BioLife Solutions(BLFS)2025-03-03 22:20Company Overview - The company operates as a life sciences entity focused on bioproduction products and services for the cell and gene therapy industry[182]. - The current portfolio includes two revenue lines: cell processing and Evo/ThawSTAR devices, with offerings such as biopreservation media and automated thawing systems[183]. - The company divested its Global Cooling, SciSafe, and CBS businesses, which are now classified as discontinued operations[184][185][186]. Financial Performance - Total revenue for the year ended December 31, 2024, was 6.4 million, or 8%, compared to 2023[212]. - Product revenue increased to 7.1 million, or 10%, primarily driven by a 0.6 million, or 19%, in 2024 compared to 2023, attributed to lower volumes of consumable products sold[214]. - Rental revenue for 2024 was 0.5 million, or 7%, compared to 2023, due to a reduction in fleet size from the largest customer[217]. - The net loss for 2024 was 68,002,000 in 2023, representing a significant improvement[293]. - Comprehensive loss for 2024 was 67,668 thousand in 2023, reflecting a decrease of about 70%[296]. Expenses and Cost Management - Total operating expenses decreased by 89.4 million compared to 1.3 million, or 4%, in 2024, attributed to a decrease in supply expenses and increased operational efficiencies[220]. - General and administrative expenses decreased by 4.2 million, or 34%, in 2024, mainly due to reductions in personnel and severance costs[231]. Cash Flow and Liquidity - Cash and cash equivalents increased to 27.9 million in 2023[247]. - Total cash, cash equivalents, and available-for-sale securities reached 44.7 million in 2023[246]. - The company generated 17.8 million in 2023[255]. - Operating activities provided cash of 12.5 million in 2023[251]. Tax and Valuation - As of December 31, 2024, the company recorded U.S. federal net operating loss carryforwards of approximately 38.7 million expiring between 2025 and 2037[209]. - A full valuation allowance on deferred tax assets was recorded as of December 31, 2024, due to cumulative losses and forecasted near-term losses[206]. - The company has an unrecognized tax benefit of 71.3 million in net proceeds from the SciSafe divestiture and 8.9 million on the disposal of Global Cooling, which included 2.6 million in assumed liabilities[371]. Shareholder Equity and Stock - The company’s total shareholders' equity at the end of 2024 was 337,663 thousand in 2023[299]. - The company issued 1,649,290 shares of common stock in 2024, increasing total common stock shares to 46,906,765[299]. - Basic and diluted loss per share from continuing operations for 2024 was (0.42) in 2023[324]. Internal Controls and Compliance - The company identified a material weakness in internal control over financial reporting as of December 31, 2024[281]. - The company is currently evaluating the effects of recently issued accounting standards on its consolidated financial statements, including ASU 2024-03 and ASU 2023-09[358][360].