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 ...

Financial Data and Key Metrics Changes - Total revenue for 2023 was $143.3 million, an 11% decrease compared to 2022, with ex-COVID revenue decreasing 4% [10] - Q4 revenue was $32.7 million, representing a 26% year-over-year decrease, and a 23% decline when excluding COVID-related revenue from Q4 2022 [21] - Adjusted gross margin for Q4 was 35%, up from 32% in the prior year, primarily due to product mix and lower warranty expenses [23] - Adjusted operating loss for Q4 2023 was $9.3 million, compared to $8.2 million in Q4 2022 [25] - Adjusted EBITDA for Q4 2023 was $700,000, down from $1.7 million in the prior year but increased sequentially by $3.8 million from Q3 [26] Business Line Data and Key Metrics Changes - Cell processing platform revenue for 2023 declined 4% to $65.8 million, with a 6% decrease in biopreservation media revenue, partially offset by a 9% increase in other cell processing tools [10] - Biostorage and services platform revenue decreased 2% to $25.9 million, but grew 61% when excluding prior year COVID-related revenue [12] - Freezer and thaw platform revenue declined 23% to $15.1 million, primarily due to a difficult capital equipment environment [13] Market Data and Key Metrics Changes - The top 20 media customers accounted for 78% of media revenue, which was up slightly by 1% year-over-year [11] - Customers with commercially approved therapies accounted for an estimated 52% of direct media revenue in 2023, compared to 49% in 2022 [11] - The cell and gene therapy (CGT) industry is expected to grow at a 20% to 25% CAGR through 2033 [7] Company Strategy and Development Direction - The company is refocusing on higher margin recurring revenue streams and divesting freezer product lines to improve financial performance [6][14] - The company aims to leverage its market position in biopreservation media to drive adoption of other tools and services in its portfolio [89] - The 2024 revenue guidance is set between $95.5 million and $100 million, reflecting a cautious approach despite some optimism in market conditions [18] Management's Comments on Operating Environment and Future Outlook - Management noted that 2023 was a challenging year for the CGT industry, but there are early signs of stabilization and momentum [9] - The company expects a sustained recovery as 2024 progresses, with a focus on managing inventory normalization [9] - Management expressed confidence in the company's position to benefit from the growth of the CGT market, despite a cautious outlook for 2024 [89] Other Important Information - The company is in the process of divesting its freezer product lines, with two signed letters of intent (LOIs) and expects to close these transactions within 45 to 60 days [31][45] - The cash and marketable securities balance at December 31, 2023, was $52.3 million, up from $42.2 million at September 30, 2023 [27] Q&A Session Summary Question: Does the LOI allow the company to move the freezer assets to discontinued operations? - Management stated that a signed document is required to move them into discontinued operations, and they are working on finalizing the legal documents [31][32] Question: Can you discuss the steps taken to achieve positive EBITDA? - Management highlighted a reduction in force and control over discretionary expenses as key factors contributing to positive EBITDA [34][35] Question: How confident is the company about concluding the freezer sale? - Management expressed a 70% to 80% confidence level regarding the completion of the freezer sale within the expected timeframe [45][46] Question: What are the expectations for media revenue in 2024? - Management indicated that the first half of 2024 might be flat compared to the second half of 2023, with expectations of an uptake in the latter half [49] Question: What is the impact of the freezer business on adjusted EBITDA? - Management noted that they do not provide specific information on segment reporting but will clarify post-divestiture [81]

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].