BioLife Solutions(US:BLFS)2024-11-12 21:22Revenue Performance - Total revenue for the three months ended September 30, 2024, was $30.6 million, representing a 30% increase compared to $23.6 million in the same period of 2023[154] - Product revenue for the three months ended September 30, 2024, was $23.5 million, an increase of $6.3 million, or 37%, compared to the same period in 2023[155] - Cell processing product revenue increased by $5.7 million, or 43%, for the three months ended September 30, 2024, compared to the same period in 2023[156] - Biostorage services product revenue increased by $0.2 million, or 49%, for the three months ended September 30, 2024, compared to the same period in 2023[157] - Service revenue was $4.7 million for the three months ended September 30, 2024, representing an increase of $0.3 million, or 6%, compared to the same period in 2023[159] Cost and Expense Management - Total costs and operating expenses for the three months ended September 30, 2024, were $32.1 million, a decrease of $6.9 million, or 18%, compared to $39.0 million in the same period of 2023[161] - Cost of revenue increased by $2.7 million, or 23%, for the three months ended September 30, 2024, compared to the same period in 2023[162] - General and administrative expenses for the three months ended September 30, 2024, were $11.4 million, an increase of $0.5 million, or 5%, compared to $10.8 million in the same period of 2023[161] - G&A expenses for the three months ended September 30, 2024 increased by $0.5 million, or 5%, while decreasing by $3.6 million, or 10%, for the nine months ended September 30, 2024[166] - Sales and marketing expenses decreased by $1.3 million and $2.3 million, or 27% and 18%, respectively, for the three and nine months ended September 30, 2024 compared to the same periods in 2023[167] - R&D expenses decreased by $1.7 million and $3.9 million, or 45% and 37%, respectively, for the three and nine months ended September 30, 2024 compared to the same periods in 2023[168] Cash Flow and Liquidity - Net cash provided by operating activities was $6.8 million during the nine months ended September 30, 2024, compared to $14.8 million used in the same period in 2023, reflecting a significant improvement[180] - Net cash used by investing activities totaled $15.3 million during the nine months ended September 30, 2024, compared to $13.9 million provided in the same period in 2023, primarily due to payments related to the divestiture of Global Cooling[181] - Net cash used by financing activities was $2.7 million during the nine months ended September 30, 2024, compared to $0.8 million provided in the same period in 2023, indicating increased payments on the Company's Term Loan[182] - As of September 30, 2024, the company had $39.3 million in cash, cash equivalents, and available-for-sale securities, down from $50.2 million as of December 31, 2023[174] - The company recognized $6.1 million in cash expenditures related to the Global Cooling divestiture during the three months ended September 30, 2024[175] - The company expects to incur approximately $1.8 million in fees and $0.4 million in severance costs related to the SciSafe divestiture[176] - The company believes its current level of cash and liquid assets will be sufficient to meet liquidity needs for at least the next twelve months[178] Divestitures - The company divested Global Cooling, Inc. on April 17, 2024, presenting it as a discontinued operation in the financial statements[149] - The company entered into a Stock Purchase Agreement for the sale of SciSafe, which is presented as part of continuing operations as of September 30, 2024[150]