $10.2 million, compared to a net loss of $13.7 million in Q1 2023[15] - Net loss attributable to common shareholders for the three months ended March 31, 2024, was $(10,221,000), compared to $(13,714,000) for the same period in 2023[32] - For the three months ended March 31, 2024, BioLife Solutions reported a net loss of $10,221,000, compared to a net loss of $13,714,000 for the same period in 2023, representing a 25.5% improvement[52] - Adjusted net loss for the three months ended March 31, 2024, was $(9,014,000), compared to $(10,601,000) for the same period in 2023[44] - The net loss adjusted for Global Cooling was $4,453,000, showing a reduction from the unadjusted net loss[56] Gross Margin and EBITDA - GAAP gross margin for Q1 2024 was 38%, up from 35% in Q1 2023, while adjusted gross margin (non-GAAP) improved to 40% from 37%[11] - Gross profit for the three months ended March 31, 2024, was $11,979,000, resulting in a gross margin of 38%, compared to a gross margin of 35% in the same period last year[46] - The adjusted gross profit excluding Global Cooling was $14,189,000, resulting in an adjusted gross margin of 53%[54] - Adjusted EBITDA for Q1 2024 was $3.6 million, compared to an adjusted EBITDA loss of $1.2 million when excluding GCI[3][7] - The adjusted EBITDA excluding Global Cooling was reported at $3,583,000, reflecting a positive operational performance[56] Cash and Assets - Cash, cash equivalents, and marketable securities as of March 31, 2024, totaled $46,126,000, down from $52,274,000 as of December 31, 2023[37] - Total assets as of March 31, 2024, were $401,602,000, a decrease from $412,714,000 at the end of 2023[37] - Current liabilities decreased to $38,658,000 from $42,178,000 at the end of the previous year[37] Strategic Initiatives - The company processed 22 new U.S. FDA Master File cross references for biopreservation media, bringing the total to 716[4] - BioLife Solutions affirmed its 2024 revenue guidance of $95.5 million to $100.0 million, with expectations for growth in both Cell Processing and Biostorage Services platforms[12] - The company completed the sale of Global Cooling, Inc. (GCI) on April 17, 2024, which transformed its financial profile[5] - Management expects full-year positive adjusted EBITDA and adjusted EBITDA growth in 2024[21] - The company continues to focus on enhancing its product offerings and market expansion strategies to drive future growth[56] Cost Management - Share-based compensation (non-cash) for the three months ended March 31, 2024, was $5,237,000, down from $7,363,000 in the previous year[56] - The company incurred acquisition and divestiture costs of $237,000 during the period, which is a decrease from $833,000 in the same quarter of the previous year[52] - The depreciation expense for the quarter was $1,434,000, compared to $1,731,000 in the prior year, indicating improved asset utilization[52] - Operating loss for the three months ended March 31, 2024, was $(10,128,000), an improvement from $(13,605,000) in the prior year[42]

BOTHELL, Wash., April 18, 2024 /PRNewswire/ -- BioLife Solutions, Inc. (NASDAQ: BLFS) ("BioLife" or the "Company"), a leading developer and supplier of bioproduction products and services for the cell and gene therapy ("CGT") and the broader biopharma markets, today announced that it has completed the divestiture of its wholly owned subsidiary Global Cooling, Inc. ("GCI" or "Stirling"). Roderick de Greef, Chairman and CEO, commented, "After a thorough and extensive process, we're pleased to have completed t ...

BOTHELL, Wash., March 4, 2024 /PRNewswire/ -- BioLife Solutions, Inc. (NASDAQ: BLFS), a leading supplier of class-defining bioproduction tools and services for the cell and gene therapies ("CGT") and broader biopharma markets, today announced that Roderick de Greef, Chief Executive Officer, and Troy Wichterman, Chief Financial Officer, will present and meet with current and prospective investors at the following March Investor Conferences.TD Cowen 44th Annual Healthcare Conference (Boston, MA): March 5-6th1 ...