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].

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 ...

Company Overview - Origin Materials is described as the world's leading carbon negative materials company[1,28] - The company possesses disruptive materials technology and a decarbonizing platform technology[13] - The company's core technology is protected in key countries[29] Financial Performance & Outlook - Customer demand exceeds $10 billion, a tenfold increase since February 2021[9,17] - Q3 2023 revenue is expected to be $25 to $30 million[35] - Adjusted EBITDA loss for Q3 2023 is projected to be $45 million to $50 million[35] Technology & Production - Origin 1 has commenced commercial-scale production[31] - Timber feedstocks are approximately 10 times cheaper than bio alternatives[9] - The company holds 33 patent families as of November 9, 2023[9,13]

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 ...