BioLife Solutions(BLFS) - 2024 Q2 - Quarterly Results

Revenue 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 revenue for Q2 2024 was $18.0 million, down 4% year-over-year but up 11% sequentially[6]. - Product revenue for the three months ended June 30, 2024, was $21,310, a decrease of 6.5% compared to $22,786 for the same period in 2023[23]. - Total revenue for the six months ended June 30, 2024, was $55,107, down 5.9% from $58,419 in the prior year[23]. - Total revenues for the three months ended June 30, 2024, were $28,328, a decrease of 3.1% from $29,237 for the same period in 2023[30]. Profitability Metrics - GAAP gross margin for Q2 2024 was 51%, an increase from 35% in Q2 2023; non-GAAP adjusted gross margin was 52%, up from 45%[8]. - Adjusted EBITDA for Q2 2024 was $4.8 million, or 17% of revenue, compared to $1.7 million, or 6% of revenue, in Q2 2023[12]. - Gross profit for the three months ended June 30, 2024, was $14,316, representing a gross margin of 51%, compared to a gross profit of $10,291 and a margin of 35% in the prior year[30]. - Adjusted gross profit for the three months ended June 30, 2024, was $14,868, with an adjusted gross margin of 52%, up from 45% in the same period last year[30]. - The company reported a gross margin of 51% for the six months ended June 30, 2024, compared to 40% for the same period in 2023[30]. Guidance and Expectations - The company raised its full-year 2024 revenue guidance to $99.0 million to $101.0 million, up from previous guidance of $95.5 million to $100.0 million[13]. - Cell Processing revenue guidance for 2024 was increased to $70.0 million to $71.0 million, representing a growth of 6% to 8% compared to 2023[13]. - Management expects full-year positive adjusted EBITDA and adjusted EBITDA growth in 2024[14]. Operating Expenses and Losses - Total operating expenses for the three months ended June 30, 2024, were $31,122, down from $39,865 in the same quarter of 2023[23]. - Research and development expenses for the three months ended June 30, 2024, were $2,382, a decrease of 37.2% compared to $3,793 in the same period of 2023[23]. - Operating loss for the three months ended June 30, 2024, was $(2,794), significantly improved from $(10,628) in the same quarter of 2023[23]. - The net loss from continuing operations for the three months ended June 30, 2024, was $(7,145), compared to a net loss of $(5,518) for the same period in 2023[33]. - The adjusted net loss from continuing operations for the six months ended June 30, 2024, was $(5,348), compared to $(11,446) in the same period last year[33]. Cash Flow and Financial Position - Cash used in operating activities for the six months ended June 30, 2024, was $1,984, a significant improvement from cash used of $(10,430) in the prior year[29]. - The company reported a net decrease in cash, cash equivalents, and restricted cash of $(13,393) for the six months ended June 30, 2024[29]. Product Development and Market Position - The company processed 12 new U.S. FDA Master File cross references for biopreservation media, bringing the cumulative total to 728[3]. - The biopreservation media is now embedded in 15 unique commercial CGTs, with expectations for 11 additional product approvals in the next 12 months[3]. - The company introduced the CellSeal CryoCase at the ISCT conference, aimed at replacing cryopreservation bags[3].