BioLife Solutions, Inc. (NASDAQ:BLFS) Q4 2024 Earnings Conference Call February 29, 2024 4:30 PM ET Company Participants Troy Wichterman - CFO Rod de Greef - Chairman and CEO Conference Call Participants Paul Knight - KeyBanc Jacob Johnson - Stephen Steven Mah - TD Cowen Thomas Flaten - Lake Street Jack Siedow - Craig-Hallum Michael Okunewitch - Maxim Group Operator Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the BioLife Solutions Q4, 2023 Shareholder and Analyst Conferen ...

Financial Performance - Total revenue for the year ended December 31, 2023, was $143.3 million, a decrease of $18.5 million or 11% compared to $161.8 million in 2022[245]. - Product revenue from Freezer and thaw decreased by $16.1 million or 24% to $50.6 million in 2023, while Cell processing revenue decreased by $2.7 million or 4% to $65.8 million[245]. - The company reported a net loss of $66.4 million for the year ended December 31, 2023, with cash used in operating activities amounting to $12.5 million[259]. - Revenue concentration with one customer decreased to 16% in 2023 from 18% in 2022, indicating a more diversified customer base[278]. Expenses - General and administrative expenses increased by $8.1 million or 17% in 2023, primarily due to increased consulting fees related to strategic transactions[248]. - Sales and marketing expenses increased by $3.0 million, or 14%, in 2023, primarily due to increased stock compensation and advertising[280]. - Research and development expenses rose by $4.0 million, or 27%, in 2023, mainly due to increased stock-based compensation and scrapped materials for a future product[281]. Cash Flow and Liquidity - Cash and cash equivalents increased by $15.9 million or 82% to $35.4 million as of December 31, 2023, compared to $19.4 million in 2022[256]. - The company reported a net increase in cash and cash equivalents of $15.9 million in 2023, a significant improvement compared to a decrease of $50.3 million in 2022[290]. - Cash provided by financing activities was $10.6 million in 2023, primarily due to a private placement of $10.4 million[292]. - The company believes its liquidity requirements will be satisfied for at least the next twelve months through cash, cash equivalents, and credit lines[288]. Asset Impairment - The company recorded asset impairment charges of $15.5 million in the third quarter of 2023, compared to $69.9 million and $40.5 million in 2022[250]. - The Company recognized non-cash impairment charges totaling $15.5 million for definite-lived intangible assets as of September 30, 2023, including $9.7 million for property and equipment, $3.1 million for acquired technology, $0.2 million for customer relationships, and $2.5 million for tradename[319]. - The company experienced a non-cash impairment charge of $9.7 million on property and equipment and $5.8 million on definite-lived intangible assets due to market price decreases[318]. - The Company experienced a significant decline in market capitalization in 2022, leading to an interim quantitative impairment test for goodwill and intangible assets[321]. Strategic Plans and Transactions - The company plans to expand its cell and gene therapy tools and services business, focusing on sustaining product revenue and profits[265]. - The company is actively evaluating strategic transactions, including acquisitions of complementary products and technologies, which may require additional financing[266]. - The Sexton Merger had a fair value of net tangible assets acquired at approximately $4.1 million, with residual goodwill of approximately $28.5 million[267]. - The fair value of the net tangible assets acquired in the GCI Merger was $740,000, with residual goodwill of $137.8 million[300]. Fair Value and Currency Translation - The fair value of identifiable intangible assets is determined using an income approach, estimating after-tax cash flows and discounting them to present value[236]. - Fair value determinations are sensitive to changes in assumptions, with potential impairment risks for the Company's reporting unit and intangible assets if future growth rates and cash flows do not meet expectations[320]. - The month-end exchange rates indicated a decrease in translation of 2023 earnings into U.S. dollars by $150 million and a decrease in translation of net assets of foreign subsidiaries by $187 million[323]. - The company had U.S. federal net operating loss carryforwards of approximately $151.9 million as of December 31, 2023, with $39.2 million expiring from 2024 through 2037[243].

BOTHELL, Wash., Feb. 20, 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 the Company's fourth quarter and full year 2023 financial results will be released after market close on Thursday, February 29, 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 ...

The world's leading carbon negative materials company November 9, 2023 FORWARD-LOOKING STATEMENTS This presentation contains Origin's projected financial information. Such projected financial information is forward-looking and is for illustrative purposes only. It should not be relied upon as being indicative of future results. The assumptions and estimates underlying such projected financial information are inherently uncertain and are subject to many significant business, economic, competitive and other r ...

