BioLife Solutions(BLFS) - 2024 Q3 - Quarterly Results

Revenue Performance - Cell Processing revenue for Q3 2024 was $19.0 million, a 6% sequential increase and a 43% increase compared to Q3 2023[1] - Total revenue for Q3 2024 was $30.6 million, representing a 30% increase from $23.6 million in Q3 2023 and an 8% sequential increase[6] - Product revenue for the three months ended September 30, 2024, was $23,457,000, representing a 37.5% increase from $17,137,000 in the same period of 2023[31] - Total revenue for the nine months ended September 30, 2024, was $85,678,000, compared to $81,992,000 for the same period in 2023, reflecting a growth of 4.3%[31] - Total revenues for the three months ended September 30, 2024, increased to $30,571,000, up 29.5% from $23,573,000 in the same period of 2023[37] Profitability Metrics - GAAP gross margin for Q3 2024 was 51%, up from 48% in Q3 2023, while non-GAAP adjusted gross margin was 54%, compared to 44% in the same period[10] - Adjusted EBITDA for Q3 2024 was $6.1 million, or 20% of revenue, compared to $1.4 million, or 6% of revenue, in Q3 2023[16] - The company reported a comprehensive loss of $(1,356,000) for the three months ended September 30, 2024, compared to $(29,293,000) for the same period in 2023[34] - The net loss from continuing operations for the three months ended September 30, 2024, was $1,703,000, significantly improved from a net loss of $15,804,000 in the same period of 2023[40] - The company reported a gross margin of 51% for the nine months ended September 30, 2024, compared to 42% for the same period in 2023[37] Operating Expenses - Total operating expenses for the three months ended September 30, 2024, decreased to $32,130,000 from $39,048,000 in the same period of 2023, a reduction of 17.7%[31] - Operating expenses from continuing operations for the three months ended September 30, 2024, were $32,130,000, a decrease from $39,048,000 in the same period of 2023[38] - Adjusted operating expenses from continuing operations for the nine months ended September 30, 2024, were $51,423,000, down from $57,313,000 in the same period of 2023[38] Cash Flow and Financial Position - Cash provided by operating activities for the nine months ended September 30, 2024, was $6,786,000, a significant improvement from $(14,809,000) in the same period of 2023[36] - Cash and cash equivalents as of September 30, 2024, were $39,256,000, down from $50,184,000 as of December 31, 2023[35] - The company experienced a net decrease in cash, cash equivalents, and restricted cash of $(11,277,000) for the nine months ended September 30, 2024[36] Guidance and Future Outlook - The company has increased its Cell Processing revenue guidance for 2024 to $72.0 million to $73.0 million, reflecting a growth of 9% to 11% compared to 2023[18] - Total revenue guidance for 2024 is now set at $98.0 million to $100.0 million, adjusted due to the divestiture of SciSafe[17] - The company expects 6 additional product approvals or geographic expansions in the next 12 months[3] Business Developments - The sale of SciSafe biostorage business was completed for $73 million in cash, allowing the company to focus on high-growth cell processing products[4] - The company processed 16 new U.S. FDA Master File cross references for biopreservation media, bringing the cumulative total to 744[3] - Inventory reserve costs for the three months ended September 30, 2024, were $247,000, a recovery from a loss of $1,623,000 in the same period of 2023[39]