BioLife Solutions(US:BLFS)2024-08-09 20:07Revenue Performance - Total revenue for Q2 2024 was $28.3 million, a decrease of $0.9 million, or 3%, compared to Q2 2023, with a total revenue of $29.2 million[127]. - Product revenue for Q2 2024 was $21.3 million, representing a decrease of $1.5 million, or 6%, compared to Q2 2023[128]. - Cell processing product revenue decreased by $0.7 million, or 4%, in Q2 2024 compared to Q2 2023, driven by customer destocking and reduced biotech funding[129]. - Biostorage services revenue decreased by $0.4 million, or 72%, in Q2 2024 compared to Q2 2023, attributed to lower volumes of consumables sold[130]. - Service revenue increased by $0.3 million, or 6%, in Q2 2024 compared to Q2 2023, primarily from the expansion of SciSafe storage services[132]. - Rental revenue increased by $0.3 million, or 14%, in Q2 2024 compared to Q2 2023, associated with the expansion of new customers[133]. Cost and Expense Management - Total costs and operating expenses for Q2 2024 were $31.1 million, a decrease of $8.7 million, or 22%, compared to Q2 2023[134]. - General and administrative expenses decreased by $2.6 million, or 20%, in Q2 2024 compared to Q2 2023, primarily due to lower professional fees and headcount[136]. - Research and development expenses decreased by $1.4 million, or 37%, in Q2 2024 compared to Q2 2023, mainly due to reduced headcount and lower milestone payments[138]. Cash Flow and Liquidity - The company reported a net cash provided by operating activities of $2.0 million for the six months ended June 30, 2024, compared to a net cash used of $10.4 million in the same period of 2023, indicating a significant improvement of $12.4 million[148]. - The company had $36.9 million in cash, cash equivalents, and available-for-sale securities as of June 30, 2024, down from $50.2 million at the end of 2023[144]. - The company’s liquidity is expected to meet its needs for at least the next twelve months based on current cash levels and revenue expectations[146]. Investment and Financing Activities - Net cash used by investing activities totaled $13.7 million for the six months ended June 30, 2024, compared to $12.2 million provided in the same period of 2023, reflecting a decrease of $25.9 million[149]. - Interest expense, net for the six months ended June 30, 2024, was $(529) thousand, a decrease of 31% compared to $(767) thousand in the same period of 2023[147]. - The company may consider raising additional capital through debt or equity financing for strategic purposes, although such capital may not be available on reasonable terms[146]. Discontinued Operations - The company divested Global Cooling, Inc. on April 17, 2024, presenting it as a discontinued operation in the financial statements[123]. - The company recognized $6.1 million in cash expenditures related to the Global Cooling divestiture during the three months ended June 30, 2024[145]. - The company incurred a change in fair value of equity investments of $(4.1) million during the three months ended June 30, 2024, indicating a full impairment of its equity interest in iVexSol[140]. Other Financial Metrics - Total other (expense) income for the three months ended June 30, 2024, was $(4.4) million, a decrease of $9.5 million or 185% compared to $5.1 million in the same period of 2023[147]. - The company’s total short-term purchase obligations were $5.8 million as of June 30, 2024[153].