Financial Data and Key Metrics Changes - Adjusted operating expenses for Q3 2023 totaled $24.4 million, an increase from $20.8 million in the prior year, primarily due to $2.9 million in severance costs [1] - Adjusted EBITDA for Q3 2023 was negative $3.1 million compared to positive $1.8 million in the prior year, primarily due to lower biopreservation media revenue [79] - GAAP net loss was $29.1 million in Q3 2023, compared to $10.3 million in the prior year [54] Business Line Data and Key Metrics Changes - Revenue for the cell processing platform decreased by 26% year-over-year, with a 29% sequential decrease compared to Q2 [75][45] - Biostorage services platform revenue for Q3 was $6.6 million, a decrease of 10% year-over-year, but excluding COVID-related revenue from Q3 2022, revenue increased by 50% [76] - Freezers and Thaw Systems platform revenue for Q3 was $13.4 million, a decrease of 13% over the same period in 2022 [52] Market Data and Key Metrics Changes - The company expects to come in at the low end of its revenue guidance for 2023, projecting total revenue of approximately $144 million [3] - The company noted that macro headwinds and global economic uncertainties, including pharma destocking and a constrained biotech funding environment, have persisted throughout the third quarter [65] Company Strategy and Development Direction - The company is focused on divesting its freezer business to refocus on high-margin cell processing products and biostorage services [48] - The company aims to expand its biostorage capacity in existing locations and explore new strategic sites for further growth [72] - Management is optimistic about the growth potential in the cell and gene therapy market, with a focus on profitable growth [40][42] Management's Comments on Operating Environment and Future Outlook - Management believes that the challenges faced are transient and anticipates a recovery in customer orders as inventory levels normalize [111] - The company is confident that it will emerge stronger and more agile post-divestiture of the freezer business [30] - Management expressed enthusiasm about the opportunities ahead, particularly in the cell and gene therapy market [40] Other Important Information - The company reduced its corporate non-freeze operations headcount by 10% in anticipation of the divestiture [53] - Cash and marketable securities balance at September 30, 2023, was $42.2 million, down from $48.1 million at June 30, 2023 [55] Q&A Session Summary Question: What is the outlook for the fourth quarter? - Management indicated that they feel good about Q4 performance relative to guidance, with expectations for larger distributors and direct customers to recover [82] Question: Can you elaborate on the go-to-market strategy post-freezer sale? - The sales team will focus on scientifically oriented sales strategies for cell processing tools, differing from the capital equipment focus of the freezer sales team [83] Question: How is the freezer divestiture process progressing? - Management stated that the divestiture is likely to close in early 2024, with ongoing discussions with multiple parties [49][114] Question: What is the impact of the current biotech environment on long-term opportunities? - Management believes that the current challenges will not significantly impact their long-term opportunities in cell and gene therapy [139] Question: How will capital be deployed post-divestiture? - The focus will be on investing in product lines that are expected to drive profitable growth [140]

8 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------------|-----------------------------------|-----------------------------------|-------|---------------------|---------------------|----------------------------|-------|----------------------------------------|---------------------|---------------|----------------------------| | (In thousands, except share data) | Series A Preferred Stock Shares | Series A Preferred Stock Amount | | Co ...

BioLife Solutions, Inc. (NASDAQ:BLFS) Q2 2023 Earnings Conference Call August 8, 2023 4:30 PM ET Company Participants Troy Wichterman – Chief Financial Officer Mike Rice – Chairman and Chief Executive Officer Conference Call Participants Jacob Johnson – Stephens Chad Wiatrowski – TD Cowen Amanda Young – KeyBanc Capital Markets Thomas Flaten – Lake Street Operator Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the BioLife Solutions Second Quarter 2023 Shareholders and Analyst ...

____________________________________________________ BioLife Solutions, Inc. Common Stock BLFS NASDAQ Capital Market FORM 10-Q o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Delaware 94-3076866 (State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant is a large accelerated filer, an acce ...

BioLife Solutions, Inc. (NASDAQ:BLFS) Q1 2023 Earnings Conference Call May 10, 2023 4:30 PM ET Company Participants Troy Wichterman - CFO Michael Rice - Chairman & CEO Conference Call Participants Jacob Johnson - Stephens Inc. Thomas Flaten - Lake Street Capital Markets Chad Wiatrowski - TD Cowen Carl Byrnes - Northland Capital Markets Yuan Zhi - B. Riley Securities Paul Knight - KeyBanc Capital Markets Operator Hello. My name is Mallory, and I will be your conference operator today. At this time, I would l ...

Table of Contents Table of Contents BioLife Solutions, Inc. Unaudited Condensed Consolidated Statements of Cash Flows | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------|-------|--------------------------|-------------|-----------| | (In thousands) | | 2023 | March 31, | 2022 | | Cash flows from operating activities | | | | | | Net loss | $ | (13,714) | $ | (7,421) | | Adjustments to reconcile net loss to net cash used in oper ...